Sunday 1 February 2015
 
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Spending

Total plans to cut spending over cheap oil

The chief executive of Total said the French oil company would slash spending on exploration by 30 per cent this year due to the drop in the price of oil. Patrick Pouyanne told the daily Le Monde that "these past two

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Kuwait cuts spending plan as oil prices hit exports

Kuwait's finance ministry has slashed spending and projected a big deficit in a draft budget for the next fiscal year, as plunging oil prices hit its export revenues. The draft budget for the year starting in April envisages s

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GCC may cut government spending programmes

Gulf states, which pump a quarter of the world's daily oil supply, may see record government spending programmes curtailed in this year's budgets. This is due to a more than 50 per cent decline in crude prices which may ma

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Most Gulf markets rally; Industries Qatar tumbles

Most Gulf stock markets maintained their positive momentum on Sunday, supported by good corporate news, but major petrochemical producer Industries Qatar tumbled and dragged down the Doha bourse after announcing a dividend cut. In

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Oman stays firm, says no specific plan to cut spending

Oman has no specific plans to reduce state spending this year, its minister for financial affairs said on Wednesday, despite the plunge in oil prices to well below the level assumed in its government budget. "There are no spe

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Bahraini panel to address illegal spending

A team of Bahraini government officials has been formed to address violations detailed in the latest National Audit Office report. It will be headed by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Su

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Oil price fall won't slow projects: Kuwait

The plunge in oil prices in the past six months won't affect Kuwait's economic development projects and the government will continue to support capital expenditure in the economy, Finance Minister Anas Al-Saleh said. Saleh

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Dubai to lift spending 9pc, end deficit in 2015 budget

Dubai would raise spending nine per cent in 2015 under a state budget approved by the emirate's ruler, designed to keep the economy growing strongly while eliminating its budget deficit, official news agency WAM reported on Saturday

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Oman raises state spending at expense of big deficit

Oman's finance ministry released a state budget for 2015 that raises spending at the cost of a big projected deficit due to the plunge in oil prices. Government expenditure this year is estimated at RO14.1 billion ($36.6 billi

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Gulf stocks soar on big Saudi spending plan

Gulf stock markets rose on Sunday despite oil's weakness as Saudi Arabia's plan to maintain government spending at a high level boosted investor confidence. The Saudi government released a 2015 state budget last Thursday t

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