Meanwhile, Italy is also looking into buying or renting two floating storage and regasification units (FSRU) to allow it to import more LNG. Diversification will not be cheap, warn experts, who foresee extra taxes passed on to businesses and families.

Cultivating alternative energy sources is an urgent priority in India, which burns coal to meet nearly three-quarters of the energy needs of its 1.4 billion citizens.

The UAE Central Bank announced that the money supply aggregate M1 increased to AED 701.9 billion at the end of December 2021.

Asian markets were flat on Wednesday as oil began clawing its way back up from a big drop after the International Monetary Fund downgraded its global growth forecast for 2022. The IMF lowered its outlook to 3.6 percent -- a .08 percent slash from its previous estimate released in January...

UAE’s real non-oil GDP grew by 7.8 percent in the fourth quarter of 2021, owing to the easing of business closures and the decline in restrictions on international travel, the Central Bank of the UAE (CBUAE) said. The bank said there was a 9.3 percent annual increase in Emirati oil...

The hotels and restaurants, wholesale and retail and health and social services sectors contributed 21.3 percent, 14.1 percent and 13.8 percent respectively.

Russian officials are expected to participate remotely in this year's G20 meeting led by Indonesia.

Khasawneh said the World Bank had confirmed that Jordan’s economy is more immune to the Russian-Ukrainian crisis.

Moroccan lawmakers on Monday called for a cap on oil firms' profit margins, describing them as "exorbitant" amid soaring fuel prices in the wake of the Ukraine war. During a plenary session with Prime Minister Aziz Akhannouch -- himself the owner of the main fuel distributor in the kingdom --...

From the UAE to Saudi Arabia, Qatar to Kuwait, the GCC countries have posted robust growth in the real estate sector, with the transactions touching $137.4 billion in 2021.

The UAE Cabinet has approved the executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners aimed at strengthening the UAE's position as an ideal destination to live, work, and invest. The executive regulations provide comprehensive information on the types and conditions of entry visas and residence permits....

The Abu Dhabi Business Centre (ADBC), a part of Department of Economic Development (ADDED), announced that 80 new economic activities were added during 2021, brining the total of economic activities to 4062 by the end of last year. New added activities cover many vital business sectors, including 40 new commercial...

Libya's National Oil Corporation announced Monday the closure of operations in major oil fields after staff in the key export terminal of Zueitina were blocked from working. "The National Oil Corporation is obliged to declare a state of force majeure on the oil port of Zueitina, including all fields and...

Morocco's official reserve assets amounted to 329.1 billion ($33.39 billion) Dirhams on 1 April 2022, up by 8.2 percent compared to the same period in 2021, Morocco's central bank (Bank Al-Maghrib) has said. During the week of April 7-13, 2022, the Dirham depreciated by 1.06 percent against the US Dollar...

Al-Kadhimi asked the workgroup to visit Iran and remove the obstacles hindering the supply of gas to Iraqi electricity power plants.

Jordan Minister of Investment, Khairy Amr, said the government seeks to turn Jordan into a destination for foreign and Arab investments.

The move comes as an extension of the Kingdom’s continuous support for the people and government of the Islamic Republic of Mauritania.

The world's second-biggest economy was already losing steam in the latter half of last year with a property slump and regulatory crackdowns.

Libya's National Oil Corporation announced Sunday the closure of production at a major oil field in the country's south, declaring a "force majeure". "On Saturday... the Al-Fil field was subjected to arbitrary closure attempts, due to the entry of a group of individuals and the prevention of the field's workers...

The Department of Agriculture and Water Resources in the Wilayat of Adam in the Governorate of A'Dakhiliyah has started harvesting wheat crop in various villages, Omani media reports said. The cultivation of wheat crop begins in Adam in November until March each year. Wheat is harvested in a number of...

Disasters caused by climate change since 2000 have killed approximately 2,600 people, affected seven million others, and caused $2 billion in direct material damage. It may have also reduced annual economic growth by 1-2 percentage points on a per-capita basis, it adds.

The Saudi Central Bank, or SAMA, has launched licenses for consumer microfinance operations in the Kingdom. This follows the bank’s announcement of the third license for a consumer microfinance company in the Kingdom, Sulfah. Microfinance targets individuals and small businesses, including self-employed people, who may otherwise lack access to banking...

Ali Najafi said that during the last Iranian year which ended on March 20, Iran’s exports to Oman were worth 716 million dollars.

"Growth in Morocco is projected to slow to 1.1 percent in 2022, as agricultural output declines by 17.3 percent due to the drought,” the WB said in its latest MENA Economic News Bulletin.

From the UAE to Saudi Arabia, the main indexes made up for their losses as the week came to a close.

There will be little to eat for many Lebanese when they break their fasts this Ramadan – but support from the World Food Programme is delivering hope in the face of crushing price rises.

The country’s external debt services went up 5 percent, from nearly TND2 billion ($666.69 million) to about TND2.1 billion ($700.02 million).

While 44 percent of UAE residents want to retire from their jobs before they turn 55, most of them have not come up with any financial plan for their lives after retirement.

The euro slumped to a near two-year low on Thursday after the European Central Bank remained vague about when it will raise interest rates in the face of soaring inflation. The ECB stood still in the face of record eurozone inflation, keeping its stimulus plans and rates unchanged.

Cash-strapped Sri Lanka imposed fuel rationing on Friday in another worsening of the economic crisis that has sparked widespread demonstrations calling for President Gotabaya Rajapaksa's resignation.

The Ministry of Economy (MoE) has received the request to register the Investopia Summit trademark internationally, in line with the country's accession to the Madrid Protocol for International Trademark Registration. Once the procedure is complete, the registration with World Intellectual Property Organization (WIPO) will protect the Summit's trademark in more...

"A maritime gasoil smuggling network resulting from the looting of Libyan state oil refineries was allegedly carried out between 2014 and 2015 in the context of the Libyan conflict," Swiss state prosecutors said.

The international credit rating agency ”Fitch” updated its credit report for Saudi Arabia affirming its “A” rating for the Kingdom and revising the stable outlook from its July 2021 rating to positive. The outlook revision reflects the Kingdom's improvement in its sovereign balance sheet due to higher oil revenues resulting...

Motorists in Iraq formed long queues for fuel Thursday after some owners of filling stations shut off their pumps to protest government policies on fuel distribution and pricing. Some government-run fuel stations have been ordered to operate around the clock to meet demand, the official news agency INA reported.

In an effort to ease Americans' pain at the gas pump, President Joe Biden has announced his administration will ease restrictions on the sale of E15 -- gasoline that includes 15 percent ethanol -- and new investments in biofuels as a whole. But the decision hasn't pleased scientists who study...

Current President Guillermo Lasso has plans to double Ecuador's oil production in spite of opposition from indigenous communities and environmentalists.

The war in Ukraine has "multiplied risks" for the Middle East and North Africa's poorer countries by raising food and energy prices, the World Bank said, warning of potential social unrest. In its latest update the development lender said inflationary pressures set off by Covid-19 "are likely to be exacerbated"...

The war in Ukraine has undercut the global recovery, slowing expected economic growth in most countries in the world, IMF Managing Director Kristalina Georgieva said Thursday. Families already were struggling with higher energy and food prices and "the war has made this much worse."

European Central Bank policymakers meet on Thursday faced with the challenge of threading a response between record-high inflation figures and weak growth due to the war in Ukraine.

The study calls for the stability of the business environment by reforming relevant laws.

The IMF plans to raise at least $45 billion for a new trust to help ‘low-income and vulnerable middle-income countries’.

Major international organizations issued an appeal on Wednesday for urgent measures to deal with rising food insecurity in poor countries.

Company workers had gathered Sunday to urge the state to save the factory, local media said.

The UAE will allow unvaccinated individuals to travel on April 19 if they present a negative PCR test result taken 48 hours before their departure, and fill out the Al Hosn app travel application to change their status to green, the Official Spokesman of the National Crisis and Emergency Management...

Tens of billions of dollars in Iranian money were blocked in many countries including China, South Korea and Japan.

The shopping behavior has changed a lot in the region in past two years as consumers are looking for promotions and offers especially in food, perishables, groceries and home appliances. Studies suggest that consumers are spending more on cross-border goods, particularly consumer packaged products, during Ramadan this year.

Saudi Arabia and Kuwait will develop a disputed gas field despite Iranian objections, while urging Tehran to engage in negotiations, a statement said Wednesday. The Gulf allies will honour their deal, branded "illegal" by Iran, to develop the Arash/Dorra maritime gas field, the Saudi foreign ministry said.

Dubai Next, the digital crowdfunding platform that has attracted many young innovators and start-up ideas, is anticipating an increase in fund-seekers and contributors.

The yen hit its lowest level against the dollar in two decades on Wednesday, extending recent falls as the gap widens between Japan's ultra-loose monetary policy and US tightening. One dollar bought 126 yen on Wednesday afternoon, the lowest rate since 2002.

Russian oil supply, meanwhile, is expected to continue to fall in April by 1.5 million barrels per day amid its invasion of Ukraine, according to the IEA, which advises developed countries on their energy policies.