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Tag: oil revenues

Saudi Arabia expects to boost state spending 7% next year

4 years ago
Saudi Arabia’s government aims to increase spending by over 7 per cent next year in an effort to boost sluggish economic growth, while continuing to cut its budget deficit gradually, finance ministry figures released on Sunday showed. The ministry forecast state spending would climb to 1.106 trillion riyals (Dh1.08 trillion) in 2019 from its latest […]
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Oman government revenue grows by 23.2%

4 years ago
The Oman government’s revenue rose by 23.2 per cent to 4,091.9 million riyals (Dh39.08 billion) for the first five months of 2018, over the same period of last year, thanks to a major recovery in oil prices. As a result of a growth in oil prices, the net oil revenue of the Sultanate’s government surged […]
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Saudi Arabia on track to cut budget deficit to 7% of GDP: finance minister

4 years ago
Saudi Arabia is on track on to cut its budget deficit to 7 per cent of gross domestic product this year, Finance Minister Mohammad Al Jadaan said on Wednesday. Speaking at a conference in Riyadh, he also said first quarter fiscal results show significant progress in growing non-oil revenues and raising spending efficiency in the […]
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Oman can defend its currency peg, central bank governor says

4 years ago
Oman has the means to maintain its currency peg and has no plans to change it even though the decline in oil prices has hurt its finances, central bank Governor Tahir Al Amri said. Oman’s gross foreign currency reserves, which stood at $19.6 billion (Dh71.9 billion) at the end of January, are enough to cover […]
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Tourists to get refunds on VAT paid

5 years ago
Tourists to the UAE will be able to claim back the value added tax (VAT) on purchases they make whilst visiting the country, according to the recently released executive regulations by the Federal Tax Authority (FTA). The regulations do not, however, go into details on how this process would work. It does state that the […]
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GCC set for strong recovery on the back of reforms and oil gains

5 years ago
The Gulf Cooperation Council (GCC) economies going through a period of transition of a new normal in the context of prolonged low oil prices is expected to start a new phase of recovery from 2018, according to ‘Economic Insight: Middle East Q4 2017’ report from the accountancy and finance body ICAEW, and economic forecaster Oxford […]
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