Trade between Saudi Arabia and Qatar to resume on February 14 | ZAWYA MENA Edition
Trade of goods between Saudi Arabia and Qatar will resume through the Abu Samra border crossing on Feb. 14, Qatar’s General Authority of Customs has announced.
In addition to normal trade regulations and controls on goods passing between Salwa Port in Saudi Arabia and Abu Samra port in Qatar, Qatari authorities said precautionary measures will be in place to prevent the spread of COVID-19, Al Arabiya news channel reported.
Truck drivers arriving at the port must have a certificate, recognized by the Saudi Health Ministry, showing a negative COVID-19 test result within the past 72 hours, otherwise they will not be allowed to enter Qatar. Samples of the goods being transported will be examined to check for restricted or dangerous items.
Saudi Customs resumed operations at the Salwa border crossing with Qatar on Jan. 9, following the breakthrough AlUla agreement last month, under which the Kingdom, the UAE, Bahrain and Egypt restored relations with Doha following a three-year diplomatic dispute.
Saturday 13 February 2021
#UAE’s sovereign fund buffers can support fiscal deficits for decades | Business – Gulf News
UAE’s sovereign fund buffers can support fiscal deficits for decades | Business – Gulf News
Lower oil prices triggered by the pandemic have seen significant drawdowns from the GCC sovereign wealth funds resulting in erosion in these buffers, according to rating agency Moody’s.
The impact of the coronavirus pandemic on oil demand and prices has significantly increased gross funding requirements for sovereigns across the GCC, which is being partly funded by drawing down sovereign wealth fund (SWF) assets.
“We expect oil prices to remain below their pre-coronavirus path, due to long-lasting reductions in oil demand in sectors like aviation. Markedly lower hydrocarbon revenues will translate into persistently higher budget deficits – despite some adjustments to expenditure and non-oil revenue measures – leading to higher financing requirements,” said Thaddeus Best, Analyst Sovereign Risk Group at Moody’s.
UAE, Qatar in strong position
According to Moody’s, the stock of SWF assets in Qatar and Abu Dhabi (UAE) remains more than ample to cover decades of fiscal deficits at current levels. However, for Oman and Saudi Arabia, which possess a more modest stock of SWF assets, significant drawdowns will lead to substantial erosion of their SWF buffers over the medium term, reducing the uplift to fiscal strength derived from these assets, and increasing external vulnerability risks in Oman.
Lower oil prices triggered by the pandemic have seen significant drawdowns from the GCC sovereign wealth funds resulting in erosion in these buffers, according to rating agency Moody’s.
The impact of the coronavirus pandemic on oil demand and prices has significantly increased gross funding requirements for sovereigns across the GCC, which is being partly funded by drawing down sovereign wealth fund (SWF) assets.
“We expect oil prices to remain below their pre-coronavirus path, due to long-lasting reductions in oil demand in sectors like aviation. Markedly lower hydrocarbon revenues will translate into persistently higher budget deficits – despite some adjustments to expenditure and non-oil revenue measures – leading to higher financing requirements,” said Thaddeus Best, Analyst Sovereign Risk Group at Moody’s.
UAE, Qatar in strong position
According to Moody’s, the stock of SWF assets in Qatar and Abu Dhabi (UAE) remains more than ample to cover decades of fiscal deficits at current levels. However, for Oman and Saudi Arabia, which possess a more modest stock of SWF assets, significant drawdowns will lead to substantial erosion of their SWF buffers over the medium term, reducing the uplift to fiscal strength derived from these assets, and increasing external vulnerability risks in Oman.
Many #UAE retailers 'pushed to the brink and beyond' as virus continues to bite - Arabianbusiness
Many UAE retailers 'pushed to the brink and beyond' as virus continues to bite - Arabianbusiness
Many retailers in the UAE have been pushed "to the brink and beyond" by the impact of the coronavirus pandemic, according to consultants.
In new research, Knight Frank said the UAE's retail sector was already under "considerable pressure" prior to the pandemic.
In the UAE, annual resident-based retail spending is forecast to have declined by AED8.2 billion. Around 47 percent of this decline is expected to be attributable to Dubai, where resident-based retail spending is expected to decrease by 4.7 percent.
In Abu Dhabi, resident-based retail spend is expected to decline by AED2.3 billion, equating to a decline of around 4 percent.
Knight Frank said that while resident-based spending is important to the market, for certain markets, particularly Dubai, tourism spending accounts for a significant portion of total demand.
Many retailers in the UAE have been pushed "to the brink and beyond" by the impact of the coronavirus pandemic, according to consultants.
In new research, Knight Frank said the UAE's retail sector was already under "considerable pressure" prior to the pandemic.
In the UAE, annual resident-based retail spending is forecast to have declined by AED8.2 billion. Around 47 percent of this decline is expected to be attributable to Dubai, where resident-based retail spending is expected to decrease by 4.7 percent.
In Abu Dhabi, resident-based retail spend is expected to decline by AED2.3 billion, equating to a decline of around 4 percent.
Knight Frank said that while resident-based spending is important to the market, for certain markets, particularly Dubai, tourism spending accounts for a significant portion of total demand.