Demand for crude will continue to expand through 2050, says OPEC
In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent...
Economy
US tariffs to kick in Aug 1 barring trade deals: Treasury Secretary
Washington, United States -- US tariffs will kick in on August 1 if trading partners from Taiwan to the European...
Economy
Geostrategy
Protesters in Morocco demand government act on cost of living
CASABLANCA, MOROCCO - Hundreds demonstrated on Sunday in Morocco's economic capital Casablanca to protest against the surging cost of living in...
- Morocco has seen months of rising prices, particularly of food, fuel and other basic staples, in part due to recurrent drought.
- Year-on-year inflation slowed in April to 7.8 percent, after 10.1 percent in February and 8.2 percent in March, according to official figures.
Geostrategy
Sharjah Chamber concludes successful 5-day trade mission to India
SHARJAH, UAE - The Sharjah Chamber of Commerce and Industry (SCCI) has successfully concluded its trade mission to India after...
- The trade mission visited New Delhi and Mumbai to discuss potential investment opportunities.
- The business gatherings has served as an effective platform to discuss potential investment advantages.
Business
Workshops on suspicious transactions in gold, precious stone sector in UAE
ABU DHABI, UAE - UAE Ministry of Economy organized two workshops, in Arabic and English, to promote the awareness of...
- The workshops made the traders and business owners aware of the necessity of reporting suspicious transactions to the Financial Intelligence Unit.
- This will contribute to enhance the competitiveness of the gold sector and its development in line with international best practices.
Geostrategy
Kuwait to hold seventh election in 10 years amid political paralysis
The oil-rich country suffers from constant stand-offs between elected lawmakers and cabinets installed by the reigning Al-Sabah family. The opposition...
- Fearing that widespread scepticism will discourage many people from voting, the authorities have festooned the capital with posters in an attempt to encourage a better turnout
- The latest general election was called by the emir last month after he again dissolved parliament amid a persistent deadlock with the executive branch that has stalled reforms
Economy
War casts shadow on Sudan breadbasket, fuelling famine fears
"Transportation disruptions, market devastation and the absence of financing... will have catastrophic impacts on the food security of the people...
- The state's large, mechanised farms are not taking on workers, as a cash crunch hits their finances, jeopardising a harvest that normally meets 40 percent of Sudan's grain needs
- With roads cut off by crossfire, trade at a standstill and processing factories razed or looted, agribusinesses face an uphill battle, prompting some heavyweight investors to walk
Business
QatarEnergy signs production sharing contract for Agua-Marinha block in Brazil
Doha, Qatar--QatarEnergy, and its joint-venture partners TotalEnergies, Petrobras, and PETRONAS Petroleo Brasil Ltda. (PPBL) has signed the production sharing contract...
- According to a statement, QatarEnergy will hold a 20% working interest, alongside TotalEnergies (30%) Petrobras (operator, 30%), and PPBL (20%)
- The President and CEO of QatarEnergy Saad Sherida Al Kaabi said the signing builds on QatarEnergy's sizable upstream presence in Brazil
Economy
Qatar Chamber explores business opportunities with Turkey’s businessmen
Doha, Qatar-- Qatar Chamber and Turkish officials from the Trabzon Chamber of Commerce and Industry (TCCI) and the Manisa Chamber...
- The discussion between the two touched upon cooperation between chambers in Qatar and Turkey, the investment climate and the opportunities in both countries
- Qatar Chamber emphasized Qatari investors' desire to get acquainted with the investment opportunities available in Turkey in various sectors
Economy
OPEC+ looks to slash production to rein in weak prices
The UAE energy minister Suhail Mohamed Al Mazrouei said he expected the outcome of meeting to "balance the market and...
- The 13-member OPEC is due to consult with 10 other oil-producing nations, including Russia, to review the grouping's future output policy
- An output cut of 700,000 bpd to one million bpd was one of the options being discussed, a source told AFP, stressing that nothing was set in stone
Economy
Global Research Council re-elects Saudi Arabia as MENA region chair
Riyadh, Saudi Arabia--Saudi Arabia has been re-elected to represent the MENA region on the board of the Global Research Council...
- Dr. Munir Eldesouki's re-election to represent Saudi Arabia at the GRC reaffirms the kingdom's prominent position in the scientific and research fields
- Saudi Arabia has played a key role in the GRC's work since its founding in 2012, including boosting cooperation between research funding institutions
Economy
EDB inks MoU with ADDED to enhance support for Financial Support Program
Abu Dhabi, UAE--Emirates Development Bank (EDB) has signed a memorandum of understanding (MoU) with the Abu Dhabi Department of Economic...
- The financing program aims to help Abu Dhabi-based companies to receive finance offers from a range of banks all at once
- Emirates Development Bank can, according to its mandate, provide $8.16 billion in financing support to 13,500 companies by 2026
Demand for crude will continue to expand through 2050, says OPEC
In its latest annual report on the outlook for oil demand, OPEC sees global oil demand rising by 18.6 percent...
Economy
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Penguin, SkyBlue ink MoU
Business
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WTO convenes ministers in UAE with slim hopes for breakthrough
The World Trade Organization's 13th ministerial conference (MC13), scheduled to run until Thursday in Abu Dhabi, the capital of the...
Economy
UAE allocates $5m to WTO’s Women Exporters In Digital Economy Fund
Dubai, UAE – United Arab Emirates on Sunday allocated $5 million to a $50 million fund launched Sunday ahead of...
Economy
WTO launches US$50m fund for women entrepreneurs in developing countries
ABU DHABI, UAE - The director general of the World Trade Organization, Ngozi Okonjo-Iweala, on Sunday launched a $50 million fund...
Geostrategy
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Geostrategy
Hawkish economic approach on China has bipartisan support in US, say analysts
WASHINGTON, US - In a shift from tit-for-tat tariffs and strong-arm tactics to tech restrictions and investment curbs, US policy towards...
- Despite differences between Democrats and Republicans, analysts expect Washington's approach to Beijing will only become tougher.
- Biden has largely maintained Trump-era tariffs, rolled out export control restrictions to curtail China's ability to buy and make certain high-end chips.
Economy
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
- The Saudi energy minister said that reserves at Jafurah had reached 229trn cubic feet of gas and 75bn barrels of condensates
- The Jafurah gas field, in Saudi Arabia's eastern province, is the largest liquid-rich shale gas play in the Middle East
Geostrategy
Sudan economy falls victim to war between rival generals
With most banks out of service, the only exchange rate that matters to ordinary Sudanese is on the black market,...
- The finance ministry of Sudan recently raised the exchange rate for imports and exports from 650 Sudanese pounds to 950
- The World Bank in September said widespread destruction has set the country's development back by several decades