The International Monetary Fund on Thursday welcomed Saudi Arabia recalibrating its Vision 2030 spending as the kingdom seeks to narrow its fiscal deficit.
Saudi Arabia’s Ministry of Finance this week unveiled the budget for next year. In it, the ministry projects Saudi Arabia’s fiscal deficit will narrow to 165.4 billion riyals ($44 billion) in 2026 – or 3.3 per cent of its gross domestic product – from 245 billion riyals in 2025.
Public revenue is estimated at 1.147 trillion riyals. Saudi Finance Minister Mohammed Al Jadaan at the time said the deficit was “by design”, explaining the kingdom will have a deficit until 2028, media reported.
The ministry said it remains focused on enhancing spending efficiency and improving quality of essential services while also continuing to implement gigaprojects and other strategies under Vision 2030.
Mr Al Jadaan said the kingdom would be willing to scale back on some of the gigaprojects.
“If we announce something and we need to adjust it, accelerate it and make it a priority more than others, or defer or cancel it, we will without blinking,” he said.
A representative for the IMF said it welcomes “the recalibration of Saudi Arabia’s fiscal expenditures”.
“This will help ensure … a proper sequence of spending while maintaining fiscal and external sustainability,” Julie Kozack said.
She added it was also important that any fiscal policy avoid “pro-cyclicality” – meaning the kingdom’s fiscal policy plays a buffering role rather than an amplifying one. “Part of that is to avoid magnifying the impact of lower oil prices on growth,” she said.
The fund currently projects Saudi Arabia’s economy – the largest in the Arab world – to grow at a 4 per cent pace next year, driven by higher oil production and strong domestic demand linked to the kingdom’s reforms.
Saudi Arabia’s 2026 budget made no specific mention of gigaprojects like Neom, a project long at the heart of the Vision 2030. Mr Al Jadaan said any potential cancellation of the futuristic city will be up to the decision of the Public Investment Fund (PIF), which is leading Saudi Arabia’s diversification efforts, Bloomberg reported.
The PIF is expected to announced its updated investment strategy early next year. PIF governor Yasir Al Rumayyan previewed this new strategy in September, saying the new long-term strategy will be a continuation from the original that stretches into 2040.
Mr Al Rumayyan also said at the time that Saudi Arabia is seeking to secure foreign investment as PIF deploys 80 per cent of its capital domestically.
Results
6.30pm: Mazrat Al Ruwayah – Group 2 (PA) $36,000 (Dirt) 1,600m, Winner: RB Money To Burn, Tadhg O’Shea (jockey), Eric Lemartinel (trainer)
7.05pm: Handicap (TB) $68,000 (Turf) 2,410m, Winner: Star Safari, William Buick, Charlie Appleby
7.40pm: Meydan Trophy – Conditions (TB) $50,000 (T) 1,900m, Winner: Secret Protector, William Buick, Charlie Appleby
8.15pm: Al Maktoum Challenge Round 2 – Group 2 (TB) $293,000 (D) 1,900m, Winner: Salute The Soldier, Adrie de Vries, Fawzi Nass
8.50pm: Al Rashidiya – Group 2 (TB) $163,000 (T) 1,800m, Winner: Zakouski, William Buick, Charlie Appleby
9.25pm: Handicap (TB) $65,000 (T) 1,000m, Winner: Motafaawit, Sam Hitchcock, Doug Watson
Blonde
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Cinco in numbersDh3.7 million
The estimated cost of Victoria Swarovski’s gem-encrusted Michael Cinco wedding gown
46
The number, in kilograms, that Swarovski’s wedding gown weighed.
1,000
The hours it took to create Cinco’s vermillion petal gown, as seen in his atelier [note, is the one he’s playing with in the corner of a room]
50
How many looks Cinco has created in a new collection to celebrate Ballet Philippines’ 50th birthday
3,000
The hours needed to create the butterfly gown worn by Aishwarya Rai to the 2018 Cannes Film Festival.
1.1 million
The number of followers that Michael Cinco’s Instagram account has garnered.
The past winners
2009 – Sebastian Vettel (Red Bull)
2010 – Sebastian Vettel (Red Bull)
2011 – Lewis Hamilton (McLaren)
2012 – Kimi Raikkonen (Lotus)
2013 – Sebastian Vettel (Red Bull)
2014 – Lewis Hamilton (Mercedes)
2015 – Nico Rosberg (Mercedes)
2016 – Lewis Hamilton (Mercedes)
2017 – Valtteri Bottas (Mercedes)
The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
Noone from Hermès will go on record to say how much a new Birkin costs, how long one would have to wait to get one, and how many bags are actually made each year.
Who’s who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish ‘rebels’: Tribal-backed forces feuding with STC over control of oil in government territory
‘Nope’
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Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah – Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah – Call 092051100 or 092224411
Elvis
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated,” said Dr Nawal Al Kaabi, chair of the UAE’s National Covid-19 Clinical Management Committee.
“What is left is a skeleton of the virus so it looks like a virus, but it is not live.”
This is then injected into the body.
“The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose,” she said.
“You have to be exposed more than one time to what we call the antigen.”
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever,” she said.
Results
Catchweight 60kg: Mohammed Al Katheeri (UAE) beat Mostafa El Hamy (EGY) TKO round 3
Light Heavyweight: Ibrahim El Sawi (EGY) no contest Kevin Oumar (COM) Unintentional knee by Oumer
Catchweight 73kg: Yazid Chouchane (ALG) beat Ahmad Al Boussairy (KUW) Unanimous decision
Featherweight: Faris Khaleel Asha (JOR) beat Yousef Al Housani (UAE) TKO in round 2 through foot injury
Welterweight: Omar Hussein (JOR) beat Yassin Najid (MAR); Split decision
Middleweight: Yousri Belgaroui (TUN) beat Sallah Eddine Dekhissi (MAR); Round-1 TKO
Lightweight: Abdullah Mohammed Ali Musalim (UAE) beat Medhat Hussein (EGY); Triangle choke submission
Welterweight: Abdulla Al Bousheiri (KUW) beat Sofiane Oudina (ALG); Triangle choke Round-1
Lightweight: Mohammad Yahya (UAE) beat Saleem Al Bakri (JOR); Unanimous decision
Bantamweight: Ali Taleb (IRQ) beat Nawras Abzakh (JOR); TKO round-2
Catchweight 63kg: Rany Saadeh (PAL) beat Abdel Ali Hariri (MAR); Unanimous decision
UAE currency: the story behind the money in your pockets