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Gulf financial buffers face test amid turmoil

KUWAIT WELCOMES U.N.S.C. REBUKE OF HOUTHI ATTACKS

publish time

17/10/2026

publish time

17/10/2026

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KUWAIT CITY, Oct 17, (Agencies): Kuwait has welcomed a presidential statement by UN Security Council members condemning the continued and escalating Houthi attacks against Saudi Arabia. In a statement, the Foreign Ministry condemned attacks on civilians, civilian infrastructure and vital facilities, as well as threats to navigation in the Red Sea and Bab el-Mandab Strait. It stressed the need to fully implement Security Council Resolution 2216 (2015) and prevent the Houthis from obtaining weapons or military support. The ministry welcomed the Council’s solidarity with the Kingdom and reaffirmed Saudi Arabia’s right under international law to defend its security and protect its citizens and residents. It added that Saudi Arabia’s security is an integral part of Kuwait’s and the GCC’s security.

The Security Council unanimously adopted the statement on Thursday, condemning Houthi attacks, including those targeting civil aviation and energy infrastructure. Kuwait’s support was also echoed in the country’s mosques. Friday sermons, organized by the Ministry of Islamic Affairs, affirmed Saudi Arabia’s status as the home of the Two Holy Mosques and rejected any aggression against its territory or people. The sermons highlighted the historic and fraternal ties between Kuwait and Saudi Arabia, calling for solidarity, the rejection of aggression and the protection of security and stability. They concluded with prayers for peace across Saudi Arabia, Kuwait, the GCC and Muslim lands. Beyond the diplomatic and religious response, economic officials assessed the conflict’s wider impact.

The IMF said reforms and precautionary measures adopted by GCC countries have strengthened their ability to withstand the regional fallout from the US-Iranian conflict. Speaking at the IMF-World Bank Annual Meetings in Bangkok, IMF Managing Director Kristalina Georgieva praised the GCC’s reforms, which helped cushion the shock. The fund lowered its Middle East and North Africa growth forecast by two percentage points. Saudi Finance Minister Mohammed Al-Jadaan said most GCC states entered the crisis with stronger financial buffers after structural reforms. He warned that conflicts and trade disruptions threaten energy and food security, fuel inflation and heighten financial vulnerabilities, urging international cooperation and continued reforms.

On the ground, the coalition reported new interceptions as Houthi attacks continued. The Coalition to Restore Legitimacy in Yemen said it intercepted and destroyed a ballistic missile heading towards Yanbu, two cruise missiles over the Red Sea and three drones targeting southern areas and Riyadh. Meanwhile, two Houthi-fired ballistic missiles struck Aden International Airport on Friday, the second attack in a week. No casualties were reported, but flights were evacuated after a Yemenia Airways aircraft was preparing for takeoff to Cairo. The Transport Ministry described the attack as a grave threat to aviation safety. Elsewhere, Egyptian President Abdelfattah el-Sisi said Saturday that his country is prepared to take any measures requested by Saudi Arabia to defend the Kingdom’s security and sovereignty, according to state-run Nile TV.

However, he said that such a move “requires parliamentary approval.” “I call on parliament to convene an emergency session to authorize us to act, should we be asked to intervene. “We stand firmly to protect and defend the territories of our brothers in the Gulf,” he said, highlighting; as well as appreciating, the support of the Kingdom, Kuwait and the UAE to Egypt back in 2013. His remarks came amid escalating hostilities between Yemen’s Houthis and Saudi Arabia, with both sides exchanging attacks and military warnings in recent days. He made the remarks while attending a graduation ceremony for new classes at the Egyptian Military Academy. El-Sisi further said that his presidential term would end in 2030 and that the question of his departure from office was settled, reaffirming that Egypt’s constitution “would not be touched. “This is an entirely settled matter and will not be discussed,” he added, referring to the end of his current term.