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Muscat / WAM Saeed bin Hamoud Al Maawali, Omani Minister of Transport, Communications and Information Technology, stressed that the digital economy of the Gulf Cooperation Council (GCC) region is advancing at a rapid and significant pace, noting its major importance to GDP. He also noted the importance of promoting cooperation between the GCC and its international partners to increase the …

Bloomberg Oil rallied to the highest since early December as US crude inventories decline more than anticipated. West Texas Intermediate futures for February delivery edged above $78 a barrel. US crude stockpiles fall 5.90 million barrels last week, according to an Energy Information Administration (EIA) report on Wednesday. Trading volumes have generally been below average this week ahead of the …

  Bloomberg The European Union (EU) reached an agreement to strengthen and expand its flagship carbon market, endorsing the centerpiece of the Green Deal strategy that aims to make its economy climate-neutral by mid-century. Under a provisional deal announced by representatives of EU member states and the European Parliament, emissions trading will be extended to heating and road transport, and …

Bloomberg  The value of global trade is set to reach a new record this year, increasing by about 12% to an estimated $32 trillion, according to a UN report that signalled a slowdown heading into 2023. “The substantial trade growth during the last year was largely due to increases in the value of the trade of energy products,” the United …

Riyadh / WAM Saudi Arabia’s real gross domestic product (GDP) grew by 8.8 percent in the third quarter of 2022 compared to the same period last year driven by an increase in oil activities, according to a report released by the General Authority for Statistics (Gastat). Gastat noted that the real GDP growth in the third quarter was up 2.1 …

  Geneva / WAM Some 20 million jobs could be created by investing in policies that support nature and address climate change, disaster risk, food insecurity, and other major challenges, according to a UN report Launched by the International Labour Organization (ILO), UN Environment Programme (UNEP) and International Union for Conservation of Nature at the UN’s Biodiversity Conference (COP15) in …

  Bloomberg Tata group-owned Air India Ltd. is close to signing a deal with Boeing Co to buy up to 150 737 Max planes, marking the first major aircraft order after the carrier’s privatisation, the Economic Times reported, citing people it did not identify. Air India is likely to place a firm order for 50 737 Max jets with an …

  DHAHRAN / WAM The Saudi Arabian Oil Company (Aramco) and Shandong Energy group, are exploring collaboration on integrated refining and petrochemical opportunities in China. The companies have signed a memorandum of understanding (MoU) which includes a potential crude oil supply agreement and chemicals products offtake agreement, supporting Aramco’s role in building a thriving downstream sector in Shandong Province. The …

  Geneva / WAM The global aviation sector is set to return to profitability next year for the first time since the coronavirus pandemic broke out in Europe at the beginning of 2020, the International Air Transport Association (IATA) reported in Geneva. In statement carried by Deutsche Presse-Agentur (dpa), the IATA estimated total profit at some $4.7 billion is expected …

Bahrain / Gulf Time Investcorp, a leading global alternative investment firm, on Monday announced it has agreed to acquire Marble Point Credit Management LLC (Marble Point), a leading US-based collateralised loan obligation (CLO) manager. “The proposed acquisition of Marble Point is a significant milestone in Investcorp’s 40-year journey of growth through diversification, geographic expansion and building scale. With $50 billion …