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Kuwait reported a budget deficit of $5.2B (KWD 12.4B) for FY2023/24, marking a 17.9 per cent reduction compared to the previous year, according to the finance ministry on Wednesday. The decrease is attributed to lower oil revenues due to production cuts.

Banks in the GCC region are showing a strong desire to expand their presence in major regional markets, particularly Turkey, Egypt, and India, according to Fitch Ratings on Tuesday. This is driven by improved economic conditions and growth opportunities in these target markets.