#Economy

Nestle to invest $1.9bn in Saudi Arabia over next decade

The plant, set to open in 2025, will serve Saudi Arabia and export markets in the Middle East and North Africa

Abu Dhabi

Abu Dhabi’s GDP grows 11.2% in the first half of 2022

Abu Dhabi’s non-oil GDP grew to Dhs273bn, contributing more than 50 per cent to the emirate’s real GDP

Saudi Arabia announces 5 mining exploration opportunities

Saudi Arabia announces five new mining exploration opportunities

The kingdom is looking to leverage an estimated $1.3tn worth of vastly underexplored metals and minerals to support its sustainable development goals and the clean energy transition

Saudi finance chief says economy more resilient to global shocks

The kingdom has its lowest unemployment rate in two decades and has managed to keep inflation at 3 per cent

Saudi Arabia signs 6 MoUs courtesy Saudi Press Agency

Saudi Arabia signs six MoUs on opening day of 6th Future Investment Initiative

The agreements will support the efforts and objectives of the Ministry of Investment to attract investments, enable sectors to grow and facilitate access to investment opportunities

ADNOC

ADNOC Drilling awarded $1.53bn contract to help expand ADNOC’s offshore operations

Over 80 per cent of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value programme

OPEC+ tries to keep oil above $90 with large production cut

It’s the biggest reduction by the Organization of Petroleum Exporting Countries and its allies since 2020

Oil extends losses as traders weigh Iran supply, demand outlook

OPEC+ discusses cutting oil output at next week’s meeting

Oil prices have slumped by a fifth since early August on fears over the global economy

Saudi economic growth revised higher as boom spreads beyond oil

GDP overall grew a revised 12.2 per cent from a year earlier, the fastest since 2011

Zoom

Zoom slumps as video-conferencing company cuts sales forecast

Fiscal second-quarter sales increased 7.6 per cent to $1.1bn

UAE non oil trade crosses Dhs 1 trillion

UAE’s non-oil trade rises 17% to exceed Dhs1tn in H1 2022

The UAE’s non-oil exports were close to Dhs180bn, reflecting a growth rate of 8 per cent over the same period last year

Gold

Gold heads for weekly drop amid mixed signals from Fed officials

Bullion is trading near a two-week low amid an ongoing discussion on whether the Fed will shift to less aggressive rate hikes

Sheikh Hamdan announces restructuring of Dubai Municipality

Sheikh Hamdan announces restructuring of Dubai Municipality

Dubai Municipality will feature four new agencies, facilitate enhanced governance, privatise eight main activities and create Dhs10bn worth of new economic opportunities

Gold rate

Gold holds gain as traders weigh growth concerns, ECB rate hike

The European Central Bank (ECB) raised its key interest rate by 50 basis points, the first increase in 11 years, as it confronts surging inflation

Gold slumps to lowest since March 2021, dollar strength likely to continue

Gold steady as traders weigh dollar retreat, rising bond yields

Traders are awaiting more clarity on central bank action to tackle searing inflation

Gold

Gold steady near 11-month low as traders weigh rate hike outlook

Bullion is hovering above the $1,700 an ounce level as it continues be pressured by the strength in the US dollar

Gold

Gold set for longest run of weekly losses since 2018 on dollar

Gold slumped below $1,700 an ounce on Thursday for the first time in almost a year

Gold

Gold wavers as traders again turn to greenback as haven

Bullion on Wednesday bucked a downward trend that’s seen it slide for four consecutive weeks

UAE

UAE’s CEPA pacts to grow economy by 2.6% by 2030 – minister

In July, the UAE will sign its fourth comprehensive economic partnership agreement with Colombia

Davos 2022: High-level representation from the Middle East

From a regional perspective, the Middle East was well represented with the UAE, Saudi Arabia and Bahrain officials participating

uae jordan egypt industrial partnership

UAE, Egypt and Jordan agree on $10bn industrial partnership investment fund

The five areas that the three countries will cooperate on include food, agriculture and fertilisers; pharmaceuticals; textiles; minerals and metals; and petrochemicals

Oil extends gain as US stockpiles tighten before driving season

West Texas Intermediate futures climbed toward $111 a barrel after rising 0.5 per cent on Wednesday

non-oil foreign trade

UAE reports nearly Dhs500bn in non-oil foreign trade for Q1 2022

The Q1 2022 figure of Dhs499.7bn marked a growth of 20.5 per cent over the same period in 2021

Oil pump

Oil rebounds after two-day drop as traders weigh products, China

Investors have shunned equities and many commodities after Federal Reserve officials reaffirmed much tighter monetary policy lies ahead to cool an overheating economy and tame inflation

Ajman

Ajman issues 1,275 new business licences during Q1 2022

It indicated a 10 per cent year-on-year increase compared to the number of licences issued in Q1 2021

Landmarks Of The City Of Riyadh, Kingdom Of Saudi Arabia

Saudi Arabia posts $15bn surplus on soaring oil income

The boost was mainly driven by oil revenue, which rose 58 per cent compared to last year

Saudi Aramco

Saudi Aramco’s profit soars as oil prices and production jump

Aramco’s output averaged 10.2 million barrels a day between January and March, up 20 per cent year-on-year

Abu Dhabi non-oil trade

Abu Dhabi’s non-oil foreign trade reached Dhs61.5bn in Q1 2022

Exports recorded a growth of 35 per cent year-on-year and were valued at Dhs24.449bn

Digital payment

Cashless economy: How adoption of digital payments is on the rise

E-commerce represents a significant avenue through which the adoption of digital payments can expand growth opportunities

Kuwait

Kuwait seeks to invest $750m in Pakistan projects

Kuwait Investment Authority’s Enertech Holding Co. and Pakistan Kuwait Investment Company have applied for a digital bank license and proposed a hydrogen plant and two smart cities