An Expo 2020 Dubai chief praised the “indomitable spirit” of the event’s international community and vowed the UAE would deliver a world class spectacle next year. Reem Al Hashimy, Minister of State for International Co-operation and director general of Expo 2020 Dubai Bureau, admitted the Covid-19 pandemic had tested the relationships of countries across the globe. But she said the first ever hosting of the Expo in […]
COUNTRY LATEST UPDATES Saudi Arabia Covid-19 pandemic latest: Total confirmed cases: 301,323 Recoveries: 272,911 Deaths: 3,470 Actions to slow the spread of Covid-19: 3 August: Pilgrims returning from Hajj must quarantine for 14 days and will be monitored using electronic bands to ensure compliance. 28 July: Health Ministry to assign a health leader for every 50 pilgrims at this year’s scaled-back […]
Arabian Post Staff Middle East M&A deal values and volume decreasing by 58% and 26% respectively from H1 2019, according to the latest report by law firm Baker McKenzie. Despite this significant drop in Middle East M&A activity, there was a slight increase in total transaction values during the last two months of H1 2020 (May and June), from $2.649 billion in H1 2019 to $33.501. Deal-making […]
Australia leads the Asia Pacific region in creating an enabling environment supportive of longevity and healthy ageing with an overall score of 75.2 out of a possible 100, ranking second globally behind the US South Korea (4th) and Japan (8th) perform well with scores above the global average of 59.4 South Korea leads the G20 in areas of ‘accessible economic opportunity’ and ‘inclusive social structures and institutions’ […]
The Saudi Stock Exchange (Tadawul) announced that the launch of exchange-traded derivatives will be on 30 August 2020. The first exchange-traded derivatives product is an index futures contract, the Saudi Futures 30 (SF30). This contract is based on the MSCI Tadawul 30 Index (MT30). The launch of the Derivatives Market aims to further support the growth of the Saudi capital market by creating new opportunities for investors, […]
Middle East and North Africa (MENA) construction sector is expected to be bit by the triple whammy of lower oil production, low oil prices and contracting non-oil sectors. Data and analytics company GlobalData has further cut its construction output growth forecast for the region for 2020 to -2.4%, down from the previous forecast of 1.4%, in light of continued spread of COVID-19. Amid the worsening situation with regards […]
By Manish Rai Recent protests in Beirut over government corruption and mismanagement of the economy quickly escalated into rioting and violence that included clashes between Shi’ite Hezbollah supporters and demonstrators. Protesters poured into the streets of the Lebanese capital to decry the collapse of the economy. Moreover, there are now renewed calls from various sections of the society for the total disarmament of the powerful Hezbollah which is […]
Arabian Post Staff ENOC Group, the wholly-owned Dubai government entity, has reported a significant surge in the demand of storage capacity across its terminals in the UAE, Saudi Arabia, Singapore, Morocco and Djibouti. The increased demand for bulk liquid storage at its facilities is a result of the upward price trajectory, as customers seek storage provision due to the weakening demand for oil in the wake of the […]
Public Services Company Serco Middle East has appointed Wallace Weatherill as its new Managing Director, a role in which he will spearhead the operations of the largest automated transport system in the region the Dubai Metro as well as the Dubai Tram in collaboration with the Roads and Transport Authority (RTA). Serco Middle East operates and maintains the Dubai Metro and operates the Dubai Tram on behalf […]
As companies worldwide continue laying-off workers, Atkins has unveiled a new business structure for their business in Africa and the Middle East. The new business structure is set to start taking effect from July 1st, 2020, based around two main markets of the Kingdom of Saudi Arabia and the United Arab Emirates. This structure will also allow Atkins to align their services with client projects and country […]
Arabian Post Staff AstraZeneca has launched its GCC Health Innovation Hub, a culmination of digital innovation efforts by the Company to make diagnosis and treatment easier for diabetic patients, in conjunction with UK medtech start-up Gendius, which specialises in remote disease management. As a result of this partnership, HealthGATE – an artificial intelligence (AI)-powered platform and app to support diabetic patient care in the GCC – will […]
By James M. Dorsey Europe is progressively being sucked into the Middle East and North Africa’s myriad conflicts. As if wars on its doorstep in Libya and Syria were not enough, UAE support for an Eastern Mediterranean pipeline that could hurt Qatar economically — combined with Greek, Cypriot and French opposition to Turkish moves — leaves Europe with few, if any, options but to get involved. Europe’s […]
by James M. Dorsey The Middle East is at a crossroads. The coronavirus pandemic and its economic fallout confronts regional leaders with a stark choice: dial down tensions to open the door toward cooperation in tackling existential challenges or risk ever more aggravated political and economic threats enhanced by a potential wave of social protest. A second wave of the coronavirus pandemic is raising its ugly head. […]
by James M. Dorsey Rejiggering security arrangements in the Gulf may be a more pressing issue than meets the eye. That is not good news for the Gulf states. It is also bad news for China, which could see the rug pulled out from under its studious effort to remain on the sidelines of the Middle East’s myriad conflicts. China and the Gulf states are in the same […]
By James M. Dorsey A decision by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC producers like Russia to temporarily end a price war and cut production amounts to a time-out rather than an end to what is likely to erupt at some point in the future as a tripartite war. More immediately, the decision averts a significant deterioration in relations between the United States and […]
Arabian Post Staff In the event of another deadlock between Russia and Saudi Arabia, the desert kingdom is likely to suffer a bigger hit than Russia in an extended oil price war, according to Rystad Energy. Rystad feels Saudi Arabia will suffer a bigger hit in all five financial criteria: the impact on oil and gas revenues, fiscal breakeven price, fiscal deficit and foreign currency reserves, budget […]
