UAE finance ministry releases annual report, highlights achievements in 2022

• The Ministry of Finance harnesses all capabilities to support the UAE's competitiveness, aligning with the government visions and directions.
• The ministry has been keen on becoming a model and global reference for best practices and international standards in government financial work.

Saudi Arabia extends 1mbpd oil cut, Russia slashes exports

• The move leaves daily production by the world's biggest oil exporter at approximately nine million barrels per day.
• Alexander Novak, the Russian deputy prime minister responsible for energy policy said Russia will voluntarily reduce its oil supply in the month of Aug by half a million bpd.

Yellen to visit China, raising need to ‘responsibly manage’ ties

• Yellen is expected to discuss with her counterparts the importance for both countries to responsibly manage our relationship, communicate directly about areas of concern
• Yellen's planned July 6-9 trip comes just weeks after Secretary of State Antony Blinken met China's top leader President Xi Jinping and Foreign Minister Qin Gang in Beijing

ACWA Power okays dividend

• The shareholders also endorsed the buyback of two million shares, to be earmarked for the employee stock incentive program
• From the date of the EGM approval, the repurchased shares will be kept no longer than seven years and then allocated to employees

Al Sada to be chairman of Rosneft

• The new chairman has a wide experience in the energy sector and is at present chairman of the board of trustees of the Doha University of Science and Technology
• He has served as Qatar's minister for energy and industry, apart from holding the chairmainship of the Board of Qatar Petroleum, now called QatarEnergy

Lebanon looks to recycling to rid streets of garbage

• The country has seen a decline in recycling carried out by the government agencies during its three-year-long economic turmoil
• At Drive Throw, the recyclables are sorted carefully, highlighting how recycling could be a solution to Lebanon's trash problem

UAE economy set to post strong growth in second half of this year

• The economy is expected to sustain its growth on the back of a rise in the purchasing managers' index to its highest level in five months in May this year
• The robust increase in new business, according to the S&P Global, underlined growing confidence across surveyed firms about economic prospects

Saudi tourism on growth path despite hiccups

• The $500 billion development on the Red Sea coast, which will include luxury resorts, residential developments, and a nature reserve, is one of the key tourism projects.
• The Kingdom is also developing the UNESCO World Heritage Site of AlUla into a major tourist destination.

Iraq’s oil export revenues in June hit $7 billion, says SOMO

Iraq exports crude oil worth over US$7bn in June 2023

• The majority of these exports - amounting to almost 99 million barrels - originated from the oil fields in central and southern Iraq.
• The average daily export volume was pegged at over 3.3 million barrels. The average price per barrel for the month was recorded at $71.11.