Saudi Arabia recorded a budget surplus – its first since 2019 – during the third quarter of this year as higher crude oil prices improved its finances, according to a report by the kingdom's Ministry of Finance.
The Arab world's biggest economy posted a surplus of 6.7 billion Saudi riyals ($1.8bn) while it earned revenues of 243.3bn riyals during the period. Oil revenues soared 60 per cent annually to 147.9bn riyals, the ministry said on Sunday.
Non-oil revenues were up 33 per cent to 299.5bn riyals this year, while oil revenues surged by 25 per cent. The kingdom's non-oil PMI rebounded in September, month-on-month, rising to 58.6, the highest reading since 2015, supported by improving business activity.
"The data supports our view that the government has prioritized deficit reduction this year as oil income has surprised on the upside relative to forecasts at the start of 2021. We estimate the full year budget deficit will shrink to -1.1 per cent of GDP this year from -11.2 per cent in 2020," Emirates NBD wrote in a note to clients on Monday.
Crude prices have rallied to multi-year highs as a faster-than-expected economic rebound spurred demand for energy.
Brent, the international benchmark under which two thirds of the world's oil is traded, has rallied about 62 per cent this year and ended trading at $83.70 on Friday. West Texas Intermediate, the gauge that tracks US crude, has increased about 73 per cent so far and ended trading last week at $83.57.
Higher oil prices are, in turn, expected to positively affect oil-exporting countries' finances.
The economy in Saudi Arabia, the world's biggest oil exporter, is expected to grow by 2.4 per cent this year and by 4.8 per cent in 2022, the International Monetary Fund said in July.
The IMF attributed the growth to the country's swift and effective response to the coronavirus pandemic and a growth in the kingdom's non-oil sector.
The Gulf country's non-oil economy is projected to grow 4.3 per cent this year, the IMF said in a statement.
The recent report from the Ministry of Finance showed that subsidies dropped 47 per cent, while social spending fell more than 40 per cent as the government rationalised spending.
Saudi Arabia has, in the past few years, adopted a number of measures, including tripling VAT to 15 per cent and removing of a cost of living allowance as it adapted to a low oil price environment because of the pandemic.
The kingdom is also focused on diversifying the economy under its Vision 2030 programme that aims to cut its dependence on hydrocarbons and develop local industries and manufacturing capabilities.
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
UAE currency: the story behind the money in your pockets
ICC T20 Rankings
1. India - 270 ranking points
2. England - 265 points
3. Pakistan - 261 points
4. South Africa - 253 points
5. Australia - 251 points
6. New Zealand - 250 points
7. West Indies - 240 points
8. Bangladesh - 233 points
9. Sri Lanka - 230 points
10. Afghanistan - 226 points
Company%20Profile
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Profile
Co-founders of the company: Vilhelm Hedberg and Ravi Bhusari
Launch year: In 2016 ekar launched and signed an agreement with Etihad Airways in Abu Dhabi. In January 2017 ekar launched in Dubai in a partnership with the RTA.
Number of employees: Over 50
Financing stage: Series B currently being finalised
Investors: Series A - Audacia Capital
Sector of operation: Transport
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
