How Qatar manages economic growth and CO2 emissions
Gulf: The linkage between economic growth and environmental degradation is a well-known topic. The burning question has become whether there is a trade-off between sustaining economic activities and maintaining the conditions of natural resources, or whether economic growth can go in harmony along with environmental protection measures. The direct interconnected relationship between fossil fuel consumption and environmental degradation has posed an interesting policy challenge.
Burning fossil fuels releases carbon dioxide and other greenhouse gases that trap heat in the atmosphere, making them major contributors to climate change. On the other hand, high industrial activities, alongside rapidly increasing populations, put growing pressure on energy demand.
Qatar has made remarkable economic achievements over the past few decades. Yet Qatar is facing a trade-off between boosting its economic growth and lowering its carbon dioxide emissions. Its strategic mandate to boost economic development, along with other areas related to sustainability, makes Qatar an interesting country to analyze.
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Saudi Arabia’s economy to grow 7.7pc in 2022
Saudi Arabia’s economy is expected to expand 7.7 percent in 2022, after 3.3 percent growth in 2021, as the coronavirus-related uncertainty that marked the last two years recedes, according to private equity and investment group Jadwa Investment.
The oil sector’s gross domestic product is projected to expand 15.5 percent a year in 2022 as demand reaches record highs and the kingdom raises output by about 100,000 barrels per day each month under the current Opec+ production agreement, Jadwa said in a report.
The non-oil economy is expected to grow 3.4 percent a year in 2022, with all sectors set to register growth, led by wholesale and retail sectors, restaurants and hotels, as pandemic-related restrictions ease.
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Bahrain to revive pearling to attract visitors
On and around the southernmost point of Muharraq city, close to Bahrain’s capital Manama, a Pearling Path, inscribed on the UNESCO World Heritage List in 2012, is at its final stages of renovation to offer visitors by the end of 2022 a brand new experience of the Gulf island country’s past glory built on pearl industry.
To date, 16 public squares, two visitors’ centers, a pedestrian bridge and the rehabilitation of the Souq Al Qaisariya, the oldest part of the Muharraq Souq in the Pearling Path, have been completed, Mai bint Mohammed Al Khalifa, president of the Bahrain Authority for Culture and Antiquities, told Xinhua.
“One of the main ambitions of the project is to promote a cultural tourism in Bahrain, as a way to celebrate the country’s rich culture and heritage, both tangible and intangible,” she explained.
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All indicators for brighter outlook of Oman’s economy in 2022
With Oman’s government finances improving on higher oil prices in 2021 and average oil prices likely to be much higher than the levels estimated in the 2022 budget, coupled with state incentives for businesses, there is a brighter outlook for the year ahead.
The price of Oman oil on Monday exceeded US$92.
‘Oman oil price (April 2022 delivery) was US$92.24, comprising an increase by US$1.35 from the price of last Friday, which was US$90.89,’ ONA stated.
To boost the economy, several government bodies have slashed or cancelled fees across more than 500 services offered to investors and members of the public. The move was part of an initiative to make Oman more competitive, strike a balance between the services and fees paid, rationalise government spending, streamline fee structure and improve the value of services offered to customers.
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Malaysia, UAE cement economic ties by exchanging MOUs at expo 2020 Dubai
As part of efforts to strengthen economic ties between Malaysia and the UAE, companies present in the Malaysia Pavilion in Expo 2020 Dubai inked five multi-million dirhams worth of MoUs with UAE-based enterprises in a bid to spur sustainable agriculture between the two nations.
Dubbed as the highlight of the Malaysia Pavilion’s Sustainable Agriculture Week at the ongoing Expo 2020 Dubai, the partnerships formalised with the exchange of MoUs at the programme’s launch will help Malaysia promote and expand its potential in sustainable agriculture by establishing strong engagement and strategic partnerships with the UAE and other global players.
The Malaysian companies also exchanged three other MoUs with companies from Egypt, Germany, and Maldives bringing the total number of MoUs to eight, all worth over AED173 million (MYR197 million) in potential trade and business opportunities.
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UAE economy to grow at faster pace
High oil prices and increased crude output will boost the UAE’s economic growth this year and the next, say economists.
Dubai’s largest bank Emirates NBD raised the UAE’s growth forecast on the back of high oil prices and the country’s capacity to increase production.
“The UAE has significant capacity to ramp up oil production from current levels of 2.9 million per day at end of January 2022. But, we expect the country will maintain the steady 20,000-30,000 barrels per day increase we have seen in recent months for the rest of this year. This implies a 10 percent increase in crude oil production this year relative to average 2021 output of 2.7 million bpd,” said Khatija Haque, head of research and chief economist at Emirates NBD Research.
Emirates NBD also upgraded its oil GDP forecast to 10 percent in 2022 from 6 percent previously but kept the non-oil growth forecast unchanged at 4 percent. Hence, the headline GDP growth was raised to 5.7 percent in 2022, up from 4.6 percent previously.
Oil prices were trending higher on Monday evening a 6pm UAE time with WTI Crude at 91.65 per barrel, up 0.64 percent, while Brent was up by 0.62 percent to $94.12 a barrel. Oil prices have been consistently rising since December 3, 2021, when prices had dropped to $66.26 a barrel.