Macky Sall, President of Senegal.
Senegal's President Macky Sall said on Tuesday he expects the West African nation to soon achieve double-digit economic growth for the first time from 2023, with an expansion of 13.7% predicted, as oil and gas exploration boosts activity.
Oil was discovered in Senegal in 1961, but reserves big enough for commercial exploitation have been found only in recent years.
"According to our projections, the economic recovery (will) allow us to return to a GDP growth of around 5.2% in 2021," Sall told an economic forum in Dakar, adding that 2022 growth was seen at 7.2%.
"In 2023, if all conditions are met, for the first time Senegal will achieve double-digit growth projected at 13.7%. This is simply due to the exploitation of oil and gas from 2023," he said.
Overall business conditions in Dubai’s non-oil private sector economy improved at the fastest rate in over four years in April. This mainly reflected the trend in new business, as employment was broadly unchanged during the month. Notably, business conditions in the wholesale & retail sector
Egypt’s non-oil private sector economy saw renewed growth in April, according to latest PMI data. Output expanded for the first time in nearly one-and-a-half years and new business increased at a faster rate. Input purchasing and job numbers also rose, while business sentiment towards the year-ahead outlook for activity strengthened.
A wide range of development projects are underway in the UAE’s east coast emirate of Fujairah as it seeks to diversify its economy. The Port of Fujairah, its adjacent anchorage and the Fujairah Oil Industry Zone, FOIZ, are already well-established as the second largest oil bunkering centre in the world,
Opec and its allies agreed on Thursday to keep current production cuts until further review in December, with the Kingdom of Saudi Arabia pledging to further strengthen its voluntary production adjustment to 9.890 million bpd in October.
The UAE’s is expected to reach $700 billion by 2025. Fifty-one per cent of the country’s wealth is owned by individuals whose net worth is more than $5 million.
The real estate markets in Sharjah and Ajman have continued to record stability in sales and rental prices in the first half of 2021, according to Bayut & dubizzle.
Visitors to Expo 2020 Dubai are invited to enjoy a world of cuisine where taste knows no borders – a foodie’s paradise featuring internationally acclaimed restaurants and local favourites,