Economy

Azerbaijan plans to spend up to $59 billion over the next ten years to rehabilitate the territories it has recently taken back after being for decades under Armenian control. It is a huge sum even for an oil rich country, but for President Ilham Aliyev developing the new territories now has become the primary mission of his presidency.

Bahrain expects a quick return to pre-pandemic levels in tourist arrivals when the Gulf island nation reopens the King Fahd Causeway which links it to Saudi Arabia. The causeway was scheduled to open on 31 March, but that has now been delayed to 17 May. The causeway has been closed since 8 March of last year. 

Russia tripled its gold exports in 2020 after the coronavirus pandemic had made oil and gas revenues plummet, the Russian newspaper Izvestia writes. However this year is not expected to be so good for gold producers. According to economists at Morgan Stanley weak inflation, coupled with an improving economic outlook, will continue to weigh on gold prices.

The Bahraini Minister of Foreign Affairs, Dr. Abdullatif bin Rashid Al-Zayani, met with the European Union's High Representative for Foreign Affairs and Security Policy, Josep Borrell, and the President of the European Council, Charles Michel, during a visit to Brussels. 

The European Commission has published its long-awaited strategy for taking forward its relationship with its southern neighbours. It proposes "a new, ambitious and innovative Agenda for the Mediterranean, drawing for the first time on the full EU toolbox and the ground-breaking opportunities of the twin green and digital transitions, in order to relaunch our cooperation and realise the untapped potential of our shared region".