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☆ Jeddah Tower: Construction of world’s tallest skyscraper resumes
▼ + stars: | 2024-10-03 | by ( Oscar Holland | ) edition.cnn.com time to read: +5 min

CNN —Construction of Saudi Arabia’s kilometer-high Jeddah Tower, which will become the world’s tallest skyscraper upon completion, has resumed almost seven years after work ground to a halt amid a kingdom-wide anti-corruption purge. His family’s firm, which also owns a stake in the Jeddah Tower project, has been rehired to complete the construction work. Designed for extremesFormerly known as Kingdom Tower, the skyscraper broke ground in 2013 and was initially expected to be completed by 2020. The architect’s Chicago-based practice, Adrian Smith + Gordon Gill, has said the tower’s shape “evokes a bundle of leaves shooting up from the ground.”Work halted on the unfinished Jeddah Tower in 2018. Jeddah Tower will be the crown jewel of a wider 57-million-square-foot, $20-billion development dubbed Jeddah Economic City.

Persons: Prince Mohammed bin Salman’s, JEC, Saudi Prince Alwaleed bin Talal, Alwaleed, “, Bakr, Laden, Osama bin Laden, Adrian Smith, Gordon Gill, Amel, ” Adrian Smith, JEC’s, Hisham Jomah, ”, Jomah Organizations: CNN, Jeddah Economic Company, Saudi, Kingdom Holding Company, ”, Kingdom Holding, Saudi Binladen Group, Newsweek, Maxar, Jeddah Economic Locations: Saudi, Jeddah, Saudi Prince, Dubai, Burj Khalifa, Chicago, Medina, Mecca, “

☆ Saudi oil giant Aramco's shares rise after stock sale set to raise $11.2 billion
▼ + stars: | 2024-06-09 | by ( Katrina Bishop | ) www.cnbc.com time to read: +1 min

Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Shares of Saudi Arabia's Aramco rose on Sunday following a stock sale that's set to raise the state oil company around $11.2 billion. Shares were trading around 28.25 Saudi riyals ($7.53) on the Tadāwul Saudi stock exchange at 11:30 a.m. local time (4:30 a.m. ET), above the stock sale offer price of 27.25 Saudi riyals. Citing sources, Reuters reported that demand for the offering topped $65 billion, and Aramco placed over half of the sale with foreign investors.

Persons: Prince Mohammed bin Salman's, —, Ruxandra Iordache Organizations: Saudi Aramco, Saudi, Aramco, Reuters, CNBC, U.S . Federal Locations: Saudi, Saudi Arabia, Neom

☆ Saudi Arabia set to raise over $11.2 billion from Aramco stock sale, priced at lower end of range
▼ + stars: | 2024-06-07 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Arabia is set to raise more than $11.2 billion from its secondary public share offering in state-controlled oil giant Aramco, after the stock was priced at the lower end of its expected range. The company on Friday said it will price the 1.545 billion of shares on offer at 27.25 Saudi riyal ($7.27) apiece, with the sale expected to take place when markets next open on Sunday. A range of between 26.70 and 29 Saudi riyals per share was floated in the firm's initial marketing. The 27.25 Saudi riyal price is nearly 4% below the public stock's last settlement on the Tadāwul Saudi stock exchange. Investors typically expect a discounted price when new shares enter the public market, because of the increase in the overall supply of stock available to trade.

Persons: Prince, Mohammed bin Salman Organizations: Saudi, Investors, of, Petroleum, Reuters, CNBC, Aramco, Exxon Mobil, Chevron, Aramco's, Public Investment Fund Locations: Saudi Arabia, Aramco, Saudi, Neom

☆ Saudi Arabia is reportedly borrowing to help fund its megaprojects as oil prices struggle
▼ + stars: | 2024-02-20 | by ( Tom Porter | Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Saudi Arabia has started borrowing to fund megaprojects including Neom, The Wall Street Journal reported. AdvertisementSaudi Arabia is borrowing to help fund an array of ambitious projects including the $500 billion Neom desert megacity, The Wall Street Journal reported. Under its ambitious ruler Mohammed bin Salman's Vision 2030 project, Saudi Arabia is seeking to diversify its economy away from fossil fuels and become a global hub for technology and innovation. The Saudi sovereign wealth fund, the Public Investment Fund, is providing funding for cornerstone "gigaprojects" estimated to cost tens of billions of dollars apiece. He said Saudi Arabia may need to raise another $270 billion for the Public Investment Fund by 2030.

Persons: —, Mohammed bin Salman's, Tim Callen, Brent, Karen Young Organizations: Street Journal, Saudi, Service, Public Investment Fund, Aramco, Gulf States Institute, Bloomberg, Monetary Fund, US Energy Information Administration, Middle East Institute Locations: Saudi Arabia, Saudi, Washington, Diryah

☆ Saudi Arabia's futuristic megaprojects are so expensive that even its oil riches may not be enough
▼ + stars: | 2024-02-20 | by ( Tom Porter | Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

AdvertisementSaudi Arabia is borrowing to help fund an array of ambitious projects including the $500 billion Neom desert megacity, The Wall Street Journal reported. Under its ambitious ruler Mohammed bin Salman's Vision 2030 project, Saudi Arabia is seeking to diversify its economy away from fossil fuels and become a global hub for technology and innovation. The Saudi sovereign wealth fund, the Public Investment Fund, is providing funding for cornerstone "gigaprojects" estimated to cost tens of billions of dollars apiece. He said Saudi Arabia may need to raise another $270 billion for the Public Investment Fund by 2030. AdvertisementThe International Monetary Fund said in October that the Saudis needed oil to be about $86 a barrel to fund its spending commitments.

Persons: Mohammed bin Salman's, Tim Callen, Brent, Karen Young Organizations: Street Journal, Public Investment Fund, Aramco, Gulf States Institute, Saudi, Bloomberg, Monetary Fund, US Energy Information Administration, Middle East Institute Locations: Saudi Arabia, Saudi, Washington, Diryah

☆ Opinion: What’s Iran’s real plan in its proxy battle against Israel?
▼ + stars: | 2023-11-06 | by ( Peter Bergen | ) edition.cnn.com time to read: +5 min

CNN —Henry Kissinger once observed that Iranian leaders must decide if Iran is a cause or a nation. But neither Iran nor Hezbollah seems to have had a plan for what to do following Hamas’s massacres last month in Israel. On Friday, Hassan Nasrallah, the leader of Hezbollah in Lebanon, spoke publicly for the first time about the war in Gaza. For the moment, both Hezbollah and Israel are exchanging tit-for-tat fire along Israel’s northern border that falls short of anything close to a full-blown war. The Iranians, in short, have enough problems of their own not to start a shooting war with Israel backed by its American ally.

Persons: Peter Bergen, ”, CNN — Henry Kissinger, propping, Bashar al, Assad, Hassan Nasrallah, Nasrallah, Israel —, Manu Brabo Organizations: New, Arizona State University, Apple, Spotify, CNN, Hezbollah, Pentagon, Twitter, Facebook, US Locations: New America, Iran, East, Lebanon, Yemen, Iranian, Iraq, Hamas, Gaza, Lebanese, Israel, Tehran, Syria, Islam, Al Aqsa, Jerusalem, United States

☆ Saudi Arabia's auto rental firm Lumi pops 30% in stock market debut
▼ + stars: | 2023-09-25 | by ( Natasha Turak | ) www.cnbc.com time to read: 1 min

Shares of Lumi soared as much as 30% on Monday at the Saudi Arabian auto rental firm debuted on the Riyadh stock exchange in a 1.09 billion riyal ($290 million) initial public offering. A unit of Saudi travel company Seera, Lumi listed 30% of its shares on the Saudi Tadawul exchange at an initial price of 66 riyals, at the top of their range. Prices shortly after rose to as high as 85.8 riyals per share. According to its IPO prospectus, Lumi is the third-largest car rental provider in the Saudi kingdom, capturing an estimated local market share of 7% in 2021. The company received more than $27 billion in bids from retail and institutional investors during its listing, according to Bloomberg, with the funds portion oversubscribed by nearly 95 times.

Persons: Lumi Organizations: Saudi, Bloomberg Locations: Saudi, Riyadh

Since 2007, worldwide public debt has ballooned from 40% to 60% of GDP, on average, with debt-to-GDP ratios even higher in the advanced countries. That includes the United States, the world's biggest economy, where government debt is now more than double the nation's yearly economic output. Reuters GraphicsDespite mounting worries about the growth-crimping implications of high debt, "debt reduction, while desirable in principle, is unlikely in practice," Serkan Arslanalp, an economist at the International Monetary Fund, and Barry Eichengreen, an economics professor at the University of California, Berkeley, wrote in a paper. Inflation, unless it surprises to the upside over an extended period, does little to reduce debt ratios, and debt restructuring for developing countries has become more elusive as the pool of creditors has broadened, Arslanalp and Eichengreen wrote. "High public debts are here to stay," they wrote.

Persons: Dado Ruvic, Jackson, Barry Eichengreen, Eichengreen, Ann Saphir, Paul Simao Organizations: REUTERS, Kansas City Federal, International Monetary Fund, University of California, Thomson Locations: Saudi, , Wyoming, Jackson Hole , Wyoming, United States, Berkeley

☆ Global money market funds draw biggest weekly inflow in 4-1/2 months
▼ + stars: | 2023-08-11 | by ( ) www.reuters.com time to read: +2 min

Investors ploughed $73.17 billion into money market funds in their biggest weekly net purchase since March 22, data from Refinitiv Lipper showed. U.S. money market funds attracted a net $40.88 billion in inflows while in Europe and Asia net inflows stood at $23.4 billion and $13.15 billion, respectively. Higher-risk equity funds suffered $11.71 billion worth of net selling, the biggest weekly outflow since June 21. Global corporate bond funds drew about $1.16 billion and government bond funds a net $2.71 billion, the biggest amount since July 12. Meanwhile, bond funds faced their biggest weekly net outflow in nine months at a net $1.74 billion.

Persons: Dado Ruvic, Lipper, Gaurav Dogra, Patturaja, Kirsten Donovan Organizations: REUTERS, Reuters Graphics, Federal Reserve, Reuters Graphics Reuters, Global, Thomson Locations: Saudi, China, Europe, Asia, Bengaluru

Saudi Aramco said strong market conditions helped to push its second quarter net income to $48.4 billion, up from $25.5 billion a year earlier. Saudi state oil giant Aramco reported 112.81 billion riyal ($30.07 billion) in net profit in the second quarter, a drop of nearly 40% from the same period of last year amid a decline in hydrocarbon prices. Second-quarter profit nevertheless came slightly above analyst expectations near $29.8 billion in an Aramco-supplied poll. The oil giant reaffirmed its first quarter base dividend of $19.5 billion, paid in the second quarter, and declared a second-quarter dividend of $19.5 billion, to be delivered in the third quarter. Aramco also said it intends to distribute performance-linked dividends over six quarters, starting with a $9.9 billion distribution in the third quarter.

Persons: Amin Nasser, Nasser Organizations: Saudi Aramco, Aramco Locations: Saudi, Aramco

☆ Saudi Arabia is grappling with rising borrowing costs as it embarks on massive spending plans
▼ + stars: | 2023-08-01 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

It's getting more expensive for Saudi Arabia to borrow, with a key lending rate hitting a record 6%. The Gulf Kingdom plans to spend hundreds of billions of dollars as part of its Vision 2030 project. It plans to fund those efforts with a combination of oil revenue and borrowed cash. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Saudi Arabia has also slashed its oil output by around 10%, or 1 million barrels a day, in a bid to bring in more revenue from its crude exports by squeezing up prices.

Persons: It's, Mohamed bin Salman, That's, bin Salman, LIV Golf Organizations: Service, Bloomberg, Saudi Arabia's Crown, Investment Fund, English Premier League soccer, Newcastle United, PGA Tour Locations: Saudi Arabia, Gulf Kingdom, Wall, Silicon, Gulf, Saudi, Refinitiv, SAIBOR

☆ BlackRock made a climate pledge. Then it appointed a Saudi oil executive to its board
▼ + stars: | 2023-07-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —BlackRock, the world’s biggest asset manager, said Monday it has appointed Amin Nasser, chief executive of oil giant Saudi Aramco, to its board of directors — despite the New York-based firm’s pledge to accelerate investment in climate-friendly companies. Nasser joined the state-run oil giant Saudi Aramco in 1982 as a petroleum engineer, rising up the ranks to become CEO in 2015. Saudi Aramco is the world’s largest oil producer, with a market capitalization of 7.8 trillion Saudi riyal ($2.1 trillion). But, like other fossil fuel companies, pressure has built on Saudi Aramco to take more drastic action to curb its greenhouse gas emissions. President and CEO of Aramco Amin Nasser attends the Energy Asia conference in Kuala Lumpur, Malaysia June 26, 2023.

Persons: Amin Nasser, —, Bader Alsaad, Larry Fink, Nasser, Hasnoor Hussain, ” Nasser, BlackRock’s, Jeff Sonnenfeld, Nasser “ Organizations: London CNN — BlackRock, Saudi Aramco, New, BlackRock, Arab Fund for Economic, Social, Saudi, —, Energy Asia, World Petroleum Congress, Yale School of Management, CNBC, Aramco, CNN Locations: Saudi, New York, ”, Ukraine, Kuala Lumpur, Malaysia, decarbonize, United States, BlackRock

☆ Saudi Arabia is exploring plans to raise $2.7 billion for its futuristic mega-city in an effort to complete most of the construction by 2030
▼ + stars: | 2023-07-17 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +2 min

Saudi Arabia is seeking a $2.7 billion loan from local lenders for its Neom project, per Bloomberg. Saudi Arabia's mega-city project is reportedly seeking to raise a 10 billion riyal, or $2.7 billion, loan to help fuel the development of the kingdom's futuristic city in the desert. The Neom development is expected to include two huge buildings as part of a project known as The Line. Plans for the Neom development were unveiled in 2017 but progress has been slow. The Crown Prince told Bloomberg in 2018 that the city would be completed in 2025.

Persons: Prince Mohammed bin Salman, Prince Mohammed bin Salman's, Prince, Neom Organizations: Bloomberg, Street Journal Locations: Saudi Arabia, Saudi, West

Here are the meanings of the least-found words that were used in (mostly) recent Times articles. It created a temporary toll of 5,000 Saudi riyal (about $1,330) for those driving across the border during the tournament. — Can Elon Musk Make the Math Work on Owning Twitter? (Oct. 30, 2022)4. dotard — one whose faculties are declining, especially as a result of age:North Korea tested a hydrogen bomb and launched intercontinental ballistic missiles. — Here’s What Happens as the Era of Mass Incarceration Winds Down (March 31, 2023)The list of the week’s easiest words:

Persons: riyal, cortado, “, Will, allocator, ”, Chamath Palihapitiya, —, Elon, dotard, Donald J, Trump, ” —, Kim Jong, wangling —, ’, wigwag —, Giles wigwagged, tomtit, Carolina chickadee, Tennessee —, Pierre Tallet, Lehner, enfeeble Organizations: — Doha, Oil, Twitter, South Korean, State Legislature, Scrolls Locations: Saudi Arabia, Yemen, Qatar, Riyadh —, Saudi, Doha, North Korea, “, Carolina, North Carolina, Indiana, — Connecticut, Iowa , New Jersey, Tennessee

☆ Analysis: Forex derivatives nudged out into the open as regulations increase costs
▼ + stars: | 2023-06-20 | by ( Laura Matthews | ) www.reuters.com time to read: +6 min

REUTERS/Dado Ruvic/IllustrationNEW YORK, June 20 (Reuters) - Foreign-exchange investors are moving more of their over-the-counter (OTC) derivatives trades to lookalike products on exchanges to avoid higher costs due to recent global regulations, helping inject transparency into a multitrillion-dollar market that is largely hidden from the public eye. The gradual behavioral change in FX derivatives trading is being caused by increasing margin and collateral costs, said Joe Midmore, chief commercial officer at OpenGamma, a derivatives analytics firm. OTC derivatives are privately negotiated contracts while cleared derivatives, though bilaterally negotiated, are booked with a clearinghouse such as a listed exchange. "They will also incur the operational, legal and custody costs of setting up margin facilities as well as the capital costs of posting margin," Houston said. "There is inherently risk involved in lots of people transacting derivatives with each other," said Riddle.

Persons: Dado Ruvic, Ben Feuer, Joe Midmore, ”, Michael Riddle, Paul Houston, Houston, ForexClear, James Pearson, Tom Arnold, Joe Spiro, Peter Vassallo, Riddle, Laura Matthews, Shankar Ramakrishnan, Megan Davies, Matthew Lewis Organizations: REUTERS, Societe Generale, Banking Supervision, International Organization of Securities Commissions, CME, CME Group, FX, Reuters Graphics British, Financial, ForexClear, BNP, Management, Thomson Locations: Saudi, New York, Hazeltree

☆ Saudi budget carrier flynas signs deal for 30 Airbus jets -state TV
▼ + stars: | 2023-06-19 | by ( ) www.reuters.com time to read: 1 min

DUBAI, June 19 (Reuters) - Saudi budget airline flynas has signed a 14 billion riyal ($3.73 billion) agreement with Airbus to buy 30 aircraft, Saudi state TV reported on Monday. ($1 = 3.7502 riyals)Reporting by Nayera Abdallah Writing by Clauda Tanios Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

Persons: Nayera Abdallah, Clauda, David Goodman Organizations: flynas, Airbus, Saudi, Thomson Locations: DUBAI, Saudi

☆ Saudi companies to invest $51 billion under government-backed plan
▼ + stars: | 2023-03-02 | by ( ) www.reuters.com time to read: +2 min

RIYADH, March 2 (Reuters) - Saudi Arabia has launched 192 billion riyals ($51.2 billion) of investments led by local companies, including oil giant Aramco (2222.SE), SABIC (2010.SE) and Ma'aden (1211.SE), under a government-backed initiative, state news agency SPA reported. Other investments in the telecommunications and logistics will also receive Shareek support. Prince Mohammed had announced 12 trillion riyals of investments that the kingdom is planning by 2030, which include the Shareek programme, 3 trillion riyals from the Public Investment Fund (PIF) and 2 trillion in foreign investment. As part of the plans, officials have also pressed international companies to invest in Saudi Arabia and move their regional headquarters to Riyadh in order to benefit from government contracts. ($1 = 3.7524 riyals)Reporting by Alaa Swilam; Writing by Aziz El Yaakoubi; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Gulf shares start new year in upbeat mood, Egypt outperforms
▼ + stars: | 2023-01-02 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +3 min

Jan 2 (Reuters) - Most major Gulf equities got off to a good 2023 start on Monday, with Egypt outperforming regional peers, as investors shrugged off concerns about a potential recession, crude oil demand and the U.S. Fed hiking rates further. Crude prices, which are highly correlated with Gulf financial markets, swung wildly in 2022 and are expected to remain under pressure in 2023. Abu Dhabi's index (.FTFADGI) advanced 0.4% on Monday, bolstered by a 0.6% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD). The Qatari index last year posted its first annual loss since 2017, dropping 8.1% in 2022. Outside the Gulf, Egypt's blue-chip index (.EGX30) closed 2.5% higher, with Commercial International Bank Egypt (COMI.CA) climbing 3.1% while Abu Qir Fertilizers And Chemical Industries (ABUK.CA) was up 5.2%.

☆ Saudi shares make positive start to 2023
▼ + stars: | 2023-01-01 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +1 min

Jan 1 (Reuters) - Saudi Arabia's stock market rose on Sunday, starting 2023 on a positive note in line with the country's economic forecast, while region's other major markets were closed and many investors absent because of year-end holidays. The kingdom approved a 1.114 trillion riyal ($296.39 billion)- budget for 2023, forecasting a surplus at 0.4% of gross domestic product, down from an expected 2.6% in 2022. Saudi Arabia's benchmark index (.TASI) rose 0.7%, with oil behemoth and index heavyweight Saudi Aramco (2222.SE) increasing 0.9% and Sulaiman Al-Habib Medical Services (4013.SE) advancing 1%. In Oman, the stock index (.MSX30) gained 0.8% as Aluminium Bahrain (Alba) (ALBH.BH) jumped 3.8% while Bahrain Telecommunications (Batelco) (BTEL.BH) was up 3.2%. read more($1 = 3.7585 riyals)Reporting by Shamsuddin Mohd in Bengaluru; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

☆ Most Gulf markets fall in early trade; Dubai gains
▼ + stars: | 2022-12-26 | by ( ) www.reuters.com time to read: +1 min

Dec 26 (Reuters) - Most stock markets in the Gulf fell in early trade on Monday, with modest trading volumes in absence of many foreign investors for the Christmas holidays. Saudi Arabia's benchmark inex (.TASI) eased 0.1%, hit by a 0.6% fall in Retal Urban Development Co (4322.SE) and a 1.1% decline in the kingdom's biggest lender Saudi National Bank (1180.SE). However, Yanbu National Petrochemicals Company (2290.SE) gained 0.8% after it proposed half-yearly dividend of 1.25 riyal. Dubai's main share index (.DFMGI), however, rose 0.5%, helped by a 1.3% rise in sharia-compliant lender Dubai Islamic Bank (DISB.DU). Reporting by Ateeq Shariff in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Dec 16 (Reuters) - India's rupee trade settlement mechanism, a means of using rupees instead of dollars and other big currencies for international transactions, is attracting interest from more countries. The four countries have shown interest in opening special rupee accounts, called vostro accounts, but partner banks in India have not yet provided those facilities, documents showed. Mauritius and Sri Lanka have also shown interest, and have seen their special vostro accounts approved by the RBI, documents showed. Details of potential rupee-dirham trade mechanism are being firmed up by the central banks of India and UAE, a second government official said, requesting anonymity. Talks with Saudi Arabia on a rupee-riyal trade mechanism also continue, the government official added.

☆ Most Gulf markets fall on Fed hawkishness; Abu Dhabi gains
▼ + stars: | 2022-12-15 | by ( ) www.reuters.com time to read: +2 min

Dec 15 (Reuters) - Most stock markets in the Gulf dropped in early trade on Thursday after Federal Reserve Chair Jerome Powell said the central bank would deliver more rate increases next year. Saudi Arabia's benchmark index (.TASI) fell as much as 0.6%, and was on course to fall after two sessions of gains. The Saudi Central Bank said on Wednesday it increased its key interest rates by 50 basis points, following Fed's move as the Saudi riyal is pegged to the dollar. The Central Bank of the United Arab Emirates also increased its base rate by 50 basis points to 4.4%, effective Thursday, mirroring Fed's move. The Qatari benchmark index (.QSI) dropped 0.7%, with petrochemical maker Industries Qatar (IQCD.QA) declining 2.1%.

☆ Saudi Arabia reports its first budget surplus in nearly 10 years on higher oil prices
▼ + stars: | 2022-12-08 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

Saudi Arabia reported its first budget surplus in nearly 10 years, thanks to its revenue being ramped up by elevated oil prices. The 2022 surplus came to 102 billion riyals ($27 billion), constituting 2.6% of Saudi gross domestic product, according to the kingdom's finance ministry, releasing what it said were preliminary estimates. Total revenue for this year was estimated at 1.234 trillion riyals, while spending amounted to 1.132 trillion riyals. The government of the hydrocarbon-rich country approved a 1.114 trillion riyal budget for 2023 and expects to still see a surplus of 16 billion riyals. Economists estimate Saudi Arabia needs the price of oil to be between $75 and $80 a barrel in order to balance its budget.

☆ Saudi Arabia approves 2023 budget, surplus seen shrinking - Saudi media
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Dec 7 (Reuters) - Saudi Arabia approved on Wednesday a 1.114 trillion-riyal ($296 billion) budget for 2023 expected to post a surplus of 16 billion riyals, Saudi media outlets reported. Saudi Arabia expects revenues of 1.13 trillion riyals next year, Saudi-owned Al Arabiya TV reported. Total revenues are forecast at 1.234 trillion riyals for 2022, while spending is 1.132 trillion riyals, meaning a surplus of 102 billion riyals, or 2.6% of GDP. GDP growth is forecast to slow to 3.1% in 2023 from 8.5% this year, an upwards revision of half a percentage point from a preliminary budget forecast. ($1 = 3.7600 riyals)Reporting by Aziz El Yaakoubi, Rachna Uppal, Nadine Awadalla, Alaa Swilam and Yousef Saba; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

RIYADH, Dec 7 (Reuters) - Saudi Arabia expects to post a second consecutive budget surplus in 2023, though down 84% from this year as an uncertain global economic outlook and lower crude prices look set to weigh on the top oil exporter's revenues. Spending is slightly lower than 1.132 trillion riyals this year. Revenues are expected at 1.13 trillion riyals, down from 1.234 trillion riyals in 2022 as oil prices are seen falling from this year's high levels. Public debt is seen falling 3.5% to 951 billion riyals next year, or 24.6% of GDP. Government reserves at the Saudi Central Bank are estimated to reach 399 billion riyals at the end of next year, the finance ministry said.

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