Saudi Arabia has withdrawn as much as US$70 billion from global asset managers as Opec’s largest oil producer seeks to plug its budget deficit after crude slumped, according to financial services market intelligence company Insight Discovery.
“Fund managers we’ve spoken to estimate Sama has pulled out between $50bn to $70bn from global asset managers over the past six months,” Nigel Sillitoe, chief executive officer of the Dubai-based firm, said by telephone Monday. “Saudi Arabia is withdrawing funds because it’s trying to cut its widening deficit and it’s financing the war in Yemen,” he said, declining to name the fund managers.
Saudi Arabia is seeking to stem a decline in its finances after a 50 per cent drop in oil during the past 12 months. The Saudi Arabian Monetary Authority’s reserves held in foreign securities have fallen about 10 per cent from a peak of $737bn last August to $661bn in July, according to data from the central bank.
With income from oil accounting for about 90 percent of revenue, Saudi Arabia’s budget deficit may widen to 20 per cent of gross domestic product this year, according to the International Monetary Fund. Sama also plans to raise between 90bn Saudi riyals and 100bn riyals in bonds before the end of the year as it seeks to diversify its $752bn economy, people familiar with the matter said in August.
Saudi Arabia is leading a military coalition fighting Houthi rebels in Yemen.
Sillitoe said it’s difficult to determine when Saudi Arabia will “be back in the market to give new mandates” to fund managers.
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Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
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The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
The specs
Engine: 6.2-litre V8
Transmission: ten-speed
Power: 420bhp
Torque: 624Nm
Price: Dh325,125
On sale: Now
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
