Oil may rise to $100, gold to hit $3,000 by 2025, says Citi
ABU DHABI, UAE - Oil prices could rise to $100 per barrel and gold prices could reach $3,000 per ounce...Business Economy Markets
Construction in China-Saudi Arabia ethylene project begins
FUZHOU, CHINA - Construction of the main complex of a joint-investment ethylene project, which involves petrochemicals giant Saudi Basic Industries...Business Economy Geostrategy
Hong Kong looks to legalize crypto for retail investors
Years of strict pandemic controls and a political crackdown have hammered the Asian finance hub's economy and sparked an exodus...In contrast to mainland China where crypto has been all but banned, Hong Kong is looking to relax regulations and claw back some of the business that has left
A fintech conference opened on Monday and will be followed on Wednesday by a finance summit attended by some of the world's top bankers
Swiss National Bank loses nearly $143bn in first nine months
The scale of the loss can be gauged from the fact it is slightly more than the annual economic output...The scale of the loss can be gauged from the fact it is slightly more than the annual economic output of Morocco ($132 billion)
The loss could mean that the bank halts payouts to the Swiss federal and cantonal governments next year
New industrial policy seeks to diversify Saudi economy
The program, launched by Saudi Crown Prince and Prime Minister Mohammed bin Salman, has identified more than 800 investment opportunities...The new industrial strategy envisages tripling the country’s industrial domestic product and doubling the value of industrial exports to $148.2 billion.
The Crown Prince said the program will make the kingdom a leading industrial power that “contributes to securing global supply chains and exporting high-tech products to the world”
China’s factory activity contracts on Covid curbs
The Purchasing Managers' Index (PMI) -- a key gauge of manufacturing in the world's second-biggest economy -- came in at...While activity at larger businesses expanded in October, work at small and medium-sized enterprises contracted significantly
The economic slowdown has also been exacerbated by a crisis in the massive property sector, where a series of debt-laden developers have defaulted on loans
UAE refunds tax incurred on building, operating mosques
The FTA will begin accepting applications for refunding input tax incurred on building mosques from Nov 1.The FTA will begin accepting applications for refunding input tax incurred on building mosques from Nov 1
Refund of input tax includes expenses related to the actual construction process of the mosque
Egypt to grant ‘golden license’ in order to boost investment
The license will allow investors to buy or rent lands, operate and manage the projects and allocate the necessary facilities...Egyptian President Abdel Fattah Al-Sisi has issued a directive during the inauguration of the first International Forum and Exhibition for Industry
The decision came following Egypt’s agreement with the International Monetary Fund, allowing the country to obtain an extended credit facility of $3 billion
Sheikh Khaled bin Mohamed bin Zayed meets CEOs of INPEX, BP
Energy security, enhancing partnerships were discussed.The meeting discussed ways of harnessing opportunities in renewables and hydrogen.
The meetings deliberated on ways of expanding existing relationships to enable a more sustainable future.
Ukraine blames Russian blockade for making grain export ‘impossible’
Russia's blockade of grain exports makes it "impossible" for fully loaded ships to leave port, Ukraine charged after Moscow claimed...UN Secretary-General Antonio Guterres on Sunday expressed "deep concern about the ongoing situation regarding the Black Sea Grain Initiative.
The July deal to unlock grain exports signed between Russia and Ukraine and brokered by Turkey and the UN, is vital for easing the global food crisis.
ConocoPhillips buys 6.25% in Qatar’s North Field South project
Project is part of the world's biggest natural gas reserves.Energy Minister Saad Sherida al-Kaabi said Qatar was talking with Asian nations over a share in its campaign to increase annual production by 60 percent.
France's TotalEnergies and Britain's Shell both have 9.37 percent stakes in the field, while state-owned Qatar Energy has the remaining 75 percent.
DEWA commissions 389 11kV substations in Q3 of 2022
DUBAI, UAE - Dubai Electricity and Water Authority (DEWA) has commissioned 389 11kV substations in Dubai in the third quarter...DEWA now has 77 substations of 33kV in service, and 42,529 medium voltage (11Kv or 6.6Kv) substations.
These stations are mainly located at Wadi Al Safa Fifth, Al Merkad, Madinat Al Matar and Al Yalayis 1.
