Thursday 5 May 2016
 
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Spending

Taqa slashes 2016 capital expenditure

Abu Dhabi National Energy Company (Taqa) has slashed its proposed capital expenditure for 2016 despite reporting on Thursday a narrower fourth-quarter loss, as the company is impacted by lower oil prices. Global oil firms have bee

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Oman spending to hit $170bn in 5 years

Oman’s spending during the 9th five-year development plan (2016-2020) is estimated to reach RO65.9 billion ($170 billion), a report said. Total revenues are projected at RO 51.1 billion, added the Oman Observer repo

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Riyadh Metro work progressing well despite spending cuts

There are no plans to scale back the Riyadh Metro projects despite the Saudi government clampdown on spending amid low oil revenues, said a report. Besides the metro project, development works linked to the Haj and Umrah pilgrimag

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EMEA investors 'to boost real estate spending in 2016'

Almost half (48 per cent) of all real estate investors across the Europe, Middle East and Africa (EMEA) region expect to increase their purchasing activity in 2016 compared with just 15 per cent who expect to be less active buyers, according to

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Saudi Arabia orders 5pc cut in contract spending

Saudi Arabia's government, with its finances strained by low oil prices, is opening a fresh austerity drive by ordering ministries to cut their spending on contracts by at least five per cent, a document seen by Reuters shows.

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Riyadh Metro on track despite Saudi spending cuts

The $23 billion Riyadh Metro will be completed on schedule in 2019 and its budget is ring-fenced, a senior official said on Wednesday, quashing speculation the project could be scaled back or delayed following a slump in Saudi Arabia's oil r

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Private sector set for 'bigger role' in Dubai real estate

With the government slashing its project spending amid the oil slump, the private sector will dominate the real estate sector in Dubai accounting for over 70 per cent of total supply of the emirate's housing units over the next few years, sa

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Saudi builders delay pay amid state spending clampdown

Some Saudi Arabian construction companies are struggling to pay their staff on time in a sign of growing pressure on the economy from low oil prices, which are causing the government to slow spending on building projects. In an un

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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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Saudi consumer spending growth 'slowing'

Growth in Saudi Arabia's consumer spending is slowing as low oil prices hit households' disposable income and geopolitical tensions make shoppers more cautious, the chairman of one of the kingdom's top retailing chains said.

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