gcc countries

Some Egyptian Banks Halt Dealings With Qatari Banks After Rupture

By Asma Alsharif CAIRO, June 5 – Some Egyptian banks halted dealings with Qatari banks on Monday, four Cairo-based bankers said, responding to Cairo’s announcement that it had cut ties with Qatar, accusing it of supporting terrorism. Egypt’s action, announced in the early hours of Monday, was coordinated with similar moves by Saudi Arabia, the

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Oil Prices Gain as Saudi Arabia Cuts Ties with Qatar

By Stephen Eisenhammer LONDON, June 5 (Reuters) – Oil rose on Monday after top crude exporter Saudi Arabia and other Arab states cut ties with Qatar, driving up prices on concerns over increased tension in the Middle East. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top liquefied natural gas

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South Africa’s Zuma Denies Owning “Palace” in Dubai

JOHANNESBURG, June 4 – South African President Jacob Zuma has denied owning a “palace” in the United Arab Emirates, his office said on Sunday, after local media reported that an influential family bought him a home in the wealthy Gulf state. Graft accusations in more than 100,000 leaked documents and e-mails last week heaped more

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The Borrowing Spree

Arab Gulf oil exporters to issue more debt in 2017 By Martin Dokoupil  Arab Gulf oil exporters are likely to continue borrowing heavily from international markets over the coming years as fiscal gaps in most countries are expected to remain large with a marked recovery in oil prices not on the cards for the foreseeable future. But

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Economic Reforms Weigh on Kuwait’s Parliamentary Election

By Ahmed Hagagy KUWAIT, Nov 24 – Kuwaitis vote on Saturday for a new parliament the government hopes will help push through reforms to a lavish welfare state to curb a budget deficit caused by weak oil prices. Nearly 300 candidates are vying for 50 seats in an assembly that has legislative powers but which

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MENA’s Private Education Sector: A Burgeoning Market

By Mansoor Ahmed “Probably the greatest social challenge for all of us is our youth – because they are our future. Without appropriate education and guidance, they will be lost souls, easily manipulated, and prone to being turned into a destructive element in society,” Abdul Latif Al Zayani, the secretary general of the Gulf Cooperation

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Gulf Tourism Frenzy in Bosnia Delights Business, Polarises Locals

By Daria Sito-Sucic SARAJEVO, Aug 21 – Abdulah Al Sanousi enjoys the breeze in the lush resort outside Sarajevo where his family bought a flat to escape the summer heat at home in Kuwait, one of thousands of new Gulf buyers whose investment has polarized local opinion. They discovered mountainous Bosnia, where half the population

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Abu Dhabi Lays Off Staff as Gulf Austerity Tightens

By Stanley Carvalho ABU DHABI, May 22 – Thousands of layoffs at state-linked companies in Abu Dhabi are a fresh sign the Gulf’s wealthy oil states are hunkering down for a long period of austerity as low crude prices pressure their economies. Since mid-2015, the United Arab Emirates (UAE), Saudi Arabia, Qatar and other countries

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Saudi King Sets Aside Frustrations with Egypt for State Visit

By Angus McDowall and Lin Noueihed RIYADH/CAIRO, April 5 – Despite years of mutual frustration and disappointment over diverging priorities, Saudi Arabia and Egypt remain fundamental to each other’s security, a message King Salman’s visit to Cairo this week is intended to reinforce. The rare foreign trip by the 80-year-old Saudi ruler will counter media

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Saudi Arabia’s Bitter Lebanese Divorce

By Dominic Evans and Angus McDowall BEIRUT/RIYADH, April 5 – The waspish cartoon in a Saudi-owned newspaper summed up the anger behind Riyadh’s decision to cancel billions of dollars in military aid and suspend decades of engagement in Lebanon’s fraught politics. “The State of Lebanon: April Fool”, it read. Published on the same day that

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