3 years of ‘isolation’: Qatar denies rumors it plans to exit Gulf bloc — RT Newsline:
Qatar has denied that it plans to quit the Gulf Cooperation Council (GCC), as Doha prepares to mark three years of isolation led by the regional bloc’s heavyweight Saudi Arabia. The gas-rich state cautioned, however, that the effort to isolate Doha economically and politically meant people in the region were “doubting” the GCC.
Rumors of Qatar’s imminent departure from the GCC, founded in 1981 and headquartered in Riyadh, have been swirling in Gulf capitals in recent weeks. Qatar’s Assistant Foreign Minister Lolwah Al-Khater told AFP that “reports claiming that Qatar is considering leaving the GCC are wholly incorrect and baseless.”
“As we are reaching the third year of the illegal blockade on Qatar by Saudi, the United Arab Emirates and Bahrain, there is no wonder why the people of the GCC are doubting and questioning the GCC as an institution,” the official said.
Saudi Arabia, the UAE and Bahrain, along with non-GCC member Egypt, abruptly cut diplomatic, economic and travel ties with Doha in June 2017 over their insistence that Qatar was too close to Iran and was backing radical Islamist movements. Qatar rejected the charge and refused to budge on any of the 13 demands made by its former allies.
Saturday, 30 May 2020
#SaudiArabia Moved $40 Billion in Reserves to Sovereign Fund - Bloomberg
Saudi Arabia Moved $40 Billion in Reserves to Sovereign Fund - Bloomberg:
Saudi Arabia transferred 150 billion riyals ($40 billion) from its central bank to its sovereign wealth fund as it went on an investment spree seeking to take advantage of recent market turmoil.
The transfers from the kingdom’s foreign-currency reserves to its Public Investment Fund were made in March and April on an “exceptional” basis, and will “strengthen the investment capacity of the fund,” Finance Minister Mohammed Al-Jadaan said in a statement published by the official Saudi Press Agency on Friday.
The move comes as the world’s largest crude exporter faces exceptional fiscal pressure from a crash in global oil markets. Al-Jadaan said the central bank transfer contributed to a historic drop in Saudi Arabia’s net foreign assets, which fell at the fastest rate in two decades in March, and will also have an impact on April’s central bank data, expected to be released on Sunday.
“This procedure was taken after comprehensive study and taking into consideration the sufficient level for foreign-currency reserves,” Al-Jadaan said. The PIF has an “important role in diversifying and strengthening economic growth,” he said, noting that the fund’s investment returns “will be available to support public finances if needed.”
Saudi Arabia transferred 150 billion riyals ($40 billion) from its central bank to its sovereign wealth fund as it went on an investment spree seeking to take advantage of recent market turmoil.
The transfers from the kingdom’s foreign-currency reserves to its Public Investment Fund were made in March and April on an “exceptional” basis, and will “strengthen the investment capacity of the fund,” Finance Minister Mohammed Al-Jadaan said in a statement published by the official Saudi Press Agency on Friday.
The move comes as the world’s largest crude exporter faces exceptional fiscal pressure from a crash in global oil markets. Al-Jadaan said the central bank transfer contributed to a historic drop in Saudi Arabia’s net foreign assets, which fell at the fastest rate in two decades in March, and will also have an impact on April’s central bank data, expected to be released on Sunday.
“This procedure was taken after comprehensive study and taking into consideration the sufficient level for foreign-currency reserves,” Al-Jadaan said. The PIF has an “important role in diversifying and strengthening economic growth,” he said, noting that the fund’s investment returns “will be available to support public finances if needed.”
#AbuDhabi, Bahrain, Gulf News: S&P Economic Forecasts - Bloomberg
Abu Dhabi, Bahrain, Gulf News: S&P Economic Forecasts - Bloomberg:
Abu Dhabi’s economy will contract 7.5% this year, S&P Global Ratings said, citing lower oil production and the coronavirus pandemic.
“Abu Dhabi’s fiscal position is underpinned by hydrocarbon revenue and affected by oil-price movements, despite the government’s efforts to increase non-oil revenue,” the agency wrote in a report dated May 29.
The ratings company said Abu Dhabi’s economy may recover gradually from 2021, on the back of higher oil prices and improved domestic demand.
S&P expects the United Arab Emirates’ central bank to maintain the dirham’s peg to the U.S. dollar “backed by its foreign international reserves and the government’s large external assets.”
Abu Dhabi’s economy will contract 7.5% this year, S&P Global Ratings said, citing lower oil production and the coronavirus pandemic.
“Abu Dhabi’s fiscal position is underpinned by hydrocarbon revenue and affected by oil-price movements, despite the government’s efforts to increase non-oil revenue,” the agency wrote in a report dated May 29.
The ratings company said Abu Dhabi’s economy may recover gradually from 2021, on the back of higher oil prices and improved domestic demand.
S&P expects the United Arab Emirates’ central bank to maintain the dirham’s peg to the U.S. dollar “backed by its foreign international reserves and the government’s large external assets.”
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