RIYADH: Saudi Arabia’s deputy economy minister said on Saturday the kingdom had reduced its deficit in the first quarter of 2017 by more than half in part because of prudent public spending.
“The fact that the first quarter deficit was 26 billion riyals ($6.93 billion) when 54 billion riyals was projected at the beginning of the year. This is a very excellent step toward rationalized spending,” Mohammed Al-Tuwaijri, deputy minister of economy and planning told state-run Ekhbariya TV.
Saudi’s deficit shrank to 297 billion riyals ($79 billion) in 2016, down from a record 367 billion-riyal gap in 2015. In its 2017 budget plan, Riyadh said the deficit would shrink further this year to 198 billion riyals because of higher oil prices and non-oil revenues. ($1 = 3.7499 riyals)
Saudi Arabia cuts deficit by half in first quarter — deputy economy minister
Saudi Arabia cuts deficit by half in first quarter — deputy economy minister
DP World announces new leadership appointments
DUBAI: DP World announced the appointment of Essa Kazim as Chairman of its Board of Directors and the appointment of Yuvraj Narayan as Group Chief Executive Officer.
Essa Kazim currently serves as Governor of the Dubai International Financial Centre and Chairman of Borse Dubai. He brings extensive experience in financial and economic affairs, having previously held senior leadership positions in several national institutions.
Yuvraj Narayan has extensive professional experience in financial management, corporate finance, supply chains, and global trade. Since joining DP World in 2004, he has led a number of strategic and transformational initiatives that supported the company’s expansion across international markets and strengthened its role as an integrated global provider of end-to-end supply chain solutions.
Narayan has served as Group Chief Financial Officer since 2005, contributing to the company’s financial resilience and operational efficiency.
DP World affirmed that the new appointments support its strategy for sustainable growth and reinforce its role in strengthening global supply chains and supporting Dubai’s position as a leading hub for trade and logistics.
