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First Published: Mar 15 2023 | 9:16 AM IS
Mubasher: The Sultanate of Oman, represented by the Public Authority for Special Economic Zones and Free Zones, signed a memorandum of understanding with two Japanese companies, “Kobe Steel” and “Mitsui & Partners Ltd.”, to establish a reduced iron plant in the Special Economic Zone at Duqm.
The Economic Authority stated, according to the Oman News Agency, that the factory has a production capacity of regarding 5 million tons of reduced iron annually.
The two companies signed a land reservation agreement with the Port of Duqm Company and another memorandum of understanding with Marafiq to supply the project with electricity and water.
Under the agreement, the two companies, “Kobe Steel” and “Mitsui”, will prepare a detailed business study to start producing ferrous metals characterized by a low carbon dioxide content by 2027 AD, and the product will be provided in the Asian and global markets and other markets such as Europe and others.
The authority pointed out that the project is characterized by a low percentage of carbon dioxide emission, using the commercially and technically proven MEDREX technology in this field, and the two companies aim to establish the project to provide one of the best solutions to get rid of carbon in the short term in the steel industry, and the complete disposal of carbon by using Specific measures of capacity expansion, conversion to hydrogen reduction and long-term carbon capture, utilization and storage.
The authority hopes that the new project will contribute to attracting a group of industries and other medium-sized and related businesses, to strengthen the iron industry sector in Oman, and to enhance the in-country value by supporting local companies and small and medium enterprises and providing job opportunities for Omani youth.
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Abu Dhabi – Mubasher: The Central Bank of the Emirates said that the superiority of deposits over loans recorded at the end of last year, its highest level in seven years, with a difference of 341 billion dirhams in favor of deposits.
And the bank stated in a report that the growth of deposits in the UAE banking system remained strong, last year, as it recorded 11.3% growth on an annual basis, to reach by the end of December 2022 the value of two trillion and 222 billion dirhams, compared to credit worth one trillion and 881 billion dirhams..
He explained that the deposits of residents in the country, including institutions and individuals, which constitute 90.4% of total deposits, increased by 13.8% on an annual basis, to reach by the end of last December two trillion and nine billion dirhams, compared to one trillion and 766 billion at the end of 2021, an annual increase of 243 billion. dirhams.
Government deposits recorded last year, a growth of 37.8%, to reach 397 billion dirhams at the end of last December, compared to 288 billion dirhams at the end of 2021, an annual increase of 109 billion dirhams..
Over the past 18 months, bank deposits, especially those of residents in the country, witnessed a steady increase, due to the increase in interest rates on deposits, which amounted to 4.5%, following repeated increases in the main interest rate by the Central Bank.
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Mubasher – Mustafa Reda: Gold futures prices rose in trading today, Monday, by more than 1 percent, with the decline of the dollar once morest major currencies, and the growing concerns regarding long-term inflation due to the rise in oil prices in global markets.
The price of the yellow metal contracts for June delivery increased by $20, to rise to the level of $2006.2 an ounce.
The spot price of gold also rose by regarding 1 percent, with gains of $19.7, to settle at $1988.9 an ounce.
Gold futures achieved monthly and quarterly gains by the end of March 2023 trading, despite a loss of $11.5 when trading last Friday.
Futures prices for the yellow metal ended March trading, with an increase of 8.1 percent for the current month, with a gain of 8.8 percent during the first quarter of 2023.
The dollar fell
The performance of gold comes with the decline of the dollar once morest the major currencies in the global markets, and by 3:42 pm GMT, the green paper fell once morest the euro by 0.5 percent, at the level of $ 1.0890.
The dollar also declined once morest the Japanese yen by 0.4 percent, at 132.34 yen, and fell once morest the pound sterling by more than 0.4 percent, at 1.2394 dollars.
Reduce oil production and inflation
The performance of the yellow metal also reflects the attractiveness of bullion as a safe haven following a sudden cut in oil production by “OPEC +”, and a significant rise in crude prices during trading, which raised fears of long-term inflation, and raised a state of uncertainty regarding the response of central banks to that wave.
Oil prices broke during today’s trading, the barrier of $ 84 a barrel, following the “OPEC +” group announced support for a voluntary reduction in the production of some countries from crude, amid astonishment from the United States at the decision.
By 2:57 pm GMT, the benchmark Brent crude futures price increased by 5.6 percent, with gains of $4.39, to record a barrel of oil at $84.41.
The price of futures contracts for “Nymex” crude for delivery next May rose by more than 5.7 percent, to gain $4.33 and settle at $80 a barrel.
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