Saudi Arabia’s budget surplus increased to 77.9 billion Saudi riyals ($20.77bn) in the second quarter, driven by a surge in oil revenue, the Ministry of Finance reported.
The kingdom's revenue during the three-month period ended June rose by 49 per cent annually to 370.3bn riyals while expenditure increased by about 16 per cent to 292.45bn riyals, the ministry said in a statement on Thursday.
Its surplus in the second quarter was up more than 35 per cent, compared with 57.49bn riyals in the first three months of the year, bringing the total for the period from January to June to 135.39bn riyals.
Oil revenue in the April-June period surged 89 per cent to 250.36bn riyals, from 132.1bn riyals in the same period last year, the ministry said. Non-oil revenue during the period also rose 3 per cent to 120bn riyals.
Saudi Arabia, the world's top oil exporter, has recorded strong economic growth this year on higher oil prices after its recovery from the impact of the coronavirus-induced slowdown in 2021.
The kingdom's economy grew 11.8 per cent in the second quarter of this year, flash estimates released by the General Authority for Statistics (Gastat) revealed.
Oil-related economic activity in the kingdom rose 23.1 per cent annually during the three months to the end of June, while non-oil economic activity also climbed 5.4 per cent during the period.
Government services activities increased 2.2 per cent, supporting the growth of the Arab world’s largest economy, the data showed.
Oil prices rose sharply this year after the Russia-Ukraine conflict began in February amid growing concerns of supply constraints.
However, prices have dropped sharply this week on fears that a potential recession will slow demand worldwide.
Brent, the benchmark for two thirds of the world's oil, was trading 0.32 per cent higher at $94.42 a barrel at 8.09am UAE time on Friday.
West Texas Intermediate, the gauge that tracks US crude, was up 0.46 per cent at $88.95 a barrel.
Business conditions in the kingdom's non-oil private sector have also continued to improve on the back of higher output and new orders, the latest data showed.
Saudi Arabia's headline, seasonally adjusted S&P purchasing managers’ index reading stood at 56.3 in July, slightly lower than 57 in June, but signalling a robust improvement in business conditions for the 23rd month in a row.
Output expanded sharply and employment numbers rose at their fastest pace since September 2019, the report said.
The International Monetary Fund, in its latest forecast, estimates that the kingdom’s economy will grow 7.6 per cent in 2022 and 3.7 per cent in 2023, after expanding 3.2 per cent last year.
The World Bank estimates that the country's economy will grow 7 per cent this year while Jadwa Investment expects it to expand 7.7 per cent in 2022, driven by the oil price rally.
In the second quarter, the kingdom's revenue from taxes on income, profit and capital gains was up 42 per cent annually to 10.23bn riyals, the finance ministry said.
Revenue from taxes on goods and services fell 6 per cent yearly to 64.2bn riyals while taxes on international trade and transactions increased 26 per cent to 5.4bn riyals.
In terms of expenditure, grants rose the most in the second quarter at 197 per cent, year on year, to 1.36bn riyals while subsidies were also up 58 per cent to 6.69bn.
Overall, government reserves at the end of June stood at 318.65bn riyals, the ministry said.
Match info
Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
A State of Passion
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Rating: 4/5
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Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
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Thanksgiving meals to try
World Cut Steakhouse, Habtoor Palace Hotel, Dubai. On Thursday evening, head chef Diego Solis will be serving a high-end sounding four-course meal that features chestnut veloute with smoked duck breast, turkey roulade accompanied by winter vegetables and foie gras and pecan pie, cranberry compote and popcorn ice cream.
Jones the Grocer, various locations across the UAE. Jones’s take-home holiday menu delivers on the favourites: whole roast turkeys, an array of accompaniments (duck fat roast potatoes, sausages wrapped in beef bacon, honey-glazed parsnips and carrots) and more, as well as festive food platters, canapes and both apple and pumpkin pies.
Ruth’s Chris Steakhouse, The Address Hotel, Dubai. This New Orleans-style restaurant is keen to take the stress out of entertaining, so until December 25 you can order a full seasonal meal from its Takeaway Turkey Feast menu, which features turkey, homemade gravy and a selection of sides – think green beans with almond flakes, roasted Brussels sprouts, sweet potato casserole and bread stuffing – to pick up and eat at home.
The Mattar Farm Kitchen, Dubai. From now until Christmas, Hattem Mattar and his team will be producing game- changing smoked turkeys that you can enjoy at home over the festive period.
Nolu’s, The Galleria Mall, Maryah Island Abu Dhabi. With much of the menu focused on a California inspired “farm to table” approach (with Afghani influence), it only seems right that Nolu’s will be serving their take on the Thanksgiving spread, with a brunch at the Downtown location from 12pm to 4pm on Friday.
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Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
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Sheikh Zayed's poem
When it is unveiled at Abu Dhabi Art, the Standing Tall exhibition will appear as an interplay of poetry and art. The 100 scarves are 100 fragments surrounding five, figurative, female sculptures, and both sculptures and scarves are hand-embroidered by a group of refugee women artisans, who used the Palestinian cross-stitch embroidery art of tatreez. Fragments of Sheikh Zayed’s poem Your Love is Ruling My Heart, written in Arabic as a love poem to his nation, are embroidered onto both the sculptures and the scarves. Here is the English translation.
Your love is ruling over my heart
Your love is ruling over my heart, even a mountain can’t bear all of it
Woe for my heart of such a love, if it befell it and made it its home
You came on me like a gleaming sun, you are the cure for my soul of its sickness
Be lenient on me, oh tender one, and have mercy on who because of you is in ruins
You are like the Ajeed Al-reem [leader of the gazelle herd] for my country, the source of all of its knowledge
You waddle even when you stand still, with feet white like the blooming of the dates of the palm
Oh, who wishes to deprive me of sleep, the night has ended and I still have not seen you
You are the cure for my sickness and my support, you dried my throat up let me go and damp it
Help me, oh children of mine, for in his love my life will pass me by.
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Age: 30
Favourite book: The Power of Habit
Favourite quote: "The world is full of good people, if you cannot find one, be one"
Favourite exercise: The snatch
Favourite colour: Blue
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
THE SPECS
Engine: AMG-enhanced 3.0L inline-6 turbo with EQ Boost and electric auxiliary compressor
Transmission: nine-speed automatic
Power: 429hp
Torque: 520Nm
Price: Dh360,200 (starting)
