Saudi shares dive after kingdom announces record deficit
Saudi shares dived at the start of trading Tuesday a day after the oil-rich kingdom announced a record $98 billion deficit this year and said it was drastically cutting fuel subsidies.
The Tadawul All-Shares Index (TASI) fell by 3.1 percent minutes after opening to 6,777.05 points, close its lowest level this year.
Only the insurance sector rose slightly amid the losses, led by the key petrochemical sector, which shed 6.3 percent. The banking sector also lost 2.6 percent.
TASI and other Gulf bourses have witnessed sharp volatility throughout 2015 mainly due to the slump in oil prices that led to spending cuts by regional governments and hit corporate profits.
Saudi Arabia said on Monday it posted a deficit of $98 billion (89 billion euros) in 2015 after a sharp decline in oil revenues.
The kingdom also projected a deficit of $87 billion for 2016, the third year in a row with a shortfall.
To counter the impact of sliding oil revenues, the world’s top crude exporter said it was applying unprecedented cuts to public subsidies on fuel, power and water.
Other Gulf markets were also down Tuesday.
Dubai dipped 0.4 percent, Abu Dhabi 0.27 percent, Qatar 1.1 percent and Kuwait 0.94 percent. The small exchanges of Oman and Bahrain fell 0.2 percent and 0.4 percent, respectively.
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Sterling Homes ltd selling Plots and Acres of Land
Hebron garden estate is owned by Sterling homes Ltd and it’s
completely free from “omo-onile” and government acquisition. Land
mass: more than 10acres. Land type: dry, sandy and leveled. Location: Lekki,
about 6minutes drive to Eleko beach and 15minutes drive to Lekki free trade
zone. There are several notable Landmarks before the estate. These include, The
Lagos Business School, Crown Estate, Farapark, Sapphire Garden, Green Springs
School and Shares immediate environment with Mayfair Gardens and Beechwood
Estate & lots more. PAYMENT PLAN FOR A PLOT: *Smart plan: Outright payment
#2.8m. *Easy Plan: #3m. Spread #210,000 for 10months after the initial deposit
of #900,000. Contact Yemi Amodu at Sterling Homes LTD for more information:
Plot 2, River Valley Estate, Ojodu Berger… Mobile 08136119495, 07084546154
Havilah park and garden is an estate located about 6mins
drive off the Lagos-Ibadan expressway. It’s about 25mins drive to Berger
bus-stop. The estate is fenced with a gate house, and our ultra- modern borehole
is already in place. The price of a plot is #630,000 outright, and we still
have other installment plan also. For more information and site inspection call
Yemi Amodu at Sterling Homes LTD: Plot 2, River Valley Estate, Ojodu Berger,
Lagos. Mobile: 07084546154, 08136119495….
Moriah park is situated at Agbowa, Ikorodu. The estate is
facing the Lagos state housing scheme popularly called Fashola estate. It’s
fenced round with a gate house and an industrial borehole has been constructed
at the site as well. It’s selling for a promotional offer of #630,000 outright,
though we still have other installment payment option. For more information and
site inspection, call Yemi at Sterling Homes LTD: Plot 2, River Valley Estate,
Ojodu Berger, Lagos. Mobile: 07084546154, 08136119495
Gibeon park is located at Gberigbe
area of Ikorodu Lagos. The estate is situated off Ijede road Gberibe close to Lagos
state model college Igbokuta, The estate is fenced and gated in a serene
environment. Its neighborhood are Egbin Power Plant, The Metro-Ferry Jetty, Wine
Factory, barachel Park and Garden and numerous estate. For Full Plot (648sqm),
PRICE: #600,000 outright. Flex
plan = #150,000 initial deposit then spread #100,000 for 6months at #750,000
total Easy
plan = #50 monthly for 17months at #850,000 total or get an instant allocation
at #750,000 (50% of total invoice, balance spread for 3months) For Half Plot (324sqm): #350,000
outright payment
TITLE: Registered Survey and Approved Layout plan. Contact
Adeyemi Amodu at Sterling Homes Ltd for more information and site inspections
while it’s still available. Office
address: STERLING HOMES LIMITED; Plot 2, River Valley Estate, Ojodu Berger,
Lagos. Mobile: 07084546154, 08136119495
If they could not use those oil windfall mega billions to establish a sound industrial base by now then welcome to nigeria, welcome to the comity of recklessness
I hope our NLC and the Senator Sani as well as the Aregbesolas are reading this. The Saudi oil economy includes a diverse petrochemical products manufacturing base which we do not have. Yet they are now down on their knees for failing to diversify their economy radically and for not creating the right environment for the private sector enterprise to compete globally. They have instead “shared” away resources among people who should really be striving on their own. Oh, how we love to emulate the Saudis! Now the chickens are home to roost…
Those who hope to lead their people into the wilderness by running a primitive populist centered style of governance instead of creating the opportunities that could free their people and spur them to excel on their own would always be the first to fall into dire straits with every wind of adversity. Now that we in Nigeria have succeeded in becoming state governors and senators, what are we going to do with it? Create the opportunities or sit down as we wait to share dwindling oil revenues every month? Tufiakwa !!!
We will review and take appropriate action.