Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kingdom's revenues poised to reach SR1.26 trillion  Join our daily free Newsletter

MENAFN - Arab News - 23/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Saudi Arabia is predicted to achieve a budget surplus of nearly SR259.5 billion in the fiscal year 1434-1435H (2013), local media said quoting a report by the International Monetary Fund (IMF).

According to the IMF report, Saudi total revenues are poised to reach SR1.26 trillion (335 billion) whereas total spending is to touch SR996 billion (266 billion).

The Kingdom's budget realized the biggest surplus in its history in 2012 (1433-1434H) where revenues stood at SR1.24 trillion and spending at SR873 billion, or a surplus of SR384 billion, the media said.

Based on the IMF estimates, the Kingdom is prepared to continue achieving surpluses until the year 2017. Total financial surpluses are predicted to accumulate SR842 billion in the period covering 2014-2017, the IMF report said.

The oil revenues reportedly averaged more than 90 percent of the Kingdom's total income in the last three years. Oil revenues formed 90.4 percent, 92.5 percent and 91.8 percent of the total revenues in 2010, 2011 and 2012, respectively, the report said.

The quantities of oil produced in the Kingdom in the current year are not expected to witness tangible changes compared to the previous year (2012). Despite the fact that oil prices registered a record level in the first quarter of 2012 as high as 120 per barrel (Brent), however, oil prices were more stabilized in 2013 and averaged at 111.9 per barrel, the report said.

Based on earlier data released by the Ministry of Finance, Saudi budget is projected to achieve a fiscal surplus totaling SR300 billion in the current fiscal year (2013). Total spending is estimated to reach SR820 billion in the fiscal year 1434-1435H (2013), the report said.

Last month, a financial expert said Saudi budget is poised to achieve a surplus of SR266 billion in the current year (2013) and the Kingdom is prepared to continue achieving surpluses in years to come as long as oil price remains above 100 per barrel.

Khalid Jamal, CEO of EFG-Hermes (Saudi Arabia), said oil price is expected to hover around 110 per barrel by the end of 2013 but possibly be negatively affected if the United States reduces the quantitative easing policy it currently adopts.

 


Arab News




  MENA News Headlines
 Dec 28 2014 - Hamas chief lauds Turkey as 'source of power' for MuslimsThe Peninsula
(MENAFN - The Peninsula) Hamas chief Khaled Meshaal yesterday praised Turkey as a "source of power" for all Muslims in gratitude to Turkey's leaders for supporting the Palestinian cause."A ...

 Dec 28 2014 - Libyan olive oilThe Peninsula
(MENAFN - The Peninsula) A Libyan labourer shows a can of olive oil at an olive oil factory in Tripoli yesterday. Libya, the 12th largest olive oil producer in the world, plans to boost its ...

 Dec 28 2014 - Palestinians held for firebomb attackThe Peninsula
(MENAFN - The Peninsula) Two Palestinians suspected of throwing a firebomb that wounded an 11-year-old Israeli girl and her father have been arrested in the West Bank, the Shin Bet security service ...

 Dec 28 2014 - Shortages kill more than 300 in SyriaThe Peninsula
(MENAFN - The Peninsula) Shortages of food and medicine caused the deaths of more than 300 civilians, including about 100 children, in areas besieged by the Syrian regime in 2014, a monitoring group ...

 Dec 28 2014 - QIC's Qatari staff complete insurance courseThe Peninsula
(MENAFN - The Peninsula) Qatar Insurance Company (QIC), in collaboration with Qatar Finance and Business Academy (QFBA), presented certificates to nine Qatari employees who completed the first course ...

 Dec 28 2014 - Al Meera to open 9 new malls across Qatar soonThe Peninsula
(MENAFN - The Peninsula) As part of efforts to serve better, Al Meera Consumer Goods Company yesterday announced to open nine new malls across the country by the beginning of 2015, said a senior ...

 Dec 28 2014 - Qatar- Two housing projects launched in Sri LankaThe Peninsula
(MENAFN - The Peninsula) Two housing projects have been launched in Mannar District, northern Sri Lanka, for families displaced by local armed conflicts.The projects have been funded by two Qatari ...

 Dec 28 2014 - Qatar- Coin-operated carts sought at mallsThe Peninsula
(MENAFN - The Peninsula) Shopping trolleys abandoned in parking lots of malls are inconveniencing shoppers looking for parking space or trying to remove their blocked cars, it is learnt.Though most ...

 Dec 28 2014 - Alam shines in Raha's victoryMuscat Daily
(MENAFN - Muscat Daily) Khursheed Alam displayed impressive allround skills to help Raha CT trounce Enhance CT by 123 runs in an Oman Cricket A division match played in Al Amerat over the ...

 Dec 28 2014 - Seeb routs Al Salam to take third spotMuscat Daily
(MENAFN - Muscat Daily) Former champion Seeb trounced Al Salam 4-1 to clinch the third spot in the HM's Cup Hockey Championship at the Sultan Qaboos Sports Complex (SQSC) on Saturday. Former India ...

more...


 






Google

Click to Apply

 
 

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