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Arab News
a day ago
- Business
- Arab News
Jordan's foreign exchange reserves hold steady at $22.76bn in May
RIYADH: Jordan's foreign exchange reserves remained largely unchanged in May, standing at $22.76 billion, as per new data released by the Central Bank of Jordan. The slight month-on-month dip — about 0.2 percent from April — reflects broad stability in the Kingdom's external buffers. Jordan's foreign exchange figures are broadly in line with trends observed across other Middle East and North African countries. The Qatar Central Bank recorded a 3.6 percent increase in its foreign currency reserves and liquidity, reaching 258.135 billion Qatari riyals ($70.9 billion) in May, up from 249.165 billion riyals in May 2024. Egypt's foreign exchange reserves rose to $48.525 billion by the end of May, compared to $48.144 billion in April, marking an increase of $381 million. 'The Central Bank of Jordan stated in a statement today that its total foreign reserves are sufficient to cover the country's imports of goods and services for approximately nine months,' the Qatar News Agency reported. The central bank also reported that gold holdings at the end of May were valued at $7.76 billion, totaling 2.345 million ounces, underscoring the role of bullion in Jordan's reserve composition. 'It added that the presence of comfortable levels of foreign reserves enhances the ability to influence exchange rates, provides a stable economic environment, and enhances the confidence of foreign creditors and investors,' the QNA report stated, citing the Jordan Central Bank. In May, Jordan's long-term foreign-currency issuer default rating was affirmed at 'BB-' with a stable outlook by Fitch Ratings, citing the country's macroeconomic stability and progress on fiscal and economic reforms. The US-based credit rating agency noted that the rating and stable outlook also reflect Jordan's resilient financing sources — including a liquid banking sector, a robust public pension fund, and sustained international support. Despite the stable outlook, Jordan's credit rating remains below that of several other countries in the region. In February, Fitch affirmed Saudi Arabia's IDR at 'A+' with a stable outlook, while the UAE was rated 'AA-.' Fitch said the ratings are constrained by high government debt, moderate growth, risks from domestic and regional politics, as well as current account deficits and net external debt levels that exceed those of rating peers. A 'BB' rating indicates elevated vulnerability to default risk, particularly in the event of adverse shifts in business or economic conditions. However, it also suggests some degree of financial or operational flexibility in meeting commitments. Fitch also noted that Jordan's government remains committed to advancing its three-pillar reform agenda — spanning economic, public administration, and political sectors — despite external pressures. The agency added that the pace of reforms will continue to be shaped by the need to preserve social stability, resistance from vested interests, and institutional capacity limitations.
Qatar Tribune
29-05-2025
- Politics
- Qatar Tribune
Syrian minister praises Qatar's involvement in developmental efforts in his country
DAMASCUS: Minister of Local Administration and Environment of the Syrian Arab Republic HE Mohammad Anjarani has said that the ministry is currently implementing a comprehensive reform plan aimed at restructuring administrative work and activating community and sectoral partnerships within a broad national vision to respond to accumulated challenges, while keeping pace with increasing regional and international openness toward Syria. In an exclusive interview with Qatar News Agency (QNA), the Minister emphasized that Qatar's role in supporting the Syrian people extends over many years of humanitarian and development work. He praised Qatar's involvement in developmental efforts in Syria during this phase and confirmed that coordination between the two sides has reached advanced stages. Minister Anjarani expressed aspirations to benefit from Qatar's advanced expertise in local administration and environment fields, particularly concerning the provision of local services, waste management, and urban planning. He pointed out that the Ministry's situation upon assuming office was extremely difficult, as institutions were exhausted after years of war and suffering from significant administrative stagnation and weak clarity regarding tasks and authorities, noting that this negatively impacted the quality of services provided to citizens. He stressed the necessity of restructuring the Ministry in a technical and professional manner, leveraging successful experiences from countries in the region to enable it to provide services that meet people's aspirations and consider their realities. He underscored that the Ministry does not promise quick solutions but commits to transparency and diligent work. This transparency is practically reflected by keeping the local community informed about the details of local administration work and encouraging their active participation in decision-making and project implementation, he added. Efforts are underway to enhance the principle of partnership between the society and local councils, he said, stressing that local administration should not be positioned above the people but should represent their aspirations. Regarding strategic goals, the Minister explained that the Ministry follows a dual approach combining long-term strategic paths with phased paths addressing urgent needs, especially in affected areas. He noted the biggest challenge upon taking office was the absence of an accurate database detailing the needs of these areas, including damaged homes, infrastructure, transportation, and public services. In this regard, he said that preparation of a comprehensive emergency database has begun, with approximately 90% completion achieved, which will enable the launch of effective interventions starting in June. These interventions will be supported by humanitarian organizations, government entities, and investment bodies, especially considering recent political changes and the lifting of some sanctions that had previously hindered the work of the Ministry and international institutions, he added. He emphasized the Ministry's special focus on activating local councils and supporting civil society, explaining that the philosophy of local administration fundamentally relies on the society, which must be a genuine partner in development. He highlighted that local councils will be able to provide direct services to the society, noting that this requires intensive training of personnel to ensure that these elected bodies operate professionally and efficiently. Regarding the Ministry's restructuring, he clarified that the process was based on scientific principles, relying on modern studies and administrative approaches. He noted that the Ministry completed this task over the past 50 days and that the final vision and new organizational structure would be announced within one or two days. Implementation is expected to begin in early June, marking a new phase in the Ministry's work, he said. He pointed out that the changes are not limited to administrative structures but also include simplifying procedures and automating services, stressing the need to change the prevailing perception of local administration as a complex bureaucratic entity. The Minister said that the Ministry aims to simplify procedures, reduce costs, facilitate access to services, and move toward full automation of its government transactions, considering this part of Syria's broader digital governance strategy. On the issue of performance efficiency in administrative units, he noted that these units face significant pressure as they have been burdened with responsibilities beyond their capacity without being provided with necessary tools and systems, pointing out that he Ministry is determined to empower these units by granting them necessary authorities and updating the governing systems to enable them to enter the path of actual local development instead of remaining trapped in crises. About partnerships with the private sector, the Minister told QNA that such partnerships are not new and have practical applications, based on a balanced principle that preserves the independence of the public sector while accelerating development, emphasizing the need to expand these partnerships across various sectors of local administration, including transactions, investment, urban planning, and even in preparing regional organizational plans. He stressed that public entities will not be captive to the private sector, nor vice versa, considering these balances essential to achieving rapid and sustainable development. The Syrian Minister also said that the Ministry operates on the principle of full transparency, emphasizing that work is not conducted behind closed doors, nor are surprising promises made. Instead, he said, the Ministry commits to speed in performance and professionalism in its work, and efforts to attract qualified cadres have begun and are ongoing. Concluding his interview with QNA, the Minister of Local Administration and Environment of the Syrian Arab Republic said that the Ministry is entering a new phase characterized by transformation, efficiency, and openness, benefiting from international developments and increased support from regional partners, foremost among them the State of Qatar, in order to implement projects that enhance local stability and restore hope to affected areas. He promised that the coming months will bring tangible results on the ground in several fields.
Qatar Tribune
25-05-2025
- Business
- Qatar Tribune
Lebanese tourism minister hails Qatar's support
BEIRUT: Lebanon's Minister of Tourism HE Laura Lahoud has hailed the State of Qatar's continuous support for her country and lauded the deep-rooted Lebanese-Qatari relations. In a statement to Qatar News Agency (QNA), she emphasized that one of the Lebanese government's top priorities is the return of Arab tourists to Lebanon and its commitment to strengthening strong relations with Arab and GCC states. She noted the special ties between the Lebanese Republic and the State of Qatar and called on Qatari citizens to visit Lebanon. The minister said that the Lebanese government is taking all necessary steps to restore confidence in Lebanon, both domestically and internationally, under a new presidential term and a new government focused on strengthening the rule of law and constitutional institutions. She also affirmed Lebanon's decision to strengthen and extend the state's authority and that of the Lebanese army over the entire Lebanese territory, in order to maintain security and ensure the safety of citizens, residents, and tourists. Lahoud pointed out that her country's government is undertaking significant reform measures to regain trust after the successive crises the country has endured. It has also launched numerous initiatives to promote tourism, most notably enhancing airport security measures and monitoring prices to attract visitors, she added. She explained that the Ministry of Tourism's plan emphasizes the importance of year-round tourism in Lebanonâ€'not just during the summer seasonâ€'through collaboration with the private sector, especially given Lebanon's rich tourism assets, including natural beauty, as well as medical, cultural, and eco-tourism. Lebanon is preparing to host a series of cultural and artistic festivals and events during the upcoming summer season, which will enhance the country's appeal as a preferred tourist destination and encourage more visitors to come, she added. The Lebanese Minister of Tourism expressed her optimism for a promising summer season in Lebanon, with expectations of a significant increase in the number of Arab and international tourists eager to experience the country's diverse tourism offerings.
Qatar Tribune
21-05-2025
- Entertainment
- Qatar Tribune
Qatar presents QNV 2030's cultural pillar in Arab League meeting
CAIRO: The Ministry of Culture has participated in an Arab League meeting to follow up on the implementation of the cultural goals of the 2030 Sustainable Development Goals. The gathering was held at the Arab League's General Secretariat in Cairo, coinciding with the celebrations of the World Day for Cultural Diversity for Dialogue and Development (May 21 annually). Culture and Arts Director Abdulrahman Abdullah Al Dulaimi, who represented Qatar in the meeting, told Qatar News Agency the agenda included a discussion of the cultural dimension of the Qatar National Vision 2030 (QNV 2030) - an aspect aiming to establish cultural projects that cement Qatar as a regional and international cultural contributor. These projects include the Katara Cultural Village Foundation and other initiatives that boost creative cultural industry. He added that the discussion of Qatar's vision was part of a review of Arab countries' cultural experiences and strategies within the framework of each country's national vision. The meeting provided an opportunity to exchange experiences and benefit from them in this field, stressing that monitoring the implementation of the 2030 Sustainable Development Plan's goals in the field of culture is a crucial matter within this Arab context.
Qatar Tribune
15-05-2025
- Business
- Qatar Tribune
US President's visit to Doha to boost bilateral ties: Experts
QNA Doha US President Donald Trump's visit to Doha will further reinforce Qatar and the United States of America's multifaceted partnership and solid ties. Economic experts and analysts have described the visit as a pivotal moment in the trajectory of Qatar-US relations, calling it a historic event that confirms the strength of the partnership and propels it toward broader horizons across all sectors. Speaking to Qatar News Agency (QNA), the experts and analysts noted that the visit comes at a time when Qatar-US relations are witnessing notable expansion in energy, aviation, infrastructure, security, and defense, as well as emerging areas such as the green economy, digital transformation, and renewable energy. According toNational Planning Council's figures, the trade volume between Qatar and the US reached about QR 20 billion in 2024, with Qatari exports to the US amounting to about QR 5.2 billion, while imports totalled QR 14.8 billion. The experts and analysts said that both countries' economic relationships are underpinned by trade agreements and mutual investments across various sectors, with the pace of commercial relations in both directions accelerating significantly since the signing of the Trade and Investment Framework Agreement (TIFA) in 2004, rendering Doha a trusted trading partner to the US. In this context, economic expert and director of the Center for Community Service and Continuing Education at Qatar University, Dr Rajab Al Esmail, said that the US President's visit to Qatar enhances the strategic partnership and opens new horizons for economic cooperation and joint investments within the framework of the long-standing bilateral relationship. He added that the visit represents a strategic event that underscores the importance of deepening cooperation between the two countries, particularly in economic and investment fields. The United States is among the top foreign investors in Qatar, as American investments play a central role in the country's development, through more than 800 US companies operating in the Qatari market, including more than 120 wholly US-owned firms, according to the latest official data, he added. Al Esmail noted that the US President's visit comes amid rapid growth in Qatar-US relations and that Qatari investments in the US are a key component of bilateral ties, exceeding in recent years tens of billions of dollars across sectors such as technology, energy, real estate, and financial services. He added that the visit would be an opportunity to enhance cooperation in the green economy, digital transformation, and renewable energy, and to explore mutual investment opportunities in infrastructure and major development projects in line with the Qatar National Vision 2030. He highlighted the commitment to broadening economic cooperation through promoting public-private partnerships, facilitating capital flow, and encouraging the exchange of expertise and technology, adding that a number of agreements and memorandums of understanding (MoUs) are expected to be signed, creating new opportunities for investors on both sides. Al Esmail concluded his remarks to QNA by affirming that the US President's visit reflects the depth of strategic relations between Doha and Washington and represents a significant boost to expanding the bilateral economic partnership. For his part, businessman Ali Al Khalaf told QNA that Qatar-US economic ties go back decades, starting with investments in the oil sector and later expanding to gas industries, followed by fields such as technology, energy, aviation, and artificial intelligence. He hoped that the visit would encourage further investments and stimulate the bilateral trade flow, noting that commercial and investment cooperation would undoubtedly flourish, once existing bilateral agreements are revitalized and investors are directed to both countries' promising investment opportunities. In turn, economic analyst Tamer Hassan said that President Trump's visit stems from Doha's pivotal role as an active diplomatic mediator that contributed practically to resolving numerous regional and international conflicts. He stressed that the strong and long-standing US-Qatar friendship has proven very beneficial to both nations at various historical points, thanks to what this friendship has achieved and continues to give to the two friendly peoples in terms of gains and serving their interests, be it the immense benefits reaped from their economic partnership, joint investments, and cooperation in the field of energy, among other, or be it its role in ensuring regional security and stability, or in promoting peace and prosperity globally. Hassan pointed out that Qatar is a major non-NATO ally of the United States, a designation that is the natural result of both countries' strong ties, strategic partnership, and joint remarkable achievements in upholding stability and ensuring mutual security. The last example of which is Qatar's large role in leading evacuation efforts from Afghanistan, in addition to its successful mediation role in several regional and global issues, he added. Hassan predicted that the visit would include the signing of agreements and MoUs in various sectors, including in energy, aviation, and technology, noting the growing cooperation across all areas experienced by both countries' ties, particularly in defense, security, trade, and investment. Moreover, he underscored both Doha and Washington's will to advance their relations to new heights that meet both peoples' aspirations for greater prosperity, security, and peace.
