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  • Oil Outlook, Coronavirus Challenge Gulf’s Economic Diversification

    Economic diversification away from hydrocarbon revenue remains an ongoing, expensive process in the Gulf states. The high-priority, non-oil industries earmarked for diversification efforts rely heavily on the transnational flow of international visitors and physical goods. Like the oil industry, these segments of Gulf economies have experienced abrupt shocks and appear poised for a difficult 2020.

  • Analysts Praise Saudi, Israeli Approaches to COVID

    "Saudi Arabia, Jordan and Israel, I think they did a much better job than many Western countries. Look at Italy, Spain, Germany, UK and US all of them were very late in realizing how dangerous this pandemic is and taking public measures to contain and mitigate it," he said.

  • One-Two Punch of New Virus, Falling Oil Prices Threaten Iraq

    The economic fallout from the coronavirus coupled with a sudden drop in oil prices is threatening to catapult Iraq into an unprecedented crisis. The crude-exporting country is struggling to finance measures to contain the pandemic amid a leadership void in the federal government, and the unexpected oil price war between Russia and Saudi Arabia is further exacerbating budget shortfalls as losses accrue daily in trade, commerce, tourism and transportation.

  • Opinion: Saudi Arabia should call a truce in oil price war: Kemp

    Saudi Arabia’s carefully nurtured reputation for being a reliable oil producer and its aspiration to be seen as a responsible global leader will be in jeopardy if the kingdom continues to pursue its volume war. Pressing on with such a tactic in the midst of the worst global health emergency since the influenza pandemic of 1918 and one of the deepest global economic downturns in a century would be supremely dangerous.

  • Arabs Urge Yemen’s Houthis to Allow UN to Assess Oil Tanker

    Six Arab countries are urging the U.N. Security Council to exercise “maximum efforts” to persuade Yemen’s Houthi Shiite rebels to allow the United Nations to inspect a tanker moored in the Red Sea while loaded with over a million barrels to prevent “widespread environmental damage, a humanitarian disaster and the disruption of maritime commerce.”

  • As the coronavirus arrives in Africa, fragile economies are bracing for the worst

    The global demand shock and supply chain disruption from shutdowns around the world, combined with an oil price war between Russia and Saudi Arabia, threaten to hit emerging economies in sub-Saharan Africa.

  • Hungry, stranded and broke: Coronavirus travel bans hit migrant workers

    “I am shocked. I don’t know what to do now,” said Bhandari, who had been promised work at a Malaysian glove manufacturer on a monthly wage of nearly $300. “I have no other plans ... and I have to send money to my parents who have no other source of income.” About 1,500 Nepali migrants leave every day for the Middle East, Malaysia and South Korea to work mainly as domestic and construction workers, and remittances - the money they send back - make up about a quarter of Nepal’s gross domestic product.

  • Saudi Arabia’s Health Ministry announced 36 new cases of coronavirus

    Saudi Arabia’s health ministry announced 36 new coronavirus cases on Thursday. Of the new cases, 17 people came from other countries including Morocco, Britain, Spain, Iran, Pakistan, Kuwait, Iraq, India, the US and Egypt. The other 19 cases were of people who had been in contact with previously announced cases of coronavirus.

  • Divided G20 faces pressure to lead global response to coronavirus

    The Group of 20 major economies faces mounting pressure to bridge internal divisions and unite against the coronavirus, just as it coalesced to address the 2008-09 global financial crisis.

  • Saudi monetary authority eases financial transaction restrictions to mitigate impact of COVID-19

    The Saudi Arabian Monetary Authority (SAMA) has issued a series of measures and guidelines for banks and financial institutions in response to the coronavirus pandemic. The initiatives are designed to ease financial transactions and improve payment solutions through electronic services. Under the SAMA directives, purchase limits on Atheer enabled cards — supporting near-field communication (NFC) technology — will be increased from SR100 ($27) to SR300 per transaction without the need to enter a PIN code.