Saudi Arabia, the world's biggest oil exporter, has paid the majority of 525 billion riyals worth of invoices from the private sector received within 60 days of receipt, as the kingdom seeks to settle its dues that have caused mayhem for contractors.
The kingdom's ministry of finance said that a total of 345,000 invoices relating to work for 450 government entities were paid up to the middle of September as part of the 2017 fiscal year, the state-run Saudi Press Agency reported. Ninety-eight per cent of all invoices representing 92 per cent of total dues were paid within 45 days. Only 2 per cent of the number of invoices took longer than 60 days to pay.
Saudi Arabia is seeking to settle outstanding payments to contractors after delays caused financial strain for companies, including construction groups Saudi bin Laden and Saudi Oger.
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Saudi Arabia raising $12bn in bond sale
Saudi Arabia sells 7bn riyals worth of Islamic bonds
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The kingdom began tightening its purse strings in 2016 to help bring down the fiscal deficit which reached a record 367bn riyals in 2015 because of plunging oil prices.
Saudi Arabia expects to narrow its budget this year to 198bn this year, which is 7.7 per cent of GDP (in fixed prices) and down by 33 per cent year-on-year from 297bn in 2016.
The government is slightly loosening its purse strings this year, after the fiscal deficit in the first quarter of this year fell 71 per cent year-on-year to 26bn riyals.
Saudi Arabia has also been active on the debt front, issuing riyal-denominated sukuk under a new program, international islamic bonds and a conventional bond.
The government raised this week $12.5 billion in bonds, following on last year's $17.5 issue which was the biggest by an emerging-market nation. It also tapped the Islamic bond market in April, issuing $9bn worth of sukuk, its first international Islamic bond.
It also sold 37bn riyals worth of domestic sukuk since it launched a new programme in July launched to help plug the fiscal deficit.
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The biog
Fast facts on Neil Armstrong’s personal life:
- Armstrong was born on August 5, 1930, in Wapakoneta, Ohio
- He earned his private pilot’s license when he was 16 – he could fly before he could drive
- There was tragedy in his married life: Neil and Janet Armstrong’s daughter Karen died at the age of two in 1962 after suffering a brain tumour. She was the couple’s only daughter. Their two sons, Rick and Mark, consulted on the film
- After Armstrong departed Nasa, he bought a farm in the town of Lebanon, Ohio, in 1971 – its airstrip allowed him to tap back into his love of flying
- In 1994, Janet divorced Neil after 38 years of marriage. Two years earlier, Neil met Carol Knight, who became his second wife in 1994
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A permit and licence is required to fly a drone legally in Dubai.
Sanad Academy is the United Arab Emirate’s first RPA (Remotely Piloted Aircraft) training and certification specialists endorsed by the Dubai Civil Aviation authority.
It is responsible to train, test and certify drone operators and drones in UAE with DCAA Endorsement.
“We are teaching people how to fly in accordance with the laws of the UAE,” said Ahmad Al Hamadi, a trainer at Sanad.
“We can show how the aircraft work and how they are operated. They are relatively easy to use, but they need responsible pilots.
“Pilots have to be mature. They are given a map of where they can and can’t fly in the UAE and we make these points clear in the lectures we give.
“You cannot fly a drone without registration under any circumstances.”
Larger drones are harder to fly, and have a different response to location control. There are no brakes in the air, so the larger drones have more power.
The Sanad Academy has a designated area to fly off the Al Ain Road near Skydive Dubai to show pilots how to fly responsibly.
“As UAS technology becomes mainstream, it is important to build wider awareness on how to integrate it into commerce and our personal lives,” said Major General Abdulla Khalifa Al Marri, Commander-in-Chief, Dubai Police.
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“Dubai’s airspace will undoubtedly experience increased traffic as UAS innovations become commonplace, the Forum allows commercial users to learn of best practice applications to implement UAS safely and legally, while benefitting a whole range of industries.”
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The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Global state-owned investor ranking by size
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China |
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UAE |
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Japan |
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5 |
Norway |
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Canada |
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Singapore |
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Australia |
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Saudi Arabia |
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South Korea |
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