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Tuesday, Dec 06, 2022
World's Arab Press Reports
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S&P upgrades Qatar's credit rating on shrinking debt burden
Ratings agency S&P on Friday 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.
High energy prices have so far translated into a budget surplus of 47.3 billion Qatari Riyals, Emir Sheikh Tamim bin Hamad al-Thani said last month.
S&P believes that 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.
S&P said Qatar government's revenue stream will substantially increase by the North Field Expansion, which is part of the world's biggest gas field that Qatar shares with Iran.
S&P maintained its outlook for Qatar at "stable".
China's Xi to visit Saudi Arabia, sources say, amid frayed ties with the US
Chinese President Xi Jinping is set to arrive in Saudi Arabia on Thursday for a state visit amid tensions between the US and the two nations, according to a source with knowledg...
Organization of Islamic Cooperation to adopt anti-corruption single legal framework
The Organization of Islamic Cooperation has begun preparing for its ministerial meeting later this month where it is expected to adopt a single legal framework for combating cor...
Crown Prince announces Sindalah, NEOM’s first island development
Crown Prince and Prime Minister Mohammed bin Salman, who is also Chairman of the NEOM Company Board of Directors, has announced the development of Sindalah, the first luxury isl...
King Salman receives letter from Kuwait's Crown Prince
The Custodian of the Two Holy Mosques King Salman bin Abdulaziz received a written message from Shaikh Mishaal Al-Ahmad Al-Jaber Al-Sabah, Crown Prince of the State of Kuwait, c...
Saudi Crown Prince Announces Development of Sindalah Island, First Sea Destination in NEOM
Saudi Crown Prince and Prime Minister Mohammed bin Salman, the Chairman of the NEOM Company Board of Directors, has announced the development of Sindalah, the first luxury islan...
Third phase of Cultural License Platform Abde'a' launched
Saudi Arabia's Culture Ministry announced on Sunday the launch of the third phase of the electronic Cultural License Platform "Abde'a" in cooperation with the Technical and Voca...
Film AlUla begins construction of studio complex
Film AlUla, the film agency of the Royal Commission for AlUla, has started construction on the first phase of its studio complex.
Egypt, Sudan conduct joint military exercise
An Egyptian-Sudanese military training exercise has got underway at the border guard training fields complex in Egypt.
Saudi Arabia Vision 2030 ‘winners’ need more private sector funding
Transport, tourism, and technology are among the sectors set to benefit from massive investments as Saudi Arabia pushes ahead with its Vision 2030 economic diversification plan,...
Iraq: OPEC Members Committed to Agreed Production Rates
Iraqi oil minister Hayan Abdel-Ghani stressed OPEC members are committed to the agreed production rates until the end of 2023, a ministry statement said on Saturday.
Salman, Crown Prince congratulate King of Thailand on National Day
Custodian of the Two Holy Mosques King Salman has sent a cable of congratulations to King Maha Vajiralongkorn of Thailand on the anniversary of his country's National Day.
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