JEDDAH: Saudi Arabia’s deficit is projected to decline by a third next year, according to a budget statement that is seen as a step toward eliminating the shortfall altogether by 2020.
The deficit for 2016 stands at SR 297 billion, around 9 percent lower than forecast, and far below the high of SR 366 billion seen in 2015, in the immediate fallout of the oil price crash.
The deficit is forecast to be SR 198 billion in 2017 and is “now manageable”, according to budget documents released on Thursday.
“The government has been able to finance the deficit by drawing from reserves and surpluses, in addition to borrowing SAR 200.1 billion on international debt markets,” the budget documents said.
The Saudi budget 2017 reiterated the Kingdom’s aim to eliminate the fiscal deficit altogether by 2020. This is in line with the Kingdom’s Vision 2030 and related programs, including the National Transformation Plan 2020.
In 2016, Saudi Arabia's total revenues are expected to reach SR 528 billion, and are forecast to rise to SR 692 billion next year. Oil revenues for 2017 are estimated at SR 480 billion, 46 percent higher than the 2016 projections, while non-oil revenues are estimated at SR 212 billion, a 6.5 percent increase.
Expenditure for 2016 stood at SR 825 billion, excluding that related to the previous year, less than the SR 840 billion originally forecast. The expenditure in 2017 is estimated at SAR 890 billion, an 8% increase over 2016.
The total national debt for 2016 was approximately SR 316.5 billion, which is 12.3 percent of the projected gross domestic product (GDP) in fixed prices for 2016. Official documents showed that the national debt will not exceed 30 percent of GDP.
“Following successful debt issuances in 2016, debt issuance will continue as and when needed, subject to local and international market conditions,” the budget documents said. “The Kingdom will seek to raise further debt at attractive rates on international markets.”
This could include diversifying the type of issued debt by issuing Shariah-compliant instruments such as sukuk inside and outside the Kingdom.
Saudi budget 2017: Deficit forecast to drop to SR 198 billion
Saudi budget 2017: Deficit forecast to drop to SR 198 billion
Saudi fund signs two loan agreements, inaugurates Hulhumale Island development in Maldives
- Al-Marshad participated in the partial inauguration of the Hulhulmale Island Development Project
MALE: CEO of the Saudi Fund for Development Sultan bin Abdulrahman Al-Marshad signed on Friday two development loan agreements with the Maldives’ Minister of Finance Dr. Mohammed Shafiq. These agreements will contribute to financing the Velana International Airport development project with a value of $100 million and the healthcare sector development project in the Maldives with a value of $50 million, provided by fund.
Additionally, Al-Marshad participated in the partial inauguration of the Hulhulmale Island Development Project, which the SFD is contributing to financing through a soft development loan worth $80 million. The event was also attended by Saudi Ambassador to the Maldives Matrek bin Abdullah Al-Ajalin.
King Salman issues royal order to promote 26 judges
RIYADH: King Salman issued a royal order on Friday to promote 26 judges at the Board of Grievances, Saudi Press Agency reported.
President of the Board of Grievances and Administrative Judicial Council Sheikh Khalid bin Mohammed Al-Yousef said that the royal order confirmed the keenness of the Kingdom’s leadership to support the judiciary to develop its performance and achieve quality and efficiency.
Earlier this month, the king issued a royal decree on Saturday to appoint 261 investigative lieutenants at the Ministry of Justice’s Public Prosecution.
Saudi Islamic affairs minister inaugurates mosques
- Dr. Abdullatif Al-Asheikh said: “Contributing to building and caring for mosques is a good deed that earns people rewards”
ARAR: Saudi Minister of Islamic Affairs, Dawah and Guidance Dr. Abdullatif Al-Asheikh inaugurated the Al-Hanouf Al-Zwain and Ali Mohammed Al-Melhem mosques in the city of Arar as part of a visit to the area to inspect work progress.
The ministry’s undersecretaries and several department directors, as well as the director of the ministry’s branch in the Northern Borders region, Fahd bin Sulaiman Al-Khalifa, attended the event.
Al-Asheikh toured the two mosques, and was briefed on their construction in the Salmani architectural style, as well as their associated facilities and services.
He said: “Contributing to building and caring for mosques is a good deed that earns people rewards.”
The minister added that the Kingdom, since the era of King Abdulaziz until today under King Salman and Crown Prince Mohammed bin Salman, has given great importance to mosques.
Al-Asheikh prayed for the reward of those who built the mosques, and for the maintenance of Saudi Arabia’s security and stability.
Saudi crown prince receives princes, officials, scholars, citizens in Eastern Region
- The audience was also attended by energy minister Prince Abdulaziz bin Salman
DAMMAM: Saudi Crown Prince Mohammed bin Salman on Friday received several princes, officials, scholars and a group of citizens at the Gulf Palace in Dammam, Saudi Press Agency reported.
At the beginning of the reception, they all listened to a recitation of verses from the Holy Qu’ran, SPA added.
The audience was also attended by Prince Saud bin Naif bin Abdulaziz, governor of the Eastern Province, energy minister Prince Abdulaziz bin Salman, and Prince Mishari bin Abdullah bin Abdulaziz bin Musaed.
While in the Eastern Province, the crown prince also held a meeting with UAE President Sheikh Mohamed bin Zayed Al-Nahyan, according to an Al Arabiya report.
Faia Younan serenades Ithra
- At the opening night performance, Younan sang to a full house — almost every plush red seat at the Ithra Theater was occupied
- Throughout the performance, the band surrounded the singer like a frame, with the set lights changing colors behind her
DHAHRAN: Syrian star Faia Younan graced the stage at the King Abdulaziz Center for World Culture, Ithra, for the first of two evenings of music on Thursday.
Returning to the Ithra stage after almost a year, the singer-songwriter performed a medley of her most popular hits, some original songs and a few covers.
“Her music fuses modern arrangements, traditional instruments and lyrics based on classical literary poetry, shaping her unique musical identity,” Ithra said in a statement to Arab News.
At the opening night performance, Younan sang to a full house — almost every plush red seat at the Ithra Theater was occupied.
After her first song, the singer asked the sound team to turn on the balcony lights so she could greet the audience.
“I am so excited to be back in the Kingdom. I would like the lights to be turned on so I could capture a visual snapshot of this beautiful crowd,” she told her fans to loud applause.
Younan included the audience by asking them to clap along to certain sections and encouraging them to join in when she repeated part of a song, telling them: “Those aching to sing along can do so with me.”
Throughout the performance, the band surrounded the singer like a frame, with the set lights changing colors behind her.
Younan thanked every musician who accompanied her on stage. The band was led by pianist Rayan Habe, followed by Mohamed Ben Salha on ney, Abdul Halim Al-Khatib on qanoun, Yarub Samarait on violin, Walid Nassaer and Salman Baalbaki on percussion, and Julio Eid on bass guitar.
In an endearing moment, the heel of Younan’s shoe broke as she was belting out a lyric. But the singer completed the song without interruption, then elegantly removed her shoes and told the crowd that the accident was a blessing in disguise.
“Now, I can dance more easily to the next song, which will be Khaleeji,” she told the roaring crowd.
After singing many Arabic songs, Younan switched to Assyrian sounds, performing in one of the many ancient languages spoken in her native Syria.
The singer made history in 2015 when she became the first woman artist from the MENA region to crowdfund her debut single, “Ohebbou Yadayka.”
Younan has more than 1.3 million followers on Instagram and a huge fan base in the region.
Earlier this year, she was one of the winners of the Prince Abdullah bin Faisal Award for Arabic Poetry, in the best sung poem category, which earned her a prize of SR200,000 ($53,333).
“Mashallah, Faia managed to play a lot of her songs — and her singing live sounds a lot like the studio recording,” attendee Assiel Al-Shuail told Arab News at the end of the opening night.
The finale of Younan’s two-day show ends Friday, starting 8 p.m.
