Friday 12 February 2016
 
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Budget

Obama proposes $4.1 trillion spending plan

US President Barack Obama has proposed a $4.1 trillion spending plan for fiscal year 2017 in a final White House budget that met immediate Republican resistance for its cost and reliance on tax hikes to fund domestic priorities. O

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Egypt to set budget at devalued exchange rate

Egypt is drafting its 2016-2017 budget on the basis of an exchange rate of EGP8.25 to the dollar compared to EGP7.75 this fiscal year, two government sources said on Monday, indicating the central bank is preparing to devalue. Egy

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Kuwait forecasts $40 billion budget deficit

Kuwait's Finance Ministry said on Thursday that the Gulf oil exporter's 2016-17 draft budget forecasts a deficit of KD12.2 billion ($40.2 billion), nearly 50 percent higher than the previous year, due to falling crude prices.

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Kuwait may base budget at $25/barrel oil

Kuwait's Finance Minister Anas Al-Saleh said on Tuesday that he expected the price of oil for the 2016/17 budget to be set at around $25 a barrel. Some 90 percent of the Opec country's state revenues come from oil, prompti

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Qatar in talks for sovereign sukuk issue in March

The government of Qatar is in talks with banks about a sovereign sukuk issue, sources aware of the matter said on Monday, as the Gulf nation returns to international debt markets to shore up state finances pressured by low energy prices.

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Asaas wins license for Oman's first low-cost carrier

Muscat National Development and Investment Company, Asaas, has been awarded a new air services operator license by the Public Authority for Civil Aviation to establish Oman’s first low-cost carrier. This venture is anticipat

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Kurdistan mulls sale of parts of Iraqi power sector

The autonomous Kurdistan Regional Government (KRG) in northern Iraq may sell parts of its electricity sector to raise funds to help plug a budget gap left by sinking oil prices, the region's Deputy Prime Minister Qubad Talabani told Reuters.

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End of era for lavish Gulf welfare handouts?

An austere state budget released by Saudi Arabia this week is likely to mark the end of an era for the Gulf's lavish cradle-to-grave welfare systems, encouraging governments around the region to roll back costly handouts to their populations

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Saudi stock index falls 3pc; Sabic down 8pc

Saudi Arabia's stock market fell sharply in early trade on Tuesday after a 2016 state budget, announced late on Monday, that included spending cuts, rises in fuel, gas feedstock and electricity prices, and tax rises. The index

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SEC sees little bottom line impact from price hike

Saudi Electricity Co (SEC) expects the effects of fuel and electricity price hikes announced in the 2016 government budget to roughly balance out, with little overall impact on its bottom line, the company said in a bourse statement on Tuesday.

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