Saudi Arabia’s real GDP growth will accelerate substantially in 2018 and beyond, due to rising oil production and prices and recovering business confidence, according to a new report from BMI Research.
GDP growth is forecast to reach 1.9 per cent in 2018 and 3.4 per cent in 2019, the report said.
BMI upwardly revised its previous forecasts of 1.6 per cent and 2.1 per cent respectively, based on a ramp-up in oil production over the quarters ahead following the Opec meeting in June at which member states agreed to ease output restrictions.
After a difficult 2017 in which Saudi Arabia’s economy contracted by 0.7 per cent year-on-year, the economy began to recover in the first quarter of 2018, growing by 1.2 per cent year-on-year compared with a 1.2 per cent fall in the fourth quarter of 2017.
Growth is expected to accelerate as Saudi crude oil production expands by an estimated 0.7 per cent in 2018 and 4.5 per cent in 2019, revised upwards from 0.3 per cent and 1.4 per cent previously, according to BMI.
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The continued uptrend in oil prices - which reached $75-$80 per barrel last month - will offer further fiscal breathing room to the government, while a more expansionary fiscal stance will support consumer spending, enabling business sentiment to improve gradually in the second half of 2018, it said.
“Given that oil proceeds accounted for 63 per cent of total government revenues in 2017, [the oil price uptick] will offer significant tailwinds to public finances,” the report said.
“Greater fiscal space will in turn enable the government to increase its support to the economy, as already seen with the implementation of numerous stimulus measures since the start of the year, including cash transfers to vulnerable households, special bonuses for civil servants and a stimulus package for the private sector including subsidised loans and financial support for distressed companies.”
As a result, private and government consumption is expected to continue to expand at a robust pace, following strong growth of 1.6 per cent and 2 per cent year-on-year, in the first quarter of 2017, said the report. It added that Saudi consumers have so far weathered the introduction of a 5 per cent VAT in January. Consumer and credit loans picked up to 0.7 per cent in the first quarter from 0.4 per cent in the preceding quarter, following several consecutive quarters of contraction.
While the forecast growth represents a significant uptick compared with the 0.7 per cent contraction in 2017, “we caution that growth will remain well below the 5.3 per cent annual average seen between 2010 and 2014, before the slump in oil prices”, BMI added.
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Engine: Dual synchronous electric motors
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Touring range: 591km
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On sale: Deliveries start in October
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
COMPANY%20PROFILE
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RESULT
Arsenal 1 Chelsea 2
Arsenal: Aubameyang (13')
Chelsea: Jorginho (83'), Abraham (87')
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
COMPANY%20PROFILE
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EAlmouneer%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Dr%20Noha%20Khater%20and%20Rania%20Kadry%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EEgypt%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%20%3C%2Fstrong%3E120%3Cbr%3E%3Cstrong%3EInvestment%3A%20%3C%2Fstrong%3EBootstrapped%2C%20with%20support%20from%20Insead%20and%20Egyptian%20government%2C%20seed%20round%20of%20%3Cbr%3E%243.6%20million%20led%20by%20Global%20Ventures%3Cbr%3E%3C%2Fp%3E%0A
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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.
The specs: 2018 Honda City
Price, base: From Dh57,000
Engine: 1.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 118hp @ 6,600rpm
Torque: 146Nm @ 4,600rpm
Fuel economy, combined: 5.8L / 100km
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
The specs
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The specs
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The specs
Engine: 3-litre twin-turbo V6
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Asian Cup 2019
Quarter-final
UAE v Australia, Friday, 8pm, Hazza bin Zayed Stadium, Al Ain
