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2018-12-24 11:45:00

SAUDIS BUDGET 2019: $295 BLN

SAUDIS BUDGET 2019: $295 BLN

MEOG - Saudi Arabia's Council of Ministers approved its 2019 budget, the largest in the Kingdom's history. It has planned to spend $295bn in the coming year, and estimates revenue at $260bn. Deficit is therefore estimated at $35bn, down 32% from the expected deficit for 2018, $52bn. Actual deficit in 2018 sat at $36.2bn.

"This year's budget continues to improve the efficiency of public fiscal management, and promote economic stability and financial sustainability," Crown Prince Mohammed bin Salman said, noting that economic reforms have helped reduce deficit since 2016, and marking financial stability as a fundamental pillar of the country's progress.

Minister of Finance Mohammed Al-Jadaan indicated that spending priorities would focus on social and economic programs including the private sector stimulus plan, Vision 2030 implementation program, and that the government would continue to increase efficiency in its spending. Social spending is expected to take up 42% of the Kingdom's 2019 expenditure. Meanwhile, private sector stimulation programs will receive an investment of around $53.3bn.

A statement from the Saudi Press Agency noted that Crown Prince Salman expects that non-oil revenue will increase to $83.45bn in 2019, up 9% from 2018 non-oil revenue of $76.5bn. In 2014, non-oil revenue stood at half the value, $33.8bn.

While it aims to diversify its economy, oil prices, which increased up until early October (and then crashed to $56 per barrel of Brent crude as of writing), have bolstered growth in the nation. Saudi Aramco tendered several key redevelopment projects, including the $15bn Marjan project, and has placed a bold emphasis on localisation, with its In-Kingdom Total Value Add program.

OPEC and its allies in early December decided to cut output by 1.2mn barrels per day (including 400,000 bpd cut by OPEC allies), in an attempt to balance global supply and demand.

The country's GDP growth rate is expected to reach 2.6% in 2019, up from 2.3% in 2018. A statement from the Saudi Press Agency indicated that economic reforms and improved private sector involvement would support this growth.

 

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Earlier: 

 W.Asia
2018, December, 21, 14:35:00

SAUDIS NEED $84

PLATTS - Saudi Arabia will require oil prices higher than $84/b to avoid running another deficit, analysts warned after the kingdom announced on Tuesday record government spending in its state budget for 2019.

 

 W.Asia
2018, December, 21, 14:30:00

INVESTMENT FOR SAUDIS: DOUBLED

REUTERS - Foreign investment in Saudi Arabia more than doubled in 2018 to 13 billion riyals ($3.5 billion), its economy and planning minister said on Wednesday, despite a global furor following the murder of journalist Jamal Khashoggi in October.

 

 W.Asia
2018, December, 17, 10:40:00

KING SALMAN ENERGY PARK: $6 BLN

MEOG - King Salman Energy Park (SPARK), a 50sqkm "energy city megaproject" in Saudi Arabia, is one of the Kingdom's most impressive endeavours into localisation so far. Once operational, it is expected to generate 100,000 direct and indirect jobs and should contribute $6bn to Saudi Arabia's GDP annually.

 

 W.Asia
2018, December, 14, 09:20:00

RUSSIA - SAUDI ARABIA COOPERATION

IEA - Cooperation between Russia and Saudi Arabia is now the basis of production management with these two countries having a large capacity to swing output one way or the other. For them, prices falling further would place their budgets under great stress.

 АЛЕКСАНДР НОВАК В ИНТЕРВЬЮ CNN: “НАШИ РЕШЕНИЯ ОСНОВАНЫ НА ФУНДАМЕНТАЛЬНЫХ ФАКТОРАХ РЫНКА”
2018, December, 12, 09:05:00

АЛЕКСАНДР НОВАК В ИНТЕРВЬЮ CNN: “НАШИ РЕШЕНИЯ ОСНОВАНЫ НА ФУНДАМЕНТАЛЬНЫХ ФАКТОРАХ РЫНКА”

МИНЭНЕРГО РОССИИ - Как отметил Александр Новак, принятое решение о снижении суммарной добычи на 1,2 млн барр./сутки отражает ожидания рынка накануне встречи стран ОПЕК и не ОПЕК. As noted by Alexander Novak, the decision to reduce the total production by 1.2 million barrels per day reflects the market expectations on the eve of the meeting of OPEC and non-OPEC countries.

 W.Asia
2018, December, 7, 08:30:00

RUSSIA - SAUDIS PACT

WSJ - Russia and Saudi Arabia have agreed to extend OPEC’s efforts to stabilize oil markets, Russian President Vladimir Putin said over the weekend, as the broader coalition of producers inches closer to a deal this week.

 

 W.Asia
2018, December, 3, 12:35:00

РОССИЙСКО - САУДОВСКАЯ ПЕРСПЕКТИВА

МИНЭНЕРГО РОССИИ - Как отметил по итогам переговоров глава Минэнерго России и сопредседатель Совместной межправительственной Российско-Саудовская комиссии по торгово-экономическому и научно-техническому сотрудничеству Александр Новак, товарооборот между Россией и Саудовской Аравией демонстрирует положительную динамику: в 2017 году он вырос на 86% до $915 млн.

 

 

Tags: OMV, ADNOC, ENI, WINTERSHALL, GAS, UAE