Economy

UAE Aims to Grow Economy 7%, Reach Over $800 Billion by 2030

Published

1 year ago

July 20, 2023

(Bloomberg) — The United Arab Emirates is looking to accelerate economic growth in the coming years as it seeks to double its gross domestic product to over $800 billion by the end of the decade.

“The focus is to grow by 7%,” Abdulla bin Touq Al Marri, the country’s economy minister, said in an interview with Bloomberg Television Thursday. “We need to double our economy to 3 trillion dirhams ($817 billion) by the end of 2030.”

The oil-rich country saw its economy grow almost 8% in 2022, thanks in part to higher crude prices and production. This year, the International Monetary Fund projects GDP will accelerate at a slower pace of 3.5%.

The Gulf country is seeking bilateral trade deals and partnerships to achieve its goals, he said. Still, challenges including lackluster growth in China and disruptions to global financial systems may pose risks, according to the minister.

Read: UAE to Grow Asia, Africa Trade, Seek $150 Billion Investment

The UAE, OPEC’s third-largest producer, has been pushing to develop its position as a global hub for business and finance, especially as it faces growing regional competition from larger neighbor Saudi Arabia. It’s inked trade deals worth billions of dollars over the past two years with countries including India, Indonesia and Turkey.

This week, during Turkish President Recep Tayyip Erdogan’s visit to Abu Dhabi, the UAE pledged to ramp up financial help for Turkey with deals that could be worth more than $50 billion and include buying $8.5 billion of bonds.

The two countries are still working on finalizing the details. It will “come in very shortly and very soon,” Al Marri said.

–With assistance from Sarah Halls.

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Economy

S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

Published

19 hours ago

September 13, 2024

Anne Joseph

TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

Statistics Canada reports wholesale sales higher in July

Published

1 day ago

September 13, 2024

Anne Joseph

OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

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Economy

S&P/TSX composite up more than 150 points, U.S. stock markets mixed

Published

2 days ago

September 12, 2024

Anne Joseph

TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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