Category: Talking Point

Iran’s worsening fiscal squeeze is spilling into daily life as collapsing oil revenue, a record-low currency and surging prices force Tehran to balance military demands against the cost of keeping fuel, food and other essentials affordable.The pressure has sharpened after Iranian crude exports fell to roughly 260,000 barrels a day in August from about 1.7 million before the latest tightening of US economic pressure, draining the state’s main source of hard currency. The rial has slipped beyond two million to

Chinese President Xi Jinping arrived in Cairo for a state visit on Tuesday night, opening talks with President Abdel Fattah el-Sisi as Beijing seeks stronger ties with a pivotal Arab partner amid questions over Washington’s regional role.Xi, accompanied by his wife Peng Liyuan, was received at Cairo International Airport by Sisi and Egypt’s first lady, Entissar el-Sisi. The visit is Xi’s first to Egypt in a decade and marks 70 years of diplomatic relations.The Chinese leader said on arrival that

President Donald Trump has dismissed concerns that the six-month conflict with Iran is depleting US firepower, describing the fighting as a comparatively small war even as American and Iranian forces exchanged strikes after about a month of reduced direct combat.“This is a relatively little war for us,” Trump told reporters on Monday. “This is not a big war.”Trump also rejected warnings that prolonged operations could leave the United States short of weapons needed for other contingencies. He said the country

Venezuela has insisted that its new 25-year energy agreement with the United States preserves state ownership of the country’s oil reserves, sharpening scrutiny of President Donald Trump’s claim that Washington has secured majority control over more than 65 billion barrels of Venezuelan crude.Interim President Delcy Rodríguez said the accord covers the development of 17 strategic oilfields and targets production of more than 1.5 million barrels a day, while eight additional greenfield blocks are planned under a wider expansion. She said

Artificial intelligence adoption has spread across Gulf businesses, but only a small minority are converting deployments into measurable financial gains, exposing a gap between experimentation and value creation.About 84 per cent of organisations in the Gulf Cooperation Council use AI in at least one business function, up from 62 per cent in 2023, according to a McKinsey survey conducted with the GCC Board Directors Institute. Yet only 11 per cent qualify as “value realisers”, meaning they have scaled AI and

Venezuela is considering leaving OPEC as its energy relationship with the United States deepens, raising fresh questions over the producer group’s cohesion only months after the United Arab Emirates ended nearly six decades of membership.No final decision has been taken in Caracas, but the possibility of withdrawing from the Organization of the Petroleum Exporting Countries has figured in discussions involving Venezuelan and US officials. Such a move would carry powerful symbolism because Venezuela was one of OPEC’s five founding members

Kuwait and Pakistan have signed a new defence co-operation agreement expanding military training, operational co-ordination and security assistance as Gulf states reassess their strategic relationships during the prolonged Iran war.The Protocol Agreement-2026 was signed on Thursday, August 27, during Kuwaiti Defence Minister Sheikh Abdullah Ali Abdullah Al-Saleem Al-Sabah’s visit to Pakistan. Defence Minister Khawaja Muhammad Asif signed for Pakistan after talks focused on bilateral security ties and the changing regional environment.The agreement broadens a defence framework established in 2023 and

Washington’s expanding economic offensive against Tehran is threatening to squeeze China’s access to discounted Iranian crude after war, blockades and maritime attacks sharply reduced flows through the Middle East’s main energy chokepoints.Chinese imports of Iranian crude moving through the Strait of Hormuz averaged about 530,000 barrels a day in July and August, down roughly 36 per cent from the first half of 2026 and 72 per cent below their October 2024 peak. Purchases have fallen about 48 per cent since

Washington has sanctioned the Wellbred commodities group and businesses spanning Singapore, the UAE, Switzerland and France, expanding pressure on a global commercial network linked to Iranian oil trader Mohammad Hossein Shamkhani.The measures designate Singapore-based Wellbred Capital Pte Ltd, UAE-based Wellbred Trading FZCO and Switzerland-based Wellbred Trading SA. La Nivernaise de Raffinage SAS, a French cooking-oil refinery controlled by Wellbred Trading SA, has also been placed under sanctions.The action forms part of a broader campaign launched by the Trump administration on

Iran is preparing for a sharp escalation in US economic pressure as President Masoud Pezeshkian says the country is fighting an “all-out economic, military and security war” and Washington readies another sanctions package.US Treasury Secretary Scott Bessent is expected to outline the measures on Monday, with the Trump administration signalling that the campaign will seek to isolate Tehran from international trade and financial networks. The measures are expected to extend pressure beyond Iranian companies and institutions by targeting foreign businesses,

Oil prices extended gains on Wednesday as fading prospects for a settlement in the Iran war intensified concerns over supplies moving through the Strait of Hormuz, keeping Brent crude above $91 a barrel.Brent crude futures rose 26 cents to $91.28 a barrel in early trading, marking a fourth consecutive session of gains, while US West Texas Intermediate crude advanced 37 cents to $85.31. Brent had settled at $91.02 on Tuesday, its highest close in more than three weeks, after

Shipping through the Strait of Hormuz remained severely restricted on Tuesday as vessel movements stayed in single digits, while another ship was struck by an unidentified projectile and diplomatic efforts to ease the US-Iran confrontation remained deadlocked.Preliminary ship-tracking data showed six commodity vessels crossed the waterway on Monday, three entering the Gulf and three leaving. That was only a modest increase from the weekend and remained well below the 10-day average of 11 ships. Updated tracking figures recorded three

President Donald Trump has ordered the Pentagon to substantially scale back joint military exercises with South Korea, linking the decision to his relationship with North Korean leader Kim Jong Un and Seoul’s refusal to support Washington’s military campaign against Iran.Trump announced the move hours before the annual Ulchi Freedom Shield exercise was due to begin on Monday, August 17. The drills nevertheless started as scheduled, with South Korea confirming that the programme was proceeding while the Pentagon assessed how the

Businesses across the UAE that use music commercially will face a new licensing regime from December 2026, bringing restaurants, hotels, shopping centres, gyms, airlines and broadcasters within a standardised system for paying music copyright and related-rights fees.The Collective Management in Music Guide establishes a framework for licensing the public and commercial use of protected music. It will apply to restaurants, cafés, hotels, floating hotels, shopping malls, fitness centres and airlines, as well as radio and television stations, concerts and comparable

OPEC crude production climbed sharply in July as Gulf producers restored output disrupted by the Iran war and restrictions on tanker movements through the Strait of Hormuz, extending the oil market’s recovery from severe supply losses earlier this year.Production by the 11-member Organization of the Petroleum Exporting Countries increased by about 1.17 million barrels per day from June to 19.85 million bpd. Iraq recorded the largest monthly increase, followed by Kuwait, while Iran also raised supply despite renewed constraints

Alleged organised crime leader Daniel Kinahan has been charged in Dublin with directing a criminal organisation after being extradited from the United Arab Emirates, bringing one of Ireland’s most prominent international organised-crime investigations before the courts.Kinahan, 49, appeared before the Special Criminal Court on Sunday under heavy security following his transfer from Dubai. Prosecutors charged him with directing the activities of a criminal organisation during a period between October 2015 and April 2017. He was remanded in custody and

A fire at a workshop in Dubai South damaged several trucks and caravans on Tuesday night before emergency crews brought the blaze under control. No injuries were reported.Dubai Civil Defence teams were dispatched after receiving an alert about the incident, which began inside the workshop and spread to vehicles parked at the site. Firefighters contained the flames and prevented them from reaching adjoining facilities in the industrial area.The Dubai Media Office confirmed that the fire had been extinguished. Authorities did

Abu Dhabi’s luxury housing market is entering a more discerning phase as affluent buyers increasingly favour design quality, liveability and enduring value over short-term price gains.The shift is unfolding alongside strong market activity. Property transactions across the emirate reached about AED117 billion during the first half of 2026, while foreign direct investment in real estate rose to AED13.8 billion. International demand has broadened as Abu Dhabi strengthens its position as a residential destination rather than solely an investment market.Mered, an

US President Donald Trump has made Saudi Arabia’s entry into the Abraham Accords a condition for advancing a civil nuclear cooperation agreement, adding a major political hurdle to a partnership designed to reshape energy and security ties between Washington and Riyadh.Trump said the proposed programme would be confined to civilian purposes and would not permit uranium enrichment. His intervention came after the two governments signed a 30-year nuclear cooperation agreement on July 22, establishing a legal framework for American companies

Oil prices fell sharply on Monday as traders responded to renewed diplomatic efforts between Washington and Tehran aimed at reopening the Strait of Hormuz and easing threats to energy supplies from the Gulf.Brent crude, the benchmark for about two-thirds of internationally traded oil, dropped more than 7 per cent during early trading before trimming its losses. It was down 5.09 per cent at $83.51 a barrel at 7.27am UAE time. West Texas Intermediate, which tracks US crude, fell 5.67 per

Two transactions worth about $18 billion have reinforced private investors’ appetite for Gulf assets despite geopolitical disruption, tighter credit conditions and growing scrutiny of regional risk.The deals combine a $16 billion partnership involving Kuwait’s crude oil pipeline network and the roughly $2 billion first close of a Saudi-focused private equity fund backed by the Public Investment Fund. Together, they illustrate how infrastructure and sovereign-linked investment platforms are drawing long-term capital while conventional fundraising channels face pressure.Kuwait Oil Company agreed the

Saudi Arabia has secured unified Gulf backing for measures to protect its sovereignty after explosive drones launched from Iraq targeted petroleum facilities in the kingdom’s Eastern Province.Gulf Cooperation Council Secretary-General Jasem Mohamed Albudaiwi said the six-member bloc stood fully behind Riyadh and supported all steps taken to safeguard Saudi security, territorial integrity and stability.Albudaiwi described the drone attacks by Iran-backed militias operating in Iraq as a dangerous escalation, a breach of international law and a direct threat to regional peace.

Saudi Arabia and Jordan intercepted drones targeting their territory on Monday, exposing the persistent danger from armed groups across the region despite a pause in direct hostilities between the United States and Iran.Saudi Arabia’s Ministry of Defence said several unmanned aircraft launched from Iraqi territory were destroyed before they could strike oil facilities in the Eastern Province and the capital, Riyadh. The ministry blamed Iran-backed armed groups operating in Iraq and called on Baghdad to prevent its territory from being

Dangote Cement Plc is favouring London over Dubai for a planned international listing, arguing that the UK market offers a faster route to investors and better suits the group’s expanding cement business.Mariya Dangote, a board member and executive director responsible for the group’s cement and food businesses, said the company had considered a secondary listing in Dubai but concluded that completing the process there could take several years.“It’s compatible with our business,” she said in Lagos on Thursday, referring to