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Saudi Banks Reaffirm Overcoming Coronavirus Repercussions

Saudi banks reaffirmed that the Kingdom’s banking sector had successfully overcome the bottleneck recession caused by the coronavirus pandemic which had hit world economies. A major Saudi bank credited the recovery to prudent measures adopted by the Kingdom coupled with qualitative financia


Dubai to Drop Banknotes in Payments

Dubai’s government is seeking to drop banknotes by shifting all payment transactions to secure and easy-to-use cashless platforms. Dubai said it has formed the “Cashless Dubai Working Group,” which brings together Smart Dubai, Dubai’s Department of Finance (DOF), the Supre


Lebanon May Lower Obligatory Reserves Threshold, Says Source

Lebanon’s central bank is studying lowering the threshold for obligatory foreign exchange reserves in order to continue subsiding key imports next year, as critically low reserves dwindle, an official source familiar with the matter said on Wednesday. Central Bank Governor Riad Salameh met


Iraq seeks $2bn in upfront payment for crude to face financial crisis

Iraq asked oil importers to pay $2 billion upfront payments for crude supplies as part of long-term contracts, as a result of its suffocating financial crisis. Bloomberg reported that Iraq is undergoing a severe financial crisis following the fall in global oil prices, adding that authoritie


Bitcoin Close to All-Time High After Topping $19,000

Bitcoin homed in on its all-time high on Tuesday after hitting $19,000 for the first time in nearly three years. The world's most popular cryptocurrency was last up 3% at $18,918, near its all-time record of $19,666. Bitcoin has gained almost 40% in November alone and is up around 160% this year.


Gold falls as investors remain optimistic for a vaccine

Gold slumped on Tuesday due to AstraZeneca's announcement of a coronavirus vaccine and US federal agency White House approval. Spot gold fell 0.5% to $1,825.99 per ounce by 05:45 GMT, having earlier slid to its lowest since July 21 at $1,820.45. It slumped as much as 2.2% on Monday. US gold futur


Oil jumps to its highest since March

Oil gained on Tuesday to $47 a barrel as a third company announced its coronavirus vaccine, its biggest gain since March. Brent crude rose 31 cents, or 0.7%, to $46.37 a barrel by 0914 GMT and hit a session high of $46.72, its highest since March 6. US West Texas Intermediate crude gained 32 cent


World Bank: Less than 15% of Iraq women work

Women's participation in the workforce in Iraq is less than 15 per cent, the World Bank has said. In a report, the global monetary body said less than 15 per cent of women work in Iraq and Jordan while only 26 per cent work in Lebanon. Jordan and Iraq have some of the lowest female employment rat


Official: Unemployment rate reaches 82% in Gaza Strip

The economic repercussions of the coronavirus has led to an increase in the unemployment rate in the besieged Gaza Strip by 17 per cent, with 82 per cent of the population now out of work, the head of the Palestinian General Federation of Trade Unions in Gaza Strip, Sami Al-Amsi, said yesterday.


Dubai Expects Economic Boost from UAE Golden Visa Extension

Dubai said the economic growth rate could increase by up to 1% because of plans by the United Arab Emirates to extend to more categories a “golden” visa system which grants 10-year residency in the Gulf state. Foreigners in the UAE usually have renewable visas valid for only a few yea


UAE: New Oil Discovery Estimated at 22 Billion Barrels

The Supreme Petroleum Council (SPC) announced on Sunday the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in the Emirate of Abu Dhabi. The announcem


Algerian Energy Minister: Gas Exports to Drop by 4.7%

Algeria’s gas exports this year are expected to drop by 4.7%, energy minister Abdelmadjid Attar, hit by reduced demand from Europe and competition from cheaper US supplies. The North African country, which derives 95% of its foreign revenue from oil and gas sales, is expected to export 41 b


Western Union buys 15% stake in Saudi Telecom's digital payment unit

Western Union, the world’s largest money transfer firm, has acquired a 15% stake in the digital payment unit of Saudi Arabia’s STC Group for $200 million. The acquisition of stc pay, which values the company at 5 billion riyals ($1.3 billion), will finance its capital and support long


Blackstone seeks $5 billion for second Asia buyout fund: Bloomberg News

Blackstone Group Inc is seeking to raise at least $5 billion for its second private equity fund focused on Asia, Bloomberg News reported on Sunday, citing people familiar with the matter. With this new vehicle, Blackstone plans to more than double the size of its first Asia buyout fund, Bloomberg


World Bank Urges G20 to Address Debt Problems Promptly

World Bank President David Malpass on Saturday warned G20 leaders that failing to provide more permanent debt relief to some countries now could lead to increase poverty and a repeat of the disorderly defaults seen in the 1980s. Malpass said he was pleased by progress on debt transparency and deb


Markets absorb increase in Libya oil production

S&P Global Platts quoted traders in the oil market stating that the global market has absorbed the growing and sudden surge of Libyan oil production, contrary to the expectations of energy agencies and experts. A trader in the oil market confirmed during a recently held conference that t


Stocks edge up but gains limited by increasing Covid-19 cases

World stocks edged higher on Friday as hopes of an economic recovery helped offset the blow dealt by news that the US Treasury was ending emergency loan programmes. But gains were modest as flare-ups in virus cases around the world continued to dampen the sentiment. California announced fresh cu


Gold falls for a second week

Gold prices slump on Friday, its second week falling due to the announcement of COVID-19 vaccine and US Treasury working on ending emergency loan programs. Spot gold dipped 0.1% to $1,866.28 per ounce by 0611 GMT and was down 1.1% for the week. US gold futures were up 0.3% at $1,867.90. In a let




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