Saudi Arabia's state budget deficit shrank by a fifth from a year earlier in the second quarter of this year as revenues rose moderately and spending fell marginally, finance ministry figures showed on Sunday.
Revenues increased 6 per cent from a year ago to 163.9 billion riyals (Dh160.59bn); oil revenues jumped 28 per cent to 101bn riyals because of higher international oil prices.
Spending dropped 1.3 per cent to 210.4bn riyals in the second quarter, leaving a deficit of 46.5 billion riyals compared to about 58.4bn riyals a year earlier.
Saudi officials said the figures showed the world's largest oil exporter was making good progress in repairing state finances that have been severely damaged by slumping oil prices in the last three years.
"Today's update presents clear evidence of progress towards achieving fiscal balance by 2020," said the finance minister Mohammed Al Jadaan.
"Whilst economic challenges remain, we are confident in achieving our fiscal deficit projections for 2017," he added. The government has projected a deficit of 198bn riyals or about 8 per cent of GDP this year, down from an actual 297 billion riyals in 2016.
Spending dropped 1.3 per cent to 210.4bn riyals in the second quarter because of a nearly 40 per cent fall in the government's "use of goods and services" - a sign that to save money, Riyadh was continuing to hold back on expenditure on infrastructure projects and was cutting operating costs.
Last week, Opec’s two biggest producers agreed to strengthen their commitment to production cuts and maintain balance in world crude markets, the Saudi energy minister Khalid Al-Falih said after talks with his Iraqi counterpart Jabbar Al Luaibi, according to the kingdom’s state news agency SPA.
The two ministers also agreed to ensure coordination of their nations’ oil policies, SPA reported Thursday, citing comments by Mr Al Falih after their meeting in the Red Sea city of Jeddah.
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Read more:
Iraq economic growth subdued by risks from ISIL and volatile oil prices, IMF says
Saudi Arabia said to favour New York over London for Aramco listing
Taqa reports Q2 profit on back of higher oil and gas revenue
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Oil had its worst week in a month last week as compliance with Opec’s deal faltered and the outlook for demand worsened.
While a weaker dollar helped push prices in New York 0.5 per cent higher on Friday, erasing earlier losses, futures closed 1.5 per cent down for the week. The International Energy Agency reduced demand estimates for Opec crude this year and 2018, and said there are doubts about the group’s commitment to cutting production.
Separately, Venezuela's state-owned oil company PDVSA revealed on Saturday that its revenues have dropped sharply, spelling bad news for a crisis-torn country heavily reliant on its exports of crude oil.
Revenues in 2016 slumped 33.5 per cent compared to the previous year, the company said in a report published on its website.
PDVSA registered $48bn in income for last year, compared to US$72bn in 2015.
The average price of a barrel of Venezuelan crude declined 21 percent to $35.15 in 2016, down from $44.65 in 2015, it said.
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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
PROFILE
Name: Enhance Fitness
Year started: 2018
Based: UAE
Employees: 200
Amount raised: $3m
Investors: Global Ventures and angel investors
The Breadwinner
Director: Nora Twomey
Starring: Saara Chaudry, Soma Chhaya, Laara Sadiq
Three stars
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
COMPANY%20PROFILE
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COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
RESULTS
6.30pm: Handicap (rated 100 ) US$175,000 1,200m
Winner: Baccarat, William Buick (jockey), Charlie Appleby (trainer)
7.05pm: Handicap (78-94) $60,000 1,800m
Winner: Baroot, Christophe Soumillon, Mike de Kock
7.40pm: Firebreak Stakes Group 3 $200,000 1,600m
Winner: Heavy Metal, Mickael Barzalona, Salem bin Ghadayer
8.15pm: Handicap (95-108) $125,000 1,200m
Winner: Yalta, Mickael Barzalona, Salem bin Ghadayer
8.50pm: Balanchine Group 2 $200,000 1,800m
Winner: Promising Run, Pat Cosgrave, Saeed bin Suroor
9.25pm: Handicap (95-105) $125,000 1,800m
Winner: Blair House, James Doyle, Charlie Appleby
10pm: Handicap (95-105) $125,000 1,400m
Winner: Oh This Is Us, Tom Marquand, Richard Hannon
Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
