UAE Govt Annual Meetings Unveil 8 Projects, National Initiatives

The annual meetings of the UAE government were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan. (WAM)
The annual meetings of the UAE government were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan. (WAM)
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UAE Govt Annual Meetings Unveil 8 Projects, National Initiatives

The annual meetings of the UAE government were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan. (WAM)
The annual meetings of the UAE government were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan. (WAM)

The UAE revealed eight national projects and initiatives as part of the outcomes of the annual meetings of the UAE government, which were held this week in the presence of President Sheikh Mohammed bin Zayed Al Nahyan, Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum and the participation of more than 500 officials.

The meetings witnessed the launch of the “We the UAE 2031” plan, which targets a new stage of sustainable development in the country, and sets a roadmap for the development path for the next 50 years.

The meetings also saw the announcement of an increase in support for the salaries of citizens in both the private and banking sectors, and the expansion of the covered sectors and specializations. The move aims to attract the largest number of national job seekers and encourage them to work in the private and banking sector institutions.

The new initiative will also contribute in building partnerships and supporting more than 170,000 beneficiaries in both the private and banking sectors during the next five years.

The strategic plans also included the Emirates Villages Project, which aims to create a sustainable development model that suits all regions in the country, and benefits from the human energies and natural potentials of each region.

The project seeks to create economic and investment opportunities that achieve social stability, and to provide appropriate economic openings in villages and remote areas.

The project is based on five development tracks, where the Emirates Council for Balanced Development will seek during the next five years to achieve a set of goals that focus on creating a micro-economy in 10 villages.

The annual meetings of the UAE government also saw the signing of seven major partners’ agreements for social contribution in support of the "Emirates Villages" project, with a value of 200 million dirhams ($54.4 million).



Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.