Any delay in the planned listing of Saudi Aramco, the world's biggest oil producing company, is unlikely to dent Saudi Arabia's overall economic growth, which is estimated at 1.9 per cent for this year, an official from the International Monetary Fund said.
“There are plenty of other reforms that the kingdom is undertaking that will ensure the outlook for Saudi Arabia is bright in the next couple of years,” Tim Callen, the IMF’s mission chief for the kingdom, told reporters in a conference call on Friday.
The country confirmed its commitment to the Aramco initial public offering originally planned for the end of this year, dispelling media reports that the sale had been shelved.
Authorities had said they were aiming for a possible listing by the end of 2018. Saudi Oil Minister Khalid Al Falih said this month, it would "most likely" happen next year.
The IMF did not factor in an Aramco listing in its growth forecast for the kingdom this year or last “due to continued uncertainty” over the plans, so any delay would not have an impact its projections, Mr Callen said as the IMF published its annual review of the Saudi economy.
Saudi Arabia's overall GDP is projected to rise to 1.9 per cent in 2018 from a contraction of 0.9 per cent last year, and non-oil GDP growth is projected to grow at 2.3 per cent this year, the Washington-based lender's report said. Non-oil growth is expected to "continue to strengthen as the government makes further progress on fiscal reforms", Mr Callen said.
Among the reforms the kingdom has already implemented as part of its Vision 2030 economic transformation strategy are the introduction of a 5 per cent VAT in January, far-reaching reforms to its capital markets and the enactment of new bankruptcy legislation this month to support corporate financial restructuring.
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Read more:
Saudi Arabia 'fully committed' to Aramco IPO, oil minister says
Saudi Aramco pledges continued investment to meet rising oil demand
IMF commends Saudi Arabia on 'good progress' on implementing Vision 2030
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In its report, the IMF said Saudi economic growth will pick up as government spending rises on the back of an increase in oil prices. While the kingdom is making good progress on its reforms, it must be careful not to become complacent and overspend, given the recent oil price increase. Brent crude closed on Friday up 1.5 per cent to $75.8 per barrel.
Mr Al Falih said the government "remains committed to the IPO of Saudi Aramco at a time of its own choosing when conditions are optimum".
But analysts said the IPO — which would be the world's biggest listing — could be delayed by a couple of years. Aramco's announcement this month that it is in talks to acquire a major stake in Sabic, the region's biggest chemicals company, has also cooled off the rush to list the energy company.
Mr Callen said that while a listing delay would not alter the kingdom's overall economic outlook, it would mean reduced revenues for sovereign wealth fund the Public Investment Fund. An Aramco listing has been cited by Saudi authorities as a source of future proceeds for PIF, he said, so "that would need to be re-thought".
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
FIXTURES
Fixtures for Round 15 (all times UAE)
Friday
Inter Milan v AS Roma (11.45pm)
Saturday
Atalanta v Verona (6pm)
Udinese v Napoli (9pm)
Lazio v Juventus (11.45pm)
Sunday
Lecce v Genoa (3.30pm)
Sassuolo v Cagliari (6pm)
SPAL v Brescia (6pm)
Torino v Fiorentina (6pm)
Sampdoria v Parma (9pm)
Bologna v AC Milan (11.45pm)
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%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Company%20Profile
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Killing of Qassem Suleimani
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
UAE currency: the story behind the money in your pockets
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
COMPANY%20PROFILE
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
'Laal Kaptaan'
Director: Navdeep Singh
Stars: Saif Ali Khan, Manav Vij, Deepak Dobriyal, Zoya Hussain
Rating: 2/5
Stamp duty timeline
December 2014: Former UK finance minister George Osbourne reforms stamp duty, replacing the slab system with a blended rate scheme, with the top rate increasing to 12 per cent from 10 per cent:
Up to £125,000 - 0%; £125,000 to £250,000 – 2%; £250,000 to £925,000 – 5%; £925,000 to £1.5m: 10%; Over £1.5m – 12%
April 2016: New 3% surcharge applied to any buy-to-let properties or additional homes purchased.
July 2020: Rishi Sunak unveils SDLT holiday, with no tax to pay on the first £500,000, with buyers saving up to £15,000.
March 2021: Mr Sunak decides the fate of SDLT holiday at his March 3 budget, with expectations he will extend the perk unti June.
April 2021: 2% SDLT surcharge added to property transactions made by overseas buyers.
UAE%20athletes%20heading%20to%20Paris%202024
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Superliminal%20
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
%E2%80%98FSO%20Safer%E2%80%99%20-%20a%20ticking%20bomb
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COMPANY%20PROFILE%20
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
Napoleon
%3Cp%3E%3Cstrong%3EDirector%3C%2Fstrong%3E%3A%20Ridley%20Scott%3Cbr%3E%3Cstrong%3EStars%3C%2Fstrong%3E%3A%20Joaquin%20Phoenix%2C%20Vanessa%20Kirby%2C%20Tahar%20Rahim%3Cbr%3E%3Cstrong%3ERating%3C%2Fstrong%3E%3A%202%2F5%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
KILLING OF QASSEM SULEIMANI
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COMPANY PROFILE
Company name: Letstango.com
Started: June 2013
Founder: Alex Tchablakian
Based: Dubai
Industry: e-commerce
Initial investment: Dh10 million
Investors: Self-funded
Total customers: 300,000 unique customers every month
Fixtures:
Wed Aug 29 – Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30 - UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1 - UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2 – Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4 - Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6 – Final
