Mena governments have savings of about $180 billion that can help countries, especially oil exporters, implement reforms as higher oil prices lower fiscal deficit projections, the World Bank said in a report.
Arabian Gulf governments, which fell into deficit over the last three years as oil prices plunged, are expected to narrow the shortfall this year on the back of robust oil prices that are hovering at a four-year high above $80 a barrel. Mena countries, which posted a cumulative fiscal deficit of 10.7 per cent of gross domestic product or $329bn in 2016, are expected to have a shortfall of 4.5 per cent of GDP or $155bn this year.
“The nearly $180 billion the governments, predominantly oil exporters, have saved increases fiscal space, enabling the governments to continue economic reforms,” the Washington-based lender said in the report.
Governments across the Arabian Gulf started implementing reforms after the oil price crash of 2014 to help narrow fiscal deficits. These reforms included lowering spending, increasing energy and electricity prices, and introducing taxes, including five per cent VAT in Saudi Arabia and the UAE.
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Read more:
Higher oil prices and increased government spending prompt IMF to raise UAE growth outlook
Tomorrow 2021 is a boon for international investor confidence in the UAE
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The higher savings will help Gulf countries carry forward economic stimulus plans aimed at nudging growth which languished as governments tightened spending and oil prices remained lacklustre.
Abu Dhabi for example announced this year plans to spend Dh50bn over a three-year period as part of reforms aimed at propelling economic growth, creating jobs and diversifying income away from oil.
Saudi Arabia, the world’s biggest oil exporter, announced last year a 200bn riyal stimulus package to be spent over four years.
Gulf countries are also expected to return to growth this year of 2 per cent in 2018 after contracting 0.3 per cent last year amid Opec members’ compliance with global oil output cuts that lowered several GCC countries’ crude production. The so-called Opec+ group, which includes members of the oil cartel and other producers outside the organisation led by Russia, agreed in June to reverse the cuts initiated in January last year and ramp up production amid the recovery of oil prices and demand.
“The planned reversal of ‘Opec+’ mandated production cuts after 2018, an oil price recovery, improved oil production capacity, and recent stabilisation policies and reforms including the introduction of a 5 percent value-added and other tax changes, and reduction of fuel subsidies are expected to contribute positively to the economic recovery in the group [of GCC countries],” the World Bank said.
The UAE, the second-biggest Arab economy, had a GDP that grew 0.8 per cent last year and is forecast to expand 2 per cent this year, 3 per cent in 2019 and 3.2 per cent in 2020, according to the World Bank’s latest forecast.
The World Bank’s forecast for the UAE is lower than that of the International Monetary Fund, which is projecting 2.9 per cent this year and 3.7 per cent in 2019.
Saudi Arabia, the biggest Arab economy, contracted 0.9 per cent last year and is projected to expand 2 per cent this year, 2.1 per cent in 2019 and 2.2 per cent in 2020.
Overall, Mena countries are forecast to grow 2 per cent this year, up from 1.4 per cent in 2017, mainly thanks to recovery in GCC countries.
However, the 2018 and 2019 growth forecast for Mena is lower than the bank’s April projection by one percentage point partly because of “the possible adverse effect of the resumption of US sanctions on the Iranian financial sector and oil exports, which were lifted two years ago.”
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
How%20champions%20are%20made
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Fourth-round clashes for British players
- Andy Murray (1) v Benoit Paire, Centre Court (not before 4pm)
- Johanna Konta (6) v Caroline Garcia (21), Court 1 (4pm)
Champion%20v%20Champion%20(PFL%20v%20Bellator)
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
COMPANY%20PROFILE
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
HER%20FIRST%20PALESTINIAN
%3Cp%3EAuthor%3A%20Saeed%20Teebi%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EPublisher%3A%C2%A0House%20of%20Anansi%20Press%3C%2Fp%3E%0A
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
RACE CARD AND SELECTIONS
5pm: Maiden (PA) Dh80,000 1,200m
5,30pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,200m
6pm: The President’s Cup Listed (TB) Dh380,000 1,400m
6.30pm: The President’s Cup Group One (PA) Dh2,500,000 2,200m
7pm: Arabian Triple Crown Listed (PA) Dh230,000 1,600m
7.30pm: Handicap (PA) Dh80,000 1,400m
The National selections
5pm: RB Hot Spot
5.30pm: Dahess D’Arabie
6pm: Taamol
6.30pm: Rmmas
7pm: RB Seqondtonone
7.30pm: AF Mouthirah
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Game Of Thrones Season Seven: A Bluffers Guide
Want to sound on message about the biggest show on television without actually watching it? Best not to get locked into the labyrinthine tales of revenge and royalty: as Isaac Hempstead Wright put it, all you really need to know from now on is that there’s going to be a huge fight between humans and the armies of undead White Walkers.
The season ended with a dragon captured by the Night King blowing apart the huge wall of ice that separates the human world from its less appealing counterpart. Not that some of the humans in Westeros have been particularly appealing, either.
Anyway, the White Walkers are now free to cause any kind of havoc they wish, and as Liam Cunningham told us: “Westeros may be zombie land after the Night King has finished.” If the various human factions don’t put aside their differences in season 8, we could be looking at The Walking Dead: The Medieval Years.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The specs: 2018 Mazda CX-5
Price, base / as tested: Dh89,000 / Dh130,000
Engine: 2.5-litre four-cylinder
Power: 188hp @ 6,000rpm
Torque: 251Nm @ 4,000rpm
Transmission: Six-speed automatic
Fuel consumption, combined: 7.1L / 100km
'HIJRAH%3A%20IN%20THE%20FOOTSTEPS%20OF%20THE%20PROPHET'
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Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
