The government of the United Arab Emirates is expected to cut spending by 4.2 per cent this year because of low oil prices, which are slashing its energy export revenues, a central bank report said on Monday.
The UAE does not regu
Government ministers in Bahrain have been ordered to outline unnecessary administrative expenses, as part of plans to reduce public spending.
The move, directed by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Kha
Kuwait's parliament on Wednesday approved a state budget for the current fiscal year that envisages a budget deficit of KD8.18 billion ($27 billion) - nearly half total spending - because of low oil prices.
The budget for the
Iran is likely to abolish subsidised fuel allowances for motorists, an Oil Ministry adviser said on Saturday, in a move that will cut state spending but could also drive inflation and cause protests.
The government is trying to cu
The consumer spending in the UAE has increased to $168 billion in 2013 from $150.4 billion in 2012, a regional retail expert said quoting the National Bureau of Statistics, UAE.
The spending in the US rose to $10,972 billion in 20
Bahrain’s MPs have been accused of adding to the kingdom’s delicate financial position by insisting on increased spending in previous years.
Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa made the comment as he
Bahrain is set to benefit from a spending bonanza over the Formula One weekend with an estimated $1 billion flooding the economy.
In an exclusive interview with the Gulf Daily News (GDN), our sister publication, Bahrain I
Oil majors may have slashed capital spending but national oil companies (NOCs) in the Middle East and North Africa show no sign of cutting investment, buoying oilfield services that the stock market has beaten down.
The expatriate community costs Bahrain a total of BD344.292 million ($907 million) every year – a monthly average of BD28.910 million ($76.2 million), said a report.
Citing results of a study conducted nine years ago, Labour
Oil rose above $60 a barrel on Friday for the first time this year, bringing its gain this week to almost four per cent, supported by signs that deeper industry spending cuts may curb excess supply.
Also supporting oil, growth in