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Economy
Economic integration key to African peace, says Egyptian president
Advancing economic integration in Africa is key to achieving peace and security on the continent, Egyptian President Abdel Fattah El-Sisi has said.
His comments on Thursday came at the 22nd Summit of the Common Market for Eastern and…
Russia, Oman sign agreement to avoid double taxation
Russia and Oman have signed an agreement to avoid double taxation, Russia’s finance ministry said on Thursday, describing the move as an important step in deepening economic ties between the two countries.
“In 2022, the volume of mutual…
World Bank offers dim outlook for the global economy in face of higher interest rates
The global economy is likely slowing sharply this year, hobbled by high interest rates, the repercussions of Russia’s invasion of Ukraine and the lingering effects of the coronavirus pandemic.
That’s the latest outlook of the World Bank,…
Kuwait’s non-oil sector to grow 3.8% in 2023: IMF
Kuwait’s non-oil growth is projected to increase to about 3.8 percent in 2023 on account of a robust expatriate community, the International Monetary Fund has forecast.
While overall growth is anticipated to drop to 0.1 percent this…
Saudi Real Estate Fund signs deals worth $3.64bn to boost housing market
Aiming to boost Saudi Arabia’s housing market, the Kingdom’s Real Estate Development Fund inked finance agreements worth SR13.7 billion ($3.64 billion) in the first quarter of 2023.
The deals sought to offer housing benefits to 21,000…
UAE In-Focus — Air Arabia to double fleet capacity in 12 months
Air Arabia Abu Dhabi, the UAE’s low-cost airline, has unveiled plans to double its current fleet capacity within the next 12 months, state-run news agency WAM reported.
According to Adel Al-Ali, group CEO of Air Arabia, the expansion…
Qatar’s budget surplus hit $5.4bn in Q1 exceeding expectations
Qatar registered more than two-thirds of its expected 2023 budget surplus in the first three months of the year thanks to a large inflow of oil and gas revenues, the country’s Finance Ministry has revealed.
According to Qatar’s state…
UAE fuel prices: Will petrol, diesel rates be affected for July after Opec’s oil output cut?
The UAE and other oil producers on Sunday cut output to 40.46 million barrels per day till the end of the year, resulting in a spike in global oil prices. This is the second output cut by the Opec+ members in the past two months. On April…
Biden signs debt limit bill, avoiding US default
President Joe Biden on Saturday signed a bill that suspends the US government’s $31.4 trillion debt ceiling, averting what would have been a first-ever default with just two days to spare.
The House of Representatives and the Senate…
With oil prices slumping, OPEC producers weigh more production cuts
The major oil-producing countries led by Saudi Arabia and Russia are wrestling with whether to make another cut in supply to the global economy as the OPEC+ alliance struggles to prop up sagging oil prices that have been a boon to US…