Latest news with #AlvinRCabral
The National
23-05-2025
- Business
- The National
Erdogan has 'no interest' in re-election, and doctor describes dire straits for Gaza's children
Turkish President Recep Tayyip Erdogan said on Thursday he has no interest in being re-elected. A doctor describes the horrendous state of children in Gaza. Abu Dhabi artificial intelligence company G42 has teamed up with tech giants on Stargate UAE. On today's episode of Trending Middle East: This episode features Alvin R Cabral, Business Reporter – Consumer and Technology; and Lizzie Porter, Turkey Correspondent.
The National
16-04-2025
- Business
- The National
Libya's economy expected to rebound on oil boost but reforms needed, IMF says
Business Economy Growth will also be supported by the non-hydrocarbon sector amid steady government spending Alvin R Cabral April 16, 2025 Libya's economy is projected to rebound in 2025, due to an expected increase in its oil production following disruption in output last year that hit growth, the International Monetary Fund has said while urging more reforms. The country's real gross domestic product grew 2.4 per cent last year after a healthy 10.2 per cent in 2023, rebounding from a recession-riddled 2022. That growth was supported by increased oil production, made possible by an improved security situation, as well surges in private consumption and exports, IMF data shows. Real GDP growth this year will also be boosted by the non-hydrocarbon sector, which is forecast to remain around its 2021-2024 average growth rate of between 5 and 6 per cent amid steady government spending, the Washington-based fund said in a statement concluding its delegation's mission to the Opec member. The IMF did not provide a figure for its forecast, which it expects to moderate in the medium term. It previously projected 2025 real GDP growth at 13.7 per cent, which would be the highest in the Middle East and North Africa region. However, its latest outlook is still subject to factors including Libya's political environment, intensifying regional conflicts and oil price volatility. "The current account and fiscal balances are slated to remain under pressure over the medium term, driven by projected lower oil prices and continued demands for the government to spend its entire revenues," the IMF said. Inflation, meanwhile, hovered near 2 per cent in 2024, reflecting extensive subsidies and affected by measurement inaccuracies, the IMF said. The country's consumer price index was based on an outdated consumption basket that covered only Tripoli, probably leading to an imprecise estimation of inflation. "Substantial fiscal efforts will be needed to preserve sustainability and achieve intergenerational equity, including by introducing well-calibrated and orderly wage and energy subsidy reforms and mobilising nonhydrocarbon revenues," the IMF said. Libya's economy is heavily dependent on oil and gas. In 2023, the sector accounted for about 97 per cent of the country's exports, more than 90 per cent of fiscal revenue and 68 per cent of GDP, according to data from the African Development Bank Group. However, Libya's situation has remained unstable, which has the potential to turn off companies from investing in the country. The political and stability situations may cause oil price fluctuations, which may potentially harm the security of investments and profitability, the IMF said. That instability spilled over into the oil sector last year. In December, Libya's National Oil Company was forced to declare force majeure at its Zawiya Refinery after clashes inflicted damage in the facility, adding to its economic woes. In January, Libya was, for the first time, allowed by the UN to reinvest proceeds from the $70 billion of assets bought with its oil wealth since sanctions were imposed in 2011. Tripoli is also working to stabilise its private sector, despite continuing political uncertainty and weakness of the regulatory framework for businesses. "The lack of access to finance and foreign currency, dominance of public employment and poor governance are major impediments to growth in Libya," the IMF said. "The authorities should initiate a comprehensive economic reform plan that focuses on private sector development, starting with upgrading regulatory frameworks, enhancing access to finance and improving the security situation." Libya's banking sector, meanwhile, was able to "successfully" boost its capital and financial soundness metrics, with significant improvements in non-performing loan ratios, the IMF acknowledged.
The National
02-04-2025
- Automotive
- The National
Uber and WeRide team up with RTA to bring driverless vehicles to Dubai's roads
Future Technology New pilot programmes will be launched in the emirate Alvin R Cabral April 02, 2025 Ride-hailing companies Uber Technologies and WeRide have teamed up with Dubai's Roads and Transport Authority to bring autonomous vehicles to the emirate's roads. San Francisco-based Uber and the RTA will launch pilot programmes, explore data insight, and ensure safety protocols and regulatory frameworks, Uber and WeRide said in a joint statement on Wednesday. WeRide, based in Guangzhou, China, became the first AV provider to secure a national licence from the UAE for self-driving vehicles on public roads, in July 2023. The company joined forces with Uber to launch a commercial driverless mobility service in Abu Dhabi in December. Further details, including target dates for AV introduction in Dubai, will be announced at a later date, the statement said. 'This partnership ... represents a crucial step in advancing Dubai's Self-Driving Transport Strategy, which aims to transform 25 per cent of all journeys in the city into autonomous trips across various transport modes by 2030," said Mattar Al Tayer, director general and board chairman of the RTA. More to follow ...
