IMF expects GCC reserves to grow by $300-$350 bln in three years on higher oil prices

IMF expects GCC reserves to grow by $300-$350 bln in three years on higher oil prices

The International Monetary Fund expects the foreign reserves of the six oil-rich Arab countries of the Gulf Cooperation Council (GCC) to increase by $300-$350 billion in the next three years, a senior official said on Tuesday. The GCC – which comprises Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, Oman – “will benefit from…

China’s Oct new bank loans likely halve from prior month

China’s Oct new bank loans likely halve from prior month

New bank lending in China is expected to have plunged in October from the prior month, but the yuan loans are likely to be higher than a year earlier, as the central bank treads warily on policy easing amid stagflation concerns. Chinese banks are estimated to have issued 800 billion yuan ($125.04 billion) in net…

Shell and Norsk Hydro team up for green hydrogen

Shell and Norsk Hydro team up for green hydrogen

Royal Dutch Shell (RDSa.L) and Norsk Hydro (NHY.OL) are looking into jointly producing hydrogen from renewable electricity in a push to decarbonise their own operations as well as supply heavy industry and transport customers, Hydro said on Tuesday. The Anglo-Dutch oil giant and the Norwegian aluminium maker’s green hydrogen unit, Hydro Havrand, have signed a…

Saudi Q3 GDP growth at 6.8%, highest since 2012

Saudi Q3 GDP growth at 6.8%, highest since 2012

Saudi Arabia’s economy grew 6.8% in the third quarter from a year earlier, the fastest expansion since 2012, official data showed on Tuesday, as the world’s top oil exporter benefits from rebounding global energy demand. “This positive growth was due to the high increase in oil activities by 9.0% as a result of rising world…

EXCLUSIVE HSBC exceeds China wealth hiring targets, explores India private banking re-entry

EXCLUSIVE HSBC exceeds China wealth hiring targets, explores India private banking re-entry

HSBC Holdings Plc is ahead of its hiring targets for its Chinese retail wealth management business and is exploring re-entering India’s private banking business, senior executives said, as part of its plan to make Asia and wealth key pillars of growth. Under a strategy spearheaded by Group CEO Noel Quinn, HSBC (HSBA.L) is ploughing $3.5…

Demand for office space in Riyadh rises after HQ ultimatum

Demand for office space in Riyadh rises after HQ ultimatum

Demand for high-quality offices in Riyadh has increased after Saudi Arabia said foreign firms should move their regional headquarters there to be able to do business with the kingdom, real estate consultant Knight Frank said in a report. Saudi Arabia, the world’s top oil exporter and largest Arab economy, said in February that it would…