Posts filtered by tags: Mohammed al Jadaan[x]


 

#SaudiArabia Won’t Tap Debt Market Again In 2020, Minister Says - Bloomberg

Saudi Arabia Won’t Tap Debt Market Again In 2020, Minister Says - Bloomberg Saudi Arabia has no plans to tap international debt markets again this year as the kingdom leans on domestic borrowing to cover its budget deficit, Finance Minister Mohammed Al-Jadaan said.“We went to the local market significantly this year, we are likely to go to the market next year,” Al-Jadaan said in an interview with Bloomberg TV on Friday. “There are no plans currently for an international issuance.”The world’s la...
Tags: Travel, Saudi Arabia, Bloomberg, Morgan Stanley, Bloomberg TV, Rupert Neil Bumfrey, Mohammed al Jadaan, Al Jadaan, Bloomberg Saudi Arabia


G20 nearing IMF funding boost for poorer nations, says #Saudi minister | Financial Times

G20 nearing IMF funding boost for poorer nations, says Saudi minister | Financial Times The world’s richest countries are edging towards a consensus on unlocking additional IMF funds for poorer nations whose economies have been battered by the coronavirus crisis, according to a leading G20 official.  Mohammed al-Jadaan, the finance minister of Saudi Arabia, which holds the G20 presidency this year, told the Financial Times that he was “optimistic” that the group of nations and the IMF could ...
Tags: Travel, Saudi Arabia, G20, Financial Times, Imf, Rupert Neil Bumfrey, Mohammed al Jadaan


Saudi Arabia is pressing ahead to realize MBS's pet projects — like a $500 billion futuristic megacity — bypassing budget cuts and shrugging off the pandemic

Saudi Crown Prince Mohammed bin Salman in Riyadh, Saudi Arabia, on November 20, 2019. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via Reuters The coronavirus pandemic has seen Saudi Arabia slash its budget, triple value-added tax, and scrap handouts. Oil prices also bottomed out, sending a shock to the oil-reliant economy. Yet work is pressing ahead at Crown Prince Mohammed bin Salman's prized gigaprojects, a key pillar of his dream of modernizing Saudi Arabia. The futuristic cit...
Tags: Politics, News, Saudi Arabia, White House, New York City, US, Trends, Middle East, News UK, Dubai, Construction, Prince, Financial Times, US Embassy, Mohammed, Business Insider


Saudi Arabia Is ‘Assessing All Options’ to Stimulate Economy - Bloomberg

Saudi Arabia Is ‘Assessing All Options’ to Stimulate Economy - Bloomberg:Saudi Arabia is “assessing all the options” to boost its economy after taking painful measures to offset a sharp decline in oil revenue and deep economic contraction caused by restrictions to halt the spread of the coronavirus, the kingdom’s commerce minister said.“The impact of oil prices has affected Saudi Arabia’s revenue and like any other country we have to adjust,” Commerce Minister Majid Al-Qasabi told Bloomberg TV i...
Tags: Travel, Saudi Arabia, Bloomberg TV, Rupert Neil Bumfrey, Mohammed al Jadaan, Majid Al Qasabi, Stimulate Economy Bloomberg


#Saudi Austerity Angst Wants to Be Heard Even If No One Listens - Bloomberg

Saudi Austerity Angst Wants to Be Heard Even If No One Listens - Bloomberg:Saudis anxious about higher taxes and rising costs found an unexpected outlet but little in the way of feedback at a virtual investor conference.Hosted by Euromoney, the pre-recorded interview on Thursday with Saudi Finance Minister Mohammed Al-Jadaan was meant to be a forum for him to discuss the government’s economic response to the pandemic for an English-speaking audience of investors and bankers.Instead, much of the ...
Tags: Travel, Euromoney, Rupert Neil Bumfrey, Mohammed al Jadaan, Listens Bloomberg, Moath Alfawaz


#SaudiArabia to widen privatisation scope, finance minister says - Reuters

Saudi Arabia to widen privatisation scope, finance minister says - Reuters:Saudi Arabia will look to sell assets in sectors not previously considered for privatisation, the country’s finance minister said on Wednesday, as the country contends with the economic impact of sustained low oil prices.Saudi Arabia, the world’s largest oil exporter, is facing a sharp recession because of the coronavirus crisis and depleted oil revenues.The International Monetary Fund has forecast a 6.8% contraction this...
Tags: Travel, Saudi Arabia, Bloomberg, International Monetary Fund, Reuters, Rupert Neil Bumfrey, Mohammed al Jadaan


#SaudiArabia Moved $40 Billion in Reserves to Sovereign Fund - Bloomberg

Saudi Arabia Moved $40 Billion in Reserves to Sovereign Fund - Bloomberg:Saudi Arabia transferred 150 billion riyals ($40 billion) from its central bank to its sovereign wealth fund as it went on an investment spree seeking to take advantage of recent market turmoil.The transfers from the kingdom’s foreign-currency reserves to its Public Investment Fund were made in March and April on an “exceptional” basis, and will “strengthen the investment capacity of the fund,” Finance Minister Mohammed Al-...
Tags: Travel, Saudi Arabia, Bloomberg, Saudi Press Agency, Rupert Neil Bumfrey, Mohammed al Jadaan, Al Jadaan


#SaudiArabia says it provided $40 billion to PIF from foreign reserves - Reuters

Saudi Arabia says it provided $40 billion to PIF from foreign reserves - Reuters:Saudi Arabia transferred a total of 150 billion riyals ($40 billion) from central bank foreign reserves to fund investments by sovereign wealth fund PIF in March and April, the finance minister said on Friday. Minister Mohammed al-Jadaan also said in a statement that the government would continue to implement development plans to diversify the economy, increase local content and support private sector growth. [Au...
Tags: Travel, Saudi Arabia, Reuters, Rupert Neil Bumfrey, Mohammed al Jadaan, Saudiarabia


#Saudi economy is solid, has the ability to deal with budget deficit and revenues decline - Minister - Reuters

Saudi economy is solid, has the ability to deal with budget deficit and revenues decline - Minister - Reuters:Saudi Arabia’s finance minister Mohammed al Jadaan said on Sunday that the kingdom’s economy is solid and has the ability to deal with the coronavirus crisis despite the need to cut spending.“The Saudi economy is able to absorb the decline in revenues and to deal with budget deficit,” he said in a statement published by the state news agency.The world’s largest oil exporter is suffering ...
Tags: Travel, Saudi Arabia, Reuters, Mohammed bin Salman, Rupert Neil Bumfrey, Mohammed al Jadaan


Saudi triples VAT, suspends handouts in virus-led austerity drive

Saudi Arabia unveiled plans Monday to triple its value added tax and halt monthly allowances to citizens as part of a series of austerity measures amid record low oil prices and a coronavirus-led economic slump. The austerity drive could stir public resentment amid an already high cost of living and intensify scrutiny of lavish multi-billion dollar state projects and expenditure including the proposed purchase of English football club Newcastle United. "It has been decided the cost of living a...
Tags: News, Saudi Arabia, Newcastle United, Mohammed al Jadaan


Pushed into austerity by virus and oil slump, #Saudi triples VAT rate - Reuters

Pushed into austerity by virus and oil slump, Saudi triples VAT rate - Reuters:Saudi Arabia will triple its value added tax rate and suspend a cost of living allowance for state employees, the kingdom’s finance minister said on Monday, seeking to shore up finances hit hard by low oil prices and a coronavirus-driven slowdown.“The cost of living allowance will be suspended as of June 1, and the value added tax will be increased to 15% from 5% as of July 1,” Finance Minister Mohammed al-Jadaan said...
Tags: Travel, Saudi Arabia, Reuters, Salman, Rupert Neil Bumfrey, Mohammed al Jadaan


Saudi triples VAT, halts govt handouts in austerity drive

Saudi Arabia's finance minister on Monday said the kingdom will triple its Value Added Tax (VAT) and halt monthly handout payments to citizens in new austerity measures amid a coronavirus-led economic slump. "It has been decided the cost of living allowance will be halted from June 2020 and VAT will be raised from 5 percent to 15 percent from July 1," minister Mohammed al-Jadaan said, according to the official Saudi Press Agency. The measures come after Jadaan last week warned of "painful" and...
Tags: News, Saudi Arabia, Jadaan, Saudi Press Agency, Mohammed al Jadaan


#Saudi Stocks Slump as Minister Warns of ‘Painful’ Measures Ahead, May 3, 2020 - Bloomberg

Middle Eastern Stock News for Sunday, May 3, 2020 - Bloomberg:Saudi Arabian stocks dropped the most in almost eight weeks after the kingdom’s finance minister said “painful” measures -- including deep spending cuts -- were needed to respond to the coronavirus crisis and crash in oil prices.The Tadawul All Share Index closed down 7.4%, the most since March 9. Oil giant Saudi Aramco retreated 5.2% to 30 riyals per share, while major lenders including Al Rajhi Bank, National Commercial Bank and Sau...
Tags: Travel, Bloomberg, Bank, Abu Dhabi, Saudi Aramco, Al Arabiya, Rupert Neil Bumfrey, Mohammed Ali Yasin, Mohammed al Jadaan, Al Jadaan, Al Dhabi Capital Ltd, Al Rajhi Bank National Commercial Bank


#Saudi Stocks Slump as Minister Warns of ‘Painful’ Measures Ahead - Bloomberg

Middle Eastern Stock News for Sunday, May 3, 2020 - Bloomberg:Middle Eastern stocks slumped on Sunday, with Saudi Arabia’s falling the most in almost eight weeks after the kingdom’s finance minister said “painful” measures -- including deep spending cuts -- were needed to respond to the coronavirus and crash in oil prices.The Tadawul All Share Index lost as much as 7.6%, the most since March 9. Oil giant Saudi Aramco retreated 6% as of 11:01 a.m. local time to trade below 30 riyals per share. T...
Tags: Travel, Saudi Arabia, Bloomberg, Abu Dhabi, Al Arabiya, Rupert Neil Bumfrey, Mohammed Ali Yasin, Mohammed al Jadaan, Al Jadaan, Al Dhabi Capital Ltd


#Saudi minister urges private sector to ease poor nations' debt burden -FT - Reuters

Saudi minister urges private sector to ease poor nations' debt burden -FT - Reuters:Saudi Arabia Finance Minister Mohammed al-Jadaan on Sunday urged private creditors to match a move by the G20 major economies to suspend debt payments for the world’s poorest countries, freeing up funds to fight the coronavirus pandemic.Many private creditors have indicated that they are seriously considering debt suspension, said current G20 chair al-Jadaan, adding that such a move has to be voluntary and the G2...
Tags: Travel, Saudi Arabia, G20, Reuters, Jadaan, Rupert Neil Bumfrey, Mohammed al Jadaan


#SaudiArabia Looks at ‘Painful’ Measures, Deep Spending Cuts - Bloomberg

Saudi Arabia Looks at ‘Painful’ Measures, Deep Spending Cuts - Bloomberg: A deserted street sits in the coastal city of Jeddah, Saudi Arabia, on April 21.   Photographer: Bandar Aldandani/AFP via Getty Images Saudi Arabia will need to take “painful” measures and look for deep spending cuts as the kingdom faces a double crisis caused by the coronavirus pandemic and the meltdown in global oil markets, its finance minister said on Saturday. “The kingdom hasn’t witnessed a crisis o...
Tags: Travel, Opec, Bloomberg, Afp, Al Arabiya, Jeddah Saudi Arabia, Rupert Neil Bumfrey, Saudi Arabia Looks, Mohammed al Jadaan, Bandar Aldandani, Getty Images Saudi Arabia


#Saudi finance minister: Coronavirus economic impact will be felt from second quarter - Reuters

Saudi finance minister: Coronavirus economic impact will be felt from second quarter - Reuters:The impact of the new coronavirus on Saudi Arabia’s state finances will appear from the second quarter of the year, the finance minister said on Saturday, adding that Saudi finances needed still more discipline to face the challenges.Mohammed al-Jadaan also told Al Arabiya TV that the government is studying making big spending cuts amid other measures needed to face the crisis. [Author: [email protected]
Tags: Travel, Saudi Arabia, Reuters, Al Arabiya TV, Rupert Neil Bumfrey, Mohammed al Jadaan


#Saudi Response to Fiscal Shock Takes Shape With Record Debt Plan - Bloomberg

Saudi Response to Fiscal Shock Takes Shape With Record Debt Plan - Bloomberg:Saudi Arabia will rely on the biggest debt program since its debut in international bond markets in 2016 to absorb the shock to the budget from collapsing energy prices and cuts in oil output.The kingdom could borrow 220 billion riyals ($58 billion) this year while keeping its drawdown from reserves at up to 120 billion riyals, as originally planned in the budget, Finance Minister Mohammed Al-Jadaan said at a news confe...
Tags: Travel, Saudi Arabia, Rupert Neil Bumfrey, Mohammed al Jadaan


Saudi Response to Fiscal Shock Centers on Record Debt Plan

(Bloomberg) -- Saudi Arabia will rely on the biggest debt program since its debut in international bond markets in 2016 to absorb the shock to the budget from collapsing energy prices and cuts in oil output.The kingdom could borrow 220 billion riyals ($58 billion) this year while keeping its drawdown from reserves at up to 120 billion riyals, as originally planned in the budget, Finance Minister Mohammed Al-Jadaan said at a news conference late Wednesday. The government is looking at additional ...
Tags: News, Saudi Arabia, Opec, Bloomberg, Imf, Samba, Finance Ministry, EFG Hermes, Samba Financial Group, Mohamed Abu Basha, Mohammed al Jadaan, Al Jadaan, James Reeve, Bloomberg Saudi Arabia, Bloomberg Economics, Bloomberg Barclays


Saudi Response to Fiscal Shock Takes Shape With Record Debt Plan

(Bloomberg) -- Saudi Arabia will rely on the biggest debt program since its debut in international bond markets in 2016 to absorb the shock to the budget from collapsing energy prices and cuts in oil output.The kingdom could borrow 220 billion riyals ($58 billion) this year while keeping its drawdown from reserves at up to 120 billion riyals, as originally planned in the budget, Finance Minister Mohammed Al-Jadaan said at a news conference late Wednesday. The government is looking at additional ...
Tags: News, Saudi Arabia, Opec, Bloomberg, Imf, Cairo, Finance Ministry, EFG Hermes, Mohamed Abu Basha, Mohammed al Jadaan, Al Jadaan, Bloomberg Saudi Arabia, Bloomberg Economics, Bloomberg Barclays, International Monetary Fund Brent


#SaudiArabia faces coronavirus crisis with strong reserves, low debt-minister - Reuters

Saudi Arabia faces coronavirus crisis with strong reserves, low debt-minister - Reuters:Saudi Arabia is facing the global crisis from a position of strength, given its strong financial position and reserves, with relatively low government debt, its finance minister said, referring to the impact of the coronavirus outbreak.The Saudi government’s priorities are necessary resources for the health care system and financial and economic support to those affected by coronavirus, the minister was quote...
Tags: Travel, Saudi Arabia, Spa, Reuters, Rupert Neil Bumfrey, Mohammed al Jadaan, International Monetary and Financial Committee


G20 countries agree debt freeze for world's poorest countries

Finance officials from the Group of 20 major economies agreed on Wednesday to suspend debt service payments for the world's poorest countries through the end of the year, a move quickly matched by a group of hundreds of private creditors. The actions to freeze both principal repayments and interest payments will free up more than $20 billion for the countries to spend on improving their health systems and fighting the coronavirus pandemic, Saudi Finance Minister Mohammed al-Jadaan told reporter...
Tags: News, Saudi Arabia, Mohammed al Jadaan


#Saudi king earmarks $2.4 billion to pay private-sector workers - Reuters

Saudi king earmarks $2.4 billion to pay private-sector workers - Reuters:Saudi Arabia’s King Salman has ordered up to 9 billion riyals ($2.4 billion) to be disbursed to pay part of the wages of private-sector workers to deter companies from laying off staff, the state-run Saudi Press Agency reported on Friday.The latest measure to tackle the fallout from the coronavirus outbreak followed an emergency stimulus package announced last month to shore up the economy.“Instead of terminating the employ...
Tags: Travel, Saudi Arabia, Spa, Reuters, Salman, Saudi Press Agency, Rupert Neil Bumfrey, Mohammed al Jadaan


Oil War, Virus Plight Force $13.3 Billion in #Saudi Spending Cuts - Bloomberg

Oil War, Virus Plight Force $13.3 Billion in Saudi Spending Cuts - Bloomberg:Saudi Arabia announced 50 billion riyals ($13.3 billion) in budget spending cuts after the crash in oil prices and the coronavirus outbreak wreaked havoc on its public finances.As the kingdom doubled down in its price war with Russia, authorities signed off on expenditure reductions equivalent to under 5% of the total outlays approved in this year’s budget, Finance Minister Mohammed al-Jadaan was cited as saying by stat...
Tags: Travel, Saudi Arabia, Russia, Bloomberg, Saudi Press Agency, Rupert Neil Bumfrey, Mohammed al Jadaan, Al Jadaan, COVID


#SaudiArabia in touch with other countries on #Lebanon aid - finmin - Reuters

Saudi Arabia in touch with other countries on Lebanon aid - finmin - Reuters:Saudi Arabia is in contact with other countries to coordinate any support for Lebanon based on economic reforms, the kingdom’s finance minister said on Sunday.“The kingdom has been and will remain supportive to Lebanon and the Lebanese people,” Mohammed al-Jadaan told reporters at the end of a meeting of finance officials from the Group of 20 countries. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Saudi Arabia, Lebanon, Reuters, Rupert Neil Bumfrey, Mohammed al Jadaan


#SaudiArabia Unlikely to Exceed Borrowing Plan After Bumper Sale - Bloomberg

Saudi Arabia Unlikely to Exceed Borrowing Plan After Bumper Sale - Bloomberg:Saudi Arabia may raise an additional $4 billion in international bonds this year, in line with its original plan, after the kingdom managed to reduce how much it pays to borrow in its latest debt sale, Finance Minister Mohammed Al-Jadaan said.The country, which raised $5 billion from bond investors on Tuesday, is “unlikely to go for more than the equivalent of $9 billion” in new borrowing this year, Al Jadaan said in an...
Tags: Travel, Saudi Arabia, Bloomberg, World Economic Forum, Davos Switzerland, U S Treasuries, Rupert Neil Bumfrey, Mohammed al Jadaan, Al Jadaan


Aramco International Listing ‘Still on the Cards,’ Minister Says - Bloomberg

Aramco International Listing ‘Still on the Cards,’ Minister Says - Bloomberg:Saudi Aramco is still considering listing shares abroad, the kingdom’s Finance Minister Mohammed Al-Jadaan said. “It’s still on the cards, we made that very clear,” Al-Jadaan told Bloomberg TV in an interview in Davos. “We will consider it, but I don’t think it’s going to be anytime soon.” Aramco raised $29.4 billion in the world’s biggest-ever initial public offering, selling shares at 32 riyals each and overtaking Mic...
Tags: Travel, Ipo, Bloomberg, Davos, Apple Inc, Aramco, Saudi Aramco, Mohammed bin Salman, Microsoft Corp, Bloomberg TV, Rupert Neil Bumfrey, Mohammed al Jadaan, Al Jadaan


Aramco IPO proceeds to fund #Saudi industry, including defense: finance minister - Reuters

Aramco IPO proceeds to fund Saudi industry, including defense: finance minister - Reuters:Saudi Arabia will pump the proceeds from last month’s listing of oil giant Saudi Aramco into the local economy over several years, including building up the domestic defense industry amid tensions with Iran, its finance minister said on Tuesday.Mohammed al-Jadaan told Reuters there were “serious efforts” to reduce antagonism between Washington and Tehran after a top Iranian general was killed in a U.S. air ...
Tags: Travel, Washington, Saudi Arabia, Iraq, Iran, Tehran, Reuters, Saudi Aramco, World Economic Forum, Aramco IPO, Rupert Neil Bumfrey, Mohammed al Jadaan


#Saudi Plan to Wean Off Oil Sees Success Even as Economy Stalls - Bloomberg

Saudi Plan to Wean Off Oil Sees Success Even as Economy Stalls - Bloomberg:Saudi Arabia’s economy shrank 0.5% in the third quarter, a contraction that was broadly expected even as the kingdom’s goal of weaning itself off crude began to pay off with solid growth in non-oil sectors.The overall economy was weighed down by shrinkage of 6.4% in the country’s oil sector, according to data released Tuesday by the General Authority for Statistics. Overall growth for 2019 is expected to accelerate to a m...
Tags: Travel, Saudi Arabia, Bloomberg, Mohammed bin Salman, Rupert Neil Bumfrey, Mohammed al Jadaan, General Authority for Statistics Overall


Saudi Plan to Wean Off Oil Sees Success Even as Economy Stalls

(Bloomberg) -- Saudi Arabia’s economy shrank 0.5% in the third quarter, a contraction that was broadly expected even as the kingdom’s goal of weaning itself off crude began to pay off with solid growth in non-oil sectors.The overall economy was weighed down by shrinkage of 6.4% in the country’s oil sector, according to data released Tuesday by the General Authority for Statistics. Overall growth for 2019 is expected to accelerate to a modest 0.4%, according to the latest government estimates, be...
Tags: News, Dubai, Mohammed bin Salman, Riad Hamade, Mohammed al Jadaan, Bloomberg Saudi Arabia, Abeer Abu Omar, Michael Gunn Amy TeibelFor, General Authority for Statistics Overall