person:ibrahim al-assaf

اعتقال الأمراء : نقل الامير الوليد بن طلال الى المستشفى ورفض البنوك كشف الحسابات البنكية للأمراء للسعودية وانباء عن اعتقال شقيقه خالد.. والامير بن سلمان يبحث الإفراج عن الجميع عبر عفو ملكي بشرط تقديمهم طلب العفو وتجديد البعية للملك ولولي العهد والانسحاب من الحياة العامة | رأي اليوم
▻http://www.raialyoum.com/?p=801613

Pas mal de choses dans cet article qui utilise l’expression #prison_dorée !
MbS cherche une solution pour se sortir du mauvais pas où il s’est fourré lui-même (une fois de plus)
au regard du refus des banques de livrer les comptes de leurs clients et de l’obstination de certains prévenus à ne pas confesser leurs crimes. Al-Walid ibn Talal en tête, qui aurait été transporté à l’hôpital la semaine dernière, épuisé après des semaines d’enquête. Celui-ci continue à réfuter les accusations de corruption mais accepterait une aide au Royaume en raison de la situation financière du pays.
Il y aurait de nouvelles arrestations depuis une semaine également, notamment celle du frère d’al-Walid ibn Talal, Khalid.
La sortie de crise envisagée consisterait en une grâce royale accordée contre un renouvellement de l’allégeance des prévenus, au roi et à son régent, prévenus qui se retireraient également de la vie politique.

#arabie_soudite

Falling oil prices force Saudi Arabia to cut spending
▻http://www.middle-east-online.com/english/?id=73022

Saudi Arabia will cut spending and issue more bonds as it faces a record budget shortfall due to falling oil prices, the finance minister said on Sunday.

The kingdom — the biggest Arab economy and the world’s largest oil exporter — is facing an unprecedented budget crunch after crude prices dropped by more than half in a year to below $50 a barrel.

It has so far relied on its huge fiscal reserves to bridge the gap but Finance Minister Ibrahim al-Assaf said more measures would be necessary.

“We are working... to cut unnecessary expenditure,” Assaf told Dubai-based CNBC Arabia in Washington, where he is accompanying King Salman on a visit.

He provided no details on the scale of the cuts but insisted key spending in education and health and on infrastructure would not be affected.

“There are projects that were adopted several years ago and have not started yet. These can be delayed,” Assaf said.

He said the government would issue more conventional treasury bonds and Islamic sukuk bonds to “finance the budget deficit” — which is projected by the International Monetary Fund at a record $130 billion (117 billion euros) for this year.

Finance Ministry to discuss deficit financing with SAMA | Arab News
▻http://www.arabnews.com/economy/news/680216

RIYADH: The Finance Ministry will discuss with the Saudi Arabian Monetary Agency (SAMA) its options for financing the large state budget deficit expected next year, and may cover some of the shortfall with borrowing, Finance Minister Ibrahim Al-Assaf said.
Responding to the plunge of oil prices, the ministry has announced a 2015 budget plan which envisions a deficit of SR145 billion ($38.7 billion)
A ministry statement said the government could cover the deficit with its huge fiscal reserves, but Al-Assaf told Al Arabiya television that borrowing might also be used.
“There is also a chance to borrow at good rates — this topic will be discussed with colleagues at the Saudi Arabian Monetary Agency at the appropriate time,” he said.
Al-Assaf did not elaborate on the types of borrowing which might be used.
Although Saudi state-run agencies and state-owned firms have occasionally issued foreign- and local-currency bonds in recent years, the government itself has not, preferring to pay down its debt.
The minister noted that Saudi Arabia’s public debt had dropped to SR44 billion or about 1.6 percent of gross domestic product, which would make it easy to borrow.
Both state-run and private financial institutions have big resources from which the government could borrow, he added.
Al-Assaf said next year’s budget deficit would be slightly more than 4 percent of GDP, which he called low under current global conditions.
Saudi Arabia did not reveal the oil price assumed in its 2015 budget, but analysts estimate it was about $55 a barrel or slightly higher; Brent crude oil is now at $60.
In past budgets, the government made very conservative assumptions for oil revenues, resulting in much higher-than-projected revenues at the end of each year. That is unlikely to happen with the 2015 budget, Al-Assaf said.
“We were realistic in our estimates for next year’s revenues in light of current and expected developments in the oil market. Maybe over the past years I agree we were conservative, but this year we were realistic,” he said.
The ministry said on Thursday that Saudi Arabia’s inflation-adjusted GDP grew an estimated 3.6 percent this year, up from 2.7 percent in 2013. Al-Assaf said those calculations used the base year of 2010, when the oil sector’s contribution to the economy was unusually high.
If the calculations had used 1999 for the base year, as the government did previously, growth in 2014 would have come in at 4.1 percent, Al-Assaf said.
He called that rate healthy and said it was expected to be maintained next year.
Private sector growth was estimated at 5.7 percent this year, showing the government’s efforts to diversify the economy beyond oil are on track, he added.

King says growth to continue as KSA unveils largest budget
*Arab News - *26 December, 2014

Saudi Arabia unveiled Thursday the largest budget in history for 2015, projecting spending at record SR860 billion, despite a sharp fall in oil prices. The budget projected revenue at SR715 billion showing a huge deficit of SR145 billion for the first time since 2011.

Custodian of the Two Holy Mosques King Abdullah expressed optimism that the Kingdom would continue its economic growth, driven by private sector activity, integration of public and private sectors and improvement of private sector performance.

Crown Prince Salman, deputy premier and minister of defense, chaired the Cabinet’s special budget session to approve the budget on behalf of King Abdullah.

In his address to the nation on the occasion, King Abdullah said the expansionary budget was aimed at enhancing the citizens’ progress and prosperity and creating more job opportunities for them.

In his keynote speech, which was delivered by the Cabinet’s Secretary-General Abdul Rahman Al-Sadhan, King Abdullah said the budget was aimed at boosting comprehensive and balanced development. “My brothers, you are well aware that the global economy is showing weakness in growth, in addition to what the global oil market is going through, which contributed to a significant drop in oil prices,” the king told citizens.

“We have issued our directives to officials that the next year’s budget shall take into consideration these developments and rationalize expenditures, taking care of everything that serves citizens, improves services provided to them, implements strictly and efficiently the budget’s programs and projects.”

King Abdullah said the Kingdom was seeking sustainability of strong public finances status, and giving priority in the next fiscal year for completing the implementation of projects approved in previous budgets, which are huge projects.

King Abdullah said the government would continue to focus on education, address labor market imbalance to create more job opportunities for citizens and ensure optimal use of resources. The 2015 budget has allocated funds for three new universities.

King Abdullah also urged citizens to preserve the country’s security and stability. He urged all ministers and officials to exert maximum efforts to implement the budget’s programs and projects efficiently and with quality to achieve its goals.

Finance Minister Ibrahim Al-Assaf said the 2015 deficit would be covered by the country’s huge reserves from previous surpluses. Speaking to Saudi Television after presenting the budget, he said the government would continue spending actively on economic development projects “over the medium term.”

Asked whether he meant three to five years, the minister replied: “Yes, over three to five years...The (economic) depth we have, God willing, will be enough until prices get better.”
Al-Assaf said everybody expected prices to rise eventually but there was a difference over when; some people said the second half of next year while others said 2016.

“We have the ability to endure low oil prices over the medium term,” he said. The Kingdom’s total cash reserves stood at SR1.492 trillion in October 2014 while its total reserves in assets amounted to SR2.78 trillion, enough to cover deficits of the size projected in 2015 for several years.

The stock market reacted positively as the Tadawul All-Share Index rose 49.56 points or 0.57% to close at 8,749.34 points.

The value of traded shares reached SR11.32 billion. Petrochemical industries index dropped 0.14% while industrial investment index rose 4.18% and hotel and tourism index was up 2.8%.

Financial markets had feared the Kingdom might cut spending sharply, but the plan suggests Saudi authorities are confident of their ability to ride out a period of low oil prices and see no need for major austerity.

Al-Assaf said the Kingdom would continue spending actively on economic development projects, social welfare and security despite the oil price slide and challenging conditions in the global economy.

He said the Kingdom’s GDP was to reach SR2,821.7 ($ 752.5) billion by the end of 2014 with a growth rate of 1.09 percent compared to 2013. The nonoil GDP is estimated to grow 8.21 percent, whereas the nonoil public and private sectors 6.06 percent and 9.11 percent, respectively, and the oil sector to decline by 7.17 percent.

Labor Minister Adel Fakeih said the new budget would accelerate growth and enhance welfare of citizens. “It also reflects the strength of Saudi economy and its ability to withstand challenges…It also gives the message that citizens are the real asset of the Kingdom and the driving force for growth.”

Higher Education Minister Khaled Al-Sabti said the budget has allocated more than SR80 billion for higher education projects. “During the past 10 years there was 86 percent growth in number of universities, which has reached 28,” he said, adding that they accommodate over 1.5 million students.