Opec’s production cut this week to bolster oil prices may strike many as a throwback to an earlier era, but it hinged on a very modern method of communication: a messaging group between the smartphones of Saudi Arabia’s delegation in Vienna and Prince Mohammed bin Salman al-Saud. For a royal priding himself on being a tech savvy moderniser in the kingdom, the use of a popular encrypted messaging service may […]
Egypt, which has seen its influence wane, is seeking allies and relevance wherever it can find them, even if that means shelving concerns about Iran. Continue reading the main story While Russia’s goal seems to be to expand its influence and pave the way for the international rehabilitation of Mr. Assad’s government, the scrambling of alliances remains in motion and the results unclear. The new relationships are […]
Businesses operating in GCC countries should brace themselves for further government action to raise non-oil revenues, according to a new ICAEW report. The accountancy and finance body said that given the weak outlook for oil prices, imposing tax measures, along with subsidy reforms, spending cuts, and a freeze on public sector recruitment and pay, will help to close the fiscal gap. Its Economic Insight: Middle East Q4 […]
The Middle East is one of the largest importers of French dairy products in the world, according to the latest research from the country’s official cheese board, the Centre National Interprofessionnel de l’Economie Laitière (CNIEL). The research puts the Middle East ahead of China ($354 million), North America ($270 million), Switzerland ($137 million) and Australia ($30 million). Of the $8 billion of French dairy produce exported around […]
SANA, Yemen — The Houthi movement and its allies formed a new government in Yemen on Monday, a surprise that angered their Saudi-backed rivals and complicated United Nations efforts to end a conflict that has ravaged the Arab world’s poorest country for much of the past two years. The announcement of the new government, reported by the Houthi-run state television and Saba news agency, said it was […]
Private equity firm Gulf Capital plans to sell some of its investments towards the end of 2017 and early 2018 as market sentiment and the regional economy improve, its chief executive told Reuters. Karim El Solh declined to say which stakes the Abu Dhabi-based company, one of the biggest private equity firms in the region, was considering offloading but said that they would be appealing to global […]
BEIJING China’s Foreign Ministry has expressed concern after Yemen’s armed Houthi movement and its political allies formed a new government, in what appeared a blow to U.N.-backed efforts to end 20 months of war in the country. Diplomats had hoped the Houthis, who control the capital Sanaa, would hold off on putting together a cabinet of their loyalists and instead form a unity government with their Yemeni […]
Mr. Mater is now publishing these photos, and more than 600 others, in a book that aims to showcase often-hidden aspects of the holy city. Continue reading the main story The book, “Desert of Pharan: Unofficial Histories Behind the Mass Expansion of Mecca,” provides an unvarnished photographic catalog of the city: labor camps for foreign workers; slums where undocumented residents live; aerial views of scores of construction […]
Service launches in Turkey with more cities to go live in Pakistan, Saudi Arabia and Egypt Dubai, December 1, 2016 Fueled by its market expansion strategy to broaden the reach of its services within the Middle East, North Africa and South Asia, Careem, the region’s leading app based car booking service, recently launched operations in Istanbul Turkey. Within the GCC itself, Careem is answering the high demand […]
Islamic banks are gradually embracing socially responsible finance, from renewable energy to microfinance efforts, helping unlock new funding sources for environmentally-friendly projects, an industry survey shows. The two sectors have developed separately from each other, but green projects could benefit from tapping Islamic banks in countries like the United Arab Emirates and Malaysia, where they now hold a quarter of total banking assets. Around two-thirds of financing […]
By Roslan Khasawneh | SINGAPORE SINGAPORE Oil prices slipped on Friday as some investors opted to cash out after Brent touched 16-month a high on Thursday, with optimism over this week’s OPEC-Russia accord on cutting output giving way to questions on the “sticking point” of implementing the deal. International Brent crude oil futures LCOc1 were trading at $53.36 per barrel at 0446 GMT, down 58 cents, or […]
Bahraini authorities have put a prominent human rights lawyer on trial for charges that include insulting state institutions, Human Rights Watch (HRW) said on Thursday, in a further crackdown on dissent. The New York-based rights group said that Mohammed al-Tajer, who has defended opposition figures and rights activists involved in 2011 pro-democracy protests, was questioned by the public prosecutor on Nov. 10 for inciting hatred of a […]
Petrochemicals companies led Gulf stock markets higher on Thursday in response to OPEC’s first agreement on output cuts to prop up oil prices since 2008 – a deal that could allow governments to ease austerity policies slightly. Expectations for the deal had already boosted oil and Gulf bourses on Wednesday, but the agreement included bigger production cuts than many analysts had expected, lifting oil prices higher on […]
Russian President Vladmir Putin played a crucial role in helping OPEC rivals Iran and Saudi Arabia set aside differences to forge the cartel’s first deal with non-OPEC Russia in 15 years. Interventions ahead of Wednesday’s OPEC meeting came at key moments from Putin, Saudi Deputy Crown Prince Mohammed bin Salman and Iran’s Supreme Leader Ayatollah Ali Khamenei and President Hassan Rouhani, OPEC and non-OPEC sources said. Putin’s […]
Your daily guide to community and cultural activities across the Emirates for December 2, 2016, including performances, festivals, art exhibitions, film screenings, health and fitness events, talks, classes, workshops and family fun. newslide Abu Dhabi National Day Yas Mall has an array of activities to celebrate National Day, including a collection of vintage photographs of the UAE’s rulers; a painting by Sheikh Saifi of Sheikh Zayed, Founding […]
Saudi Arabia’s aviation agency was attacked last month by an aggressive computer virus intended to disrupt high-profile government targets, officials and experts said on Thursday. The attack, which experts say emanated from outside the country, used a version of Shamoon, malware used to target the Saudi energy sector four years ago. Similar kinds of data-clearing software were used in 2014 against the Las Vegas Sands and Sony. […]
Now the hard work begins. The supply agreement agreed by Opec on Wednesday sent oil prices soaring above $50 a barrel but there are many reasons for caution, not least in making sure no one cheats and producers from outside the cartel also contribute. While the deal looks straightforward, it is anything but and the devil is in the detail. The conference documents released on Wednesday evening […]
Link to Fitch Ratings’ Report: 2017 Outlook: Middle East and North Africa Sovereigns 01 December 2016 Fitch Ratings-Hong Kong-30 November 2016: Persistent low oil prices will maintain economic pressure on the oil exporters of MENA, which together with limited fiscal reform and political risk, lead to a Negative Outlook for the region in 2017, Fitch Ratings says in a new report. With three of the 12 MENA […]
Saudi Arabia is boosting the firepower of its sovereign wealth fund to accelerate deal-making and lessen the country’s dependence on oil. The Public Investment Fund is receiving a 100 billion-riyal ($27 billion) transfer from official reserves, according to a statement Wednesday on the SPA official news agency, increasing its existing assets by about 17 percent. The injection will help the fund diversify investments and revenues, it said. The […]
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By Henning Gloystein | SINGAPORE SINGAPORE Oil prices shot up more than 12 percent, smashing trading volume records, after producer club OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned prices could recede as other producers stand by to fill the gap. The Organization of the Petroleum Exporting Countries (OPEC)agreed on Wednesday its first oil output reduction since […]
30 November 2016 As Saudi Arabia looks to diversify its economy to retain global competitiveness, the 5th Annual Human Asset Management conference 2017 will bring together global HR leaders to address issues pertaining to local talent management and development. Earlier this year, Saudi Arabia approved its National Transformation Program and Saudi Vision 2030, making great headway in enhancing the Kingdom’s global competitiveness. Over the past four decades, […]
Saudi Arabia’s King Salman underlined the kingdom’s intention to invest heavily in speeding up its diversification away from oil exports with the inauguration on Tuesday of a $35 billion mining and minerals processing complex. Riyadh has tried to reduce the economy’s reliance on oil for decades, but the challenge has become particularly urgent in the past couple of years as low prices have pushed state finances deep […]
WASHINGTON Two senior U.S. senators said on Wednesday they want to amend a law allowing lawsuits against Saudi Arabia over the Sept. 11 attacks to narrow the scope of possible lawsuits. Lindsey Graham and John McCain, two of the Republican party’s congressional foreign policy leaders, said they would introduce an amendment to the law so that a government could be sued only if it “knowingly” engages with […]
