Edition:
United Kingdom

Davide Barbuscia

Saudi Arabia posts $29 billion deficit in second quarter as oil revenues slump

28 Jul 2020

DUBAI Saudi Arabia posted a deficit of 109.2 billion riyals (22.5 billion pounds) in the second quarter this year as low oil prices hurt revenues, a finance ministry report published on Tuesday showed.

Coronavirus hits Gulf banks in Q2 but full impact of bad loans looms

28 Jul 2020

DUBAI, July 28 Most Gulf banks' profits plunged in the second quarter after a spike in impairment charges for expected credit losses, as regional economies reel from the double blow of low oil prices and the coronavirus outbreak.

Economic pitfalls risk cooling Egypt's hot money inflows

27 Jul 2020

CAIRO/LONDON/DUBAI The threat of conflict in Libya, water security worries and a flatlining tourist sector risk upending a nascent rally in Egyptian bonds, bankers and economists say.

NMC seeks up to $250 million ahead of UAE insolvency proceedings: sources

23 Jul 2020

DUBAI Hospital operator NMC Health is looking to raise up to $250 million in debt while it prepares for insolvency proceedings in the United Arab Emirates and has picked Perella Weinberg Partners to advise it on the process, sources said.

Saudi Arabia to widen privatisation scope, finance minister says

22 Jul 2020

DUBAI/RIYADH Saudi Arabia will look to sell assets in sectors not previously considered for privatisation, the country's finance minister said on Wednesday, as the country contends with the economic impact of sustained low oil prices.

UAE's migrant workers fret over future in coronavirus economy

22 Jul 2020

DUBAI When Kapil left his Nepali village for an airport job packing cargo in the United Arab Emirates, he thought he was securing a future for himself and his family.

UPDATE 2-GCC government debt to surge by record-high $100 bln this year - S&P

20 Jul 2020

DUBAI, July 20 S&P Global Ratings said on Monday it expected Gulf countries' government debt to increase by a record high of about $100 billion this year, as funding needs spike due to the coronavirus crisis and low oil prices.

G20 finance officials stop short of recommending debt freeze extension

18 Jul 2020

WASHINGTON/DUBAI Finance officials from the Group of 20 countries on Saturday called for all official bilateral creditors to implement fully a short-term debt freeze for the world's poorest countries, but stopped short of extending the initiative into next year.

IMF slashes Middle East and Central Asia growth forecasts

13 Jul 2020

DUBAI The International Monetary Fund (IMF) has revised downwards its growth projections for the Middle East and Central Asia as economies were hurt worse than expected by the double blow of lower oil prices and the coronavirus crisis.

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