Browsing: Business

Oman’s annual inflation rate reached 3.4% in August 2026, continuing a recent upward trend in consumer prices. The inflation rate was 3.2% in July and 2.8% in June. The average inflation from January to August stood at 2.9%. The National Centre for Statistics and Information released the latest figures through its August consumer price index report. Notably, transportation and food categories saw the most pronounced increases among key expenditure areas.

During his official state visit to Germany, President His Highness Sheikh Mohamed bin Zayed Al Nahyan held a meeting with German business executives and corporate heads in Berlin. The high-level roundtable provided detailed updates on company operations, industrial developments, and technological advancements within major European manufacturing sectors. As both nations work to deepen their cross-border economic collaboration, the UAE President engaged with German business leaders on expanding joint ventures, increasing capital investments, and boosting bilateral trade in key growth markets.

During the INNOPROM India 2026 industrial trade exhibition, officials outlined strategies aimed at reducing India’s significant trade deficit by increasing exports of pharmaceuticals, auto components, textiles, and agricultural goods to Russian markets. This trade initiative, supported by 40 active priority investment projects and strengthened local-currency settlement systems, is designed to promote industrial integration and reinforce cross-border supply chains across Eurasia.

UAE investment in Germany targets industry, AI, digital infrastructure and energy. A key element of the UAE’s investment strategy is digital infrastructure. Both governments outlined plans for state-of-the-art data centres with a total capacity of approximately 1 gigawatt in Germany. Their joint statement also addressed initiatives in artificial intelligence, industrial growth, and energy. Germany committed to facilitating the conditions necessary for the successful implementation of these data-centre projects. These initiatives further strengthen the expanding economic partnership between the UAE and Germany, spanning technology, manufacturing, energy, and other commercial fields. During the visit, companies from both nations formalized their cooperation through 29 agreements and memoranda of understanding valued at over €9.356 billion. The UAE and Germany also agreed to create a German-UAE Investment Council, designed to link government agencies with private-sector entities and promote bilateral investment activities. Additionally, both countries launched a Strategic Dialogue focusing on trade, technology, investment, energy, transport, education, security, and other areas of cooperation. Major Investment Package Anchored by Digital Infrastructure The €40 billion commitment builds upon several significant UAE-related investments in Germany. According to the joint government statement, XRG has invested approximately €15 billion in chemicals company Covestro. Officials also highlighted collaborations involving Covestro, RWE, ADNOC, and Masdar within the broader economic relationship. These projects complement the newly announced investment plan, which emphasizes industrial development, cutting-edge technology, artificial intelligence, digital infrastructure, and energy as primary focus

Berlin state visit brings new UAE-Germany agreements and a major investment package. The two governments also committed to establishing a German-UAE Investment Council to foster closer cooperation between public and private sectors. The resumption of the Joint Economic Committee aims to serve as another platform for trade and investment discussions. The Strategic Dialogue will encompass areas including security, defense, commerce, energy, climate policy, transport, education, and digital innovation. It will further facilitate collaboration on emerging technologies and other shared policy initiatives. In addition, Germany and the UAE formalized arrangements related to legal assistance, crime prevention, data systems, and government information services. Aviation also featured prominently among the agreements announced during the visit. New measures will allow expanded access for UAE national airlines operating at Berlin Airport. Other agreements address passenger procedures and cooperation between relevant authorities. The package also includes cooperation in defense, security, and environmental sectors. The two nations signed a memorandum dedicated to cultural collaboration and agreed to continue efforts in energy, focusing on liquefied natural gas, renewable energy, and hydrogen. Economic cooperation expanded through a significant investment package The official visit also featured a UAE investment commitment totaling 40 billion euros to Germany. This fund aims to support advanced digital infrastructure and establish new data centers with around 1 gigawatt of capacity. Representatives from both countries formalized 29 commercial agreements and memoranda exceeding 9.356 billion euros, complementing the government agreements announced in Berlin. This substantial economic element highlights the broader cooperation agenda of the visit.

Gold continued to trade above $4,400 an ounce on Thursday, reversing an earlier decline seen in the previous session. Spot gold increased by 0.3% to reach $4,414.28 per ounce as of 0419 GMT. Meanwhile, U.S. gold futures for December delivery dipped 0.1% to $4,457.20. The dollar stayed subdued during Asian trading hours, supporting bullion priced in the U.S. currency. Gold’s price level on Thursday remained close to the higher levels achieved late Wednesday after bouncing back from earlier losses earlier that day.

Water reserves have historically dictated how many ships can transit the canal during dry spells. During the severe 2023 drought, daily transits dropped to 22 in December as Gatun Lake levels fell to unusually low points. Recovery ensued after rainfall resumed and water conservation measures helped replenish the reservoirs. Currently, canal management continues to monitor lake levels, watershed inflows, and precipitation data to determine daily capacity limits. Vessel draft rules have also been modified under current water management strategies. A planned reduction in Neopanamax draft to 47.5 feet was postponed after officials reviewed updated reservoir data. The maximum draft was kept at 48 feet. These draft restrictions influence how deeply loaded ships sit in the water and can affect cargo capacity passing through the canal.

Skilled technical workers inspect precision machinery components on modern factory floors. Within the joint ownership arrangement, Tel Aviv-based investment firm Aurelius Capital will hold a majority equity interest, while the German state of Lower Saxony, Volkswagen’s second-largest shareholder, will possess a minority stake. The initial project for the restructured facility involves a manufacturing collaboration with Israeli defense contractor Rafael Advanced Defense Systems, a state-owned enterprise. Plans focus on producing specialized systems and mechanical parts for air defense infrastructure intended for procurement by Germany and other European allied nations. The decision to repurpose the Osnabrück plant follows Volkswagen’s strategic plan for 2024, which involves ending passenger vehicle assembly there by mid-2027 due to ongoing industrial overcapacity. Statements from the factory works council indicate that the defense manufacturing agreement is aimed at maintaining around 1,200 specialized technical roles at the site. This shift reflects broader trends among European vehicle manufacturers, exploring alternative uses for industrial capacity through defense projects. Israeli Private Equity Firm Joins Forces with Lower Saxony Government Volkswagen executives pointed out that the sale aligns with the company’s wider efficiency initiatives aimed at streamlining operations across Europe. Volkswagen AG CEO Oliver Blume commented that the transaction creates a sustainable industrial outlook for Osnabrück while addressing regional workforce responsibilities. Representatives from Aurelius Capital, led by Managing Director Tomer Jacob, highlighted the plant’s manufacturing precision and skilled workforce, suitable for advanced defense production. This restructuring occurs amid mounting financial pressures on traditional European vehicle manufacturers, including declining

At the close of August 2026, Egypt’s international reserves reached a historic high of $57.2145 billion. The Central Bank of Egypt announced this provisional figure on September 7. Reserves stood at $56.2939 billion at July’s end. The monthly growth amounted to roughly $920.6 million, or 1.6%. This latest total marks Egypt’s first time surpassing the $57 billion mark in official reserve holdings.

South Korea and African partner nations are set to unveil a comprehensive economic cooperation framework centered on artificial intelligence and technology-led growth at the 8th Korea-Africa Economic Cooperation Ministerial Conference in Seoul. This pivotal event marks two decades of bilateral collaboration, gathering cabinet ministers, development financiers, and tech industry leaders. Confirmed plans reveal that Korea and Africa are forging a new path in AI digital infrastructure, aiming to enhance trade routes and review 20 years of joint investments.