INSEAD Day 4 - 728x90

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings

Japan prepares to hold foreign ministers meet with GCC nations in Sept

Saudi Crown Prince Mohammed bin Salman (R) welcoming Japanese Prime Minister Fumio Kishida in Jeddah on July 16, 2023. (file pic)
  • Japan relies on the six countries that make up the GCC -- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates -- for over 90 percent of its crude oil.
  • Foreign Minister Yoshimasa Hayashi is expected to attend the meeting, with visits to Egypt and Jordan also under consideration, Kyodo News said.

Tokyo, Japan — Japan is preparing to hold a foreign ministers’ meeting with the six member states of the Gulf Cooperation Council in Saudi Arabia in early September, a report said.

Japan’s Kyodo News said the meeting comes as Japan aims to strengthen relations with oil-producing countries in the Middle East to ensure a stable energy supply as China’s foothold grows in the region amid waning US influence.

Japan relies on the six countries that make up the GCC — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates — for over 90 percent of its crude oil.

Foreign Minister Yoshimasa Hayashi is expected to attend the meeting, with visits to Egypt and Jordan also under consideration, Kyodo News said, citing sources.

During a trip to three Middle Eastern countries last month, Japanese Prime Minister Fumio Kishida met with GCC Secretary General Jasem Mohamed al-Budaiwi and agreed to resume negotiations on a free trade deal and to hold regular meetings between the Japanese foreign minister and counterparts from GCC member nations.

The upcoming foreign ministers’ meeting is expected to further talks on the FTA and possible cooperation in the field of next-generation energy technologies, with Iran’s nuclear program also possibly on the agenda.

In Egypt, Hayashi plans to participate in the third round of political dialogue with ministers from the Arab League, which groups together 21 Middle Eastern and African countries as well as Palestine.

The Japanese government is also arranging to hold bilateral talks with some member states of the GCC and Arab League, according to the sources.