Saudi Arabia’s foreign reserves, which rose to more than a one-year high in April, are expected to continue climbing in the medium term thanks to privatisation plans, inclusion in emerging markets benchmarks and higher oil prices, according to Japan’s biggest lender, Mitsubishi UFJ Financial Group.
Net foreign assets at the Saudi Arabian Monetary Authority, the kingdom’s central bank, grew $13.3 billion month-on-month in April, official data showed this week.
“We view that the inclusion of Saudi Arabia in the FTSE and MSCI EM indices, along with privatisation plans which are likely to come to fruition in 2019, will lead foreign exchange reserves to continue rising over the medium-term,” said the report from MUFG on Thursday.
“The sharp increase in April was primarily due to current account surpluses (owing to a rise in oil receipts) and foreign borrowing.”
The reserves had declined over the last three years from their August 2014 peak of $737bn due to draw downs to plug a fiscal deficit shortfall that reached a record in 2015.
However, the government has narrowed its fiscal deficit, introduced taxes and cut spending over the last three years to help slow the draw down of reserves. It also issued in April $11 billion in international bonds and started a domestic sukuk programme last year to diversify its sources of funding the deficit.
Saudi Arabia, the world’s biggest oil exporter, is revamping its economy under the overarching Vision 2030 programme to cope with the low oil price environment. The country’s reforms, which include changes to stock market regulations, are expected to help it gain inclusion in index complier MSCI widely-tracked emerging market index. Rival FTSE Russel already announced plans to include it in its emerging market benchmark. The inclusion, which is expected to be announced next month, will trigger $15-$30bn in inflows over the next 12 months, according to MUFG.
The government is also plans to privatise some prized assets, including a share float of 5 per cent of Saudi Aramco, the world’s biggest oil producer.
“Moreover, key privatisation plans, such as the Aramco IPO, as well as IPO and public-private participation (PPP) initiatives in sectors such as in transportation, leisure and utilities, could all generate higher inflows, however this will likely come to fruition from 2019 onwards,” MUFG said.
“Saudi Arabia continues to remain well-positioned to withstand its challenging operating environment, noting that the fiscal breakeven price is $87.9 per barrel this year and is able to continue financing fiscal deficits and the investment programme in line with Vision 2030.”
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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Jumanji: The Next Level
Director: Jake Kasdan
Stars: Dwayne Johnson, Kevin Hart, Karen Gillan, Jack Black, Nick Jonas
Two out of five stars
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
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