Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Optimism over new Saudi budget  Join our daily free Newsletter

MENAFN - Arab News - 21/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Saudi Arabia is expected to announce its fiscal budget for 2014 on Dec. 23 during a special Cabinet session at Khoraim Gardens, outside Riyadh, sources said, adding that the Finance Ministry has stopped allocating funds from the current budget.

The last Cabinet session in Riyadh discussed all articles of the annual budget before its presentation to Custodian of the Two Holy Mosques King Abdullah for his endorsement, one source said.

Saudis are optimistic about the new fiscal budget, hoping that it would earmark more funds for welfare projects across the country.

Economists believe the budget surplus for 2013 would exceed SR225 billion.
Speaking to Arab News, economist Ihsan Buhulaiga, a former Shoura member, stressed that the budget should focus on strengthening the private sector for it to play the role of a catalyst to accelerate growth.

"I believe the government would continue its policy of increased spending to carry out mega projects," he said. "This will not only strengthen the private sector but also generate jobs for Saudis."

Fahd bin Juma, another economist, said he expected the Kingdom's actual spending this year to reach SR870 billion, exceeding the actual spending for 2012 by SR17 billion.

"I expect actual oil revenues in 2013 to reach SR1.08 trillion, bringing the total fiscal revenue to SR1.16 trillion. This will increase the surplus for this year to SR290 billion," he said.

In 2012 the surplus was SR96 billion because of a fall in oil prices.

 


Arab News




  MENA News Headlines
 Jul 1 2015 - Kuwait MPs pass $23.2 bn deficit budget on oil slideAFP
(MENAFN - AFP) Kuwait parliament Wednesday passed the 2015/2016 state budget which projects a 7.0-billion dinar ($23.2 billion) deficit due to the sharp drop in oil prices. Forty-seven MPs voted for ...

 Jul 1 2015 - Ban Ki-Moon Appeals for Implementing Geneva Communique on SyriaQatar News Agency
(MENAFN - QNA) Secretary-General of the United Nations Ban Ki-moon has called on to put an end to the suffering of the Syrian people and to find an exit from this madness. In a statement read by a ...

 Jul 1 2015 - UN: 137,000 Flee Across Mediterranean in First Half YearQatar News Agency
(MENAFN - QNA) Some 137,000 fled across the Mediterranean to Europe in the first half of the year, nearly double the amount seen in the same period last year, the UN Refugee Agency (UNHCR) said ...

 Jul 1 2015 - Lebanese Army Kills Five Nusra Gunmen in Arsal OutskirtsQatar News Agency
(MENAFN - QNA) The Lebanese Army killed five militants in northeastern border town of Arsal, while they were attempting to sneak between Arsal and its outskirts, the Army said in a statement ...

 Jul 1 2015 - Jordan- Cooking gas cylinders' price reduced, gasoline's price unchangedJordan News Agency
(MENAFN - Jordan News Agency) Cooking gas cylinders' price will be reduced, while fuel prices will remain unchanged through the month of July, Minister of Industry, Trade and Supply, Maha Ali, ...

 Jul 1 2015 - US to Remove Ban on Security Aid to BahrainJordan News Agency
(MENAFN - Jordan News Agency) The United States lifted its ban on sending security aid to the government of Bahrain due to progress on human rights issues, US State Department spokesperson John Kirby ...

 Jul 1 2015 - Obama offers help to TunisiaJordan News Agency
(MENAFN - Jordan News Agency) US President Barack Obama offered condolences to Tunisian leader Beji Caid Essebsi Monday, after the militant attack that killed 38 people and left the future of the ...

 Jul 1 2015 - Jordan - Moderate weather forecast until FridayJordan News Agency
(MENAFN - Jordan News Agency) The weather will be moderate on Wednesday in the hilly areas, relatively hot in the Badia, and hot in the Jordan Valley and Aqaba, with northwesterly moderate ...

 Jul 1 2015 - Jordan- The Amman Stock Exchange starts trading on higher noteJordan News Agency
(MENAFN - Jordan News Agency) The Amman Stock Exchange (ASE) opened trading on Wednesday with a rise to 2117 points compared to 2115 points of last session closure, according to market sources.The ...

 Jul 1 2015 - Israeli forces move into Deir al-BalahJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces on Wednesday morning made an incursion into east of Deir al-Balah in the central of the Gaza Strip.Palestinian sources said that Israeli ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help