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1 week ago
Fitch Ratings has reaffirmed Kuwait’s Long-Term Foreign-Currency Issuer Default Rating at AA-, with a stable outlook due to the country’s strong fiscal position and external financial consistency. The US-based agency said Kuwait’s external balance sheet remains the strongest of all Fitch-rated sovereigns, with the nation’s net foreign assets projected to rise to 601 percent of the gross domestic product this year from an estimated 582 percent in 2024. According to Fitch, an AA- ranking indicates expectations of very low credit risk and a strong capacity for payment of financial commitments. Kuwait’s strong rating aligns with the broader trend in the Middle East region, where countries steadily diversify their economies by reducing their dependence on crude revenues. In February, Fitch Ratings affirmed Saudi Arabia’s IDR at A+ with a stable outlook, while the UAE was rated AA-. The Kingdom’s A+ ranking indicates Saudi Arabia’s strong capacity to pay financial commitments while signifying low default risk. “The recently-appointed government has initiated reforms aimed at reducing reliance on oil revenue, improving government efficiency, and rationalizing spending, capping it at 24.5 billion dinars ($79.53 billion), accounting for about 51 percent of GDP,” said Fitch Ratings. The report further said that the Kuwaiti government’s introduction […]
1 week ago
A new report says Bahrain’s real estate market is benefiting from demographic growth, improved affordability, and supportive government initiatives. The sector, like the country’s economy, remains resilient despite macroeconomic and geopolitical challenges in the region. The report, which analyses Bahrain’s property market for the fourth quarter of 2024, is prepared by Savills, the global real estate services provider. It sheds light on key trends, challenges, and emerging opportunities in the Kingdom’s real estate landscape. The introduction of long-term residency options, like the Golden Visa, has been instrumental in boosting investor confidence. This has led to an increase in sales activity, particularly in the residential market, as more expatriates opt to purchase properties rather than rent. Bahrain’s GDP growth was 2.1 per cent in 2024, largely driven by the non-oil sectors, particularly manufacturing and financial services, which together account for 37 per cent of the country’s GDP. With the focus on economic diversification, plans for new industrial zones and the development of a greenfield airport in the country are set to attract both local and international investment, providing a solid foundation for further economic and market growth. Hashim Kadhem, Head of Professional Services, Bahrain, Savills Middle East, commented: “The Bahraini property market continues to […]
1 week ago
President Trump on Friday announced the stoppage of all federal funding and foreign aid to the country of South Africa. The State Dept order went out on Thursday, and on Friday Trump took to Truth Social to blast the country’s “terrible” treatment of its farmers, which has included “confiscating their land and farms” and “much worse” (an apparent reference to the years-long trend of White farmers being killed). While Trump has been hinting at such actions for a while now, he’s declared a new asylum policy concerning South Africa and its embattled farmers: “To go a step further, any Farmer (with family!) from South Africa, seeking to flee that country for reasons of safety, will be invited into the United States of America with a rapid pathway to Citizenship.” He then clarified this initiative takes effect “immediately”. Thursday’s State Dept cable implements Executive Order 14204 immediately suspending aid disbursements to South Africa, though with reportedly some minimal exceptions – such as a global US-sponsored HIV/AIDS program which is very active in the country. “To effectively implement EO 14204, all bureaus, offices and missions shall pause all obligations and/or dispersion of aid or assistance to South Africa,” the cable which is signed by the secretary of […]
1 week ago
The European Union’s (EU) new emissions trading system, expected to take effect in 2027, is set to hike prices for home heating and transportation, research firm BloombergNEF says in a new report. The new EU Emissions Trading System for buildings, road transport, and small industry, dubbed ETS2, is scheduled to become fully operational in 2027. ETS2 will cover and address the carbon dioxide (CO2) emissions from fuel combustion in buildings, road transport, and additional sectors, mainly small industry not covered by the existing Emissions Trading System – EU ETS. “So far, emission reductions in those sectors have been insufficient to put the EU on a firm path towards its 2050 climate neutrality goal. The carbon price set by the ETS2 will provide a market incentive for investments in building renovations and low-emissions mobility,” the European Commission says. Although it will be a ‘cap and trade’ system like the existing EU ETS, the ETS2 will cover emissions upstream. This means that it will be fuel suppliers, rather than end consumers such as households or car users, that will be required to monitor and report their emissions. User may not pay directly, but fuel suppliers are likely to pass on the higher costs due to the carbon emissions trading. […]
2 weeks ago
Commerce Secretary Howard Lutnick revealed in an interview on Tuesday that President Donald Trump plans to announce a bitcoin strategic reserve later this week. Speaking to independent news outlet The Pavlovic Today, Lutnick stated that the President “definitely thinks there’s a bitcoin strategic reserve” and will unveil plans for it during the White House’s inaugural crypto summit on Friday. JUST IN: 🇺🇸 Commerce Secretary says President Trump will unveil a #Bitcoin reserve strategy at the White House Crypto Summit. pic.twitter.com/PiwIMznoag — Bitcoin Magazine (@BitcoinMagazine) March 5, 2025 Lutnick hinted that bitcoin would have a “unique status” compared to other cryptocurrencies under the reserve framework. “Bitcoin is one thing, and then the other currencies, the other crypto tokens, I think, will be treated differently—positively, but differently,” he remarked. The Commerce Secretary’s comments align with President Trump’s recent social media posts supporting the creation of a crypto reserve anchored by bitcoin. The President stated the reserve would “elevate this critical industry after years of corrupt attacks by the Biden Administration.” Lutnick’s preview of the announcement propelled bitcoin over $90,000 this week from under $85,000 on Monday. The overall crypto market surged back above $3 trillion ahead of the summit. Friday’s gathering will convene top bitcoin and crypto executives, investors, and […]
2 weeks ago
Because coal mines tend to emit large quantities of poisonous carbon monoxide, miners in the old days would carry a caged canary into the mine with them. The bird’s more delicate constitution would succumb to rising gas levels long before the miners and signal that human life might be in jeopardy. The bird’s death cued the miners to get out. Pakistan, as an early and enthusiastic participant in the BRI, is suffering as a consequence and may well be issuing a signal for other participants to leave this particular “mine.” Pakistan’s biggest problem centers on the power grid built for the country by the BRI, also known as “One Belt, One Road.” It was expensive from the start, and because China built considerably more generating capacity than Pakistan needs, the burden of debt Pakistan now faces is simply unsupportable. Tellingly, the problem is not just an unfortunate miscalculation of the sort that occurs frequently when nations invest. More ominously for all BRI participants, it is a feature of how Beijing’s scheme works. In the scheme, Beijing approaches a less developed nation and offers to build the kind of infrastructure that presumably will help that nation make economic gains. Beijing offers […]
2 weeks ago
The Ministry of Commerce released results of its latest analysis of the performance of auto dealers in Saudi Arabia. According to the ministry’s evaluation, Abdul Latif Jameel tops with over 27,000 customers on a waiting list while Al-Naghi took the longest waiting period for the delivery of the most requested vehicles, reaching 180 days. The ministry announced the results of evaluating 24 auto agencies, under the slogan “We evaluate and you decide”. The report showed that Al-Naghi was followed by Petromin in the waiting period with 150 days, and Al-Juffali with a waiting period of up to 120 days. The waiting period for the three agencies — Al-Jazirah Agencies, Al-Jabr, and National Supplies — reached 90 days while the waiting period at Abdul Latif Jameel reached 74 days, whereas the waiting period for the rest of the agencies reached two months. The ministry’s evaluation also revealed the number of customers waiting on the list of the most requested vehicles at all agencies. Abdul Latif Jameel came in first place, with 27,895 customers waiting, followed by Petromin with 3,000 customers, and the rest of the agencies recorded less than 100 customers on the waiting list. The monitoring included the following agencies: Sanabel Al-Hadithah, Abdul Latif […]
2 weeks ago
Fintech, or financial technology, refers to innovations transforming how we use financial services. Ever wondered how banking, payments, savings, and investments are now just a tap away? That’s Fintech in action. In Bahrain, the shift towards a cashless society has accelerated, with advancements in digital banking, blockchain, and cryptocurrency. At the core of this transformation is Bahrain FinTech Bay—the Middle East’s largest fintech hub and a key driver of the Kingdom’s digital economy. It supports scalable fintech initiatives and works closely with government bodies, financial institutions, universities, venture capitalists, and start-ups to advance industry knowledge and innovation. Gulf Insider spoke with Suzy Al Zeerah, COO of Bahrain FinTech Bay, to explore its role in shaping Bahrain’s fintech landscape, ongoing collaborations, and future initiatives. What strategies or initiatives is Bahrain FinTech Bay implementing to put the Kingdom on the global map as a leading fintech hub? Bahrain FinTech Bay has been proactively implementing several strategies to position itself as a leading global fintech hub. Being the ecosystem builder in Bahrain, our mandate is to support the wider fintech community and different stakeholders for the overall growth of the local fintech industry. First and foremost, the organisation actively collaborates with the Central Bank of Bahrain […]
2 weeks ago
A fugitive drug trafficker and his brother washed nearly half a million dinars from a dead drop drug trade in Bahrain, moving the money through bank accounts, digital wallets, and overseas money exchanges, prosecutors say. Using cryptocurrency, bank accounts, and overseas money transfers, he allegedly disguised the proceeds of drug sales. The 22 accused, including five Bahrainis, are set to appear in court on 10 March. A statement from an officer in the Anti-Narcotics Directorate linked the ringleader still at large — to an elaborate drug network. Working with his brother, he managed both the distribution of narcotics and the laundering of the profits through local accounts, remittances, and digital currency. Investigators say the sixth accused joined the scheme, recruiting more accomplices who provided bank accounts in exchange for payments. Also read: Bahrain: Drug Peddler Jailed For Five Years, Fined BD 3,000
2 weeks ago
The General Directorate of Anti-Corruption & Economic & Electronic Security has issued a warning about a surge in online fraud schemes targeting buyers of abayas during the Ramadan and Eid shopping season. Scammers are exploiting the festive shopping rush by luring customers with fake discounts and deceptive offers. How to Stay Safe from Online Scams Authorities have advised the public to take the following precautions when purchasing abayas online: Consumers are urged to remain vigilant and report any suspicious accounts or fraudulent activities to authorities. For assistance or to report online fraud, contact the General Directorate of Anti-Corruption & Economic & Electronic Security via the hotline: 992. Also read: Historic Jeddah Hosts ‘Ramadan Season 2025’ With Diverse Cultural Events
3 hours ago
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