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KSA non-oil revenues to rise $21.3bn by 2018 - Bank of America Merrill Lynch

KSA non-oil revenues to rise $21.3bn by 2018 - Bank of America Merrill Lynch
KSA non-oil revenues to rise $21.3bn by 2018 - Bank of America Merrill Lynch

Riyadh – Mubasher: Bank of America Merrill Lynch forecast that Saudi non-oil revenues will grow by SAR 80 billion ($21.3 billion) in 2018, in line with the Kingdom’s reduction in depending on oil revenues.

The increase in revenues is expected after applying the value added tax (VAT), taxes on goods such as energy drinks, and applying fees on foreign labour, Bloomberg reported, citing Jean-Michel Saliba, MEA’s region analyst of the bank as saying.

Saliba stated that the Kingdom’s non-oil revenues are expected to level up in 2018, in line with the economic reform procedures.

The analyst forecast that the Saudi economic reform will be completed by the end of 2017.

Saliba indicated that the continuous drop in the reserves of the Saudi Arabian Monetary Authority (SAMA) may lead the government to stop financial outflows.