Jordan’s mission to save its ancient olive trees
Jordan's culture ministry, Gharaibeh's organization is working to add the trees to the UNESCO Intangible World Heritage List, hoping this...Business Economy
Protecting nature may avert $2.7trn global economic losses: World Bank
Dubai, UAE-- Protecting nature could avert global economic losses by 2030 of US$2.7 trillion per year, or 2.3 percent annually,...Economy Climate Change
Oil demand to top pre-pandemic level next year: OPEC
The optimistic forecast comes as the OPEC cartel nations and their allies are beginning to raise output to meet recovering...The optimistic forecast comes as the OPEC cartel nations and their allies are beginning to raise output to meet recovering demand
The OPEC's output rose by 151,000 barrels per day during August to hit 26.76 mbd
$250bn GCC rail project on track after hiccups
The project linking the six GCC countries is expected to boost exports, diversify mode of transportation and reduce carbon emissions...Once the project is completed in the GCC, the developers plan to link the railway line with the ones in Jordan, Syria and Turkey and connect to Europe from thereon.
GCC Railway project not only benefits the six countries economically but attracts investments, both local and foreign
Egypt’s exports leap up 49 percent to $3.61bn
Egypt’s exports recorded a nearly fifty percent jump to $3.61 billion in June 2021, as a compared to $2.94 billion...The country’s trade deficit fell by 27.8 percent during June to reach $2.49 billion, down from $4.07 in June 2020
Egypt witnessed a hike in exports of some commodities such as plastic (78 percent), ready-made clothes (54.6%), pasta and other food items (53.1 percent)
Bahrain’s value of indigenous exports rises 103%
The value of exports of national origin of Bahrain increased to BD386 million ($1.06 billion) in August 2021, compared to...Saudi Arabia ranked first among countries receiving Bahraini exports of national origin, importing BD77 million (around $205 million) from Bahrain
The United States was second with BD62 million (around $165 million) and the United Arab Emirates third with BD53 million (around $141 million)
Oman’s actual revenues fall 20 percent to $22.1bn
Oman has suffered a sharp decline in its total actual revenues, falling a staggering twenty percent to $22.1 billion in...Current expenditures, on the other hand, totaled $24.6bln in 2020
The fall is being blamed on the Covid restrictions and a drop in oil prices
Saudi Arabia posts 1.8 percent GDP growth in second quarter
GASTAT announced this increase while making public the country’s GDP and National Accounts report for the second quarter of 2021....Compared to Q1 2021, seasonally adjusted GDP recorded a growth of 0.6 percent
This increase resulted mainly from the increase in the oil sector by 2.4 percent
Saudi mega power plant still seeking takers
The Ras Al Khair plant produces 1.05 million cu m of desalinated water per day and generates 2.65 GW of...Saudi Arabia was planning to sell 60 percent stake in the Ras Al Khair plant and raise $2 billion
However, bidders backed out after considering several factors, including the plant’s age and its waning technology
GCC insurance firms battle pandemic woes
It has been a roller coaster ride for insurance companies in the GCC countries and the health care sector since...Experts see up to 40 percent rise in premiums in the next two to three years.
Abu Dhabi-based Daman Insurance looking at new markets such as Kuwait and Bahrain.
UAE to spend $6.53bn to create 75,000 jobs
The United Arab Emirates (UAE) intends to spend some $6.53 billion over the next five years in order to create...It has also unveiled a series of initiatives to extend financial support and aid career development for local residents
Government monetary assistance will include pension fund or retirement contributions, training costs, child support and salary aid
Iran needs more than $1 billion to improve roads
Iran plans to improve the condition of the major freeways and highways, and expand the country’s freeways network to 10,000...Iran’s Deputy Transport and Urban Development Minister Kheirollah Khademi said the country needs $1.07 billion to improve 10 major freeways in the next two years
The country also announced the construction of new freeway corridors as another part of infrastructure development programs for the coming years
