Saudis could get $21 billion non-oil boost in 2018, BofA Says

Saudi Arabia’s non-oil revenue could surge by about 80 billion riyals ($21.3 billion) next year, according to Bank of America Merrill Lynch, boosting the kingdom’s efforts to reduce the economy’s reliance on crude. The increase would be driven by the implementation of value-added taxation, a tax on luxury products and higher fees imposed on expatriates’ […]

Saudi Arabia shrinks Q2 budget deficit as revenue rises 6%

Saudi Arabia’s state budget deficit shrank by a fifth from a year earlier in the second quarter of this year as revenues rose moderately and spending fell marginally, finance ministry figures showed on Sunday. Revenues increased six percent from a year ago to 163.9 billion riyals ($43.7 billion); oil revenues jumped 28 percent to 101.0 […]