OPEC highlights positive expectation for UAE economy

WAM
13 May 2022, 23:19 GMT+10

ABU DHABI, 13th May, 2022 (WAM) -- The OPEC Monthly Oil Market Report (MOMR) has maintained its positive momentum with regard to the UAE's economic recovery.

The MOMR, issued on Thursday, stated that the economic outlook remained positive, thanks to improving economic conditions supported by the easing of COVID-19-related constraints and the improvement in fossil fuel prices.

The report indicated that the recent S&P Global UAE PMI stood at 54.8 in March 2022, unchanged from a month earlier, yet the reading pointed the 16th straight month of non-oil private-sector expansion.

It also added that this month the Central Bank of the UAE (CBUAE) increased the base rate of the overnight deposit facility by 50bps to 2.25%, tracking the increase in the federal funds rate.

Moreover, the bank indicated that the rate on borrowing short-term liquidity from the CBUAE through all standing credit facilities would stand at 50 bps above the base rate.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Houston Mirror.

More Information

95 ℉

Mostly Cloudy in Houston/Hobby

Business

Section

Poland tells banks to give savers higher interest or expect more taxes

WARSAW, Poland: As Poland's main interest rate remains at its highest level since 2008, boosting the profits of Polish banks, ...

Asian stocks in major slide, Nikkei 225 drops 316 points

SYDNEY, NSW, Australia - Stocks across Asia lost ground on Wednesday, although the New Zealand market defied the regional trend ...

EasyJet boss quits due to flight cancellations

LONDON, England: After EasyJet canceled thousands of flights this summer to limit the disruption caused to passengers from both air ...

Chip shortage causes GM to store 95,000 incomplete cars

DETROIT, Michigan, global shortage of computer chips, vehicles, Detroit automaker, General Motors, GM's total salesDETROIT, Michigan: The global shortage of ...

Greenback soars as oil plunges below $100 a barrel, U.S. stocks mixed

NEW YORK, New York - U.S. stocks gyrated on Tuesday, with major indices tumbling more than two percent before regaining ...

India prohibits use of single-use plastic in bid to reduce litter

NEW DELHI, India: To combat worsening pollution, India, the world's second most populous country, has banned single-use plastic items, ranging ...

International

Section