Saudi Arabia Budget

Budget airlines SpiceJet on Monday said it will launch a daily non-stop flight service between Hyderabad and Saudi Arabia's Jeddah from March 25.

The government was trying to trim a wage bill that eats up more than half its budget -- an outlandish share even by Gulf standards. Last year, it required public employees to swipe their fingers on a biometric reader every morning.

Saudi Arabia's crown prince says the anti-corruption drive launched late last year is the "shock therapy" his kingdom needs to root out widespread graft.

Saudi Arabia's Crown Prince Mohammed bin Salman wants to shake up the hidebound kingdom. He has already announced that women will be permitted to drive, launched an anti-corruption campaign, allowed movie theaters to open next year, imposed budget austerity and revealed expansive ambitions to diversify the economy away from its dependence on oil. A...

Saudi Arabia will boost spending in an attempt to revive economic growth as the government enters a critical 12 months for Crown Prince Mohammed bin Salman's plan to prepare the kingdom for the post-oil era.

Saudi officials said the figures showed the world's largest oil exporter was making good progress in repairing state finances that have been severely damaged by slumping oil prices in the last three years.

The drop in global oil prices by about half since 2014 left the kingdom with a huge budget deficit and billions of dollars in debt to private firms, chiefly in the construction business.

It's not just President-elect Donald Trump who's bent on military build-up. From Europe all the way to China, the next decade will be marked by an increase in global defense spending amid rising feuds and pockets of instability, according to IHS Jane's latest annual Defense Budgets report.

India is among the world's top five defence spenders with its military budget at $50.7 billion, overtaking Saudi Arabia and Russia, according to a new report released today.

Saudi Arabia, hurt by low oil prices, has drawn down foreign reserves and cut spending while it funds a budget deficit that reached about 15 percent of gross domestic product last year.

Saudi Arabia will pay for parts of its $72 billion five-year economic reform plan by making efficiency savings and cutting spending on existing projects, Finance Minister Ibrahim Alassaf said on Tuesday.

The International Monetary Fund backed Saudi Arabia's sweeping economic reform plan on Thursday and said the kingdom was cutting spending at the right speed to cope with a huge state budget deficit caused by low oil prices.

Oil exporting countries in the Middle East lost a staggering $390 billion in revenue due to lower oil prices last year, and should brace for even deeper losses of more than $500 billion this year, the International Monetary Fund said on Monday.

Saudi Arabia is close to securing a $10 billion, five-year bank loan, the government's first significant foreign borrowing for over a decade, as the world's top oil exporter seeks to fill a record budget gap caused by low crude prices.

Wooing investors with promise of an easier business environment and stable tax regime, Prime Minister Narendra Modi on Sunday said retrospective taxation has been made a thing of the past but he is "not able to do anything" on two cases inherited from the previous government as they are sub judice.

Budget airlines SpiceJet on Monday said it will launch a daily non-stop flight service between Hyderabad and Saudi Arabia's Jeddah from March 25.

The government was trying to trim a wage bill that eats up more than half its budget -- an outlandish share even by Gulf standards. Last year, it required public employees to swipe their fingers on a biometric reader every morning.

Saudi Arabia's crown prince says the anti-corruption drive launched late last year is the "shock therapy" his kingdom needs to root out widespread graft.

Saudi Arabia's Crown Prince Mohammed bin Salman wants to shake up the hidebound kingdom. He has already announced that women will be permitted to drive, launched an anti-corruption campaign, allowed movie theaters to open next year, imposed budget austerity and revealed expansive ambitions to diversify the economy away from its dependence on oil. A...

Saudi Arabia will boost spending in an attempt to revive economic growth as the government enters a critical 12 months for Crown Prince Mohammed bin Salman's plan to prepare the kingdom for the post-oil era.

Saudi officials said the figures showed the world's largest oil exporter was making good progress in repairing state finances that have been severely damaged by slumping oil prices in the last three years.

The drop in global oil prices by about half since 2014 left the kingdom with a huge budget deficit and billions of dollars in debt to private firms, chiefly in the construction business.

It's not just President-elect Donald Trump who's bent on military build-up. From Europe all the way to China, the next decade will be marked by an increase in global defense spending amid rising feuds and pockets of instability, according to IHS Jane's latest annual Defense Budgets report.

India is among the world's top five defence spenders with its military budget at $50.7 billion, overtaking Saudi Arabia and Russia, according to a new report released today.

Saudi Arabia, hurt by low oil prices, has drawn down foreign reserves and cut spending while it funds a budget deficit that reached about 15 percent of gross domestic product last year.

Saudi Arabia will pay for parts of its $72 billion five-year economic reform plan by making efficiency savings and cutting spending on existing projects, Finance Minister Ibrahim Alassaf said on Tuesday.

The International Monetary Fund backed Saudi Arabia's sweeping economic reform plan on Thursday and said the kingdom was cutting spending at the right speed to cope with a huge state budget deficit caused by low oil prices.

Oil exporting countries in the Middle East lost a staggering $390 billion in revenue due to lower oil prices last year, and should brace for even deeper losses of more than $500 billion this year, the International Monetary Fund said on Monday.

Saudi Arabia is close to securing a $10 billion, five-year bank loan, the government's first significant foreign borrowing for over a decade, as the world's top oil exporter seeks to fill a record budget gap caused by low crude prices.

Wooing investors with promise of an easier business environment and stable tax regime, Prime Minister Narendra Modi on Sunday said retrospective taxation has been made a thing of the past but he is "not able to do anything" on two cases inherited from the previous government as they are sub judice.