Oil prices soared 8 per cent to $50 a barrel on Wednesday as Opec agreed to its first supply cut since prices started to plummet two years ago. The meeting is continuing as individual country allocations are hammered out, but sources said the main obstacles to the deal had been overcome. It will see the 13-member group reduce output by about 4.5 per cent, or 1.2m a […]
30 November 2016 Dubai: Emirates NBD, a leading bank in the region, was named ‘Banking and Finance Company of the Year’ at the prestigious Arabian Business Achievement Awards held yesterday (Monday, November 28, 2016). The bank was recognised for its pioneering efforts toward the digitisation of banking as well as its resilient performance in the past year. The Arabian Business Achievement Awards are adjudicated by an independent judging […]
Oil prices soared 8.6 per cent to above $50 a barrel on Wednesday after two of Opec’s most powerful members said they were hopeful of reaching the first deal to cut supplies since prices started to plummet two years ago. Khalid al-Falih, Saudi Arabia’s energy minister, said the cartel, which controls about a third of the world’s oil production, was moving “close” to a deal, as he […]
Photo Prince Alwaleed bin Talal in Riyadh, Saudi Arabia, in 2015. In a four-page letter posted on his personal website, the prince argued that “it is high time that Saudi women started driving their cars.” Credit Fayez Nureldine/Agence France-Presse — Getty Images A prominent Saudi prince and business magnate has added his voice to the debate over women’s rights in his country, urging it to abandon its […]
Oil prices rose sharply on Wednesday as Opec gathered in Vienna to try and clinch the first supply deal since crude prices plummeted two years ago. Ministers from the 14-member cartel held pre-meeting talks at the Park Hyatt hotel this morning a final attempt to bridge their differences. Iran’s oil minister Bijan Zanganeh said he was “optimistic” when asked by reporters if there would be an agreement […]
The first lawsuits by families of victims of last year’s crane crash in Makkah have been filed at a Saudi Arabian court, local media said on Tuesday. Five legal cases have been filed at the Summary Court in Jeddah, according to Saudi Gazette. The cases reportedly claim compensation after 110 people died and more than 200 others were injured when a crane involved in the redevelopment of […]
By Rania El Gamal and Alex Lawler | VIENNA VIENNA OPEC began on Wednesday debating a deal to curtail oil production and prop up the price of crude, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action. Ministers from the Organization of the Petroleum Exporting Countries started an informal meeting at 0700 GMT at the Vienna Park Hyatt hotel and were […]
November 30, 2016 by: Anjli Raval and David Sheppard — Vienna What is happening?Opec oil ministers from the 14-member producer group start their official meeting around 10am (GMT) on Wednesday in Vienna as they attempt to secure the first supply deal in eight years. Meetings traditionally last for between two and eight hours, but trying to predict the duration of such a gathering is near impossible. Oil […]
5811 25 by Shannon K. O’Neil October 28, 2016 Brazilian aircraft maker Embraer’s CEO Frederico Curado (R) salutes workers next to an new Embraer E190-E2 during its unveil in Sao Jose dos Campos, Brazil, February 25, 2016. Brazilian planemaker Embraer SA is in early talks with Iran, with a focus on commercial aviation, following the end of international sanctions, Chief Executive Curado told journalists on Thursday (Reuters/Nacho […]
DUBAI // Pupils across the UAE continue to improve their maths and science skills, but are still performing below international average, according to a global study released on Tuesday. More than 600,000 students around the world participated in TIMSS, or the Trends in International Mathematics and Science Studies, a large-scale international assessment of mathematics and science education for pupils in grades 4 and 8 that is carried […]
By Katharine Houreld | NAIROBI NAIROBI When Western navies raided three dhows in the Arabian Sea this year, some of the weapons they found matched arms taken from Houthi rebels in Yemen, a report said, suggesting links between Iranian suppliers and the Yemeni war. Two of the dhows, all of which were unregistered and therefore stateless, were manufactured by Al Mansoor, an Iranian shipbuilder whose yard is next […]
Al Wadei: The rules of the E-Commerce game have changed after the introduction of “noon.com” 29 November 2016 E commerce expert, Dr Sadeq Al-Wadei, revealed that after the inauguration of noon.com in January 2017, it would utterly change E-Commerce platforms as we know them whilst emphasizing on the fact that it would entirely change this trade in Saudi Arabia over the coming few years. In addition, it […]
Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production, making it hard for the Organization of the Petroleum Exporting Countries to reach a global output-limiting deal when it meets on Wednesday. OPEC sources told Reuters a meeting of experts in Vienna on Monday failed to bridge differences between OPEC’s de facto leader, Saudi Arabia, and the group’s second- and third-largest producers over the […]
People have a general idea of how much a rocket-propelled grenade costs. What about a cyber weapon? (Baz Ratner/Reuters), Max Smeets is a D.Phil candidate and research affiliate of the Cyber Studies Programme at the University of Oxford. His work analyzes the proliferation of cyber weapons. Can a non-state actor take down critical infrastructure with a cyberattack? If it is not possible today, will it be possible […]
Opec’s most powerful members were rushing on Tuesday to rescue a supply deal designed to end the longest oil price crash in a generation. Saudi Arabia, Opec’s largest producer, and its arch rival Iran have both set out their positions ahead of Wednesday’s ministerial meeting in Vienna, with the kingdom hinting it could walk away from a deal if its conditions are not met and Tehran publicly […]
“Putin looks tough and wily, while America looks incompetent and unable to sustain its commitment, and that’s a big win because you have a lot of countries in the region which are re-evaluating their relationships,” Mr. Hokayem said. “Now, Russia is a relatively weaker power to the U.S., but with Trump there’s no expectation that the U.S. will serve as a guarantor of regional security, so Russia […]
OPEC was trying on Monday to rescue a deal to limit oil output as tensions grew among the producer group and non-OPEC member Russia, with top exporter Saudi Arabia saying markets would rebalance even without an agreement. OPEC experts started a meeting in Vienna at 0900 GMT and were due to make recommendations to their ministers on how exactly the Organization of the Petroleum Exporting Countries should […]
Items marked ** denote new or amended listings TUESDAY, JUNE 10 KUWAIT – IFN Forum Kuwait Details: SUNDAY, JUNE 14 CHICAGO – Chicago Islamic Economic & Finance Conference Details: MONDAY, JUNE 16 KAZAKHSTAN – Seminar on Islamic Finance – Kazakhstan Details: TUESDAY, JUNE 17 KAZAKHSTAN – IFSB-FIS Workshop Series (Kazakhstan) Details: TUESDAY, JUNE 17 IRAN – IFN Forum Iran Details: MONDAY, JUNE 23 (until June 24) UK […]
Aramex founder and Wamda Capital chairman Fadi Ghandour has called on investors in the region to invest in startups in their early stages. Speaking at the 2016 Arabian Business Digital Forum, Ghandour said funding startups is a crucial part to building a healthy business ecosystem. “Not everyone like my friend Mohamed Alabbar can launch businesses with $1b. But thousands of startups, if we don’t fund them, we […]
|By Arabian Post Staff| Emaar chairman and leading Dubai businessman Mohammed Alabbar followed up the launch of his $1 billion online retailing venture Noon with a joint venture for online luxury sales. Alabbar announced at a press conference in Dubai that the firm Symphony Investments, owned by him, was taking 40 percent stake in the joint venture with Milan-based online retailer Yoox Net-a-Porter to profit from luxury […]
Saudi Arabia has set a high bar for any oil supply deal ahead of Wednesday’s Opec meeting in Vienna, as it attempts to put pressure on regional rivals Iran and Iraq to accept a larger share of output cuts. The oil production cartel is trying to reach an agreement to curb supplies for the first time since the financial crisis and put an end to a two-year […]
28 November 2016 Manama, Kingdom of Bahrain: The Shari’ah Board of AAOIFI held its meeting No. 46 from 17 to 19 November 2016 in the Kingdom of Bahrain. Over more than 25 meeting hours, the board discussed specific issues and reviewed a number of technical and Shari’ah reports. The meeting was concluded with issuance of a number of resolutions as well as the adoption of two new […]
TOKYO Oil prices tumbled on Monday on fears that producer countries may fail to agree an output cut, pressuring U.S. stocks and the dollar as traders reversed their “Trumpflation” trade as weak oil prices would reduce pressure on U.S. interest rates to rise. That gave some relief to Asian shares, which had underperformed on worries about capital flight to higher-yielding U.S markets in the weeks since Donald […]
By Henning Gloystein | SINGAPORE SINGAPORE Oil prices fell over 1 percent on Monday, extending declines from last Friday as doubts re-emerged over the ability of major producers to cut output at a planned meeting on Wednesday aimed at reining in global oversupply. Brent crude futures LCOc1 were trading at $46.40 per barrel at 0035 GMT (7.35 a.m. ET), down 84 cents, or 1.8 percent, from their […]
