Saudi

DAMAC Properties awards 15 major contracts worth AED 1.26 billion from August to November 2016

13 December 2016 Dubai, United Arab Emirates – DAMAC Properties today announced that it has awarded 15 major construction and consultancy contracts valued at AED 1.26 billion during the period between August and November 2016, bringing the total value of contracts awarded so far in 2016 to AED 6.51 billion for projects in Dubai and the UK. The awarded contracts are for the provision of services related […]

December 14

Arab world entering a new era with reform in store, former Egyptian minister says

ABU DHABI // The Arab world is entering a new era, involving reform and changes in its mindset, according to the former Egyptian foreign minister and secretary general of the Arab League. In an interview with The National, Amr Moussa said the region’s young citizens, who make up about 70 per cent of the population, are better educated and have aspirations for the future. “They reject what […]

December 14

Prince Alwaleed Joins Bill Gates in Supporting Energy Investment Fund with $50 Million

13 December 2016 HRH Prince Alwaleed Bin Talal Bin Abdulaziz AlSaud, Chairman of Alwaleed Philanthropies, announced supporting the Breakthrough Energy Ventures (BEV) with $50 million, through joining Bill Gates and members of the Breakthrough Energy Coalition (BEC) in their commitment to invest more than $1 billion in energy technologies. Breakthrough Energy Ventures (BEV) is an investor-led fund that will finance emerging energy breakthroughs to deliver affordable and […]

Yemen's toxic trash mountain adds to war woes

DUBAI Many disasters loom over one of the poorest countries in the Middle East as it suffers through nearly two years of war, among them a colossal pile of waste outside Yemen’s capital leeching toxic waste into its diminishing water supply. Hardly a paragon of waste management before the war, Sanaa was at least able to separate out the most dangerous materials from the 10-million-ton hill thanks […]

IEA predicts oil glut will end if deal delivered

Demand for oil will outstrip supply in the next six months as long as Opec and countries outside the cartel can implement a deal signed over the weekend to lower output, according to one of the world’s leading energy forecasters. The International Energy Agency said the planned production cuts, which add up to 1.8m barrels a day, could reduce stockpiles by as much as 600,000 b/d over […]

Bahrain LNG completes $741m syndicated loan

Bahrain LNG, the developer of the Gulf state’s receiving and regasification terminal for liquefied natural gas (LNG), has closed a $741 million syndicated loan for the platform’s construction, according to a company statement on Monday. “The project is being developed to supplement local gas production in Bahrain and ensure capacity to meet peak seasonal gas demand and industrial growth,” the statement said. While the Gulf region is […]

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Investing

RBC Warns January Is Setting Up As A "Massive Mean-Reversion" Month

Following Friday’s report by RCB’s Charlie McElligott which sought to answer “THE” question every investor is asking, namely “what could derail this rally“, today’s the cross-asset strategist has released a follow up analysis in which he warns that even though the bond battering continues – and is likely to continue for a while – the market is now being set up for a “massive mean-reversion” counter-trend rally […]

The Islamic Corporation for the Development of the Private Sector (ICD) and the Eastern and Southern African Trade and Development Bank (PTA Bank) sign a MoU to facilitate financing and investment project

The MoU envisages bilateral cooperation between ICD and PTA Bank in order to promote and facilitate the execution of their respective mandates through financing and investments in their common member countries JEDDAH, Kingdom of Saudi Arabia, December 12, 2016/ — A Memorandum of Understanding (MoU) was signed between, the Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-PS.org), the private sector arm of Islamic Development […]

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Featured

Oil surges to 17-month high

Crude oil surged to the highest in 17 months amid efforts to cut production, pushing up the outlook for global inflation and sending 10-year Treasury yields above 2.5 percent for the first time since October 2014. Chinese equities tumbled. Oil jumped more than 4 percent in New York and London after Saudi Arabia signaled it will cut output by more than previously agreed amid a weekend deal to […]

FT Select

Oil prices surge to highest level since July 2015

Oil prices surged above $57 a barrel for the first time since July 2015 on Monday, rallying as much as 6.5 per cent after the Opec cartel clinched a long-sought supply pact with Russia and other big crude exporters. Russia led a loose coalition oil producers from outside Opec, including Oman, Mexico and Kazakhstan, in an agreement signed this weekend to reduce supply by 558,000 barrels a […]

Business

Oil output cut deal aimed at inventories, not just raising prices: Goldman Sachs

Goldman Sachs said the formal agreement by non-OPEC oil producers this weekend in Vienna to help curb output was reached with a goal of “normalization” of inventories and not necessarily just at raising oil prices. The Organization of the Petroleum Exporting Countries (OPEC) had previously agreed to cut output by 1.2 million barrels per day (bpd), and on Saturday, 11 non-OPEC producers agreed to join the effort […]

Dubai SME and Al Tamimi & Company join hands to support creativity and start-ups

11 December 2016 Dubai: Dubai SME, the agency of the Department of Economic Development mandated to develop the Emirate’s small and medium enterprise (SME) sector, and Al Tamimi & Company, the largest law firm in the Middle East which specialises in patents and innovations, have signed a memorandum of understanding (MoU) to support entrepreneurial innovations and patents. The MoU reflects both parties’ commitment to achieving the UAE’s vision […]

Non-Opec producers agree to cut oil output

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 […]

UAE cultural development a keystone in economic growth, says Sheikh Nahyan

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 […]

ArabNet Riyadh 2016 to tackle Transformation Plan's impact on innovation and entrepreneurship

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. […]

After Aleppo, Syria's Assad still far from regaining his state

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 […]

24 Dubai Investments CEO and managing director Khalid Kalban

Dubai Investments to close $299m loan by end-2016, says CEO

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 […]

Investing

THE CIA MOVES TO INVALIDATE U.S. PRESIDENTIAL ELECTIONS BY BLAMING RUSSIAN HACKING

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 […]

Newsbox

Russia and Others Join OPEC in Rare, Coordinated Push to Cut Oil Output

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 […]

Business

OPEC, non-OPEC agree first global oil pact since 2001

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 […]

U.S.' Kerry urges Russia to show "grace" in Geneva Aleppo talks

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 […]

U.S. allies caution Trump on Syria strategy

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, […]

December 10

Factbox: Key facts about Islamic State in Libya

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 […]

Going public: tycoon BR Shetty

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 […]

Downgrades for energy borrowers to plateau in 2017

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 […]

Why the UK-GCC friendship is mutually beneficial

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 […]

Newsbox

Iran Races to Clinch Oil Deals Before Donald Trump Takes Office

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 […]

December 08

Markets a month on from Trump’s victory

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, […]

December 08