DUBAI, Jan 29 (Reuters) - Saudi Arabia's central bank on Monday barred Mediterranean and Gulf Cooperative Insurance and Reinsurance Co. (MedGulf) 8030.SE from issuing new insurance contracts until it increases its capital.

The move comes as Saudi Arabia Monetary Authority (SAMA) continues to tighten compliance in the insurance sector. urn:newsml:reuters.com:*:nL8N1MM3FH

It has suspended several insurance companies from issuing new policies in the past few months.

(Reporting by Aziz El Yaakoubi, writing by Alexander Cornwell; Editing by Saeed Azhar)

Keywords: SAUDI MEDGULF/CENBANK

KUWAIT, Jan 29 (Reuters) - Kuwait on Monday announced a state budget for the year ending on March 31, 2019, projecting spending at 20 billion dinars ($66.7 billion) and revenues at 15 billion dinars.

The Kuwaiti finance minister said the budget would be based on an average oil price of $50 per barrel, and that the deficit would be financed by borrowing and using reserves.

The 5 billion dinar deficit would be before the transfer of 10 percent of revenues to Kuwait's sovereign wealth fund.

(Reporting by Ahmed Hagagy, Writing by Sami Aboudi; Editing by Andrew Torchia) ((Sami.Aboudi@thomsonreuters.com; +97143918301;))

Keywords: KUWAIT BUDGET/