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UAE Economy Minister: Global Economic Challenges Need Establishing Developmental Solutions

UAE’s Economy Minister Abdullah bin Touq al-Marri during a conference in Abu Dhabi on Tuesday, September 20, 2022. (Asharq Al-Awsat)
UAE’s Economy Minister Abdullah bin Touq al-Marri during a conference in Abu Dhabi on Tuesday, September 20, 2022. (Asharq Al-Awsat)
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UAE Economy Minister: Global Economic Challenges Need Establishing Developmental Solutions

UAE’s Economy Minister Abdullah bin Touq al-Marri during a conference in Abu Dhabi on Tuesday, September 20, 2022. (Asharq Al-Awsat)
UAE’s Economy Minister Abdullah bin Touq al-Marri during a conference in Abu Dhabi on Tuesday, September 20, 2022. (Asharq Al-Awsat)

A UAE minister said on Tuesday that the current global economic challenges underscore the strategic importance of developing more developmental solutions through new economic sectors that are capable of fulfilling the sustainable development requirements and creating growth opportunities.

Economy Minister Abdulla bin Touq al-Marri stressed that the United Arab Emirates has set an ambitious goal for the next 50 years to move towards a new development model that is more developed and open to the world and based on advanced technology, talents, creativity and emerging ideas.

He made the remarks on the sidelines of announcing that Abu Dhabi will host the Global Investopia Conference in March 2023, under the theme “Envisioning opportunities in times of change.”

Marri said the conference will tackle a new generation of investment opportunities in transportation, climate, food and energy technologies, which have become a real bet for sustainable development and fundamental pillars of future economies.

He pointed out that Investopia initiative supports the national aspirations and provides new space to boost international investment dialogue and contribute to launching new innovative ideas that create sustainable growth opportunities.

The upcoming event will discuss the transformations in global investment, in light of the economic changes that created new economic concepts related to virtual reality and the green and sustainable economy, as well as its effects on investment priorities in vital sectors.

These sectors include areas of food technology, clean energy, climate technology, and modern technologies related to the transport, shipping and logistics services sector and investment opportunities associated with these sectors in global markets.

Chairman of the Abu Dhabi Department of Economic Development Mohamed al-Shorafa, for his part, said that Abu Dhabi has succeeded in establishing a supportive economic environment and achieving world-class infrastructure and communications.

He underlined the emirate’s vision and approach to entrepreneurship that enable it to provide growth opportunities for investors.

Shorafa further noted that the Investopia initiative is the suitable platform to discuss current and future economic trends, and ways to improve the national economy’s competitiveness.

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Turkmenistan, China Launch Expansion of World’s Second-largest Gas Field

Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)
Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)
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Turkmenistan, China Launch Expansion of World’s Second-largest Gas Field

Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)
Former Turkmen president Gurbanguly Berdymukhamedov and Chinese Vice Premier Ding Xuexiang applaud during a ceremony launching the fourth of seven planned development phases at Galkynysh gas field, the world's second-largest gas field in the Karakum desert about 400 kilometres (250 miles) east of the capital Ashgabat, on April 17, 2026. (Photo by AFP)

Turkmenistan and China broke ground Friday on works to expand production at the giant Galkynysh gas field, strengthening Beijing's already dominant position in the secretive Central Asian nation's energy sector.

The former Soviet republic, which holds the world's fourth-largest gas reserves, has exported nearly all its production to China since 2009, when the Central Asia-China pipeline opened.

In the middle of the desert, former president Gurbanguly Berdymukhamedov -- who effectively runs the country alongside his son, President Serdar Berdymukhamedov -- formally inaugurated the launch of the fourth of seven planned development phases at Galkynysh.

The ceremony was attended by Chinese Vice Premier Ding Xuexiang, an AFP correspondent saw.

"Turkmen gas is a symbol of happiness -- it is present in every Chinese household," Ding said.

The event featured songs and dances celebrating Turkmen-Chinese friendship, staged with the lavish pomp typical of Turkmenistan's state-sponsored events.

Gurbanguly Berdymukhamedov, officially titled "Hero-Protector" and vested with sweeping powers, presided over the gathering.

Galkynysh, in the Karakum desert about 400 kilometers (250 miles) east of the capital Ashgabat, has been producing gas since 2013 and is the world's second-largest gas field, according to the British consulting firm GaffneyCline.

Expansion works are being carried out by the state-owned China National Petroleum Corporation (CNPC).

On a visit to Ashgabat the day before the ceremony, CNPC chairman Dai Houliang said "the friendship between China and Turkmenistan is as deep as the roots of a tree."

Business

$27 Billion City to be Built East of Cairo

The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat
The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat
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$27 Billion City to be Built East of Cairo

The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat
The project covers approximately 2.4 million square meters of land. Asharq Al-Awsat

Egypt's Talaat Moustafa Group (TMG) will build a new 1.4 trillion Egyptian pound ($27 billion) mixed-use city east of Cairo, CEO and Managing Director Hisham Talaat Moustafa said at a press conference on Saturday.

The project, called The Spine, is to be developed in partnership with ⁠the National Bank ⁠of Egypt, with a paid-up capital of 69 billion Egyptian pounds ($1.3 billion).

The project, to be built as a Special Investment ⁠Zone with TMG's Madinaty, covers approximately 2.4 million square meters of land, combining residential, commercial, hospitality, retail, entertainment, and public green space within a single continuous urban environment.

The investment is equivalent to roughly 1% of Egypt's GDP, according to Moustafa, and is ⁠projected ⁠to generate approximately 818 billion Egyptian pounds in tax revenues for the state budget over time.

The project is expected to create more than 55,000 direct jobs and hundreds of thousands of indirect positions.

Business

Türkiye Says Iran Gas Pipeline Contract Nearing Expiry, No Talks Yet on Extension

Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas
Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas
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Türkiye Says Iran Gas Pipeline Contract Nearing Expiry, No Talks Yet on Extension

Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas
Türkiye's Minister of Energy and Natural Resources Alparslan Bayraktar - REUTERS/Umit Bektas

Türkiye's long-term contract for importing natural gas from Iran is due to expire in the coming months, and the two countries could hold talks on a possible extension, though no negotiations are under way yet, Türkiye's energy minister said on Saturday.

The agreement, due to expire in July, provides for delivery of 9.6 billion cubic metres of gas a year, but actual flows have often fallen short, Reuters reported.

Türkiye imported 7.6 bcm from Iran last year, accounting for 13% of total gas imports. Regulator data show the pipeline last hit the contracted volume in 2022.

"According to our forecast, we might need this gas pipeline or the gas flow from Iran for the security of supply of Türkiye. There is no negotiation right now ongoing. I think they are busy with so many other things. But we might sit and discuss a potential extension," Alparslan Bayraktar told reporters on the sidelines of a diplomacy forum in the southern Turkish province of Antalya.

"But we haven't started a negotiation during the current circumstances in the region," Bayraktar said, referring to the Iran war.

Bayraktar also said Türkiye was seeking to diversify natural gas supplies, including through Russian liquefied natural gas.