By Rania El Gamal and Vladimir Soldatkin | VIENNA VIENNA A committee of OPEC and non-OPEC countries responsible for monitoring compliance with a global agreement to reduce oil output is set to meet for the first time in Vienna on Sunday. The committee is expected to discuss how to best monitor compliance with the deal reached late last year as well as what level of compliance would […]
Middle East stands out as a key growth area for food providers in global packaged F&B, with market tipped to reach USD2.2 trillion by 2020 22 January 2017 Dubai, UAE: The most significant representation of leading F&B brands the MENA region has ever seen will soon be converging in Dubai, as more than 140 major international food and beverage producers come together at the new Power Brands […]
Dubai Chamber of Commerce and Industry saw its network of members grow by 9 percent, or 16,800 companies in 2016, bringing the organisation’s total membership to 201,000 by the end of the year. The increase strengthens the Chamber’s position as one of the largest membership-based chambers of commerce in the world, it said in a statement. It said the total value of members’ exports and re-exports amounted […]
While the year ahead could prove to be a bumpy one for global financial markets amid ongoing political and policy risks, there is reason for optimism over the outlook for stocks in the Middle East and North Africa (MENA) region. Compared to 2016, a number of structural tailwinds should give investors greater confidence in MENA’s fundamentals. The implementation of major fiscal and capital market reform throughout the […]
A powerful bomb blast on Saturday in a busy market of a remote Pakistani region near the Afghan border killed at least 21 people and injuring more than 40 others. The bomb was placed in a box of vegetables in a market at Parachinar city and exploded during the early morning rush hour. Responsibility for the attack was claimed by the Pakistan Talibaan and Lashkar-e-Jhangvi [LeJ], a […]
DOHA Two suspected militants blew themselves up following a confrontation with security forces in Saudi Arabia’s second city of Jeddah on Saturday, Saudi media reported. Saudi security forces surrounded a house in Jeddah and exchanged fire with the men, who blew themselves up, Sabq.org, a website affiliated with the monarchy’s interior ministry, said. UAE-based Sky News Arabia also reported the incident and ran a video of an […]
In 2015, Malian businessman and former interim prime minister Cheick Modibo Diarra told Arabian Business: “When it comes to investment…Africa really is the last frontier. Be it agriculture, energy production, extraction of gold and diamonds, or oil and gas, we have a lot of opportunities and a young workforce that understands how business works.” He was speaking at a time when interest in Africa among Middle East […]
There is no doubt that 2016 was a milestone year for utility-scale solar in the Middle East. The UAE set – and then reset – the benchmark for low-cost solar electricity; Saudi Arabia made its highest level commitment to investing in solar; and Jordan commissioned its largest utility-scale solar power plant and announced plans to tender a new round of projects. In fact, these three countries alone […]
Bernie Dunn may have retired from the US Army but he remains on a mission in the Middle East. The Boeing regional president hit a bullseye on December 11 when his team secured an $8 billion deal with Iran Air in the airline’s first plane contract since 1979. The world’s largest aerospace manufacturer beat out its French rival, Airbus, by 11 days. Though Airbus then secured 20 […]
Submitted by Peter Schiff via Euro Pacific Capital, There is much we don’t know about how the Trump presidency will play out. Will the Wall get built? Who will pay for it? Will it have at least some fencing? Will repeal and replace happen at exactly the same time? Will Trump throw a ceremonial switch? Will there be a Trump National Golf Course in Sochi? It’s anyone’s […]
A bestselling 13th-century cookbook; stories by popular Al Bernameg TV host Bassem Youssef; a controversial book about Saudi women and award-winning Iraqi novels are among the noteworthy English works coming from Arab authors this spring. The new year promises several strong reads from and about Syria. This month, Haus Publishing kicks off their Modern Arabic Classics series with Ascension to Death by celebrated Syrian author Mamdouh Azzam. […]
By Lisa Barrington | BEIRUT BEIRUT After years of political deadlock, Lebanon finally has a new government. Now it needs a new economy. Battered by war in neighbouring Syria, neglected by wrangling politicians and caught in rivalry between Saudi Arabia and Iran, the pillars of the economy – remittances from overseas workers, tourism and real estate – are not what they were. Long-term, Lebanon is searching for […]
Saudi Arabia’s National Commercial Bank (NCB) reported a 7.5 percent rise in fourth-quarter net profit on Wednesday as the kingdom’s largest lender was boosted by higher income from commission and investments. The results are the strongest in four quarters for the bank, which like other lenders in the kingdom has seen its performance clipped by weaker activity as depressed oil prices drag economic growth to its lowest […]
ABU DHABI // More than 30 Christian leaders held prayers at the site of a 7th century monastery on Abu Dhabi’s Sir Bani Yas Island during a landmark visit sponsored by the Abu Dhabi Crown Prince Court and the National Programme for Tolerance. The recitation of the Lord’s Prayer by Christian leaders, including the regional archbishops of the Syrian Orthodox and Greek Orthodox churches, is thought to […]
Senegalese troops were massed last night on the Gambian border, preparing for a possible invasion if Yahya Jammeh, Gambia’s president, refused to step down by midnight. Minutes after midnight, the official end of his term in office, there was no word from Mr Jammeh. As the clock ticked down on Mr Jammeh’s term, diplomatic efforts to persuade him to go had continued. Mohamed Ould Abdel Aziz, Mauritania’s […]
New Zealand is pressing to finalise a stalled free trade deal with the six-nation Gulf Cooperation Council (GCC) that includes two of the Middle East’s largest economies, Saudi Arabia and the United Arab Emirates. Trade Minister Todd McClay visited the UAE and Kuwait this week in an effort to promote the deal with the GCC, his country’s sixth largest trading partner. The GCC comprises Saudi Arabia, the […]
At least $13.3 billion of government projects are at risk of being cancelled in Saudi Arabia this year because of fiscal pressures and changing government priorities, Zawya Projects reported, citing a study by consultants Faithful+Gould. The total value of project awards for 2017 is forecast at $27 billion, and could rise to $32 billion if the Makkah Metro project, which was originally expected to be awarded in […]
| By Arabian Post Staff| Amazon.com Inc. and India’s Flipkart Online Services Pvt have walked away from talks to acquire Dubai-based Souq.com after disagreeing over price, Bloomberg reported quoting sources. Souq is now seeking other potential investors and is negotiating with mall-operator Majid Al Futtaim, it further said. Amazon reportedly entered talks with Souq.com last year in a deal that would have been worth about $1 billion. […]
Saudi Electricity Co (SEC), the Gulf’s largest utility firm, sank to a deeper net loss in its fourth-quarter results as it was hit by higher energy prices and increased operating costs. The company, which the government is aiming to restructure to improve efficiency, made a net loss of 2.34 billion riyals ($624 million) in the three months to Dec. 31, according to a bourse statement on Wednesday. […]
Adel Al-Jubeir, Saudi Arabian foreign minister, said the US may face a flood lawsuits if it retains its Justice Against Sponsors of Terrorism Act (JASTA) bill. The bill allows US nationals to sue foreign states for supporting terrorism, regardless of if they are on the US state sponsor of terrorism list or not, thus ending the concept of foreign sovereign immunity. Al-Jubeir warned that this would mean […]
ANKARA: A 34-year-old Uzbek man suspected of slaughtering 39 people at an Istanbul nightclub on New Year’s Eve confessed to the massacre on Tuesday, hours after his capture in a police raid.Turkish police cornered Abdulgadir Masharipov at an apartment in the Esenyurt district of Istanbul on Sunday during a massive operation.A man of Iraqi origin and three women from Somalia, Senegal and Egypt were detained with the […]
Saudi Arabian budget carrier flynas is to buy 80 Airbus A320neo narrow body jets in a deal worth $8.6 billion that includes upgrading an earlier order, it said on Monday. The 80 A320neo order is valued at $8.6 billion, flynas Chairman Ayed Al Jeaid said at press conference in Riyadh on Monday. The order is for 60 A320neos and an upgrade of an existing order for 20 […]
The mass shooting at an Istanbul nightclub on New Year’s Eve was carried out professionally with the involvement of an intelligence organisation, Turkish Deputy Prime Minister Numan Kurtulmus said on Monday. “It appears the Reina attack is not just a terrorist organisation’s act, but there was also an intelligence organisation involved. It was an extremely planned and organised act,” Kurtulmus said during an interview with broadcaster A […]
HH Sheikh Mansour Bin Zayed: “The UAE is playing an active role in driving research in science and technology to identify solutions to tackle global water security challenges. This comes in support of the ambitious innovation and energy strategies of our country” Abu Dhabi-UAE: 17 January, 2017 Under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs […]
