By Henning Gloystein | SINGAPORE SINGAPORE Oil prices rose around 1 percent on Monday as OPEC moved closer to an output cut to rein in oversupply that has pressured prices for over two years. Brent crude futures LCOc1 were trading at $47.31 per barrel at 0743 GMT, up 65 cents, or 0.96 percent, from their last settlement. U.S. West Texas Intermediate (WTI) CLc1 was up 0.9 percent, […]
DUBAI // Two Moroccan women who lured three compatriots to the UAE with the promise of good jobs before forcing them to work as prostitutes have been jailed for three years each. The women, aged 39 and 22, beat the three and locked them in a flat, Dubai Criminal Court was told. One of the victims said she arrived in Dubai in September after paying the women […]
Dr. Omar, the last neurosurgeon in eastern Aleppo, who declined to provide his full name out of fear for his safety, sounded desperate when reached at the height of the bombing on Friday. Continue reading the main story “We no longer have hospitals to operate in,” he said. “You can’t imagine what it’s like living in Aleppo right now. It feels like we are living in hell. […]
JEDDAH: Sporadic fighting shook parts of Yemen on Sunday as the Saudi-led Arab coalition battling Iran-backed Houthis warned that a fragile US-brokered cease-fire would not be extended unless violations ended. The 48-hour cease-fire, which began on Saturday, came at President Hadi’s request. An AFP correspondent in Sanaa said there had been no coalition airstrikes in the Houthi-occupied capital since the truce took effect.Coalition spokesman Maj. Gen. Ahmad […]
A Saudi-led military coalition will start a 48 hour ceasefire in Yemen’s war at 1pm (0900 GMT) on Saturday, the official Saudi Press Agency (SPA) reported. The truce will be extended if Yemen’s Houthi movement shows commitment to it and if the group allows humanitarian aid into areas under siege, the news agency reported. The coalition has been fighting Houthi rebels and forces loyal to former president […]
In late October, when it was still conventional wisdom that Hillary was “guaranteed” to win the presidency, the WaPo explained that among the neo-con, foreign policy “elites” of the Pentagon, a feeling of calm content had spread: after all, it was just a matter of time before the “pacifist” Obama was out, replaced by the more hawkish Hillary. As the WaPo reported, “there is one corner of […]
RIYADH, SAUDI ARABIA : 20 November 2016 Thomson Reuters announced today that it was selected as benchmark administrator and calculation agent for the Saudi Arabian Interbank Offer Rate (SAIBOR). The appointment is part of an agreement with the Saudi Arabian banking industry. The arrangement is authorised by the Saudi Arabian Monetary Authority (SAMA), as part of its regulatory mandate over the banking sector, where this initiative will […]
|By Arabian Post Staff| Donald Trump may not go the full course on his threat to stop imports of crude oil from Saudi Arabia, which he had threatened during the election campaign, analysts say. “We protect countries, and take tremendous monetary hits protecting countries,” Trump said in an interview cited by Reuters. “We lose, monetarily, everywhere. And yet, without us, Saudi Arabia wouldn’t exist for very long.” Trump […]
RIYADH: A 48-hour cease-fire announced by the Saudi-led Arab coalition on Saturday was violated many times by the Iranian-backed Houthi militias. Maj. Gen. Ahmed Al-Asiri, spokesman for the Arab coalition forces, told Arab News that the Houthis had violated the truce inside Yemen as well as along the border with Saudi Arabia. “Yes, they violated the truce by firing inside Yemen and on the border with Saudi […]
1979: A threatening revolution Saudi Arabia, a young country pieced together only in the 1930s, has built its legitimacy on religion. By promoting its stewardship of the holy sites at Mecca and Medina, it could justify its royal family’s grip on power. Continue reading the main story Iran’s revolution, in 1979, threatened that legitimacy. Iranians toppled their authoritarian government, installing Islamists who claimed to represent “a revolution […]
It may not get the international acclaim of Dubai or the media attention of Doha, but Ras Al Khaimah (RAK) is quietly making its mark. Famed largely for bringing the world RAK Ceramics, the northern UAE emirate is forging a serious reputation on the global business stage. Be it in tourism, free zones, property or infrastructure, everywhere you look in RAK, something new is springing up. And […]
Iuna Al Hashemi remains remarkably calm as she discusses the “very challenging” business year for Bahrain’s national telco, Batelco. Once a monopoly, Batelco is now facing a crowded market, with strong competition from Kuwait’s Zain and Saudi Telecom Company-owned VIVA, as well as about ten internet providers for 1.4 million residents. Current economic conditions are making it increasingly difficult to keep up margins. Batelco Group, the […]
Saudi Arabia’s energy minister thinks OPEC will reach a deal to cut oil output and said a production ceiling of 32.5 million barrels a day would speed the balancing of supply and demand. The group is near a consensus on capping production for at least six months, said his Algerian counterpart. “I am still optimistic that the agreement reached in Algiers to put a ceiling to production […]
Photo Iraqi forces watched television coverage of President-elect Donald J. Trump in the village of Arbid on the southern outskirts of Mosul last week. Credit Ahmad Al-Rubaye/Agence France-Presse — Getty Images ERBIL, Iraq — Many Muslims in the Middle East have reacted with a mix of caution, suspicion and scorn to Donald J. Trump’s election victory and his appointments of aides with hostile views toward Islam. Struggling […]
Already, many Israelis and Palestinians are buzzing about the prospect. Where would the embassy go? Would it straddle the line between West Jerusalem, which is predominantly Jewish, and East Jerusalem, which is predominantly Arab? Would it touch off street protests in Palestinian cities or a backlash among Arab allies like Egypt and Saudi Arabia? Continue reading the main story “Jerusalem is a symbolic, emotional and real issue,” […]
While the latest dollar surge, which has pushed the DXY above 101 to the highest level in 13 years, will likely be a far greater factor for the price of oil than the now daily charade of optimistic statements by OPEC, it doesn’t mean OPEC, and assorted oil-exporting hangers on like Russia, won’t try. As we reported in the past week, today Russian Energy Minister Alexander Novak […]
When Iran conducted a mass hanging in August of Sunni prisoners accused of attacks in its restive western Kurdish region, the executions were widely criticized as an egregious human rights violation. But death-penalty opponents also were appalled at what came next. Videos that showed apparently coerced confessions of the prisoners — interwoven with ominous-sounding music and clips of unrelated assaults by militants of the Islamic State — […]
November 17, 2016 by: Anjli Raval, Oil and Gas Correspondent Worries are growing that a build-up of unsold oil off the coast of the UK will keep prices down as the broader market surplus increases pressure on Opec to cut production. Industry analysts and shipbrokers said an excess of light sweet crudes, has led to a surge in the number of Aframax tankers — which carry around […]
Saudi Energy Minister Khalid Al Falih said on Thursday he was optimistic that OPEC would formalise a preliminary oil output deal reached in Algeria in September. “I’m still optimistic that the consensus reached in Algeria for capping production will translate, God willing, into caps on states’ levels and fair and balanced cuts among countries,” he told Saudi-owned Al-Arabiya TV. Falih said he believed the market was on […]
Photo Nusra Front fighters in Idlib Province, Syria, in 2015. In what analysts say is a calculated move to hide ties to Al Qaeda, the Nusra Front recently rebranded itself and changed its name to Jabhat Fath al-Sham, or the Levant Conquest Front. Credit Ammar Abdullah/Reuters American officials accuse him of being part of the “inner leadership circle” of Al Qaeda’s Syrian affiliate, most widely known as […]
The elite of the UAE’s social set and fashion industry gathered at Palazzo Versace hotel in Dubai on Tuesday evening. The brand’s chief designer Donatella Versace had flown in for the occasion, which marked the official opening of the hotel in the city’s Cultural Village within Al Jadaf district. “This hotel is amazing,” said Donatella, “It will hopefully become a number one tourist destination. I feel very […]
17 November 2016 Ashurst has advised Saudi Arabian client Delta Marketing Company on the agreement to dispose of its bottled water division, to Abu Dhabi-based Agthia Group. Corporate counsel Chris Young led the transaction for Delta, with Saudi law advice provided by Jeddah-based partner Dr. Faisal Baassiri. Dr. Faisal Baassiri said: ‘We are delighted to have supported our long-time and valued client Delta Marketing on this transaction. […]
Saudi Arabia’s King Salman is to appoint 75 new members to the kingdom’s highest consultative body, the Shoura Council, according to a report. The Saudi Gazette, quoting a local Arabic-language newspaper, said that at least 15 of the new members will be women. The appointments are expected to be made on 2 December, when the current council’s term ends. The newspaper reported that 19 members of the […]
Saudi Arabia’s Public Investment Fund (PIF), its main sovereign wealth fund, said on Thursday it had filled key posts as part of plans to expand investment capacity and help reduce the kingdom’s dependence on oil income. Under economic reform plans announced early this year, the government has said it aims eventually to expand the PIF, founded in 1971 to finance development projects in the country, from $160 […]
