Business & Management

Saudi Arabia to spend US$155 billion in 2011

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Saudi Arabia plans to spend US$154.7 billion in 2011 on infrastructure and education to spur growth in the country's economy.

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GCC aid is unlikely to immediately affect ratings on Bahrain and Oman

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Standard & Poor's Ratings Services said that ongoing political tensions in the Kingdom of Bahrain (BBB/Watch Neg/A-3) and Sultanate of Oman (A/Watch Neg/A-1) remain a significant issue for the credit standing of both sovereigns. This is despite the Gulf Cooperation Council's (GCC's) March 10 announcement of a US$20 billion economic aid support package over ten years, to be shared equally between the two governments.

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Dubai's 2011 deficit cut to US$1 billion

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Dubai's government approved a 2011 budget that sees the budget deficit cut to US$1 billion due to the authorities continuing to cut spending.

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Saudi reaching out with more

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Saudi Arabia's King Abdullah unveiled additional financial support measures in mid March estimated to cost SR350 billion (US$93 billion). An estimated SR135 billion (US$36 billion) worth of measures were announced at the end of February.

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Ratings on Bahrain lowered on worsening political situation; watch negative remains

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Standard & Poor's Ratings Services  it has lowered its long- and short-term local and foreign currency sovereign credit ratings on the Kingdom of Bahrain to 'BBB/A-3' from 'A-/A-2'.

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