Opec has won the backing of countries outside the oil cartel to join supply cuts for the first time since 2001, overcoming the final major obstacle for a global agreement to curb output. Russia, the biggest oil exporter outside the group, alongside 10 other countries such as Mexico, Oman and Azerbaijan on Saturday agreed to reduce their production by 558,000 barrels a day. A new geopolitical dynamic […]
ABU DHABI // Cultural development is an integral part of progress in any society, Sheikh Nahyan bin Mubarak, Minister of Culture and Knowledge Development, told a conference in the capital. Sheikh Nahyan said on Sunday that culture was a pre-requisite for achieving successful and sustainable economic growth. “We strive to preserve our heritage, values and principles as well as all aspects of culture in the UAE and […]
11 December 2016 Riyadh – Under the patronage of the governor of small and medium enterprises authority, King Abdulaziz City for Science and Technology (KACST), represented by Badir Program for Technology Incubators and accelerators, is hosting the fifth ArabNet Riyadh – the largest and most influential digital conference in the Kingdom – on December 12-14, 2016 to be held at the Four Seasons Hotel. […]
Saudi Arabian non-oil private sector growth rebounded in November following a back-to-back slowdown in September and October, according to a new survey. Data from the Emirates NBD Saudi Arabia Purchasing Managers’ Index (PMI) showed that utput, new orders, purchasing activity and input stocks all rose sharply and at faster rates than in the prior month. That said, the expansions remained weaker than their respective averages. Subsequently, the […]
By Angus McDowall | BEIRUT BEIRUT When President Bashar al-Assad turns from the wreckage of Aleppo to assert his authority across a fractured Syria, it will be as a figure who is virtually unassailable by rebels, but still faces great challenges in restoring the power of his state. The expected fall of Aleppo would mean rebels have almost no chance of ousting Assad, but their revolt has […]
Dubai Investments, part owned by sovereign wealth fund Investment Corp of Dubai, plans to close a 1.1 billion dirham ($299.52 million) loan by Dec. 31, its chief executive said on Saturday. United Arab Emirates banks First Gulf Bank (FGB) and Abu Dhabi Commercial Bank have been mandated for the loan, Khalid Bin Kalban told reporters in Dubai. The loan will be used to build a residential project […]
It’s happening. After careful analysis of all the media punditry and the ‘leaks’ coming out from the CIA, I can only conclude that there is a concerted effort taking place to invalidate the U.S. elections, in an effort to unseat Donald Trump. Last night the Washington Post reported a leak from inside the CIA, saying they had a report that showed evidence that Russia hacked the elections […]
Photo Alexander Novak, Russia’s energy minister, left, with Khalid Al-Falih, Saudi Arabia’s energy and industry minister, after OPEC members and 12 other countries met in Vienna, Austria, on Saturday. Credit Lisi Niesner/European Pressphoto Agency Russia and other oil producers agreed on Saturday to join OPEC nations in a rare, coordinated reduction in oil output meant to lift petroleum prices and revenues to shore up their sagging government […]
VIENNA OPEC and non-OPEC producers on Saturday reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices that overstretched many budgets and spurred unrest in some countries. With the deal finally signed after almost a year of arguing within the Organization of the Petroleum Exporting Countries and mistrust in the willingness of non-OPEC […]
By John Irish | PARIS PARIS Backers of the Syrian opposition appeared resigned to the fall of eastern Aleppo on Saturday, with the United States urging Russia to show “grace” when officials meet in Geneva to try to reach a deal for civilians and fighters to leave the city. Syrian government and allied forces have in the last two weeks driven rebels from most of their territory […]
Strong competition will continue in Saudi Arabia’s construction sector due to extensive cuts in capital expenditure, forcing continued downward pressure on contractors margins, according to a new report. Property consultancy Colliers International said the decline in construction costs in the Gulf kingdom is set to ease, but “tough” market conditions will prevail. Construction costs have plummeted since the oil-price crash began in 2014, which led to a […]
MANAMA Egypt’s Foreign Minister Sameh Shukri on Saturday hailed a “special relationship” with Saudi Arabia, denying reports that the two powerful Arab nations had fallen out after Egypt expressed support for the Russian intervention in Syria. Egypt voted in favour of a Russian-backed U.N. resolution on Syria in October that excluded calls to stop bombing Aleppo, which Saudi Arabia strongly opposed. The kingdom informed Egypt last month […]
Saudi Arabia has told its US and European customers it will reduce oil deliveries from January, as Russia said it was confident non-OPEC producers would fully join OPEC’s output limits on Saturday in the first such move since 2001. Saudi Arabia told the customers about lower supplies in line with the output reduction agreed by the Organization of the Petroleum Exporting Countries last week, according to a […]
By Warren Strobel, Yara Bayoumy and John Irish | WASHINGTON/PARIS WASHINGTON/PARIS Key U.S. allies in Europe are quietly expressing concern over President-elect Donald Trump’s approach to Syria, warning that his pledge to work more closely with Russia, Damascus’ main backer, will do little to diminish the terrorist threat emanating from Syria. The diplomatic persuasion campaign has taken on new importance in recent days as the Syrian army, […]
TUNIS Libyan forces are trying to secure the city of Sirte after ousting Islamic State from its former North African stronghold in a battle that lasted nearly seven months. Here are some facts about Islamic State in Libya: ORIGINS Islamic State drew on existing pockets of militancy in Libya, establishing its first major presence in Derna, an eastern city with a strong Islamist tradition. It also profited […]
In 2011, as skincare brand Nivea marked its centenary with a string of parties across the world, Indian billionaire BR Shetty hosted his own private celebration in his extraordinary apartment in Dubai’s Burj Khalifa. No humble pied-à-terre, this pad occupies the entire 100th floor of the tallest building in the world — not bad for the former pharmaceutical salesman, who was one of the first people to […]
The worst may soon be over for corporate borrowers from the battered US energy industry, according to S&P Global, as a flurry of debt sales suggests investors are confident the Opec supply cut will help put a floor under the oil price. While defaults of energy groups will continue into 2017, analysts with the credit rating agency say they are likely to level out next year and […]
Brexit may have come at the most fortunate time for the GCC. As the Gulf seeks greater support to fend off security risks in the region, including Iranian actions, and avenues to shore up bilateral trade in replacement of lost oil revenues, the UK is reaching out to old friends in a bid to strengthen non-mainland European relationships. “We will make it a priority, when the UK […]
The deals, if finalized, would bring much-needed expertise and foreign investment to Iran’s ailing energy sector. Continue reading the main story Just as important, the agreements provide a lifeline to the rest of the world, experts say, critical to keeping dollars flowing and in cementing relations with European and Asian countries. Few Iranian officials like to acknowledge that in public, insisting that the country is immune to […]
It was Donald Trump’s press conference in the early hours of November 9 that some pinpoint as the moment fears about what his presidency would mean for stock markets turned into euphoria about his victory. Campaign pledges to give a boost to the US economy were repeated, as the newly president-elect struck a moderate, even conciliatory, tone. Whatever you think of the reaction in financial markets since, […]
Submitted by MiddleEastEye.net via TheAntiMedia.org, Saudi authorities banned journalist Jamal Khashoggi from writing in newspapers, appearing on TV and attending conferences, the Alkhalij Aljadid reported in Arabic. This came after Khashoggi’s remarks during a presentation he made at a Washington think-tank on 10 November in which he was critical of Donald Trump’s ascension to the US presidency. Two weeks ago, an official Saudi source was cited by […]
Britain plans to deepen security cooperation with Gulf Arab countries and work with them to counter Iranian actions in the region, Prime Minister Theresa May said on Wednesday. Addressing a meeting on the sidelines of the Gulf Cooperation Summit in Bahrain, May said Britain would invest more than 3 billion pounds in defence spending in the region over the next decade. “Gulf security is our security,” May […]
A group of investors will pay $1.12 billion for Saudi Oger’s stake in Jordan’s Arab Bank and expects to complete the deal by mid-January, a member of the consortium told Al Arabiya TV on Wednesday. Saudi Arabian conglomerate Astra Group was part of the consortium, led by Arab Bank Group Chairman Sabih al-Masri, that was buying the 20 percent stake, Ghassan Akeel, chief executive for Saudi Arabia […]
DUBAI: Britain will help Gulf states “push back” against aggressive regional actions by Iran, Prime Minister Theresa May told the Gulf Cooperation Council (GCC) in Bahrain on Wednesday in a televised address.“We must… continue to confront state actors whose influence fuels instability in the region,” May told Gulf leaders at their annual summit.“So I want to assure you that I am clear-eyed about the threat that Iran […]
