DUBAI: The next phase of Saudi Vision 2030, unveiled by Crown Prince Mohammed bin Salman during a speech on Sunday outlining the Public Investment Fund’s (PIF) strategy for the next five years, is a road map towards economic diversification. But it is also much more than that.
“Our goal is to make our country a pioneer for the new human civilization,” said the crown prince, who is the chairman of the PIF, the Saudi sovereign wealth fund. In effect, Saudi Arabia is doubling down on the Vision strategy at a time when the world is reeling from the pandemic and economic strategists are still uncertain about global recovery prospects.
Tarek Fadlallah took his seat among the bankers enjoying after-work drinks on the terrace of the International Financial Centre in Dubai on Wednesday and declared: “We’re seeing an economic
Bond record, budget pain, Iran and Biden: Middle East risks in 2021 arabianbusiness.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arabianbusiness.com Daily Mail and Mail on Sunday newspapers.
Bond Record, Budget Pain, Iran and Biden: Mideast Risks in 2021
Bloomberg 12/22/2020 Netty Ismail
(Bloomberg) Gulf Arab nations approach 2021 with their currency pegs steadied, oil prices clawing back ground, and bond investors keen for the region’s high-rated, high-yielding names.
But the pain from Covid-19 and the slump in crude hasn’t gone, and S&P Global Ratings predicts only a “modest recovery” in the six-nation Gulf Cooperation Council through 2023, after a contraction of about 6% this year. And while the region’s markets are used to geopolitical ructions, investors are waiting to see how Joe Biden’s presidency might tilt the picture, according to Tarek Fadlallah, the Dubai-based chief executive officer of the Middle East unit of Nomura Asset Management.
London analysts say it s time to bank on Dubai again - News hoteliermiddleeast.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from hoteliermiddleeast.com Daily Mail and Mail on Sunday newspapers.