General view of Burj Khalifa and Dubai Mall in Dubai, UAE (File Photo: Reuters)
Dubai’s Department of Economic Development (DED) expects the real GDP growth to reach 2.1 percent this year, 3.2 percent in 2020, and 3 percent in 2021.
Crown Prince of Dubai and Chairman of Executive Council of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum stressed that the comprehensive development vision of Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum has made Dubai an attractive environment for investment and enabled the city to make major economic and developmental strides.
This has strengthened Dubai's global indicators, including in education, health, women's empowerment, and competitiveness.
Sheikh Hamdan praised the openness in Dubai and the support extended to innovative projects and entrepreneurship, which has made the city an ideal investment destination at a regional level and a gateway to promising regional markets.
He also noted the key role played by government initiatives and investments, as well as the Expo 2020 projects, in promoting growth and supporting greater productivity and investor confidence in the Dubai economy.
Speaking on the occasion, director general of DED Sami al-Qamzi explained that Dubai took a number of measures and introduced several strategic initiatives that contributed to bolstering domestic demand, reducing the cost of doing business, boosting SME liquidity, and supporting the tourism and real estate sectors.
Inflows of foreign direct investment (FDI) into Dubai also increased 41 percent to reach Dh38.5 billion in 2018.
Growth accelerated to 2.2 percent during H2 2018, up from 1.7 percent in H1 2018, resulting in overall real GDP growth in 2018 of 1.9 percent.
In January 2019, Prime Minister Mohammed announced his 50-year Charter which anticipated the challenges ahead and articulated a set of balanced, integrated, and flexible policy initiatives that will accelerate development and ensure sustainability and prosperity in the Emirate.
The charter reaffirmed Dubai's fundamental policy principles as a free and open market economy, and a preferred destination for foreign and domestic investments.
Dubai continues to develop new growth strategies to be fully prepared for future changes in the global and regional economic landscapes, including in areas related to artificial intelligence, the Internet of Things, and the Fourth Industrial Revolution.
Oil Falls as Trump Says New Iran Attacks ‘Unlikely’https://english.aawsat.com/business/5339128-oil-falls-trump-says-new-iran-attacks-%E2%80%98unlikely%E2%80%99
A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. (Reuters)
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Oil Falls as Trump Says New Iran Attacks ‘Unlikely’
A worker walks past oil pipes at a refinery in Wuhan, Hubei province March 23, 2012. (Reuters)
Oil prices fell at Monday's open after US President Donald Trump said he was highly unlikely to order new Iran attacks while talks to end the conflict make progress, despite both nations' reports of attacks on ships in or near the Strait of Hormuz.
Brent was down 84 cents, or 0.85%, to $97.48 a barrel by 0138 GMT, while West Texas Intermediate fell 32 cents, or 0.35%, to $90.51 a barrel.
The fall reversed minor gains made on Friday’s settlement as the market assessed the possibility of further US strikes on Iran, although Brent fell 17% last week, the steepest weekly drop since the start of the COVID pandemic and the biggest in absolute terms, according to LSEG data dating back to 1988.
"It depends on whether or not they sign a very strong agreement," Trump told CNN in a phone interview. "The answer is, highly unlikely it's going to be necessary."
Trump had hinted at renewing attacks on Iran after last week's US midterm elections, but there has been no sign of a large-scale US military operation. Iran has said it would respond by striking US and Israeli targets.
Tim Waterer, chief analyst at KCM Trade, called Trump's comments "more measured" but said "the market is still waiting to see whether the midterms have produced a lasting shift in Trump’s approach to the conflict, or whether this is just another temporary change in tone."
Oil is headed for a glut again as recovering Middle Eastern oil flows, rising production from other countries and weak demand have pushed global supply above consumption, JPMorgan said in a report on Friday, estimating a surplus of 1.1 million barrels per day in September, widening to 1.4 million bpd in October.
On Sunday, Iraq reached an understanding with the US to allow Iraqi oil exports through the Strait of Hormuz via a shipping lane near Oman, Foreign Minister Fuad Hussein said in an interview with Al Jazeera.
He said Iraq's losses from the Iran war and disruptions to oil exports had reached $60 billion.
Bahraini Transport Minister to Asharq Al-Awsat: Each Country to Finance Its Share of Gulf Railway Projecthttps://english.aawsat.com/business/5338994-bahraini-transport-minister-asharq-al-awsat-each-country-finance-its-share-gulf
Bahraini Transport Minister to Asharq Al-Awsat: Each Country to Finance Its Share of Gulf Railway Project
A conceptual rendering of the Gulf railway interconnection project. (X)
The Gulf Cooperation Council (GCC) member states took a new step toward completing the railway interconnection project by signing the project's general agreement in Bahrain on Sunday. This comes as part of efforts to establish an integrated transport network linking the six nations and boosting the movement of passengers, goods, and commercial trade among them.
Bahraini Minister of Transportation and Telecommunications Dr. Sheikh Abdulla bin Ahmed Al Khalifa told Asharq Al-Awsat that each country will fund and execute the portion of the project located within its territory.
Meanwhile, the costs, fees, and expenses associated with the shared interconnection components among member states will be determined collectively, he added.
He explained that the agreement establishes a joint framework for the project's execution and operation, while defining the obligations of member states and their coordination mechanisms.
He noted that the network, which extends some 2,117 kilometers, aims to transport 6 million passengers and 200 million tons of freight by 2030, with the figures projected to rise to more than 8 million passengers and 271 million tons of freight by 2045.
The project spans from Kuwait, passing through Saudi Arabia, Bahrain, Qatar, and the UAE, all the way to Oman, with the goal of achieving full network operations by December 2030.
According to the minister, interconnection lines between adjacent countries can become operational as soon as their components are completed, without the need to wait for the entire Gulf network to be finalized.
National financing and potential partnerships
On private sector participation, Al Khalifa said that it remains one of the viable options for financing, executing, or operating certain components of the project, depending on the outcomes of economic and financial studies. He stressed that there is no unified public-private partnership model approved across the entire network.
There are currently no pre-existing agreements with specific international partners to finance or execute the project, he said. However, the expertise of global companies in the fields of design, engineering, technology, and operating systems could be utilized based on the project's needs and its various phases.
Bahraini Minister of Transportation and Telecommunications Dr. Sheikh Abdulla bin Ahmed Al Khalifa.
Concerning the project's announced completion rate, the minister explained that the 50 percent figure represents the average progress achieved across member states, and does not mean that half of the construction work for the entire Gulf network has been completed.
The project's cost estimates are currently undergoing review and updates in light of economic shifts, rising prices for materials and services, construction costs, and inflation, he revealed without specifying an updated total cost at the present time.
Returns beyond passenger and freight transport
Al Khalifa said that the economic impact of the project is not limited to facilitating passenger movement and freight transport, but extends to improving supply chain efficiency, boosting trade among GCC countries, and linking industrial centers, economic zones, and logistical hubs, as well as supporting employment and investment opportunities.
He added that determining the project's exact contribution to the gross domestic product (GDP) or estimating expected savings in time and costs remains premature, given that returns vary depending on transport routes, the nature of the cargo, and the points of origin and destination.
In light of the challenges facing maritime navigation in the region, the minister stressed that the Gulf railway network is not intended to serve as a substitute for maritime transport. Instead, it acts as a complementary route that boosts transport options and connectivity among GCC nations, increasing the resilience of supply chains against disruptions that could affect various modes of transportation.
He noted that integration between ports, roads, railways, and airports will strengthen the flexibility of the Gulf transport system, while connecting to broader international logistical corridors remains a future possibility contingent on completing studies, understandings, and coordination with the relevant countries and entities.
King Hamad Bridge to link Bahrain and Saudi Arabia
Regarding the connection between Bahrain and Saudi Arabia, Al Khalifa explained that the King Hamad Bridge project includes road lanes and railway lines, enabling the international passenger station in Bahrain to connect with the Saudi railway network and forming one of the essential components for completing the Gulf interconnection.
He added that work is underway on the privatization procedures for the King Fahd Causeway Authority, alongside completing the necessary studies and procedures to transition to the execution of the new bridge project.
Achieving the connection between Bahrain and Saudi Arabia is a fundamental requirement for operating the railway line between the two countries within the project's targeted timeframe in December 2030,e he said.
Egypt Seeks Faster Progress on Libya Gas, Refining and Power Projectshttps://english.aawsat.com/business/5338878-egypt-seeks-faster-progress-libya-gas-refining-and-power-projects
Egyptian Foreign Minister Badr Abdelatty speaks during a press conference with Minister of Information Diaa Rashwan (not pictured) in Cairo, Egypt, March 25, 2026. (Reuters)
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Egypt Seeks Faster Progress on Libya Gas, Refining and Power Projects
Egyptian Foreign Minister Badr Abdelatty speaks during a press conference with Minister of Information Diaa Rashwan (not pictured) in Cairo, Egypt, March 25, 2026. (Reuters)
Egypt aims to accelerate energy projects with Libya, including gas pipeline links, refining of Libyan crude in Egypt and an electricity interconnection, Egyptian Foreign Minister Badr Abdelatty said late on Saturday.
Abdelatty's comments were in a ministry statement after a meeting with Libya’s acting oil and gas minister Khalifa Abdulsadek in Tripoli.
Abdelatty also called for cooperation on petroleum products and the completion of projects to refine Libyan oil in Egypt and re-export it, the statement said, adding that Abdulsadek had said that Libya would continue implementing existing projects and would visit Cairo soon to continue technical talks with Egypt’s petroleum and electricity ministers.
The statement did not provide details on costs or the status of the projects.
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