Site icon Pakistan & Gulf Economist

Gulf In Focus

Gulf News

UAE says not flouting ally sanctions as its economy warms to Russia

The United Arab Emirates has said it is careful not to violate sanctions imposed by its Western allies on Russia over the war in Ukraine, after a Wall Street Journal (WSJ) report claimed the country was aiding Moscow by providing an outlet for Russian money.

A UAE official, however, said the country has a robust process to deal with sanctioned people and companies, and is in close contact with the United States and the European Union about the war’s implications for the global economy.

The official, quoted by the outlet, added that Emirati banks monitor compliance with sanctions imposed on Russia to prevent violations of international law.

Russia’s economic ties with UAE

Russia’s difficult economic situation has resulted in deepening ties between the nation and the United Arab Emirates, which is seeing a cash from the warring country flood into its markets and economy.

That’s as sanctions and trade restrictions have weighed heavily on Russia’s economy, cutting it off from billions of its foreign reserves and crimping its energy trade.

But Russia is still selling plenty of oil, offering hefty to discounts to “friendly” nations who are gorging on cheap Russian crude. The markdowns have led UAE traders to snap up more discounted Russian oil and gold than ever before and ushering in a huge amount of wealth to the Middle Eastern nation.

Qatar and Hungary take on economy and sports

Qatar’s Amir Sheikh Tamim bin Hamad Al Thani held bilateral talks with Hungary’s President Katalin Novak in Budapest on Monday, where the two countries inked a number of agreements and memoranda.

The Qatari leader landed in the European country on Sunday for an official visit in response to an invitation by President Novak.

The Qatari delegation included Minister of State for International Cooperation at the Ministry of Foreign Affairs Lolwah Al Khater and Sheikh Joaan bin Hamad Al Thani, President of the Qatar Olympic Committee.

During the talks at Sandor Palace, the Hungarian president congratulated Sheikh Tamim on Qatar’s “great distinction in hosting the FIFA World Cup”, the Amiri Diwan said in a statement.

President calls for strengthening economic ties with Saudi Arabia

President Dr Arif Alvi has called for further strengthening bilateral ties with Saudi Arabia especially in the realm of economy.

He was talking to Saudi Minister for Hajj and Umrah, Dr Tawfiq bin Fawzan Al-Rabiah, who called on him with his delegation in Islamabad today.

The President said Pakistan highly values its relations with the Kingdom which are based on common faith, shared history, and people-to-people ties.

Highlighting the key investment areas in IT, renewable energy, industrial and infrastructure development sectors of Pakistan, Dr Arif Alvi emphasized the need to expand bilateral trade.

MP launches campaign for Bahrainisation

Another national Bahrainisation campaign to replace expatriates with citizens in the private sector has been launched by a member of Parliament.The campaign, being held under the slogan ‘With the Bahraini’, was announced by Mohammed Al Maarafi who said that many of the jobs available in the labour market can be filled by Bahrainis.He added that they are also suitable for the qualifications and aspirations of the Bahraini youth.

“The number of registered job-seekers is around 14,000 Bahrainis, in addition to those who are not registered for various reasons and workers who occupy jobs below their qualifications or those not satisfied with the quality of their jobs,” said Mr Al Maarafi.”Based on those official figures in addition to some estimates we can say that around 20,000 jobs are required to solve the unemployment problem.”

Saudi Arabia, India enhance strategic partnership

Saudi Arabia’s Ministry of Communications and Information Technology (MCIT) has signed an agreement with India to cooperate in the fields of digitization and electronic manufacturing.

The agreement was signed by Minister of MCIT Eng. Abdullah Al-Sawaha and India’s Minister for Railways, Communications, Electronics & Information Technology Ashwini Vaishnaw.

Through its various provisions, the agreement seeks to enhance cooperation in the fields of digital infrastructure, e-health, and e-learning, and to enhance the partnership in the fields of research, digital innovation, and the use of emerging technologies.

SCCI launches ‘back to school offers’ discounts soaring to 75pc

The Sharjah Chamber of Commerce and Industry (SCCI) today launched the “Back to School Offers” as part of its ongoing Sharjah Summer Promotions 2023, offering Sharjah students and parents remarkable deals on school supplies with significant discounts of up to 75 percent on various top-quality products in the school and educational segments.

Set to run until September 3, the event will see vast participation from shopping malls, bookstores, and stationery stores throughout all cities within the Emirate of Sharjah. Shoppers are in for a plethora of shopping surprises, including steep markdowns and invaluable deals on a broad spectrum of school essentials, encompassing clothing, school bags, stationery, and pens.

Oman to set up an early warning system

Oman is looking to set up an Early Warning System (EWS) for financial and economic crises, which will enable the government to adopt pre-emptive steps and mitigate setbacks on its financial system.

The project will be executed by the country’s Tawazun programme and the Korea Development Institute (KDI).

A simulation of the forecasting model was presented at a meeting co-chaired by Nasser bin Khamis Al Jashmi, Secretary General at the Ministry of Finance, and Dr Woong Seob Zhin, Former Governor of Financial Supervisory Service of Korea and senior advisor of the project, reported the Oman News Agency.

Exit mobile version