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Friday, 22 December 2017

‘Kuwait weakest among Gulf countries in terms of economic performance’ | ZAWYA MENA Edition

‘Kuwait weakest among Gulf countries in terms of economic performance’ | ZAWYA MENA Edition:

"Economic expert Jassem Al-Sa’adoun indicated that Kuwait is the weakest among the Gulf countries in terms of economic performance due to lack of public management of its affairs, reports Al-Qabas daily.

He explained that the rate of growth of Kuwait deteriorated the most from the 2008 crisis. Prior to the crisis, the growth rate was 6.4 percent but it fell by 1.4 percent after the crisis. Al-Sa’adoun said this during a symposium titled “Sustainable Investment” organized by Rasameel Structured Finance Company. He revealed that every developmental plan adopted by Kuwait has been a failure along with its failure to confront corruption and eliminate monopoly and difficulty to practice business.

 
Al-Sa’adoun explained that Kuwait lacks political stability, evident from the fact that the seventh government was recently formed within the last six years. The government has been the same except for the technocrat ministers. He stressed that Kuwait is the most sensitive to any geopolitical changes that could occur, highlighting a report issued by the International Monetary Fund (IMF) as per which the expected growth of the Kuwaiti economy in 2017 will range from 0.2 percent to 2.1 percent due to the Gulf crisis even though Kuwait is not one among the parties involved in the crisis."



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Exclusive: London-listed NMC in talks to run struggling Saudi hospital - sources

Exclusive: London-listed NMC in talks to run struggling Saudi hospital - sources:

"London-listed NMC Healthcare is in talks with the Riyadh government to take over the running of a struggling Saudi hospital, according to four sources familiar with the matter.

A deal for the Saad Specialist Hospital in Khobar, one of the top cancer treatment facilities in the Gulf, would be a rare instance of a foreign group operating a Saudi hospital.

It would be a test of Riyadh’s plan to bring overseas investors into the healthcare sector under a reform drive, led by Crown Prince Mohammed bin Salman, aimed at restructuring the kingdom’s economy and reducing its dependence on oil revenue."



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Russia backs gradual, managed exit from oil cuts with OPEC

Russia backs gradual, managed exit from oil cuts with OPEC:

"OPEC and Russia will exit from oil production cuts very smoothly, possibly extending the curbs in some form so as not to create any new surplus in the market, the Russian energy minister told Reuters.

Alexander Novak also said in comments cleared for publication on Friday that he saw no direct connection between the oil cuts and Saudi Arabia’s plan to list Aramco, the world’s top oil producer.

“Everyone in the market is interested in achieving balance,”Novak said in response to a question on whether Saudi Arabia could abruptly exit the cuts as soon as it lists Aramco sometime in 2018. The share sale promises to be the world’s biggest. "



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Oil Set for First Weekly Gain Since November as Stockpiles Drop - Bloomberg

Oil Set for First Weekly Gain Since November as Stockpiles Drop - Bloomberg:

"Oil headed for the first weekly advance in a month as U.S. crude stockpiles fell to the lowest level in more than two years and the pace of production gains slowed. 




Front-month futures slid 0.5 percent in New York, trimming the weekly gain to 1.4 percent. Crude supplies slid last week to 436.5 million, the lowest level since October 2015, according to U.S. government data Wednesday. Output expanded at the smallest rate since starting a nine-week gain in mid-October. The North Sea’s Forties Pipeline System is set to return to normal flows early next year, according to a statement from operator Ineos Group."



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