In addition to rising inflation worldwide, due to other factors including political and economic uncertainty and law and order, overall commercial activities in various economic sectors were severely affected during this year.
The year 2022 saw a lot of ups and downs in business affairs in the world, this year has now entered its final phase with its bitter and sweet memories, this year significant changes have taken place in various sectors in business affairs, on which a Let’s look.
January:
Russia threatens to cut off Europe’s oil and gas
Even before the Russia-Ukraine war, there was a series of verbal firefights between Russia and the European Union. In this regard, Russia warned the European Union that if access to SWIFT is closed, we will cut off Europe’s oil and gas. .
In this regard, the Minister of Foreign Affairs of Russia also described the blocking of access to SWIFT system as equivalent to breaking relations with Moscow.
First time car manufacturing in Saudi Arabia
This year, the Saudi government decided for the first time to manufacture vehicles locally, under which a factory has been established.
Dr. Fahad Al-Dheesh, the executive chairman of the national company “Sanam” to be established in the industrial city of Al-Jubeil, said that the factory is being prepared according to the program of Saudi Vision 2030.
February:
Agreement between India and United Arab Emirates
The two countries signed a historic agreement to take trade between India and the UAE past $100 billion. This is called the Comprehensive Economic Partnership Agreement (CEPA) between the two countries. This was India’s first CEPA agreement with any Arab country.
The CEPA agreement between India and the UAE was significant in that the two countries completed the negotiation process very quickly in just 88 days, which is a record. So far no CEPA has been implemented in such a short time in the world.
March:
President Putin’s decision not to return 500 foreign aircraft
In response to Western sanctions, Russian President Vladimir Putin signed a new law aimed at preventing foreign companies from returning aircraft leased to Russia.
75% of the aircraft used by Russian airlines are leased or rented, and if Russia had to return these aircraft, Russian airspace could be completely deserted for passenger aircraft.
April:
Russia received good news of business in Rubel
The big news for the falling Russian currency in recent days was that many countries had made a principled decision to do their trade with Russia in ruble.
Some of Europe’s biggest energy firms had planned to use a new payment system to supply Russian gas at the request of the Kremlin, the Financial Times reported.
May:
The prices of cryptocurrencies have fallen sharply
Cryptocurrency prices around the world plummeted in May, with one popular coin dropping in value by as much as 99%, taking with it a ‘stablecoin’ The rise does not come) also dropped the price.
The value of the TerraLuna coin dropped from $118 to $0.09 last month, affecting another currency linked to the coin, the TerraUSD, which is usually quite stable and a stable one. The coin is accepted.
June :
The ruble also outperformed the dollar
Despite all the difficult situations after Russia’s invasion of Ukraine in June, the Russian currency ruble was called the most successful currency in the world compared to the US dollar, even the ruble overtook the Brazilian currency Rial.
At one point, the ruble fell to less than a cent against the dollar, but only two months after that drop, the ruble’s value rose dramatically.
India’s decision to buy oil from Russia
In June, at a time when global fuel prices were on the rise, India stabilized its oil imports, taking advantage of low-priced Russian oil despite opposition from the United States.
The US said that buying oil from Russia is not a violation of economic sanctions, but it is tantamount to supporting Russia’s attack on Ukraine.
July:
China: Increase in foreign investment
In July of this year, China’s foreign direct investment increased by 17.4% compared to last year, after which the inflow in terms of US dollars increased by 21.8% compared to a year ago to reach 112.35 billion dollars.
Foreign investment in China’s western region increased by 43.9 percent in the January-June period, while that in the central region increased by 25 percent and the eastern region by 15.6 percent.
August :
Tata Motors bought the plant of Ford Company
Leading Indian company Tata Motors has decided to buy Ford’s car manufacturing plant based in Gujarat for Rs 7.26 billion and this deal was made at a time when the Tata company had to increase production to meet the demand for its vehicles. . The agreement between Tata and Ford included the plant’s land, machinery and all key employees.
September:
Train service between UAE and Oman
This year, the developer and operator of the UAE national rail network signed an agreement with Sultanate of Oman Rail to establish a jointly owned company, named Oman Etihad Rail Company.
Under the agreement, high-speed freight trains will run between the two states for commercial purposes. This will create new opportunities in infrastructure, transport and logistics industries.
October:
Launch of Cooking Oil Mission in India
After Indonesia banned edible oil exports last year, India launched the Palm Oil Mission to encourage farmers to grow palm oil. The record production of mustard seeds cultivated this year is likely to increase in the next year 2023.
November :
Billionaire cryptocurrency trader goes bankrupt
Sam Banksmanfried earned the title of ‘Crypto King’ just eight days after his company went bankrupt, and he stepped down as CEO.
This can be termed as the biggest loss a person has ever suffered in cryptocurrency in the shortest period of time. In this regard, Sam Bankman Freud lost 16 billion dollars in just a few days.
December:
The European Union’s main initiative to overcome the energy crisis
EU member states agreed to cap natural gas prices at 180 euros ($191) per megawatt hour to ensure energy supplies.
Decrease in Saudi investment in America
The volume of trade carried out by Saudi traders in the US stock market reached the lowest level in the last 3 years.
The value of Saudis trading in US stock markets fell to 23 billion riyals during the third quarter, a nearly 3-year low.
According to data from the Saudi Capital Market Authority, transaction values in the US markets fell by less than half compared to the same quarter last year.
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