Author: Steven Sahiounie

RIYADH: Banks in the Gulf Cooperation Council are currently reaping the benefits of robust operating conditions, driven by factors such as high oil prices, contained inflation, and rising interest rates, according to Fitch Ratings. In its latest report, the US-based credit rating agency pointed out variations in bank performance across the GCC markets, with financial institutions in the UAE demonstrating signs of improvement compared to their counterparts. “We expect this improvement to be overall sustained, which, along with other solid financial metrics being maintained, could lead to positive rating actions on some UAE banks’ Viability Ratings,” said Fitch Ratings. …

RIYADH: Saudi Arabia’s endowment investment funds have experienced significant growth, with the number of licensed funds increasing by 13 in 2023, reaching a total of 24, as reported by the General Authority of Awqaf. In a newly released report, the authority revealed that this expansion has pushed the net assets of endowment investment funds in the Kingdom beyond the SR500 million ($133 million) milestone for the current year. This aligns with the government’s strategic objectives to advance the financial sector and streamline the licensing processes for various products. Source: Arab News

RIYADH: Saudi Arabia has lowered its growth forecast and expects to post a budget deficit this year rather than an earlier projected surplus, a preliminary budget statement showed on Saturday. The largest Arab economy expects real gross domestic product to grow by 0.03 percent this year, the document released by the Ministry of Finance showed, compared with a previous forecast for growth of 3.1 percent. The report said the government is also now expecting a SAR82 billion deficit for 2023 instead of a SAR16bn surplus projected earlier. For 2024, the government expects total revenues at 1.172 trillion riyals ($312.51 billion)…

Participants in global wholesale trading cannot track the origin of fuel they purchase, CEO points out Russian supplies of liquefied natural gas (LNG) may still be shipped to German terminals despite pledges by energy major Uniper, according to its chief executive, Michael Lewis. “Russia keeps selling LNG to the world market,” he said on Saturday in an interview with Germany’s Rheinische Post newspaper. “The wholesalers, including Uniper, do not always know the origin of the purchased gas.” The company halted purchases of gas from Russia at the end of August 2022 after Brussels introduced sanctions against Russia over the military operation in Ukraine.…

The currency has even reportedly been used as a means of payment with the UK, US, and EU Russia is increasing the share of the Chinese yuan in foreign trade and not exclusively with China, RBK reported on Thursday, citing a data from the Economic Development Ministry. According to the ministry’s calculations, in the first half of 2023, 75% of Russian-Chinese trade turnover was settled in yuan. The yuan’s share in Russia’s settlements with partners besides China also surged in the reporting period and amounted to 25%. Moreover, the average daily volume of trading in the ruble-yuan pair on the…

Guyana’s GDP is expected to surge about 115% in the next five years Guyana’s economy is on track to more than double by 2028, on the back of high profits from oil production and the export sector, CNBC reported this week, citing expert analysis. Sandwiched between Venezuela and Suriname, the former British colony with a population of about 800,000 people is projected to grow at an “extremely fast” pace, rising 38% by the end of this year, according to recent forecasts by the International Monetary Fund (IMF). Guyana recorded the highest GDP growth in the world last year, at 62.3%, the IMF…

Brussels is set to impose CO2 emissions tariffs on carbon-intensive imports including steel and cement The EU launched the first phase an emissions tariff scheme on Sunday, with a planned import tax on steel, aluminum, cement and fertilisers, as part of its bid to become a climate-neutral region. During the first phase, until 2026, Brussels does not plan to collect any CO2 emissions charges at the border. Until then the system will collect data on carbon-intensive imports. EU importers are now obliged to report the greenhouse gas emissions embedded in the production of imported iron, steel, aluminium, cement, electricity, fertilisers…

Bilateral trade is expected to top $200 billion this year   Shipping containers with goods from China are piling up in Russian rail depots in a sign of surging trade between the two countries, Bloomberg reported on Thursday. Currently some 150,000 excess containers are stacked up, due to China sending so many goods that Russia cannot manage the glut of shipping boxes, the outlet said, citing an analysis by Container xChange, a trading platform based in Hamburg, Germany. “There is significant cargo movement from China into Russia but very scarce movement back to China from Russia,” Christian Roeloffs, co-founder and CEO…

The head of state noted that military and patriotic traditions are being continued with honor by the current generation of military personnel President Vladimir Putin has congratulated the personnel and veterans of the Russian Ground Forces on their professional holiday in a telegram uploaded to the Kremlin website. “You are rightfully proud of the names and feats of outstanding military leaders and commanders, soldiers and officers. Those who for centuries have served faithfully and loyally the Fatherland, who won undying glory on the battlefields of large-scale fights for its freedom and independence,” the telegram reads. The president noted that today’s generation…

The Ministry of Foreign Affairs and Expatriates has directly held the Israeli government responsible for the recent incursions by Israeli settlers into the Al-Aqsa Mosque compound in occupied Jerusalem, and the subsequent consequences on the conflict dynamics. In a press statement released today, the Foreign Ministry affirmed its ongoing coordination and efforts with Jordan on all levels to secure international protection for Jerusalem and its holy sites, with the Al-Aqsa Mosque at the forefront. It emphasized that the international community, as well as the United Nations and its relevant agencies, have thus far failed to respect and enforce their…