Saturday 1 August 2015
 
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Spending

UAE to cut state spending by 4.2pc

The government of the United Arab Emirates is expected to cut spending by 4.2 per cent this year because of low oil prices, which are slashing its energy export revenues, a central bank report said on Monday. The UAE does not regu

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Bahraini ministers urged to cut spending

Government ministers in Bahrain have been ordered to outline unnecessary administrative expenses, as part of plans to reduce public spending. The move, directed by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Kha

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Kuwait parliament approves budget with $27bn deficit

Kuwait's parliament on Wednesday approved a state budget for the current fiscal year that envisages a budget deficit of KD8.18 billion ($27 billion) - nearly half total spending - because of low oil prices. The budget for the

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Iran may abolish fuel subsidies in bid to cut spending

Iran is likely to abolish subsidised fuel allowances for motorists, an Oil Ministry adviser said on Saturday, in a move that will cut state spending but could also drive inflation and cause protests. The government is trying to cu

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UAE consumer spending tops $168bn

The consumer spending in the UAE has increased to $168 billion in 2013 from $150.4 billion in 2012, a regional retail expert said quoting the National Bureau of Statistics, UAE. The spending in the US rose to $10,972 billion in 20

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Bahraini MPs blamed for increasing debts

Bahrain’s MPs have been accused of adding to the kingdom’s delicate financial position by insisting on increased spending in previous years. Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa made the comment as he

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Bahrain to benefit from $1bn spending bonanza

Bahrain is set to benefit from a spending bonanza over the Formula One weekend with an estimated $1 billion flooding the economy. In an exclusive interview with the Gulf Daily News (GDN), our sister publication, Bahrain I

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Middle East state spending throws lifeline to oilfield services

Oil majors may have slashed capital spending but national oil companies (NOCs) in the Middle East and North Africa show no sign of cutting investment, buoying oilfield services that the stock market has beaten down.  

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Bahrain spending $907m on expats per year

The expatriate community costs Bahrain a total of BD344.292 million ($907 million) every year – a monthly average of BD28.910 million ($76.2 million), said a report. Citing results of a study conducted nine years ago, Labour

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Oil tops $60, industry spending cuts support

Oil rose above $60 a barrel on Friday for the first time this year, bringing its gain this week to almost four per cent, supported by signs that deeper industry spending cuts may curb excess supply. Also supporting oil, growth in

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