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Oman issues Treasury Bills worth US$181m this week
MUSCAT, OMAN – The Central Bank of Oman (CBO) has announced that the total issuance of Treasury Bills amounted to...Banking & Finance Economy
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‘UAE offers an economic model for all to emulate’
"This underscores our role in fostering development and regional and global cooperation, aiming to provide an economic model for all...Economy
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S&P affirms Saudi Arabia’s A/A-1Â credit rating
Riyadh, Saudi Arabia - The international credit rating agency S&P Global Rating affirmed its foreign and local currency sovereign credit...The agency indicated in its report that this rating affirmation is a result of the continuation of the Kingdom's economic and social reform agenda
The agency forecasted GDP growth to average 3.3% in the medium term, due to the acceleration in non-oil sector investment and robust consumption in the Kingdom
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Saudi Arabia grapples with over 1 million tons of annual vegetable waste
Riyadh, Saudi Arabia - Saudi Arabia faces substantial annual losses in its agricultural sector, including 234,000 tons of tomatoes and...The kingdom has called for collaborative efforts to promote responsible consumption practices and reduce waste
It has urged efficient vegetable usage and storage to minimize loss and contribute to a more sustainable food system
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Non-oil sectors contribute 50% to Saudi Arabia’s real GDP in 2023
RIYADH, SAUDI ARABIA – Non-oil activities in the Kingdom have achieved a historic milestone, reaching a 50 percent share of...This translates to a non-oil economy valued at US$$453 billion (SAR1.7 trillion) at constant prices.
Non-oil economy is valued at $$453 billion at constant prices, fueled by growth in investment, consumer spending and exports.
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Iran’s aluminum ingot output up 7% in Feb 2024
Tehran, Iran - Iran’s production of aluminum ingot in the country registered a 7% growth in the first 11th month...Iran’s four major aluminum production companies produced 54,893 tons of aluminum ingots in February 2024
The Iran Alumina Company produced more than 537,000 tons of bauxite from March 21, 2023, to February 22, 2024
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Saudi inflation rises to 1.8% in February
RIYADH, SAUDI ARABIA – Saudi Arabia’s inflation accelerated to 1.8 percent in February compared to January 2024, according to data by the General...The cost-of-living index for February rose to 110.64 points, according to the base year 2018, from 108.67 points in the same month a year earlier.
Inflation is measured by the percentage change in the cost of living between the current period and the corresponding period of the previous year.
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UAE, Hungary ink pact to enhance trade, investment ties
ABU DHABI, UAE – The United Arab Emirates and Hungary have signed an economic cooperation agreement aimed at stimulating trade...The UAE-Hungary economic cooperation agreement aims to deepen bilateral ties between the two nations and drive growth.
The agreement between the two countries also aims to boost non-oil trade, which has seen a significant increase in recent years.
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MENA region could gain $385bn from women reentering workforce: survey
Doha, Qatar - The women returning to the workforce following a career break have the potential to contribute nearly US$385bn...Nearly half of working women in the MENA region have taken a career break, with over 68% taking them at experienced levels and above, the study reveals
Providing flexible working models that enable women to work additional hours could generate close to US$4.3 billion in GDP gains in the nine countries surveyed
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Qatar real estate trading volume amounts to US$382m in February 2024
DOHA, QATAR – The volume of real estate trading in sale contracts registered with the Real Estate Registration Department at...The data of the real estate analytical bulletin revealed that 350 real estate transactions were recorded during the month.
The real estate transactions value index recorded a decline of 27 percent. The traded area index recorded a decrease of 18 percent.
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US consumer inflation in Feb up as Federal Reserve mulls rate cut
The annual consumer price index (CPI) came in at 3.2 percent last month, the Labor Department said, while the "core"...The annual consumer price index (CPI) came in at 3.2 percent last month, while the "core" measure stripping out volatile food and energy prices edged down slightly to 3.8 percent.
"The index for shelter rose in February, as did the index for gasoline," the department said, both contributed more than 60% of the monthly increase for the overall index.
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Baghdad, Tehran in talks to import gas from Turkmenistan
Tehran, Iran - Baghdad and Tehran are currently engaged in negotiations to facilitate the import of gas from Turkmenistan, with...The pact provides for supplying Iraq with 51 million M3 per day, Iraqi minister of electricity Luay Al-Khatteeb said
He further noted that the Iraqi Ministry of Electricity has fulfilled all gas-related payments to Iran