Economy Kuwait turns to budget deficit as oil income drops By Pramod Kumar July 25, 2024, 4:47 AM PVRM/Shutterstock Kuwait’s oil production averaged 2.6 million barrels per day in 2023-24 and is forecast to fall to an average of 2.4 million bpd in 2024-25 Kuwait reported a budget deficit of KD1.6 billion ($5.2 billion) in 2023-24 from a surplus of KD6.4 billion the previous year, the finance ministry said. Oil revenues fell to KD21.6 billion, down 19 percent, compared to KD26.7 billion a year ago, the state-run Kuna news agency reported, citing a ministry statement. The current year’s revenue is based on an oil price of $86.36 a barrel. NewsletterGet the Best of AGBI delivered straight to your inbox every week Kuwait’s oil production averaged 2.6 million barrels per day in 2023-24 and is forecast to fall to an average of 2.4 million bpd in 2024-25. However, it will rise slowly through 2027-28 as Opec+ mandated production cuts are tapered in line with increasing global demand. Expenditure rose 13 percent year on year to KD25.2 billion. A breakdown of expenses was not given. This month finance minister Dr. Anwar Al-Mudhaf said that Kuwait expects to report a budget deficit of KD5.6 billion ($18.3 billion) for 2024-2025. The country recorded a deficit of KD33 billion over the last decade, with total deficits expected to reach KD26 billion in the coming four years. The Gulf nation's fiscal year ends on March 31.
Real Estate Emaar hikes dividend distribution for 2024 Emaar Properties said on Friday that it would double dividend payouts in 2024 over the previous year. The Dubai-listed property developer will disburse AED 8.8 billion (US$ 2.4 billion), or 100 percent of its share capital, up from AED 4.4 billion (US$ 1.2 billion) in 2023, according to a press release. “At Emaar, our priority […] 1 day ago
Energy Former BP boss named on Adnoc’s investment board Bernard Looney, the former CEO of BP, is among the board members of Abu Dhabi National Oil Company’s new lower carbon energy and chemicals investment company, XRG. Formed by Adnoc last month, XRG aims to more than double its $80 billion asset value over the next decade by capitalising on the demand for low-carbon energy […] 1 day ago
Aviation Used private jets soar as Gulf aircraft deliveries stall The Gulf’s second-hand private jet market has enjoyed a surge in popularity due to an influx of wealthy residents and delays in the delivery of new aircraft. “It is hard for [buyers] to get access to assets,” Vincent Rolland, director of JetNet IQ, a US-based market analysis and business aviation consultancy company, told AGBI. Clients […] 1 day ago
Development Syria upheaval could be a sign of progress for the region The removal of the Assad regime in Syria is a “step in the right direction for the region”, according to a leading economist from Standard Chartered. Eric Robertsen, managing director of global head of research and chief strategist at Standard Chartered, was discussing the fallout of a series of geopolitical crises during a media round […] 1 day ago
