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Gulf Today Report
Lebanon's Zahrani power plant has closed operation after it ran out of gas oil, according to a statement by the country’s electricity company.
The company cited a delay in offloading a spot cargo as one of the reasons for the shutdown.
The spot cargo arrived in Lebanon after complications arose on which method was best for testing the gas oil.
The plant, in the south of Lebanon, is one of the four main power generation plants in the country.
Oil prices decline as the ship blocking Suez Canal starts moving
Gold prices fall on firm US dollar
UAE consolidates its status as a key hub of international trade
Following the Suez Canal blockage, another cargo expected from Kuwait is stuck in the canal.
Lebanon, which is grappling with a deep financial crisis triggered by a mountain of debt, already lacks power generation capacity, so homes and businesses face power cuts for several hours each day.
The country’s energy ministry has asked parliament to approve an emergency loan to fund fuel imports beyond March.
Parliament would be approving a $200 million fund that should keep imports flowing for two more months.
Tunisia, the only democracy to emerge from the 2011 Arab Spring uprisings, and Lebanon, a quasi-democracy where a political revolt was launched in October 2019, now face economic protests driven by coronavirus restrictions.
Few countries would like to face the conditions Lebanon is facing at the moment. It is a nation virtually under siege, bearing the brunt of economic and, due to the pandemic, health woes. It has been battered by economic ruin, suffering from a dire
As Lebanon sinks lower into financial ruin, foreign banks are cutting ties with the Central Bank, making it difficult for the country to purchase goods and transfer payments from abroad.
The unprecedented cross-sectarian protests led to the government stepping down in late October, but no new one has yet been formed as political parties argue over its composition.
The Ras Al Khaimah Chamber of Commerce and Industry issued its statistics for the second quarter of 2022, which showed that the value of exports of the chamber’s members totalled Dhs1.644 billion.
High domestic prices restrained physical gold demand in India this week, while uncertainty surrounding Taiwan-related developments prompted bullion importers in China to hold off on big purchases.
Emaar Properties announced on Friday it would fully acquire Dubai Creek Harbour, the major development located along the historic Dubai Creek waterfront,
The total value of the Emirate of Abu Dhabi’s non-oil foreign trade reached Dhs124 billion during first half of 2022, compared to Dhs110 billion and 313 million,