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UAE Completes Requirements of Gulf Economic, Financial Integration

Undersecretary of the Ministry of Finance Younis Haji Al Khouri. (WAM)
Undersecretary of the Ministry of Finance Younis Haji Al Khouri. (WAM)
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UAE Completes Requirements of Gulf Economic, Financial Integration

Undersecretary of the Ministry of Finance Younis Haji Al Khouri. (WAM)
Undersecretary of the Ministry of Finance Younis Haji Al Khouri. (WAM)

United Arab Emirates Undersecretary of the Ministry of Finance Younis Haji Al Khouri announced the completion of all projects and studies required for Gulf economic and financial integration, which will become effective in 2025.

In his remarks to WAM, he stressed that the Gulf Cooperation Council (GCC) countries were keen on equality in the joint Gulf market in order to achieve integration.

Khouri noted that the GCC citizens' investments in UAE joint-stock companies hit AED41.453 billion ($11.2 billion) in 2019, an 11 percent increase over the previous year, while the real estate transactions conducted by GCC investors amounted to around AED1.294.2 billion ($352 million).

He explained that the number of GCC citizens owning properties in the UAE increased 10 percent to 48,535 in 2019 as compared to 2018, while the number of business licenses awarded to GCC investors totaled 29,352, a growth of 9 percent.

Further, the number of GCC shareholders in joint-stock companies grew to 204,032 in 2019.

Khouri pointed out that 1,826 GCC citizens were working in the UAE public sector in 2019, a 3 percent growth compared to 2018. Some 7,332 GCC citizens were working in the private sector in 2019, a 16 percent increase from the previous year.

Moreover, 9,426 GCC citizens are currently benefitting from pensions in the UAE, while those receiving social insurance benefits reached 5,478, he further added.

Saudi Arabia is the UAE’s top trading partner, at a total of AED113.2 billion ($30.8 billion) trade exchange in 2019, followed by Oman, at AED48 billion ($13 billion), which accounts for 22 percent of the UAE's total trade exchange with GCC states, he noted.

He added that the Supreme Council of the GCC stressed in its 41st session the significance of projects that have an integrative strategic prospect in the economic and development field.

The Council further ordered an accelerated path in implementing the roadmap and finishing the studies and projects required for economic unity among the GCC countries by 2025.

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Gold Retreats after Scaling over 2-month Peak on US Treasury Move

AFP_A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
AFP_A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
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Gold Retreats after Scaling over 2-month Peak on US Treasury Move

AFP_A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul
AFP_A photo shows gold bangles and necklaces for sale at a gold shop at the Grand Baazar in Istanbul

Gold fell on Thursday as investors booked profits after prices climbed to a more than two-month peak on a surprise US Treasury liquidity-support announcement for long-duration bonds, which weakened the dollar and lowered Treasury yields.

Spot gold was down 0.7% to $4,488.19 per ounce by 0750 GMT. Earlier, bullion was at $4,525.79, its highest since June 2, after a more than 4% advance on Wednesday.

US gold ‌futures were little ‌changed at $4,546.30. The US Treasury Department said ‌it ⁠would double the ⁠size of liquidity support buyback operations for longer-dated notes and bonds. That came after a major bond selloff as investors demanded higher returns on the back of increased inflationary risks stemming from the US-Israeli war on Iran.

The US dollar was hovering near three-month lows.

"There was obviously a huge rally (in gold), and ⁠there's going to be a degree of digestion ‌in markets after a big ‌move like that," said Ilya Spivak, head of global macro at Tastylive.

"The $4,400 ‌to $4,500 price range has been cleared. If prices hold above ‌this range, the upward momentum is likely to continue." Meanwhile, total US debt outstanding topped $40 trillion for the first time, drawing fresh warnings of fiscal crisis.

"Increasing concern about the financial stability of the market with ‌borrowing and debt and the inability to cut spending on the fiscal side is very ⁠bullish for ⁠gold," said Edward Meir, Marex analyst. Concerns over inflation deepened at the Federal Reserve's meeting last month, with "several" policymakers ready to raise interest rates, minutes of the session showed on Wednesday.

Traders are currently pricing in a 69% chance of a Fed hold and a 31% chance of a rate hike in September, according to the CME FedWatch Tool.

While gold is typically seen as a hedge against inflation, higher interest rates tend to diminish non-yielding bullion's appeal.

Among other metals, spot silver fell 0.5% to $66.60 per ounce, platinum dropped 1.6% to $1,794.91, and palladium slid 0.5% to $1,325.94.

Business

Oil Hits 3-week High on Middle East Supply Concerns amid War Impasse

Oil platforms operated by Australian company Santos (Company website)
Oil platforms operated by Australian company Santos (Company website)
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Oil Hits 3-week High on Middle East Supply Concerns amid War Impasse

Oil platforms operated by Australian company Santos (Company website)
Oil platforms operated by Australian company Santos (Company website)

Oil prices climbed to three-week highs on Thursday, driven by concerns that the impasse in the Iran war will continue to disrupt supply from the key Middle Eastern producing region.

Brent crude futures for October delivery rose $1.20, or 1.3%, to $92.82 a barrel by 0813 GMT, while US West Texas Intermediate crude futures for September added 92 cents to $86.75 a barrel. The more-active October WTI contract was ‌up $1.13, or 1.3%, ‌to $85.52.

Both Brent and WTI benchmarks hit their highest ‌since ⁠late July during the ⁠session, gaining for a fifth straight session and having settled on Wednesday at their highest since July 24. The September WTI contract expires later on Thursday, Reuters said.

"Tensions in the Middle East remain high, leaving room for further supply disruptions," said UBS analyst Giovanni Staunovo. "Lower oil exports from the Middle East are once again tightening the oil market." The UAE's decision to suspend all financial and economic transactions with Iran until ⁠further notice has refocused the spotlight on fraught ties between ‌the major Gulf Arab oil producer and Iran.

"Oil ‌prices remained elevated as the market is supported by sporadic attacks in the Middle ‌East but lacks fresh momentum without a major escalation," said Hiroyuki Kikukawa, chief strategist ‌of Nissan Securities Investment.

"The market is likely to maintain a gradual upward trend given uncertainty over peace talks and tensions ...," he added. On Tuesday, US President Donald Trump said no talks were taking place with Iran ‌and that the Strait of Hormuz was open. Iran, however, said the waterway remained shut. Trump on Wednesday warned of ⁠economic consequences against ⁠any country that provided "any type of lifeline to Iran". Shipping traffic through the strait on Wednesday was unchanged from the day before as discussions to end the conflict remained deadlocked, according to the latest shipping data.

Prior to the war that began with US and Israeli strikes on Iran on February 28, shipments equal to about one-fifth of global consumption moved through the waterway. Current flows are far below pre-war levels.

The war has also impacted the supply of refined fuels and drawn down inventories with less crude available to refiners.

US stockpiles of distillate fuel, including diesel and heating oil, fell last week for a third week, the Energy Information Administration said on Wednesday. However, crude inventories unexpectedly rose by 4.4 million barrels.

Business

US National Debt Crosses $40 Trillion Threshold

A screen displays the total US National Debt, which surpassed $40 trillion for the first time according to the Treasury Department, in New York City, US, August 19, 2026. REUTERS/Brendan McDermid
A screen displays the total US National Debt, which surpassed $40 trillion for the first time according to the Treasury Department, in New York City, US, August 19, 2026. REUTERS/Brendan McDermid
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US National Debt Crosses $40 Trillion Threshold

A screen displays the total US National Debt, which surpassed $40 trillion for the first time according to the Treasury Department, in New York City, US, August 19, 2026. REUTERS/Brendan McDermid
A screen displays the total US National Debt, which surpassed $40 trillion for the first time according to the Treasury Department, in New York City, US, August 19, 2026. REUTERS/Brendan McDermid

The national debt surpassed a record $40 trillion on Wednesday, a staggering milestone as defense costs, social programs like Social Security and Medicare and interest on the burgeoning deficit make up an enormous share of federal spending.

The milestone figure was recorded just five months after the US hit a record $39 trillion debt in March. It reached $38 trillion five months before that, in October.

The unprecedented $40 trillion figure highlights competing administration priorities, from boosting defense spending that the US relies on to carry out President Donald Trump's almost-6-month-old war in Iran to lowering the cost of gas and groceries.

Kush Desai, a White House spokesman, said the Trump administration “has been focused on slashing waste, fraud, and abuse in federal spending while accelerating economic growth to get America’s debt-to-GDP ratio trending in the right direction.”

However, experts say the exploding debt and the latest record milestone are already affecting Americans' pocketbooks by raising borrowing costs for things like mortgages and cars, lowering wages from businesses that have less money available to invest, and creating more expensive goods and services.

“If we want to improve our living standards, today and for the next generation, now is the time for lawmakers to put our nation on a more affordable and sustainable path," says Michael A. Peterson, CEO of the Peter G. Peterson Foundation, a think tank focused on US fiscal challenges.

An electronic display shows the national debt in Washington, DC on August 19, 2026. (Photo by Mandel NGAN / AFP)

The debt has exploded over several presidential administrations, as the nation's leaders spend more money than it collects in taxes.

In recent memory, the multi-year COVID-19 pandemic shut down much of the US economy, where the federal government borrowed heavily during President Trump's first term and under former President Joe Biden to stabilize the economy and support a recovery.

More government spending was approved after Trump signed Republicans’ tax cut and spending legislation into law last year.

Advocates for a balanced budget also warn that the long-term trend of borrowing more and paying more in interest will force Americans to face tougher fiscal tradeoffs ahead.

"The federal debt is already raising the cost of living and choking out other spending and investment, threatening our economy and Americans’ long-term prosperity,” said Margaret Spellings, president and CEO of the Bipartisan Policy Center.

“Our current fiscal trajectory is plainly unsustainable, and that’s the best-case scenario. AI disruption, a recession, global war, or any number of other events could quickly push us over the edge from a challenge into a full-blown crisis," The Associated Press quoted Spellings as saying in a statement.

The US is subject to a statutory debt limit, or a limit to federal borrowing, which Congress has the authority to set, adjust or abolish.

The Bipartisan Policy Center estimates that the US will most likely reach the $41.1 trillion debt limit sometime between late winter and mid-summer of 2027, requiring Congress to again vote on whether to raise or suspend it.

The US' fiscal position stands as the worst among other developed countries, according to recent data analysis from the Organization for Economic Co-operation and Development.