qatar’s budget surplus triples
Last Updated : GMT 02:09:47
Arab Today, arab today
Arab Today, arab today

Qatar’s budget surplus triples

Arab Today, arab today

Arab Today, arab today Qatar’s budget surplus triples

Doha - Arabstoday

Qatar’s budget surplus more than tripled to QR44.5bn ($12.2bn) in the fiscal year ended in March, double the original plan and helped by booming revenues from liquefied natural gas, a prospectus for the country’s potential Islamic bond issue showed yesterday. Qatar is the world’s top exporter of liquefied natural gas and its fiscal surplus for 2011/12 was equivalent to 7% of 2011 gross domestic product, according to a Reuters calculation, up from the original QR22.5bn plan. That puts the government in a comfortable position as it plans to spend more than 10% of GDP on average on infrastructure in the run-up to hosting the soccer World Cup tournament in 2022. In the previous fiscal year Qatar posted a surplus of QR12.8bn, or 2.8% of GDP. The Opec member’s expenditure surged 11% to a record QR158.9bn last fiscal year according to preliminary data, the prospectus said, well above QR139.9bn planned. “Due to a significant wage and pension increase ... for Qatari government employees, government expenditure for salaries and wages is expected to significantly increase for future budgets,” the prospectus said. In September last year, Qatar raised basic salaries and social benefits for state civilian employees by 60%, while military staff received 50-120% increases. Spending on government wages and salaries rose more than 9% to QR25.2bn in 2011/12, the prospectus showed. Qatar held a road show in Kuala Lumpur yesterday and one will be held in Singapore today, following which a sukuk may be issued, subject to market conditions. The country did not give a reason for the sukuk issue. Recently, the government tapped international markets to refinance current debt and obtain low-cost financing for its infrastructure programme and other purposes, the prospectus said. Qatar plans to boost spending further by over 12% to QR178.6bn in the fiscal year that began in April, including on wages, services and infrastructure, but expects to see a still comfortable surplus of QR27.8bn. Revenue soared by nearly 31% to an all-time high of QR203.4bn in 2011/12, thanks to a jump in gas royalties and taxes as well as the business and corporate income tax, the prospectus showed. The original revenue plan was QR162.5bn based on a conservative oil price estimate of $55 per barrel. Oil and gas-related revenue accounts for roughly 81% of Qatar’s overall budget income. Dual-tranche Islamic bond planned Qatar is planning to issue a two-tranche Islamic bond, or sukuk, four sources familiar with discussions said yesterday, as it kicked-off investor meetings in Malaysia. No indication of size was made available, which is usually determined depending on investor feedback and appetite. But market sources in the Gulf said demand for a sukuk from Qatar, one of the highest-rated regional credits as well as one of the world’s wealthiest nations, would be high, allowing the state to print a large deal. Its last debt markets outing was a $5bn multi-tranche conventional bond in November, which attracted orders of about $10bn. Qatar has hired HSBC Holdings, Deutsche Bank, Standard Chartered and local lenders Barwa Bank and QInvest to arrange the investor meetings. The sukuk is scheduled be this week’s business, according to the initial mandate announcement. Global credit rating agency Standard & Poor’s has assigned “AA” issue credit rating to the proposed sukuk. 

arabstoday
arabstoday

GMT 01:56 2017 Wednesday ,22 November

AED51.4b approved for 2018 Federal Budget

GMT 23:41 2017 Tuesday ,21 November

DFM welcomes delegation from Indonesian Stock Exchange

GMT 23:05 2017 Tuesday ,21 November

We must preserve our national gains

GMT 15:25 2017 Tuesday ,21 November

Ratings boost for Saudi reform program

GMT 11:46 2017 Tuesday ,21 November

S&P affirms Saudi Arabia credit ratings

GMT 23:37 2017 Monday ,20 November

Midfield Terminal Building is 86% complete

GMT 22:55 2017 Monday ,20 November

GCC pavilion to showcase at Expo 2020 Dubai
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

qatar’s budget surplus triples qatar’s budget surplus triples

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

qatar’s budget surplus triples qatar’s budget surplus triples

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Visit Jamaica for more than just sun

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today UN warns of conflict in Gaza

GMT 08:39 2017 Tuesday ,21 November

UN warns of conflict in Gaza
Arab Today, arab today Missouri problem mirrors woes

GMT 06:46 2017 Tuesday ,21 November

Missouri problem mirrors woes
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Fedra happy for “Between Two Worlds” success

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 00:54 2017 Monday ,20 November

Mideast in danger as London explores

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday