Friday 30 January 2015
 
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Budget

Key financial system helps avoid budget overspending

Bahrain’s Finance Ministry has said its Central Financial System (CFS) enables the avoidance of spending that exceeds allocated budgets. In a statement, the ministry said other benefits of the system include cost savings, av

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Kuwait slashes spending plan as plunging oil prices hit revenues

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

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Mumtalakat rules out asset sale

Bahraini sovereign fund Mumtalakat will not sell any assets or change its investment strategy in response to a likely oil price-driven shortfall in the state budget, it said on Thursday. The fund holds stakes in Bahraini companies

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Iran slashes oil price in budget to $40 per barrel

Iran is cutting the oil price on which it bases its next budget to $40 a barrel, the semi-official Fars news agency quoted Finance and Economy Minister Ali Tayyebnia as saying on Thursday. "We will revise the oil price in the

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Qatar budget likely to be based on $45 oil

Qatar is expected to base its state budget for the fiscal year starting in April on an average oil price of $45 per barrel, down from $65 assumed in the current year's budget, a Qatari energy industry source told Reuters on Thursday.

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Dubai needs more budget hotels now

Dubai is in urgent need of more budget and mid-level hotels and now is the time to build these in the city, an expert said. Luxury versus budget is a long-running debate among hotel investors. What provides higher and quicker return on

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Dubai needs more budget hotel now

Luxury versus budget is a long-running debate among hotel investors. What provides higher and quicker return on investment - a five-star or a mid-market hotel? Looking at the market conditions and demand in Dubai, the answer seems

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Oil price slide may spur budget changes in Bahrain

A dramatic drop in oil prices over the past six months could force Bahrain's government to change the way it calculates its national budget, it was announced. Oil accounts for more than 80 per cent of Bahrain's revenues, b

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Oil price slide may spur budget changes in Bahrain

A dramatic drop in oil prices over the past six months could force Bahrain's government to change the way it calculates its national budget, it was announced. Oil accounts for more than 80 per cent of Bahrain's revenues, b

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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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