With oil stock balances next year looking softer and costs coming down, the commodity will trade at $55 and $61 per barrel during 2016 and 2017, respectively, said the Bank of America (BofA) Merrill Lynch in a report. “Looking at the near-term, however, we still believe oil prices will rebound into year-end on a combination of factors,” said the report titled “Global Energy Weekly: Oil at an […]
As war heroes’ bodies come home, Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces tells Yemen: ‘We are with you until the mission is accomplished’ The UAE on Saturday buried its war heroes, began three days of mourning for their sacrifice and pledged unceasing military and humanitarian efforts to restore peace,security and stability to Yemen. The bodies of […]
BEIRUT, Lebanon — The Arab kingdoms of the Persian Gulf have some the world’s highest per capita incomes. Their leaders speak passionately about the plight of Syrians, and their state-funded news media cover the Syrian civil war without cease. Yet as millions of Syrian refugees languish elsewhere in the Middle East and many have risked their lives to reach Europe or died along the way, Gulf nations […]
ABU DHABI // Rulers of the emirates, officials and leaders from abroad on Saturday joined the nation in mourning and honouring the 45 heroes who fell in Yemen’s defence on Friday. Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, received condolences from Kuwait, Qatar, Egypt, Bahrain, Morocco, Saudi Arabia, and from the French defence minister Jean-Yves Le Drian. […]
Middle East Video The president and King Salman of Saudi Arabia met at the White House to discuss topics including the Iran nuclear deal and the conflict in Syria. By PETER BAKER September 4, 2015 WASHINGTON — President Obama and King Salman of Saudi Arabia met at the White House on Friday in hopes of moving past their differences four months after the king refused the president’s invitation to […]
Middle East By KAREEM FAHIM September 4, 2015 SANA, Yemen — The United Arab Emirates said on Friday that 45 of its soldiers were killed fighting the Houthi insurgents in a province east of Yemen’s capital, in a major setback for the coalition of Arab forces that have been trying for months to vanquish the rebels. The death total was the largest in a single day for the military […]
Middle East Refugees from Syria walked down the railway in Horgos, Serbia, on Sunday before crossing into Hungary. By ANNE BARNARD September 4, 2015 BEIRUT, Lebanon — Arresting images of desperation on the West’s doorstep have brought Syria, for the moment, back to worldwide attention: refugees cramming into train stations and climbing border fences; drowned Syrian toddlers washing up on beaches, a girl in polka dots, a boy in […]
SANA, Yemen — A suicide bomber and a subsequent car bomb killed at least 20 people on Wednesday at a mosque here in Yemen’s rebel-held capital amid the country’s raging civil war, officials said. The suicide bomber struck inside the mosque in Sana during the evening call to prayers, while the car bomb exploded outside an entrance, the authorities said. Medical officials said that wounded people were […]
|By Matein Khalid| Hong Kong now trades at 9.6 times earnings and 0.86 book value. Hang Seng valuations were gutted by the protest movements in Central and the Shanghai financial meltdown. The Hang Seng index is down 25% since late May and now trades at six times forward earnings, its post Lehman, post 2014 bottom. Hong Kong trades at its lowest price/book value since the Asian flu […]
UAE. Management in the Gulf need to take more risks and develop staff to think creatively, according to a new global innovation survey designed to help companies stop wasting their best ideas and flushing hundreds of billions of dollars down the drain. Announced in Abu Dhabi today by PA Consulting Group, the report highlights an overwhelming view that leadership of organisations in the UAE, Saudi Arabia and […]
BEIRUT, Lebanon — Lebanese demonstrators gathered by the thousands on Saturday evening to protest towering garbage piles, corruption and political dysfunction, largely avoiding the clashes with security forces that had marred earlier protests. The crowd in downtown Beirut was the biggest turnout yet, and many people arrived leery of the possibility of violence. Last weekend, security forces used water cannons, tear gas and rubber bullets as some […]
UAE. The second quarter 2015 real estate report issued by leading local consulting firm ValuStrat – has shown a steady decline in property values since the peak last year. However, the rate of decline is easing and is expected to continue to decelerate over the remainder of the year. The Residential VPI (ValuStrat Price Index), which is a 100 point index that started tracking residential values since […]
The Health Ministry said Thursday that 15 more people had died after contracting the Middle East respiratory syndrome, known as MERS, in the past seven days amid a surge of cases in the capital, Riyadh. The kingdom registered 47 new cases in the past seven days, all but two in Riyadh. That raises the total number nationwide to 1,165, with 64 receiving treatment and 603 fully recovered. […]
INTERNATIONAL. OPEC next gathers December 4 in Vienna, just over a year since Saudi Oil Minister Ali Al-Naimi announced at the previous OPEC winter meeting the Saudi decision to let the oil market determine oil prices rather than to continue Saudi Arabia’s role of guarantor of $100+/bbl oil. Despite the intense financial and economic pain this decision has inflicted on Saudi Arabia, its fellow OPEC members, and […]
CAIRO — Saudi Arabia has arrested the accused mastermind of a 1996 bombing that killed 19 American airmen, a Saudi-owned pan-Arab newspaper reported on Wednesday, citing unnamed officials. The suspect, Ahmed al-Mughassil, was identified in an American federal indictment as a senior leader of an Iranian-backed Saudi militant group that sought to kill American military personnel in the Persian Gulf. The bombing destroyed an eight-story building in […]
UAE. The MENA Region is all set to become a global logistics hub in the next few years, an Al Masah Capital Limited Report on “Transportation & Logistics in MENA” has revealed, which experts believe will be driven by the emergence of the MENA-Asia trade corridor that will redefine global supply chains. Notably in 2013, India and China ranked as top merchandise export and import destinations for MENA […]
UAE. Business confidence in the Middle East continued to fall in the second quarter of 2015, but not as quickly as it had in the first three months of the year, according to the to the Global Economic Conditions Survey (GECS) organised by ACCA (the Association of Chartered Certified Accountants and IMA (the Institute of Management Accountants). The slight optimism was due to a temporary reprieve in […]
GAZA CITY — At this time last year, as the missiles and bombs rained down in Israel’s lopsided seven-week war against Gaza, I wrote about our struggle to survive during the holy month of Ramadan. This year, another Ramadan has passed, Eid al-Fitr is over and the reality on the ground has changed very little. The same dreadful conditions are creating desperation among Gaza’s inhabitants, whose lives […]
ADEN // The streets of Aden are filled with the flag of the UAE – fluttering above checkpoints, flying from cars, and draped over homes, businesses and government buildings. In the weeks since Houthi rebels were driven from Yemen’s southern port city, there has been an outpouring of gratitude from residents for Emirati troops. “The Emirates’ soldiers were in the frontlines of the battle against the Houthis, […]
By RICK GLADSTONE August 21, 2015 Doctors Without Borders said that Saudi-led airstrikes killed more than 65 civilians early Friday in Yemen’s southwest province of Taiz, including 17 people from one family. If confirmed, it would be one of the largest tolls from airstrikes by Saudi Arabia and its military coalition partners since they began bombing Yemen five months ago in a campaign to crush the Houthi insurgency in […]
King Salman Al Saud of Saudi Arabia on Thursday received Sheikh Mohammed bin Rashid, Prime Minister and Ruler of Dubai and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces at his Moroccan residence in Tangier. During the meeting, they discussed the fraternal relations between the UAE and Saudi Arabia as well as reviewing regional events. This entry passed […]
EY, a leader in assurance, tax, transaction and advisory services, has acquired Seren, an international digital consultancy based in the UK with a significant footprint in the Middle East and North Africa (Mena) region. Seren has been working closely with governments, banks and media organisations in the Mena region to drive digital business transformation through a customer-centred approach to design, said a statement. Gerard Gallagher, Mena advisory […]
Record trading of Dubai crude by two Chinese state companies this month on a decades-old oil pricing system has pushed the benchmark higher, even as other grades are being pressed lower by a global glut. The strong Dubai trade has forced Middle East producers to raise official selling prices (OSPs), driving Asian buyers to seek cheaper oil elsewhere or cut refinery runs due to low margins. Chinaoil […]
RIYADH // President Abdrabu Mansur Hadi has commended the UAE’s contributions in Yemen and praised the level of relations between the countries. The Yemeni leader said his meeting with Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, during his recent visit to the UAE had “widened the horizons of the distinguished relations between the two countries”. Mr Hadi […]
