DUBAI: The UAE is set to post its first fiscal deficit since 2009 because of lower oil revenues, but it can avoid any serious economic slowdown, the International Monetary Fund said.
The UAE’s consolidated fiscal balance is expected to swing to a deficit of 2.3 percent of gross domestic product in 2015 from a 5.0 percent surplus last year, the IMF said on Thursday.
Zeine Zeidane, who led the IMF mission, said the the deficit posed no threat to the economy.
He estimated that at today’s oil prices, the UAE could keep spending at current levels for at least 30-40 years, drawing on its ample financial reserves.
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Deficit poses no threat to UAE economy: IMF
Deficit poses no threat to UAE economy: IMF
Saudi Arabia sees 21% jump in mining sector licenses since 2016
- The growth in the Kingdom’s mining sector licenses aligns closely with Saudi Arabia’s Vision 2030 objectives, launched in 2016
RIYADH: Saudi Arabia’s mining sector has shown sustained growth, with the number of mining licenses increasing from 1,985 in 2016 to 2,401 by the end of 2024, representing cumulative growth of 21 percent, according to the 2024 mineral wealth statistics from the General Authority for Statistics.
The data highlights a steady upward trend in recent years. Licenses rose to 2,100 in 2021, marking a 6 percent increase from the previous year.
The upward trajectory continued with 2,272 licenses in 2022, 2,365 in 2023, and 2,401 in 2024, reflecting expanding exploration and investment activity across the Kingdom’s mining sector. Building material quarries accounted for the largest share of mining permits, climbing from 1,267 licenses in 2021 to 1,481 by 2024.
Exploration licenses also recorded consistent growth, supporting the Kingdom’s broader push to develop its mineral resources.
Other categories of mining activity saw significant expansion, including 2,554 exploration licenses, 744 exploitation licenses, 151 reconnaissance licenses, and 83 surplus mineral ore licenses issued during the same period.
The growth in the Kingdom’s mining sector licenses aligns closely with Saudi Arabia’s Vision 2030 objectives, launched in 2016, which aim to diversify national income sources and strengthen non-oil sectors.
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