OPEC Fund offered US$1.7 bn in development funding in 2023
Vienna, Austria - The OPEC Fund for International Development allocated US$1.7 billion across 55 projects globally in 2023, providing funding...Economy
China economic slowdown to continue for the next four years, says IMF
BEIJING, CHINA - China's economic slowdown is likely to persist in the coming years as the Asian giant struggles with sagging...Economy Global
Foreign exchange reserves up at $82bn, says Iraq’s Central Bank
Central Bank of Iraq announced that foreign exchange reserves rose to US$82 billion, while gold reserves exceeded 130 tons.Iraq's Central Bank says that its gold reserves exceed 130 tons
Among the countries with the most gold, Iraq has now reached 30 position
‘Hero’ Lebanon hostage-taker turns self in after bank drama
The incident was the latest involving local banks and angry depositors unable to access savings that have been locked in...Official media said the suspect turned himself in when the bank agreed to give him $30,000 out of his more than $200,000 in trapped savings
Inflation is rampant in Lebanon, electricity is scarce and, according to the United Nations, around 80 percent of Lebanese live in poverty
FIFA officially advances World Cup by a day for Qatar
Football's top officials universally approved the decision, FIFA said in a statement while Qatar said it would give unspecified help...Under the new plan, the Group A game between Senegal and the Netherlands has been shifted from 1:00pm (1000 GMT) on November 21 to a 7:00pm start
Official countdown clocks for the event were quickly changed. and the 100 day countdown to the opening match will now start on Friday, instead of Saturday
Worst drought in 4 decades parches Morocco’s farmland
No longer having access to potable running water, the villagers of Ouled Essi Masseoud rely solely on sporadic supplies in...Nationally, dams are filling at a rate of only 27 percent, precipitated by the country's worst drought in at least four decades
Al Massira reservoir has been reduced to little more than a pond bordered by kilometres of cracked earth
Iraq to provide Lebanon with fuel for another year: PM Mikati
Iraq has agreed to renew a one-year deal to provide Lebanon with fuel for its power plants in exchange for...For the past year, Lebanon's power plants have depended on the deal with Iraq to produce one to two hours of electricity per day.
Residents in the poverty-stricken country largely rely on expensive private generators for power the rest of the time.
Ma’aden H1 net profit at $1.6bn
H1 2022 net profit increased by 232 percentH1 2022 EBITDA increased by 128 percent, compared with the same period in the prior year, to $ 3billion.
Q2 2022 EBITDA increased to $1.8 billion reflecting robust sales performance.
Oil demand up as surging gas prices force countries to switch fuels: IEA
Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries...Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies and "escalating concerns over the deteriorating economic outlook, IEA said.
Prices of natural gas and electricity have jumped to new records, prompting some countries to switch to oil use.
MoCCAE discusses food security with feed manufacturers in UAE
UAE's Ministry of Climate Change and Environment (MoCCAE) hosted a meeting with licensed feed manufacturers in the country to explore...UAE's Ministry of Climate Change and Environment hosts a meeting with licensed feed manufacturers to talk of enhanced food production
Participants highlight the importance of modern technologies in feed production and to adhere to the highest safety standards
Global youth unemployment set to slip to 73 million in 2022: UN
The figure is still six million higher than the pre-pandemic level of 2019, with the recovery in youth unemployment lagging...Many dropped out of the labor force, or failed to enter it altogether, due to the difficulty of finding a job during Covid-19 lockdowns.
The Arab states have the highest and fastest-growing unemployment rate of young people worldwide at 24.8 percent, 42.5 percent for young women.
CBUAE’s Financial Stability Report lists steps taken to help economy
The Central Bank of the United Arab Emirates has issued its Financial Stability Report for 2021, which outlines the measures...Among the steps were CBUAE's gradual exit strategy from the Targeted Economic Support Scheme as the UAE economic recovery commenced
The CBUAE also conducted risk-based supervision and solvency and liquidity stress tests to assess potential vulnerabilities.
