Banking & Finance Qatar transfers $1bn to Egypt to meet interim finance needs By Pramod Kumar November 10, 2022, 5:50 AM Reuters/Mohamed Abd El Ghany Egypt's annual urban consumer inflation quickened to a five-year high of 18.7% in November 2022 Qatar Investment Authority has deposited $1 billion with Egypt’s central bank amid talks to acquire stakes in some state-owned entities, Bloomberg reported, citing unnamed informed sources. Due diligence on the assets and finalising a deal will likely take time; therefore, the $445 billion sovereign fund deposited the cash to help Egypt meet its interim finances, sources added. The news agency reported last month that Qatar was in advanced talks over a deal worth about $2.5 billion. Recently, ratings agency S&P has raised Qatar’s long-term sovereign credit rating to ‘AA’ from ‘AA-‘, citing improvements in the government’s fiscal position. “Qatar’s debt interest costs as a share of government revenue have fallen, and we expect them to remain low because the government is repaying maturing debt,” the agency said in a statement. S&P believed higher oil prices should result in strong government surpluses in 2022-2023. Qatar, which hosts the 2022 FIFA World Cup this month, is one of the world’s largest exporters of natural gas and has benefited from huge windfalls from soaring global oil and gas prices.
Energy Sale of enriched uranium announced by Saudi Arabia Saudi Arabia intends to export enriched uranium, the country’s energy minister, Prince Abdulaziz bin Salman, said on Monday. The announcement is the latest indication of Saudi nuclear ambitions. Saudi Arabia has long expressed an interest in developing a nuclear power sector and has engaged in talks with the United States over nuclear cooperation, which were […] 4 hours ago
Business of Sport Qatar Airways signs $97m deal to sponsor new rugby tournament Qatar Airways has agreed a $97 million deal to sponsor the new World Rugby Nations Championship. The eight-year deal will cover the qualifying matches and finals for the first four editions of the rugby union tournament from 2026 to 2034. The agreement is the biggest title sponsorship in international rugby, according to The Guardian. The […] 3 hours ago
Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] 3 hours ago
Employment Saudi Arabia plans cash pay-offs to cut public sector jobs Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it […] 3 hours ago
