Riyadh, Saudi Arabia -- The GCC region’s non-hydrocarbon growth momentum remains strong, driven by higher domestic demand, increased gross capital inflows, and reform implementation, the International Monetary Fund (IMF) has said. A comprehensive package of policies should be implemented to respond to near-term shocks and uncertainty and to firmly address...
Gulf’s green transition: How Turkiye can lead the way
As these countries -- including Saudi Arabia, UAE and Qatar -- progress to the next phase of their economic diversification, focusing on renewable energy technologies and cutting-edge manufacturing, Turkiye can emerge as a dependable partner, offering opportunities for technology transfer and joint development, he adds.
Kuwait records its first fiscal surplus in nine years on oil prices surge
The Gulf emirate, whose revenues rely heavily on hydrocarbons, closed its fiscal balance with a surplus of $21 billion, the ministry said. More than 92 percent of revenues came from oil after prices surged following last year's Russian invasion of Ukraine.Libyan army commander warns of action over unequal oil revenue
Crude is the main revenue source for Libya, which has been torn by more than a decade of stop-start conflict, involving foreign powers and a myriad of militias, since a NATO-backed revolt toppled strongman Moamer Kadhafi in 2011.Oman’s economic growth to reach 2.7 percent in 2024, says IMF
MUSCAT, OMAN - Oman’s economic growth is expected to rebound to 2.7 percent in 2024 but will slip in 2023 to 1.3 percent, the International Monetary Fund (IMF) said on Monday. The projections reflect the oil production cuts by OPEC+, moderate growth in the non-hydrocarbon sector and a slowdown in...Fight global warming without harming economic growth: COP28 chief
The UAE is pushing the merits of carbon capture -- removing carbon dioxide as fuel is burned, or from the air.
Saudi Arabia, UAE say global investments required for oil production
Saudi Arabia and the United Arab Emirates said the world needs to keep investing in oil production, just days before the COP27 climate summit aimed at curbing global warming. Sultan Al Jaber, the head of UAE oil giant ADNOC, warned that under-investment could cause a shock to the world economy.TotalEnergies’ workers pledge to continue their strike
The hard-left CGT union, which launched the industrial action three weeks ago, said that workers at three TotalEnergies sites had decided to extend their strike.‘Hydrocarbon trade must finance transition to clean energy’
A study in the journal Nature Climate Change found that within this century, parts of the Gulf region could be hit by "unprecedented events of deadly heat as a result of climate change".Shared values take UAE-Germany ties to a new level
"We are forging the links that will strengthen our shared interests and values to confront the challenges head-on. As Germany pursues its policy of 'Zeitenwende' that will usher in a new era of foreign policy, finance, and energy, it will find in the UAE a true and reliable partner," he...
