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Dubai: The UAE and Qatar have greater fiscal strength than their other GCC peers, thanks to their large sovereign wealth fund (SWF) buffers relative to their fiscal deficits, according to rating agency Moody’s. The COVID-19 related fall in oil revenue has eroded fiscal strength of many GCC countries and constrained economic recovery, resulting in lingering pressure on their sovereign credit strengths, according Moody’s. The rating agency expects. ....
Dubai: The reopening of land, air and sea borders between the UAE and Qatar is expected to see a surge in businesses between the two nations while the ending of a three-year standoff between Qatar and its immediate neighbours will benefit Qatar and GCC economies in the medium term, according to analysts. “The reopening of borders will allow the recommencement of cross-border trade, services and travel that has been largely in hiatus since the. ....
Faced with the twin shocks of dwindling oil revenue and the coronavirus-induced economic slowdown, Iraq devalued its currency by about 23 per cent against the US dollar on December 20, the first time the peg was adjusted since 2015. The Central Bank of Iraq set the exchange rate at 1,450 dinars per dollar, from a peg of 1,182 dinars, for sales to the finance ministry. The dinar will be sold to the public at 1,470 and to other banks at 1,460. According to Moody’s, Iraq government revenue dropped more than 40 per cent during the first 10 months of 2020 compared with the same period in 2019, while the fiscal deficit widened to $12.5 billion. Sharply lower oil prices also weakened Iraq’s current account balance and led to a significant decline in central bank foreign currency reserves to $50.1bn in November 2020 from $63.5bn in April 2020. ....
Export Companies Set for Growth from GCC Reconciliation albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.
The Fiji Times » Gulf economy gets a boost from healing of Saudi-Qatar rift fijitimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fijitimes.com Daily Mail and Mail on Sunday newspapers.