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UAE-Bahraini-Israeli Officials Discuss Investment Opportunities in Energy

Ministers and officials participating in the Emirati, Israeli, Bahraini meeting (WAM)
Ministers and officials participating in the Emirati, Israeli, Bahraini meeting (WAM)
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UAE-Bahraini-Israeli Officials Discuss Investment Opportunities in Energy

Ministers and officials participating in the Emirati, Israeli, Bahraini meeting (WAM)
Ministers and officials participating in the Emirati, Israeli, Bahraini meeting (WAM)

Emirati, Bahraini and Israeli officials in the energy sector discussed investment opportunities, as well as the mechanism to strengthen and develop them.

This came during a meeting hosted by the UAE to discuss practical steps to develop a joint energy strategy that serves the entire region.

The meeting brought together UAE Energy Minister Suhail al-Mazrouei, Bahraini Energy Minister Sheikh Mohamed bin Khalifa Al Khalifa, US Secretary of the Energy Department Dan Brouillette, Israeli Energy Minister Yuval Steinitz, who attended the meeting virtually, and Director-General of Israeli Energy Ministry Ehud Adiri.

They indicated that their agreement will help attain common interests, support national economies, and contribute to achieving comprehensive development and prosperity, thus enhancing regional peace and stability.

The officials emphasized the importance of reinforcing joint efforts to address regional energy issues by developing energy resources, technologies, and related infrastructure as well as creating innovative and sustainable solutions to meet the needs of future generations, and increasing demand for energy.

The meeting followed the signing of the Abraham Accords between the UAE, Bahrain, US, and Israel last September in efforts to shape a more stable, integrated, and prosperous Middle East, reported WAM.

The conferees emphasized the importance of the Abraham Accords in opening new horizons for sustainable development and expressed their desire to further develop all fields, including the energy sector.

The officials stressed that enhancing access to reliable and affordable energy enhances stability in the Middle East and increases economic opportunities in a framework supported by the Accords.

The meeting also addressed regional energy connectivity and ways to expand partnerships in the oil, natural gas, and electricity sectors. They also touched on the manners of advancing ties to enhance economic growth and energy security.

Participants unanimously agreed that the cooperative approach to research and development, dissemination of advanced technologies, and investment in energy are important catalysts for peace and stability in the Middle East and Eastern Mediterranean regions.

The meeting reflected the keenness of all parties to leverage the advanced position of the US and Middle Eastern countries in the energy sector to promote peace and stability across the region, particularly in countries undergoing turmoil.

The conferees also affirmed commitment to building a sustainable future for the region’s people by engaging in partnerships that enhance peace and boost economic, political, and social prosperity.

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Saudi Budget Shows Continued Government Spending on Mega-Projects

King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
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Saudi Budget Shows Continued Government Spending on Mega-Projects

King Abdullah Financial District in Riyadh (Asharq Al-Awsat)
King Abdullah Financial District in Riyadh (Asharq Al-Awsat)

Saudi Arabia’s third-quarter budget results this year reflect the government’s commitment to boosting spending on mega-projects while working to increase revenue and contain the budget deficit.
Saudi Finance Minister Mohammed al-Jadaan stressed that managing the deficit is a key priority. He outlined strategies to ensure sustainable debt management, including directing debt to high-return sectors and attracting domestic and foreign investments.
The Ministry of Finance reported a budget deficit of SAR 30.23 billion ($8.06 billion) in the third quarter, down 15.6% from the same period last year. This brought the total deficit for the first nine months of the year to SAR 57.96 billion.
Government Spending and Revenues
Government revenues grew 20% in the third quarter to SAR 309.21 billion ($82.4 billion), while spending rose 15% to SAR 339.44 billion.
Non-oil revenues increased 6% year-on-year to SAR 118.3 billion, though they were 16% lower than in the previous quarter. Oil revenues climbed 30% year-on-year to SAR 190.8 billion but dropped 10% from the second quarter.
As of the third quarter, Saudi Arabia’s actual revenues for 2024 reached SAR 956.233 billion ($254.9 billion), a 12% rise from 2023.
Saudi Arabia’s spending topped SAR 1 trillion ($266.6 billion) by the end of the third quarter, a 13% increase from SAR 898.3 billion ($239.5 billion) a year earlier. The budget deficit for this period reached SAR 57.96 billion ($15.4 billion).
Saudi Budget Outlook and Reserve Update
The Kingdom’s Finance Ministry expects 2024 revenues to reach SAR 1.172 trillion ($312.5 billion), slightly below last year’s SAR 1.212 trillion ($323.2 billion). Expenditures are projected at SAR 1.251 trillion ($333.6 billion), with a budget deficit of SAR 79 billion ($21 billion), close to last year’s SAR 80.9 billion ($21.5 billion). By the end of the third quarter, the general reserve balance stood at SAR 390 billion ($104 billion), with the current account at SAR 76.7 billion ($20.4 billion) and public debt at SAR 1.157 trillion ($308.7 billion).
Vision 2030 Projects, Economic Reforms
Shura Council member Fadhel al-Buainain attributed the spending increase to Vision 2030 projects and social welfare programs, noting a 6% rise in non-oil revenues and a 16% boost in oil revenues.
He stressed that these gains contribute to financial stability and diversification efforts.
Enhanced Services and Growth Sectors
Dr. Mohammed Makni, Assistant Professor of Finance & Investment at Imam Muhammad ibn Saud Islamic University, highlighted the government’s focus on improving health, education, and quality of life, which are part of Vision 2030 goals impacting citizen services.
Speaking to Asharq Al-Awsat, Makni explained that Saudi Arabia’s recent expansionary spending aims to complete Vision 2030 projects.
He added that the third-quarter budget reflects positive growth across oil and non-oil activities, which have boosted revenues.
Economist Dr. Mohammed al-Qahtani pointed out that non-oil sectors and efficient spending helped reduce the third-quarter deficit.
He cited strong growth in tourism, culture, and entertainment as key contributors to non-oil revenues. Al-Qahtani expects continued improvement in the fourth quarter, especially if oil prices strengthen.