The UAE, Saudi Arabia and Kuwait have pledged $10 billion (Dh367bn) in financial support for Bahrain's reforms package that aims to eliminate the kingdom's budget deficit by 2022.
Bahrain announced the details of its Fiscal Balance Programme on Thursday as the UAE Minister of State for Financial Affairs Obaid bin Humaid Al Tayer, Saudi Finance Minister Mohammed bin Abdullah Al Jadaan and Kuwaiti Finance Minister Nayef Al Hajraf arrived in Manama for the signing of the support agreements.
Crown Prince Salman bin Hamad Al Khalifa thanked the ministers for their countries' continual support for Bahrain when he received them at the Gudaibiya Palace, the Bahrain News Agency reported.
"The support reflects the deep-rooted historic relations and represents an ideal example of true brotherhood as the UAE, Saudi Arabia and Kuwait have proven, through years and in multiple stances, that we have one economy and renaissance should be one," the crown prince said.
Bahrain's Fiscal Balance Programme, drawn up after a thorough review of government spending, aims to achieve annual savings of 800 million Bahraini dinars (Dh7.8bn). It builds on previous fiscal consolidation efforts that yielded annual savings of 854m dinars during 2015-2017, the BNA said.
The kingdom's finance ministry said the programme was centred on six pillars designed to align non-oil government revenues with economic growth. These include reduction in public expenditure through six dedicated government task forces; a voluntary retirement scheme for government employees; balancing the Electricity and Water Authority expenditures and revenue to make it self-sufficient by 2022; streamlining the distribution of cash subsidies to citizens; ensuring spending efficiency and strengthening accountability within government departments; and simplifying government processes and increasing non-oil revenues to drive economic growth.
The government will also set up units to monitor spending, streamline processes, and increase transparency and efficiency in government, the finance ministry said. These include internal and central government procurement units within the ministry and a new debt management office.
Bahrain's economy has been hit by the drop in oil prices since 2014, and its budget deficit is expected to reach $3.5bn this year, down from about $5bn in 2017. The kingdom requires $20bn to balance its books and the government will provide half of that figure, according to Khalid Al Rumaihi, executive director of Bahrain's Economic Development Board.
Bahraini Finance Minister Sheikh Ahmed bin Mohammed Al Khalifa said the fiscal reform programme "secures the foundations of an economy that affords even more opportunity, more jobs, and greater living standards for the kingdom's generations of today and tomorrow".
Speaking after the signing of the support agreement, the Sheikh Khaled bin Abdulla Al Khalifa, Bahraini deputy prime minister and chairman of the ministerial committee for financial affairs, said: "Our Fiscal Balance Programme combined with the Financial Support Agreement from Saudi Arabia, the UAE and Kuwait allows for a swift and achievable consolidation programme that balances fiscal sustainability with continued economic growth and prosperity."
The UAE, Saudi and Kuwaiti ministers had earlier on Thursday travelled to Amman to sign agreements worth a combined $2.5bn to help Jordan revive its economy.
The three countries deposited more than $1bn in Jordan's central bank on Thursday as part of the package, with $333.3m each from the UAE and Saudi Arabia, and $500 million from Kuwait, according to a government statement.
The Gulf nations were delivering on promises of assistance made during a summit held in Mecca in June as Jordan was experiencing nationwide protests over economic conditions, government austerity measures and a proposed income tax.
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Read more:
[ Sheikh Mohammed bin Zayed welcomes the Crown Prince of Bahrain as the countries seek to strengthen ties ]
[ Bahraini start-up Malaeb taps into the regional craze for football ]
[ Abu Dhabi's plans to liberalise the economy are progressing fast - but how are other countries planning for post-oil? ]
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RESULT
Bayern Munich 3 Chelsea 2
Bayern: Rafinha (6'), Muller (12', 27')
Chelsea: Alonso (45'+3), Batshuayi (85')
COMPANY PROFILE
Name: Elmawkaa
Based: Hub71, Abu Dhabi
Founders: Ebrahem Anwar, Mahmoud Habib and Mohamed Thabet
Sector: PropTech
Total funding: $400,000
Investors: 500 Startups, Flat6Labs and angel investors
Number of employees: 12
UAE Warriors 45 Results
Main Event
: Lightweight Title
Amru Magomedov def Jakhongir Jumaev - Round 1 (submission)
Co-Main Event
: Bantamweight
Rany Saadeh def Genil Franciso - Round 2 (submission)
Catchweight 150 lbs
Walter Cogliandro def Ali Al Qaisi - Round 1 (TKO)
Bantamweight
Renat Khavalov def Hikaru Yoshino - Round 2 (TKO)
Flyweight
Victor Nunes def Nawras Abzakh - Round 1 (TKO)
Flyweight
Yamato Fujita def Sanzhar Adilov - Round 1 (submission)
Lightweight
Abdullo Khodzhaev def Petru Buzdugen - Round 1 (TKO)
Catchweight 139 lbs
Razhabali Shaydullaev def Magomed Al-Abdullah - Round 2 (submission)
Flyweight
Cong Wang def Amena Hadaya - Points (unanimous decision)
Middleweight
Khabib Nabiev def Adis Taalaybek Uulu - Round 2 (submission)
Light Heavyweight
Bartosz Szewczyk def Artem Zemlyakov - Round 2 (TKO)
COMPANY PROFILE
Name: Qureos
Based: UAE
Launch year: 2021
Number of employees: 33
Sector: Software and technology
Funding: $3 million
'Fantastic Beasts: The Secrets of Dumbledore'
Rating: 3/5
Directed by: David Yates
Starring: Mads Mikkelson, Eddie Redmayne, Ezra Miller, Jude Law
COMPANY PROFILE
Name: PlanRadar
Started: 2013
Co-founders: Ibrahim Imam, Sander van de Rijdt, Constantin Köck, Clemens Hammerl, Domagoj Dolinsek
Based: Vienna, Austria
Sector: Construction and real estate
Current number of staff: 400+
Investment stage: Series B
Investors: Headline, Berliner Volksbank Ventures, aws Gründerfonds, Cavalry Ventures, Proptech1, Russmedia, GR Capital
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
COMPANY PROFILE
Name: Shaffra
Started: 2023
Based: DIFC Innovation Hub
Sector: metaverse-as-a-Service (MaaS)
Investment: currently closing $1.5 million seed round
Investment stage: pre-seed
Investors: Flat6Labs Abu Dhabi and different PCs and angel investors from Saudi Arabia
Number of staff: nine
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
EA Sports FC 24
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, PC and Xbox One
Rating: 3.5/5
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
COMPANY PROFILE
Company name: Almouneer
Started: 2017
Founders: Dr Noha Khater and Rania Kadry
Based: Egypt
Number of staff: 120
Investment: Bootstrapped, with support from Insead and Egyptian government, seed round of
$3.6 million led by Global Ventures
RESULTS
1.45pm: Handicap (TB) Dh80,000 (Dirt) 1,400m
Winners: Hyde Park, Royston Ffrench (jockey), Salem bin Ghadayer (trainer)
2.15pm: Conditions (TB) Dh100,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
2.45pm: Conditions (TB) Dh100,000 (D) 1,200m
Winner: Hurry Up, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Shadwell Jebel Ali Mile Group 3 (TB) Dh575,000 (D) 1,600m
Winner: Blown by Wind, Xavier Ziani, Salem bin Ghadayer
3.45pm: Handicap (TB) Dh72,000 (D) 1,600m
Winner: Mazagran, Tadhg O’Shea, Satish Seemar.
4.15pm: Handicap (TB) Dh64,000 (D) 1,950m
Winner: Obeyaan, Adrie de Vries, Mujeeb Rehman
4.45pm: Handicap (TB) Dh84,000 (D) 1,000m
Winner: Shanaghai City, Fabrice Veron, Rashed Bouresly.
The Continental: From the World of John Wick
Created by: Greg Coolidge, Shawn Simmons, Kirk Ward
Stars: Mel Gibson, Colin Woodell, Mishel Prada
Rating: 3/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
BMW M4 Competition
Engine: 3.0 twin-turbo inline six-cylinder
Transmission: eight-speed
Power: 503hp
Torque: 600Nm
Price: from Dh617,600
On sale: Now
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Hotel Silence
Auður Ava Ólafsdóttir
Pushkin Press
ROUTE TO TITLE
Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2
UAE currency: the story behind the money in your pockets
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars