DUBAI: The UAE budget balance improved in the first half of the year as the economy began recovering from the COVID-19 pandemic, the state news agency WAM reported, citing a ministerial meeting attended by the central bank governor.
Sheikh Mohammed bin Rashid Al-Maktoum, Dubai’s ruler, said the UAE plans to enter 25 new international markets for foreign trade, with the goal of boosting exports by 50 percent in the next few years, WAM said in a separate report.
The UAE, a commerce and trade hub, was hit hard by the COVID-19 pandemic which had a crippling impact on sectors vital to its economy like tourism and hospitality.
Preliminary data in May showed the economy shrank 6.1 percent in 2020, while the central bank has said it expects GDP to grow 2.5 percent this year.
UAE budget balance improves as economy recovers from pandemic
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UAE budget balance improves as economy recovers from pandemic
- The UAE plans to enter 25 new international markets for foreign trade
Jordan, Lebanon sign 21 cooperation agreements across various fields
RIYADH: Jordan and Lebanon have sealed 21 cooperation agreements across various fields, including energy, electrical interconnection, and industry.
Jordanian Prime Minister Jafar Hassan and his Lebanese counterpart, Nawaf Salam, witnessed the signing of the deals between the two countries, following their chairing of the eighth session of the Jordanian-Lebanese Joint Higher Committee in Beirut, the Jordan News Agency, or Petra, reported.
Additional areas of cooperation included trade, investment, and tourism, as well as transport and several service sectors.
This reflects the ongoing trade relationship between the two countries. In 2023, Jordan exported $101 million worth of goods to Lebanon, while Lebanon exported $111 million to Jordan, according to data from the Observatory of Economic Complexity.
Petra stated: “In joint press statements after the signing of the agreements, Hassan said that Jordan will continue, as it always has, to support Lebanon and to stand by its security, stability and sovereignty.”
It added: “He stressed that supporting Lebanon is a firm Jordanian position under the continuous guidance of His Majesty King Abdullah II, who tasked him with working intensively to translate the historic relations between the two countries into comprehensive cooperation across all fields.”
The prime minister noted that despite the absence of a shared border between Jordan and Lebanon, the two nations are closely connected through long-standing ties of communication, cooperation, and integration at both official and public levels, extending across economic and cultural spheres.
He further stated that both countries are committed to reinforcing these ties and advancing their relationship, with the next phase expected to see broader institutional cooperation that serves the interests of Jordan and Lebanon.
Hassan underlined that the Joint Jordanian-Lebanese Higher Committee convened again, highlighting the two sides’ commitment to maintaining and regularly holding these meetings in line with the strong fraternal ties.
The prime minister added that both sides agreed to maintain ongoing communication and coordination among ministers, officials, and technical teams to ensure the implementation of the agreed accords and to explore future areas of cooperation in ways that serve the interests of both countries and their peoples.
