Monday 1 September 2014
 
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oil revenue

Saudi to launch debut sovereign wealth fund

Saudi Arabia is preparing to launch its first sovereign wealth fund to manage budget surpluses from a rise in crude prices estimated at hundreds of billions of dollars, said a media report. The central bank has managed investment

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Libya lost $30bn oil revenue in protest wave

Libya has lost $30 billion due to 10 months of protests at oilfields and export terminals but has sufficient foreign currency reserves to keep the country running, a central bank official said. A wave of protests at oil facilities

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Kuwait eyes $77bn budget spending in 2014-15

Kuwait government's total spending is likely to hit KD21.7 billion ($77 billion) in its draft budget for 2014/ 15, up from KD21 billion in FY13/14, according to a report. The draft budget for fiscal year 2014/15 (April to Marc

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Diversification key to Bahrain growth, says IMF

The International Monetary Fund (IMF) has called upon Bahrain to take immediate steps to diversify its sources of income and not to rely on oil revenues, said a report. It also urged Bahrain to undertake comprehensive studies to r

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Iran ministry rejects oil revenue slump reports

  Iran's oil ministry said on Wednesday only it could comment with authority on the country's oil production, rejecting reports of a 45 percent fall in oil earnings sourced to a parliamentary budget committee.

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Oman to boost spending by 10pc next year

  Oman plans to boost its 2013 budget spending by 10 percent compared to this year's plan to fund new infrastructure projects, an official source familiar with the government's financial planning said on Thursday.

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Robust growth for GCC; oil sales to top $572bn

The six Gulf Cooperation Council (GCC) countries will experience robust growth in 2012 on the back of high oil revenues which are expected to hit $572 billion this year, an Institution of International Finance (IIF) forecast said. Sharp in

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Surplus misuse causes imbalance: Kuwait emir

Misuse of Kuwait's state budget surplus, including unproductive spending, has led to structural imbalances in the country's economy, its ruler Emir Sheikh Sabah Al-Ahmad Al-Sabah was quoted as saying by state news agency Kuna on Monday. "T

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Abu Dhabi's 2010 GDP up 15.9pc to $169bn

Abu Dhabi's gross domestic product grew to Dh620.2 billion ($168.9 billion) at current prices in 2010, up 15.9 percent from Dh546.5 billion in 2009, data from the Statistics Centre Abu Dhabi showed on Tuesday. Oil accounted for 49.7 percen

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Oman budget gap rises to $658m in Q1

Oman's budget deficit jumped to 253.4 million rials ($658.2 million) in the first three months of the year as rising oil revenue failed to offset increasing state spending, finance ministry data showed on Sunday. The small non-Opec oil pro

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