Gulf Countries to Complete Railway Project

GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)
GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)
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Gulf Countries to Complete Railway Project

GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)
GCC Secretary-General Jassim al-Budaiwi speaks at the Middle East Rail Exhibition and Conference in Abu Dhabi. (GCC)

The Gulf Cooperation Council (GCC) countries, the GCC Secretariat General, and the GCC Rail Authority are continuing to finalize the completion stages of the railway linking the GCC countries, announced GCC Secretary-General Jassim al-Budaiwi.

Budaiwi thanked and congratulated the United Arab Emirates on completing the railway construction within its territory and extending it to the border with Saudi Arabia.

Speaking at the Abu Dhabi Middle East Rail Exhibition and Conference, he underlined the keenness of Gulf leaders to support the process of joint Gulf action to enhance cooperation to reach the desired integration in all fields.

GCC states have taken thoughtful steps to coordinate and unify their policies and strategies, aiming to crystallize an applicable collective action framework that meets the ambitions and aspirations of their people, he added.

Budaiwi affirmed that the GCC states have been able to complete several strategic integration projects.

He stressed that the efforts of the General Secretariat, the GCC Rail Authority, and member states to complete the railway project represent a significant step in the joint Gulf interdependence and integration given its direct positive impact on trade and the free mobility of citizens and residents of the Gulf.

The project also supports joint investments between the member states and strengthens Gulf economic integration and its impact on the global economy.

Budaiwi remarked that the member states, the General Secretariat, and the Gulf Rail Authority are following up on the implementation of the GCC railway project and some member states have already completed building parts of the project within their territories.



New French Finance Minister Eyes 2025 Deficit Slightly Above 5%

FILE PHOTO: Newly appointed Minister for Economy, Finance and Industry Eric Lombard departs following a handover ceremony at the Bercy Economy and Finance Ministry in Paris, France, December 23, 2024.  REUTERS/Saboor Abdul/File Photo
FILE PHOTO: Newly appointed Minister for Economy, Finance and Industry Eric Lombard departs following a handover ceremony at the Bercy Economy and Finance Ministry in Paris, France, December 23, 2024. REUTERS/Saboor Abdul/File Photo
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New French Finance Minister Eyes 2025 Deficit Slightly Above 5%

FILE PHOTO: Newly appointed Minister for Economy, Finance and Industry Eric Lombard departs following a handover ceremony at the Bercy Economy and Finance Ministry in Paris, France, December 23, 2024.  REUTERS/Saboor Abdul/File Photo
FILE PHOTO: Newly appointed Minister for Economy, Finance and Industry Eric Lombard departs following a handover ceremony at the Bercy Economy and Finance Ministry in Paris, France, December 23, 2024. REUTERS/Saboor Abdul/File Photo

France's delayed 2025 budget bill will target a deficit of "slightly above 5%" in order to protect growth, the country's new finance minister said in a newspaper interview.
Eric Lombard, previously head of Caisse des Depots, the investment arm of the French government, will be tasked with steering through parliament a budget after the previous government lost a no-confidence vote in early December amid a backlash against its belt-tightening proposals.
Lombard's deficit objective for next year is higher than the 5% targeted by the last government. But it would still represent a drop from this year when the deficit is expected to widen to above 6% of gross domestic product.
"We need to amend this (budget) bill to establish a good budget. With a deficit slightly above 5% so as to protect growth," Lombard told La Tribune Dimanche.
"To protect growth, the reduction of the deficit must come more through reductions in public spending than through taxation," he said, adding that any tax increases should be "very limited.”
According to Reuters, he said he would consult all political parties in the French parliament and that the discussions would contribute to the government's budget proposals.
Lombard was named last Monday as part of Prime Minister Francois Bayrou's government.
Bayrou, who, like predecessor Michel Barnier, lacks a working majority in parliament, has said he aims to have a budget ready by mid-February.