Category: Highlights

High oil prices will push Saudi Arabia’s economy into high-growth mode, more than doubling this year, according to the International Monetary Fund (IMF), which raised its growth forecast for the Kingdom on Tuesday. The IMF is targeting 7.6% growth for the Saudi economy this year, raising its forecast by 2.8%. While much of this was attributed to multi-year-high oil prices, the IMF has also noted growth and expected further growth in non-oil revenues. “We raised our estimates of the growth rate of the Saudi economy by 2.8 percentage points, which…

Read More

Following the visit of former prime minister Imran Khan to Moscow, Russia has sent a draft four-year (2022-2025) roadmap for development of trade and economic cooperation including increase in bilateral trade turnover, well informed sources told Business Recorder. The draft roadmap, shared by Russian embassy in Islamabad with the Ministry of Foreign Affairs, will stimulate economic activity of Russian and Pakistani companies in the markets of both countries. It will also assist business communities of both countries in raising awareness about the opportunities available in the markets of the Russian Federation…

Read More

Europe is frantically looking for a replacement for Russian gas. In this regard, one country expressed its readiness to become the very alternative in the field of gas supply for many countries, Trend reports citing Haber7. “Azerbaijan, our brotherly country, is preparing to become an alternative for Switzerland in the context of the energy crisis. According to the statement of the Swiss Association of the gas industry, if the supply of Russian gas to Europe is stopped due to the conflict in Ukraine, Switzerland will also have to reduce its…

Read More

June 2016 is marked with the government’s holistic decision to transfer Heavy Mechanical Complex (HMC), the giant industrial unit, to the Strategic Plans Division (SPD), and the beginning of a new era for reviving the company’s past glory. As a result of long and unsuccessful privatisation process, HMC had reached a critical stage of gradual denudation of its recognised strengths in human resources, technologies, and productivity. The situation had resulted in several constraints and limitations, primarily that of technical and financial nature. The process of divesting the c omplex had…

Read More

Libya’s National Oil Corporation announced on Sunday the closure of production at a major oil field in the country’s south, declaring a “force majeure”. “On Saturday… the Al-Fil field was subjected to arbitrary closure attempts, due to the entry of a group of individuals and the prevention of the field’s workers from continuing production,” the NOC said on Facebook. It added that the field was shut down on Sunday — marking the second closure in a matter of weeks — “making it impossible for the NOC to implement its contractual…

Read More