Kuwait budget to boost spending to spur growth

A Kuwaiti man sits on a bench outside the Kuwait Stock Exchange, October 2, 2011. (Reuters)
Updated 21 January 2019
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Kuwait budget to boost spending to spur growth

KUWAIT: Major oil producer Kuwait on Monday announced a state budget for the year ending on March 31, 2020, projecting a 4.7 percent rise in spending to 22.5 billion dinars ($74.15 billion) to drive economic growth.
The Kuwaiti Finance Minister Nayef al-Hajraf said he expected the average oil price to range between $55 to $65 per barrel, higher than the projected $50 a barrel in its last budget.
The budget deficit in the new fiscal year was projected at 7.7 billion dinars after accounting for a deposit of 10 percent of total revenue into the sovereign wealth fund. The deficit was 2.1 percent lower than the 2018/2019 budget, according to the budget statement. ($1 = 0.3034 Kuwaiti dinars)


Saudi Arabia and Spain’s Navantia plan combat management systems venture

Updated 18 February 2019
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Saudi Arabia and Spain’s Navantia plan combat management systems venture

  • The SANNI venture will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships

ABU DHABI: State-owned Saudi Arabian Military Industries (SAMI) signed an agreement on Monday with Spanish state-held shipbuilder Navantia to set up a joint venture to provide combat systems, the new partnership’s chief executive said on Monday.
The SANNI venture, the name of which stands for SAMI Navantia Naval Industries, will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships, said Antonio Barberan at the IDEX military exhibition in Abu Dhabi.
SANNI is also in talks with other potential customers in the Middle East, he said.
SAMI owns 51 percent of SANNI, with Navantia holding the remaining 49 percent.
In November SAMI and Navantia signed an agreement to jointly manufacture five corvettes for the Saudi navy.