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Kuwait Looks At Huge Wealth Fund To Move Beyond Oil oilprice.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oilprice.com Daily Mail and Mail on Sunday newspapers.
GCC economies to depend on hydrocarbons despite diversification efforts: Report omanobserver.om - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from omanobserver.om Daily Mail and Mail on Sunday newspapers.
Dubai: Saudi Arabia’s recent announcement of a narrowing of the budget deficit to $2 billion in the first quarter of this year from $29 billion in the fourth quarter and $9 billion in the first quarter of 2020 points to significant improvement in its public finances, according to rating agency Moody’s. “Although this improvement was largely driven by higher oil prices and a large seasonal drop in spending, the budget performance figures also reveal a structural improvement evident in the decline in the non-oil fiscal deficit to the lowest level in more than six years,” said Alexander Perjessy, VP-Senior Analyst at Moody’s. ....
Decline in Saudi budget deficit due to higher oil: Moody’s LONDON, 3 hours, 10 minutes ago Decline in Saudi Arabia’s budget deficit during the first quarter of this year relative to the fourth quarter of 2020 is mostly due to higher oil prices and a large seasonal drop in spending, said Moody’s. “But there is also a material structural improvement in the non-oil fiscal balance when compared to the first quarter on 2020. This improvement reflects a significantly higher non-oil revenue of 39%, largely due to the tripling of the value added tax rate last July, and the 47% cut in capex, which is in line with this year’s approved budget,” said Alexander Perjessy, Vice-president, Senior Analyst at Moody’s. ....
Iraq looks to new pier to boost oil product imports, exports The construction within the port of Khor Al-Zubair Iraq’s main fuel export and import facility is over 70 percent complete and should be finished this year Updated 28 May 2021 May 28, 2021 12:37 BASRA: Iraq is building a new oil pier off its southern coast, financed by Japan, that’s expected to boost exports and imports of crude-derived products and increase revenue, officials said Friday. The construction within the port of Khor Al-Zubair Iraq’s main fuel export and import facility is over 70 percent complete and should be finished this year, said Farhan Fartousi, the director-general of the General Company for Ports in Iraq, a state company responsible for Iraq’s southern ports. ....