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December, 8, 2016

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Business > Middle East
OPEC kingpin Saudi Arabia posted a record US$98 billion budget deficit in 2015 due to the sharp fall in oil prices, the finance ministry said on Monday.
 
Dubai plans to raise spending by 12 percent next year, balancing that out with identical growth in revenue, on a budget of 46.1 billion dirhams (US$12.6 billion), the government said Sunday.
 
Garment manufacturers face delays in the delivery of imported raw materials due to beefed-up security measures at Hazrat Shahjalal International Airport in Dhaka, which slows shipments.
 
Saudi Arabia to diversify economy: King Salman
Saudi King Salman on Wednesday said he has ordered economic reforms to diversify sources of income and reduce high dependence on oil following a sharp drop in crude prices.
 
Kuwait has said it will establish a free economic zone on five islands close to the shorelines of regional heavyweights Iraq and Iran with large investments open to the private sector.
 
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