RIYADH: Financial risks are increasing for countries neighboring Gaza, given the prolonged conflict and its spillage into nearby areas, says Fitch Ratings. According to the latest “Fitch Wire” newsletter, the involvement of Yemen’s Houthi forces underscores the potential impact on external finances, particularly affecting Egypt and Jordan. Egypt’s current account deficit narrowed in the fiscal … Read more
RIYADH: Saudi Basic Industries Corp. has given its go-ahead for a $6.4 billion investment to build a petrochemical complex in Fujian, solidifying its partnership with China. To be developed in collaboration with Fujian Fuhua Gulei Petrochemical Co., the project is scheduled to commence construction in the first half of 2024, the company said in a … Read more
RIYADH: The Saudi Export and Import Bank has signed an agreement to insure Saudi Basic Industries Corporation’s sales on a letter of credit basis across 40 countries against non-payment risks posed by the issuing banks, the bank said in a statement on Tuesday. It is considered to be the largest policy ever issued in … Read more