Qatar approves its budget, expects to revenue to rise by 22.1%

Qatar approves its budget, expects to revenue to rise by 22.1%
The skyline of Doha city center after sunset, Qatar (Shutterstock)
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Updated 07 December 2021

Qatar approves its budget, expects to revenue to rise by 22.1%

Qatar approves its budget, expects to revenue to rise by 22.1%

Qatar has approved its budget for the 2022 fiscal year, the country’s Minister of Finance Ali Al Kuwari said in a press conference on Tuesday.

Revenues are expected to amount to 196 billion riyals ($53.8 billion), a 22.4 percent rise compared to last year’s budget estimates, Asharq reported. 

Estimates for the budget were made while assuming oil prices to be $55 per barrel during the year on the back of healthier global energy prices.

Additionally, expenditures are predicted to hit 204.3 billion riyals, growing by an annual rate of 4.9 percent.

This will lead to a budget deficit of 8.3 billion riyals. Al Kuwari added that this deficit will be addressed through current monetary balances and the issuance of local and foreign debt instruments if needed.

EU’s economy

Output in the EU expanded by a quarterly rate of 2.1 percent in this year’s third quarter, according to preliminary estimates by Eurostat. 

Austria experienced the highest rise in activity, recording an economic growth rate of 3.9 percent. France and Portugal came next, as their economies widened by 3 percent and 2.9 percent, respectively.

Household consumption mainly drove the production’s rise in the region, going up by 4 percent, accelerating from the previous quarter’s 3.7 percent expansion. 

Government final consumption expenditure climbed by 0.3 percent while gross fixed capital formation declined by 0.6 percent.

Meanwhile, employment growth reached 0.9 percent in the third quarter of 2021 when compared to the previous quarter.

In addition, the euro area’s Indicator of Economic Sentiment improved by 0.9 points in December to hit 26.8 points, Zew, a Germany economic policy institute, said. 

However, the outlook was different for Germany, as its sentiment indicator fell by 1.8 points to reach 29.9 points. Deteriorations caused by the pandemic, as well as supply chain disruptions, are dragging the German economy down, the Mannheim-based firm noted.

Economic expectations also fell, signalling that forecasts about healthy short-term growth are not gaining momentum.

Moreover, the country’s industrial production went up by a monthly rate of 2.8 percent in October, preliminary estimates by Germany’s Federal Statistics Office showed.

In particular, production of capital goods widened by 8.2 percent while output of intermediate goods dropped by 0.4 percent.

Japan’s household spending

Household spending in Japan continued to fall, on an annual basis, for the third month in a row. This was attributed to weak consumer sentiment that is still recovering from the pandemic.

Spending by the sector dropped by a yearly rate of 0.6 percent in October, compared to a 1.9 percent fall in the previous month.

The country’s government recently introduced a $490 billion stimulus package to boost the economy, unlike other countries that are starting to roll back on their spending programs, Reuters reported.

Australia’s monetary policy

Australia’s central bank maintained its monetary policy and interest rate unchanged. The decision was driven by concerns over omicron, the new coronavirus variant.

The country’s interest rate remained at 0.1 percent, according to Bloomberg. The bank noted that it will raise interest rates when inflation reaches its target of 2-3 percent.

The bank added that the labor market and economy are experiencing upturns.

China’s trade

Exports and imports in China grew annually by 22 percent and 32 percent in November when compared to a year earlier, reaching all-time records.

Yet, exports growth slowed down due to a thinning demand and a rise in costs.


Abu Dhabi utility companies TAQA, EWEC issue first $700m green bonds

Abu Dhabi utility companies TAQA, EWEC issue first $700m green bonds
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Updated 10 sec ago

Abu Dhabi utility companies TAQA, EWEC issue first $700m green bonds

Abu Dhabi utility companies TAQA, EWEC issue first $700m green bonds
  • SPPC is the project company to own, build and operate Noor Abu Dhabi

RIYADH: Abu Dhabi National Energy Co., or TAQA, along with Emirates Water and Electricity Co., or EWEC, have priced green senior secured bonds at an amount of 2.6 billion dirhams ($700 million).

The placement marks the first green bonds to be related to a solar plant, as it intends to refinance existing debt facilities of Sweihan PV Power Co., or SPPC.

SPPC is the project company to own, build and operate Noor Abu Dhabi, the world’s largest single-site solar project currently operating. 

Arranged and offered through joint lead managers and book runners, the green bonds are issued at 3.62 percent coupon rate, to be matured on 31 Jan. 2049. 

The syndicate of managers was advised by Norton Rose Fulbright and includes Citi, HSBC, MUFG, BNP Paribas, First Abu Dhabi Bank and SMBC Nikko.

This comes as TAQA seeks to deliver its sustainable growth and low carbon objectives.


Egypt’s Macro Group Pharmaceutical to be listed on the country’s stock exchange

Egypt’s Macro Group Pharmaceutical to be listed on the country’s stock exchange
Updated 6 min 18 sec ago

Egypt’s Macro Group Pharmaceutical to be listed on the country’s stock exchange

Egypt’s Macro Group Pharmaceutical to be listed on the country’s stock exchange

Chairman of the Egyptian Financial Supervisory Authority has announced offering a share of local Macro Group Pharmaceutical Corporation on the Egyptian Stock Exchange by the end of January, Al Arabiya reported.


Several state companies ready to list on Oman stock market this year: Bourse chairman

Several state companies ready to list on Oman stock market this year: Bourse chairman
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Updated 7 min 37 sec ago

Several state companies ready to list on Oman stock market this year: Bourse chairman

Several state companies ready to list on Oman stock market this year: Bourse chairman

 

A number of state companies will list on the stock market this year, according to the chairman of the Oman bourse, Reuters reported.

Citing the Oman News Agency, it also reported the chairman stating that the bourse would seek an upgrade from a frontier status to an emerging market status.


Rio de Janeiro allocates 1% of its funds to invest in cryptocurrency

Rio de Janeiro allocates 1% of its funds to invest in cryptocurrency
Updated 12 min 28 sec ago

Rio de Janeiro allocates 1% of its funds to invest in cryptocurrency

Rio de Janeiro allocates 1% of its funds to invest in cryptocurrency

RIYADH: Rio de Janeiro, one of the largest cities in Brazil, will allocate some of its funds to cryptocurrency investments, according to statements from mayor Eduardo Paes.

The mayor announced the move during a joint lecture with the mayor of Miami, Francis Suarez, at the Rio Innovation Week, an event dealing with the city's modernization.

“We are going to launch Crypto Rio and invest 1 percent of the Treasury in cryptocurrency,” Paes said.

Suarez, who also launched Miamicoin, a cryptocurrency for the city of Miami, stated this same development in Miami created opportunities for investors while offering crypto tax incentives, according to Bitcoin.com.

“We created a tsunami of opportunity. Many cities in the United States were raising taxes, and we lowered them. We understood that we could be at the forefront of innovation and we invited creators here,” he said.

Following in Miami's footsteps, Paes also plans to create tax incentives and discounts for users who pay with Bitcoin.

Finance Secretary Pedro Paulo explained that they are looking to offer a 10 percent discount to users who pay certain taxes with Bitcoin.

However, he also stated that studying the regulations in order to effectively implement these changes is essential.

“We already have tax incentives approved, we already have a percentage of 2 percent, and we want to focus a lot on the Porto region for the arrival of these new actors as well,” Chicao Bulhoes, secretary of the economic development and innovation team, said.


Amazon halts ban on UK-issued Visa credit cards

Amazon halts ban on UK-issued Visa credit cards
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Updated 57 min 5 sec ago

Amazon halts ban on UK-issued Visa credit cards

Amazon halts ban on UK-issued Visa credit cards

Amazon.com said on Monday it would not stop accepting UK-issued Visa credit cards on its website later this month as it had proposed, adding that it was working with Visa to resolve a dispute over payment fees.

“The expected change regarding the use of Visa credit cards on Amazon.co.uk will no longer take place on January 19,” the company said in an email to customers.

“We are working closely with Visa on a potential solution that will enable customers to continue using their Visa credit cards on Amazon.co.uk.”