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UAE, Oman Establish $35 Bln Investment Partnerships

FILE PHOTO: Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and Sultan Haitham bin Tariq of Oman attend a state visit reception at Qasr Al Watan, Abu Dhabi, United Arab Emirates April 22, 2024. Ryan Carter/UAE Presidential Court/Handout via REUTERS
FILE PHOTO: Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and Sultan Haitham bin Tariq of Oman attend a state visit reception at Qasr Al Watan, Abu Dhabi, United Arab Emirates April 22, 2024. Ryan Carter/UAE Presidential Court/Handout via REUTERS
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UAE, Oman Establish $35 Bln Investment Partnerships

FILE PHOTO: Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and Sultan Haitham bin Tariq of Oman attend a state visit reception at Qasr Al Watan, Abu Dhabi, United Arab Emirates April 22, 2024. Ryan Carter/UAE Presidential Court/Handout via REUTERS
FILE PHOTO: Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates and Sultan Haitham bin Tariq of Oman attend a state visit reception at Qasr Al Watan, Abu Dhabi, United Arab Emirates April 22, 2024. Ryan Carter/UAE Presidential Court/Handout via REUTERS

UAE and Omani companies have signed deals worth 129 billion dirhams ($35.12 billion) in sectors including energy and transport during the Omani ruler's visit to the United Arab Emirates.

UAE President Sheikh Mohamed bin Zayed Al Nahyan and Sultan Haitham bin Tariq of Oman witnessed the announcement of several memoranda of understanding and agreements aimed at strengthening relations between the two countries to achieve further growth and prosperity.

The announcement was made as part of the official visit of Oman’s Sultan to the UAE.

The agreements were dominated by a 117 billion dirham industrial and energy "megaproject" grouping wind, solar projects and green metals production.

Abu Dhabi National Energy Co. (TAQA), Abu Dhabi Future Energy Company (Masdar), Emirates Global Aluminium (EGA), Emirates Steel Arkan (ESA), OQ Alternative Energy and Oman Electrical Transmission Co were among the companies involved, the ministry statement said.

Abu Dhabi's sovereign wealth fund ADQ also signed an agreement to set up a 660 million dirham technology-focused fund with the Oman Investment Authority, while the UAE and Oman signed an 11 billion dirham agreement to connect the countries by rail.

“The agreements represent a major milestone in our bilateral ties, as they pave the way for us to leverage our collective strength to realize our shared vision of advancement and prosperity," UAE Minister of Investment Mohamed Hassan Alsuwaidi said.

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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
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Russia’s Inflation Reaches 9.5% This Year, Weekly Data Shows

Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)
Pedestrians walk to an underground passage at Manezhnaya Square decorated for Christmas and the New Year festivities with the Historical Museum and the Kremlin Wall in the background in Moscow, Russia, Monday, Dec. 23, 2024. (AP)

Russia's inflation has reached 9.5% this year, according to new weekly data showing that the consumer price index rose by 0.33% in the week leading up to Dec. 23, the statistical agency Rosstat reported on Wednesday.

This data follows the central bank's unexpected decision last week to maintain its key interest rate at 21%. The regulator said recent tightening has created conditions conducive to reducing inflation towards its target of 4%.

The agency indicated that seasonally volatile prices for fruit and vegetables contributed significantly to the overall increase, with cucumber prices rising by 8.3% and tomato prices by 1.9% in just one week.

Among less seasonally sensitive foods, the price of eggs increased by 1.7%, and frozen fish by 1.4%. The central bank had initially estimated this year's inflation at a maximum of 8.5%.

The central bank's monetary policy department's head Andrei Gangan told the Interfax news agency on Dec. 24 that full-year inflation will be between 9.6% and 9.8%.

Inflationary expectations among households for the coming year also reached 13.9% in December, the highest level since the beginning of the year.

In a report on its inflationary expectations survey, the central bank said respondents were most concerned about rising prices for milk, dairy products, eggs, meat, and fish.

It also said respondents have begun to notice increases in the prices of home appliances and electronic devices.