Oman slows spending growth in 2019 budget, may not cut deficit

Dubai: Oman’s government released a 2019 state budget on Tuesday that slows spending growth but may not cut a big deficit that has caused international rating agencies to downgrade its debt to junk status. Spending this year is projected at 12.9 billion rials ($33.5 billion; Dh122.8 billion), up from 12.5 billion rials in the original […]

French new car sales up: manufacturers

PARIS: The sale of new cars in France increased nearly three percent last year, but the market for diesels was markedly down, the French automakers’ association (CCFA) said on Tuesday. A total of 2,173,481 private cars were first registered last year, in line with automakers’ expectations. France’s PSA and Renault saw sales jump by 8.32 […]

8% of Dubai government income to come from oil

Dubai: The Dubai government said on Tuesday it expects just 8 per cent of the Dh51 billion in forecasted state revenues for 2019 to come from oil income. A statement announcing the government spending plan for this year said that the reduced reliance on oil income boosts Dubai’s financial sustainability and is in line with […]