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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

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Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Kuwait 2023-24 draft budget estimates $22.2 billion deficit

The draft budget estimates oil revenues of 17 billion dinars, a 19.5 percent drop from 2022-2023.
  • Al-Zaid said non-oil revenues were estimated at 2.2 billion dinars, an increase of 10 percent over the previous budget.
  • He said these were only estimates, not real deficit, and Kuwait "will be able to avoid it by maximizing state revenues, controlling expenditures, and preventing financial waste".

Abu Dhabi, UAE — Kuwait estimates a deficit of 6.8 billion Kuwaiti dinars ($22.2 billion) in the draft budget for 2023-2024 on the back of lower oil prices and volumes, the country’s Al Dustor newspaper reported.

Following a discussion by parliament’s Budget and Final Accounts Committee, Osama Al-Zaid, the committee’s rapporteur and MP, said that the draft budget estimates oil revenues of 17 billion Kuwaiti dinars, a 19.5 percent decrease from the previous budget.

Al-Zaid said non-oil revenues were estimated at 2.2 billion dinars, an increase of 10 percent over the previous budget.

He said, “In general, oil revenues still dominate the state’s general budget, and this is not good and unhealthy for the state. It is necessary to work as a council and government to find alternative sources of income to enhance non-oil revenues in the state’s general budget.”

Al-Zaid estimated expenditures at 26.2 billion dinars, an increase of 11.7 percent over the previous budget, which he said will lead to the estimated deficit of 6.8 billion dinars.

He reassured that the budget deficit is an estimated deficit, not a real one, and “we will be able to avoid it by maximizing state revenues, controlling expenditures, and preventing financial waste”.

He stressed that the state’s financial condition is excellent if foreign investment revenues are added to it