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Saudi Arabia budget 2010 reflects kingdom's quick economic recovery
December 27, 2009--The Kingdom of Saudi Arabia is 'well positioned to reap the benefits from the rebounding global economy', according to a report by NCB Capital Chief Economist Dr. Jormo T. Kotilaine.
Increased government spending, including 'outlays for both physical and social infrastructure development along with other diversification initiatives will likely ensure that the economy comes back to its historical growth trajectory,' the report says in commenting on the largest budget in the Kingdom's history.
Saudi economy to grow by 4.1% in 2010, says EFG-Hermes
December 27, 2009--Egyptian investment bank EFG-Hermes has forecast that the Saudi Arabian economy will grow by 4.1% in real terms in 2010, as domestic demand in the kingdom will pick up, Reuters has reported.
GDP growth in real terms in 2011 will accelerate to 4.5% with the non-oil sector improving, driven by government investment programs and private consumption, the investment bank's chief economist Monica Malik said in a report.
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Yemen sets 2010 budget with $2.4bn deficit
December 27, 2009-The Yemeni cabinet has approved a 2010 draft budget with a deficit of YR492bn ($2.4bn), or 7.7% of the country's gross domestic product, Reuters has reported.
The budget has total projected revenues of YR1.52 trillion and expenditure of YR2.012 trillion.
OPEC output targets unchanged
December 24, 2009--Members of the Organisation of the Petroleum Exporting Countries have agreed to keep their supply curbs unchanged, Reuters has reported.
However, ministers have expressed concern at the decline in adherence with quota restrictions that has pushed up inventories in industrialised consumer nations to 60 days worth of demand. While Saudi, Kuwait and the UAE are at or near full compliance with output cuts, Angola, Nigeria and Iran have made little or no contribution.
Kuwait oil output capacity rises above 3 million bpd
December 24, 2009--Sami al-Rasheed, Chairman of Kuwait Oil Co, has said a number of upgrade projects have enabled the company to raise its oil production capacity to around 3.13 million barrels per day, AFP has reported.
More than half of the capacity comes from the Great Burgan, the world's second largest oilfield after Saudi Ghawar, whose output capabilities have been raised from 1.5 million to 1.7 million bpd, Rasheed said.
Bahrain ratings affirmed
December 23, 2009--Standard & Poor's Ratings Services has affirmed its 'A' long-term and 'A-1' short-term sovereign credit ratings on the kingdom of Bahrain, with 'Stable' outlook.
"The ratings on the Kingdom of Bahrain reflect the government's net financial asset position and strong international alliances," the rating agency said in a statement.
Jordan to pay JD300m of debts
December 23, 2009--Jordan has announce it will pay off over JD300m ($423m) of its debts to local and foreign private sector firms and individuals over the coming few days, the Jordan Times has reported.
The decision aims to avoid any financial penalties stipulated in the contracts signed with the concerned parties, the government said.
Lebanon credit rating raised
December 23, 2009--Standard & Poor's has raised its long-term foreign currency sovereign credit rating for Lebanon to 'B' from 'B-minus', citing the strength of the country's public finances and banking system amid political turmoil, Reuters has reported.
The outlook for the rating is 'Positive'. "The upgrade and positive outlook reflect our view that Lebanon's public finances, and in particular the banking system, have proven resilient in the face of the political turmoil over the past three years," S&P said.
Tadawul sees slight gain
December 23, 2009--Saudi Arabia's Tadawul All Share Index (Tasi) nudged up 0.24% to 6,243, with 61 of the 134 traded stocks rising, and 45 falling.
The petrochemical industry was the day's leading sector, and petrochemical firm Alujain Corp had the day's biggest gain, up 5.59% to SR17.95.
ADX dips 1.85%
December 23, 2009--The Abu Dhabi Securities Exchange fell 1.85% today to close on 2,693, as all sectors declined save Consumer and Health Care.
Union Cement had the day's biggest loss, down 9.04% to Dhs1.50. Overall, 26 stocks ended lower, four gained, and two remained unchanged.
