Iraq’s financial reserves may reach $40 billion by 2022 end: Official

• Mazhar Muhammad Salih, advisor to Prime Minister, said the caretaker government will work hard to support Iraq's food security.
• Salih added that the annual government spending in the general budget constitutes nearly half of the gross domestic product.

Qatar Chamber signs deal with Spanish firms to promote trade

• There are about 50 Spanish companies operating in Qatar in various sectors like trade, contracting, services.
• Bilateral trade exchange between both countries hit $1.2 billion last year compared with $820 million in 2020.

Iraq will have a surplus of the difference in selling oil: FM

• Minister said in a Television interview, "Iraq will have a surplus of the difference in selling oil, up to 20 billion dollars"
• According to the Iraqi Minister, 2021 budget is unable to cope with economic fluctuations

Central Bank of Iraq increases its capital to $3.42 billion

• The bank decided to its capital from 3 trillion dinars to 5 trillion dinars.
• The increase was made using part of the profits achieved by CBI in 2021.

UAE tea exports increase to AED1.2bn in 2020

• The tea trade volume reached AED586 million in Q1 this year, including exports worth AED310 million, re-exports of AD51 million and around AED224 million in imports
• the UAE tea trade last year stood at around AED1.859 billion, including exports worth AED968 million, re-exports of AED128 million, and AED763 million of imports

UAE renews pledge to Palestinian cause for independent state

• Speaker of the Federal National Council called Palestinian cause "the first and foremost issue" of the Arab world
• UAE praised Morocco’s king and said “We also commend the role played by His Majesty King Mohammed VI in supporting people of Jerusalem"

Strong demand spurs Dubai’s realty growth

• According to a report by Asteco Property Management, 2021 witnessed the delivery of about 17,000 housing units, including 15,000 apartments and 2,000 villas
• Manager Partner of BSA, Jimmy Haoula, explained that the UAE had outshined many of its neighboring jurisdictions with a welcoming economy and a safe place to grow and live

Saudi oil supply to China soars 38% in April, highest since 2020

• Saudi oil supply amounted to 8.93 million tons last month, equivalent to 2.17 million barrels per day
• The hefty purchases, with trades completed mostly in February, compare with 1.61 million bpd in March and 1.57 million bpd a year earlier

Dubai: A Monaco in the making in the Gulf region

EU looks to build a strategic partnership with GCC

• European External Action Service Spokesman Peter Stano said the cooperation is a must due to the current geopolitical developments
• He added, “Together with our partners, we represent 20% of the global economy, and half of the foreign direct investments"