Latest news with #GulfCountries
Al Jazeera
5 days ago
- Business
- Al Jazeera
Will Southeast Asian nations pick sides between the US and China?
They've long been hedging their bets. But Southeast Asian nations are caught in the dispute between the United States and China. The trade-dependent countries are under threat from Trump's tariffs, too. They face a delicate balancing act between economic survival and strategic neutrality. The message was clear at the Association of Southeast Asian Nations – ASEAN's recent summit in the Malaysian capital Kuala Lumpur. Member countries are recalibrating their economic partnerships to insulate their economies. That includes a push to deepen trade ties with China and Gulf countries. Why is the price of Japanese rice rocketing? Plus, should older people work longer?
The National
6 days ago
- Business
- The National
Deposits from Gulf states 'critical' for Syria's financial reform amid low foreign exchange reserves
Gulf countries are likely to play a major role in backing Syria's urgent efforts to reform its financial system, as the country's economy seeks to recover when international sanctions are lifted. Financial deposits from Gulf allies will support Syria's monetary stability and rebuild confidence in its commercial banking system as the country grapples with near-depleted foreign exchange reserves, analysts said. "Extremely low levels of foreign-denominated cash reserves are proving debilitating for the Central Bank of Syria, preventing it from stabilising the currency and supporting the commercial banking sector,' Dominic Pratt, senior analyst at the Economist Intelligence Unit (EIU), told The National. "Securing liquidity injections will be crucial to address these issues, and deposits from Gulf partners in particular will be critical given a lack of alternatives as balance of payment pressures remain high.' Deposits from Gulf partners in particular will be critical given a lack of alternatives as balance of payment pressures remain high Dominic Pratt , senior analyst at Economist Intelligence Unit Gulf states have a record of providing large-scale financial assistance to distressed economies in the region, which Syria can benefit from as it requires "substantial external inflows', said Hani Abuagla, senior market analyst at XTB Mena. "Deposits from Saudi Arabia, Qatar, and the UAE could provide immediate support. This approach has been employed in other crisis-hit economies to restore market confidence and prevent currency collapses,' he said. Gulf states can support Syria's financial system through several channels: A direct and immediate measure is to place foreign currency deposits with the Syrian Central Bank, helping to rebuild reserves and stabilise the exchange rate, Mr Abuagla said. Another way is financing urgent government expenditures, such as public-sector workers' wages, while long-term support could include equity injections into local banks or into infrastructure investments. Support from Gulf countries could also take the form of currency swaps, direct transfers to the central bank, concessional lending or asset trading, Mr Pratt said. Asset sales in return for foreign currency liquidity, similar to the UAE's deal with Egypt to develop the Ras Al Hekma project, is a model that can be applied in Syria, analysts said. Backing by Gulf countries in the form of foreign direct investments into projects in Syria would increase the inflow of foreign currency into the cash-strapped country, said Ibrahim Nafeh Koshaji, a Syria-based economic and banking analyst. Such a move will also improve its business environment by introducing advanced managerial and technological know-how. An employee counts money at a bank in Damascus, Syria. Banks in the Syrian capital resumed operations after Bashar Al Assad was forced from office. EPA However, foreign financial assistance often comes with strings attached and Syria is no exception, analysts said. "This type of assistance is rarely unconditional. Gulf countries would likely link their financial aid to political concessions, governance improvements and signs of serious economic reform,' Vijay Valecha, chief investment officer at Century Financial, said. "Without these, large-scale deposits could be withheld or limited to symbolic gestures.' But without near-term access to international capital markets or IMF programmes, "Gulf support remains one of the few viable paths to easing Syria's immediate external constraints', he added. War's economic toll Syria emerging from the overthrow of the Bashar Al Assad regime in December is facing the Herculean tasks of rebuilding its economy, repairing hollowed out institutions and returning to global capital markets after decades of isolation. The Syrian economy has been devastated by the civil war, which began in 2011. The UN's Development Programme estimates cumulative losses – including physical damage ($123.3 billion) and economic deprivation – of $923 billion at the end of 2024. The Syrian GDP has about halved in size since 2010 to around $21 billion in 2024, according to Bloomberg Economics calculations using World Bank data. Syria is already getting signals of interest from Gulf countries to support its economic revival. DP World – the Dubai-based global ports operator – signed an $800 million initial agreement with the Syrian government to develop and expand the north-western port of Tartus. Qatar Airways was one of the first airlines to resume flights to Damascus International Airport back in January, while UAE carrier flydubai said this month it will restart service to the Syrian capital in June. 'Pivotal' opportunity after sanctions removal US President Donald Trump, during a Gulf tour this month, announced the lifting of sanctions ahead of a landmark meeting with Syrian leader Ahmad Al Shara in Riyadh. Shortly after, the EU followed suit. Removal of US and EU sanctions will be " transformative' for Syria's banking regulator, commercial lenders and the financial sector, Mr Pratt said. The lifting of sanctions will help Syria in ending decades of isolation, opening up new credit lines and financial support and providing an opportunity to initiate critical, and long overdue reforms, he said. A sanctions-free economy is a "pivotal' opportunity for the central bank to implement structural reforms, according to Mr Abuagla. Without restrictions, Syria could re-enter the global financial system, reestablish access to Swift, speed remittances and revive trade flows. The recovery of frozen foreign assets would boost reserves, while some international banks have reportedly expressed interest in entering the Syrian market once sanctions are lifted. The clearance of its debt with the World Bank has also made Syria eligible for credit lines and reconstruction funding. The World Bank cleared Syria of its $15.5 million outstanding debt this month after Saudi Arabia and Qatar paid for it. The clearing of the arrears reinstates Syria's eligibility to receive World Bank support and operations after a 14-year hiatus. Saudi Arabia and Qatar announced their plans to settle Syria's outstanding debts on April 27, in "support of and to accelerate the recovery' of Syria. "The resumption of support from the World Bank and the IMF would also unlock funding and technical guidance essential for successful reform,' Mr Abuagla added. Syria's central bank governor Abdul Kader Husriyeh taking the oath of office in Damascus. AFP 'Comprehensive' reform agenda Syria's Central Bank Governor Abdul Kader Husriyeh, who was appointed in April, told The National this week among top priorities are updating monetary policy; reviewing banking legislation; strengthening anti-money laundering measures and engaging with foreign depositors, including sovereign entities. To achieve its goal of reforming Syria's financial system, the central bank requires a rules-based policy framework to control inflation and build investor confidence, analysts say. Also required is stabilising the exchange rate to control the volatility that deters foreign investments, Mr Abuagla said. Institutional reforms would attract the Syrian diaspora to invest their money back home, which means these funds could return if the domestic banking system becomes more stable. Mr Koshaji said the key requirements for reform are modernising banking operations and granting the central bank full autonomy from political interference,. Establishing a specialised advisory board to manage new money supply through open market mechanisms and removing restrictions on withdrawals and deposits are also important, he said. Launching government bonds in Syrian pounds and US dollars and strengthening the Damascus Securities Exchange as a funding channel for reconstruction projects will also help reform efforts, Mr Koshaji added. Vikram%20Vedha %3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Gayatri%2C%20Pushkar%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Hrithik%20Roshan%2C%20Saif%20Ali%20Khan%2C%20Radhika%20Apte%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%C2%A0%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A RACE CARD 4pm Al Bastakiya – Listed (TB) $150,000 (Dirt) 1,900m 4.35pm Dubai City Of Gold – Group 2 (TB) $228,000 (Turf) 2,410m 5.10pm Mahab Al Shimaal – Group 3 (TB) $228,000 (D) 1,200m 5.45pm Burj Nahaar – Group 3 (TB) $228,000 (D) 1,600m 6.20pm Jebel Hatta – Group 1 (TB) $260,000 (T) 1,800m 6.55pm Al Maktoum Challenge Round-1 – Group 1 (TB) $390,000 (D) 2,000m 7.30pm Nad Al Sheba – Group 3 (TB) $228,000 (T) 1,200m EXPATS %3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Lulu%20Wang%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Nicole%20Kidman%2C%20Sarayu%20Blue%2C%20Ji-young%20Yoo%2C%20Brian%20Tee%2C%20Jack%20Huston%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A Racecard 6.30pm: Mazrat Al Ruwayah Group Two (PA) US$55,000 (Dirt) 1,600m 7.05pm: Meydan Trophy (TB) $100,000 (Turf) 1,900m 7.40pm: Handicap (TB) $135,000 (D) 1,200m 8.15pm: Balanchine Group Two (TB) $250,000 (T) 1,800m 8.50pm: Handicap (TB) $135,000 (T) 1,000m 9.25pm: Firebreak Stakes Group Three (TB) $200,000 (D) 1,600m 10pm: Handicap (TB) $175,000 (T) 2,410m The National selections: 6.30pm: RM Lam Tara, 7.05pm: Al Mukhtar Star, 7.40pm: Bochart, 8.15pm: Magic Lily, 8.50pm: Roulston Scar, 9.25pm: Quip, 10pm: Jalmoud Sinopharm vaccine explained The Sinopharm vaccine was created using techniques that have been around for decades. 'This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee. "What is left is a skeleton of the virus so it looks like a virus, but it is not live." This is then injected into the body. "The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said. "You have to be exposed more than one time to what we call the antigen." The vaccine should offer protection for at least months, but no one knows how long beyond that. Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today. 'Since it is inactivated, it will not last forever," she said. Naga %3Cp%3E%3Cstrong%3EDirector%3A%C2%A0%3C%2Fstrong%3EMeshal%20Al%20Jaser%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3EAdwa%20Bader%2C%20Yazeed%20Almajyul%2C%20Khalid%20Bin%20Shaddad%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A Scoreline Abu Dhabi Harlequins 17 Jebel Ali Dragons 20 Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2 MORE FROM ED HUSAIN: The UAE-Israel accord is a win for every Muslim The 10 Questions Is there a God? How did it all begin? What is inside a black hole? Can we predict the future? Is time travel possible? Will we survive on Earth? Is there other intelligent life in the universe? Should we colonise space? Will artificial intelligence outsmart us? How do we shape the future? UK-EU trade at a glance EU fishing vessels guaranteed access to UK waters for 12 years Co-operation on security initiatives and procurement of defence products Youth experience scheme to work, study or volunteer in UK and EU countries Smoother border management with use of e-gates Cutting red tape on import and export of food The specs: 2017 Ford F-150 Raptor Price, base / as tested Dh220,000 / Dh320,000 Engine 3.5L V6 Transmission 10-speed automatic Power 421hp @ 6,000rpm Torque 678Nm @ 3,750rpm Fuel economy, combined 14.1L / 100km Abu Dhabi Grand Slam Jiu-Jitsu World Tour Calendar 2018/19 July 29: OTA Gymnasium in Tokyo, Japan Sep 22-23: LA Convention Centre in Los Angeles, US Nov 16-18: Carioca Arena Centre in Rio de Janeiro, Brazil Feb 7-9: Mubadala Arena in Abu Dhabi, UAE Mar 9-10: Copper Box Arena in London, UK UAE%20SQUAD %3Cp%3E%0D%3Cstrong%3EMen%3A%3C%2Fstrong%3E%20Saif%20Al%20Zaabi%2C%20Salem%20Al%20Marzooqi%2C%20Zayed%20Al%20Ansaari%2C%20Saud%20Abdulaziz%20Rahmatalla%2C%20Adel%20Shanbih%2C%20Ahmed%20Khamis%20Al%20Blooshi%2C%20Abdalla%20Al%20Naqbi%2C%20Khaled%20Al%20Hammadi%2C%20Mohammed%20Khamis%20Khalaf%2C%20Mohammad%20Fahad%2C%20Abdulla%20Al%20Arimi.%0D%3Cbr%3E%3Cstrong%3EWomen%3A%3C%2Fstrong%3E%20Mozah%20Al%20Zeyoudi%2C%20Haifa%20Al%20Naqbi%2C%20Ayesha%20Al%20Mutaiwei.%3C%2Fp%3E%0A Dubai World Cup Carnival card 6.30pm: UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m 7.05pm: Handicap (TB) $135,000 (Turf) 1,000m 7.40pm: Handicap (TB) $175,000 (D) 1,900m 8.15pm: Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m 8.50pm: Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m 9.25pm: Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m The National selections 6.30pm: Final Song 7.05pm: Pocket Dynamo 7.40pm: Dubai Icon 8.15pm: Dubai Legacy 8.50pm: Drafted 9.25pm: Lucius Tiberius ONCE UPON A TIME IN GAZA Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi Directors: Tarzan and Arab Nasser Rating: 4.5/5 Lexus LX700h specs Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor Power: 464hp at 5,200rpm Torque: 790Nm from 2,000-3,600rpm Transmission: 10-speed auto Fuel consumption: 11.7L/100km On sale: Now Price: From Dh590,000 BAD%20BOYS%3A%20RIDE%20OR%20DIE %3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Adil%20El%20Arbi%20and%20Bilall%20Fallah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EWill%20Smith%2C%20Martin%20Lawrence%2C%20Joe%20Pantoliano%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A The five pillars of Islam 1. Fasting 2. Prayer 3. Hajj 4. Shahada 5. Zakat THE BIO Mr Al Qassimi is 37 and lives in Dubai He is a keen drummer and loves gardening His favourite way to unwind is spending time with his two children and cooking Gulf Men's League final Dubai Hurricanes 24-12 Abu Dhabi Harlequins OPTA'S PREDICTED TABLE 1. Liverpool 101 points 2. Manchester City 80 3. Leicester 67 4. Chelsea 63 5. Manchester United 61 6. Tottenham 58 7. Wolves 56 8. Arsenal 56 9. Sheffield United 55 10. Everton 50 11. Burnley 49 12. Crystal Palace 49 13. Newcastle 46 14. Southampton 44 15. West Ham 39 16. Brighton 37 17. Watford 36 18. Bournemouth 36 19. Aston Villa 32 20. Norwich City 29 Ticket prices Golden circle - Dh995 Floor Standing - Dh495 Lower Bowl Platinum - Dh95 Lower Bowl premium - Dh795 Lower Bowl Plus - Dh695 Lower Bowl Standard- Dh595 Upper Bowl Premium - Dh395 Upper Bowl standard - Dh295 %20Ramez%20Gab%20Min%20El%20Akher %3Cp%3E%3Cstrong%3ECreator%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Ramez%20Galal%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStreaming%20on%3A%20%3C%2Fstrong%3EMBC%20Shahid%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2.5%2F5%3C%2Fp%3E%0A
Khaleej Times
25-05-2025
- Business
- Khaleej Times
Look: When GCC was born in Abu Dhabi 44 years ago after two-day summit
On May 25, 1981, forty-four years ago, the heads of state of six Gulf contries formally launched the Gulf Cooperation Council at the Inter-Continental Hotel in Abu Dhabi. It was a two-day summit aimed at turning the regional cooperation body into a nucleus for broader unity of all Arab nations. The six leaders who attended the summit were King Khaled Ibn Abdelaziz of Saudi Arabia, Sultan Qaboos bin Said of Oman, Sheikh Jaber Al Ahmed Al Sabah of Kuwait, Sheikh Isa bin Salman Al Khalifa of Bahrain, Sheikh Khalfia bin Hamad Al Thani of Qatar and President Sheikh Zayed bin Sultan Al Nahyan of the UAE. Chedli Klibi, then secretary general of the Arab League, and Habib Chatti, then secretary general of the Islamic Conference Organisation, also attended and addressed the meeting. As reported by Khaleej Times, Sheikh Zayed described the event as a historic and momentous occasion. The UAE founding father saw in the formation of GCC 'the fulfilment of long-cherished hope of the peoples of the region for security, stability and progress.' He told the plenary session of the summit that the GCC would help unify the Arab world and promote solidarity. The charter of the GCC was first agreed upon in Riyadh in February 1981. It was finalised in Muscat in March of the same year. The heads of the six Gulf states signed it with a vision that the six countries would coordinate their policies in financial affairs, trade, communications, education, culture, health, social affairs, information and tourism, and in administrative and legislative affairs. The leaders agreed to mobilise their resources and human and material infrastructure to push the GCC towards success. The GCC charter also stipulates that the six states would jointly step up cooperation in the fields of scientific and technological advancement, industry, mining and agriculture. The GCC is headed by a Supreme Council of the six heads of state. The ministerial council and secretariat are led by the secretary-general. Kuwait's former UN ambassador Abdullah Yacoub Bishara was nominated as the first secretary-general. Leaders of the Arab World welcomed the formation of the GCC. Klibi lauded the role played by Sheikh Zayed in the formation of the council and in supporting the cause of the Arab world. He also underscored the continuing call for united efforts on the economic, political, technological and military fronts.
Zawya
23-05-2025
- Business
- Zawya
China approves Qatar sovereign fund to buy a tenth of its top asset manager
HONG KONG - China has given approval for Qatar's sovereign wealth fund to acquire a stake of 10% in its second-largest mutual fund company, the first such investment in the sector by a major Middle East investor at a time of rising tension with the West. China's securities watchdog approved the Qatar Investment Authority (QIA) to become a stakeholder in China Asset Management Co (ChinaAMC), an official filing by the China Securities Regulatory Commission showed on Thursday. The price of the stake was not disclosed. Earlier filings by ChinaAMC's largest shareholder showed the 10% ownership would not be priced at less than $490 million. In April last year Reuters first reported the sovereign fund had agreed to invest in the Chinese fund house. QIA will become the third-biggest shareholder in ChinaAMC, which has assets of more than 1.8 trillion yuan ($249.98 billion)，and provides mutual funds and exchange traded funds to retail and institutional investors. The deal was approved amid a flurry of activity between China and Gulf countries aiming to deepen political, economic and financial ties. ($1 = 7.2005 Chinese yuan renminbi) (Reporting by Selena Li; Editing by Clarence Fernandez)
Reuters
23-05-2025
- Business
- Reuters
China approves Qatar sovereign fund to buy a tenth of its top asset manager
HONG KONG, May 23 (Reuters) - China has given approval for Qatar's sovereign wealth fund to acquire a stake of 10% in its second-largest mutual fund company, the first such investment in the sector by a major Middle East investor at a time of rising tension with the West. China's securities watchdog approved the Qatar Investment Authority (QIA) to become a stakeholder in China Asset Management Co (ChinaAMC), an official filing by the China Securities Regulatory Commission showed on Thursday. The price of the stake was not disclosed. Earlier filings by ChinaAMC's largest shareholder showed the 10% ownership would not be priced at less than $490 million. In April last year Reuters first reported the sovereign fund had agreed to invest in the Chinese fund house. QIA will become the third-biggest shareholder in ChinaAMC, which has assets of more than 1.8 trillion yuan ($249.98 billion)，and provides mutual funds and exchange traded funds to retail and institutional investors. The deal was approved amid a flurry of activity between China and Gulf countries aiming to deepen political, economic and financial ties. ($1 = 7.2005 Chinese yuan renminbi)
