MENA Brief June 14: Iran-Israel War, Abu Dhabi Summit, Saudi Football Rise, & More
Tensions spiked as Iran fired ballistic missiles at Israel in retaliation for Israeli air raids that killed senior Iranian military...
Geostrategy
MENA Outlook: Diversification, AI, and economic integration take centre stage
As the region pivots toward a post-oil future, recent developments across the Middle East and North Africa suggest an accelerating...
Economy
Economy
China unveils plan to shore up industrial economy
Beijing will adopt industry, region and enterprise-specific measures to secure the sound development of key industries.
- Beijing will adopt industry, region and enterprise-specific measures to secure the sound development of key industries
- Efforts will be made to tap into market potential to grow consumer demand, stabilise exports of industrial products
Geostrategy
UAE, Turkmen presidents’ meet, witness signing of MoUs, pacts
The agreements included one between the foreign affairs ministries of the two countries and an MoU in the agricultural and...
- The agreements included one between the foreign affairs ministries of the two countries and an MoU in the agricultural and food security sector
- The two leaders also exchanged views on several regional and international issues of mutual concern
Business
DMCC digitises gold trading through tokenisation of Comtech gold bullion
DMCC Tradeflow is an online platform for registering the ownership of commodities stored in UAE facilities.
- DMCC Tradeflow is an online platform for registering the ownership of commodities stored in UAE facilities
- The partnership with Comtech Gold adds to Tradeflow’s list of Shariah compliant products, given that the tokens are backed by physical assets
Business
UAE approves law to link up renewable energy units with electrical grid
Abu Dhabi, UAE— The UAE's Ministry of Energy and Infrastructure has announced the approval of the federal law regulating the...
- The new law aims to enable the production of electricity from renewable sources and achieve the UAE's objectives in terms of diversifying renewable energy sources
- The UAE has made large investments over the last several years to develop renewable sources of energy
Business
OPEC+ isn’t discussing output increase: Saudi minister
The "categorical denial" has come after the Wall Street Journal reported on Monday that Saudi Arabia, which co-leads the OPEC+...
- The Wall Street Journal reported on Monday that Saudi Arabia and other members were considering an "increase of up to 500,000 barrels a day".
- Saudi officials have vigorously defended the recent production cut in the face of criticism from Washington, saying it was driven purely by market conditions
Infographics
Global economic woes take toll on GCC contracts
High inflation and the West's sanctions on Russia for its Ukraine invasion besides the supply chain disruptions caused by China's...
- The increase in benchmark rates by global and regional central banks to combat runaway inflation also affected project funding.
- The UAE overtook Saudi Arabia as the largest projects market in the GCC during Q3-2022.
Business
Masdar Green acquires properties
The 3 Pearl rated properties in Masdar City are worth $254m.
- The acquisition follows a $200 million green loan secured from First Abu Dhabi Bank (FAB) in January to help finance the REIT’s growth.
- Masdar Green REIT was established by Masdar as an investment vehicle for professional investors to invest in a sustainable, income-generating real estate portfolio in Masdar City.
Business
Dubai Aerospace acquires Sky Fund Irish I
Sky Fund I leases aircraft to 14 airline customers.
- Next-generation technology aircraft represent more than 90 percent of the acquired portfolio.
- DAE's owned portfolio will now comprise nearly 50 percent of fuel-efficient, next-generation aircraft.
Business
ADNOC Drilling to buy 3 rigs
The company bought four rigs between May and Aug. this year.
- The three brand new high-specification offshore jack-up drilling units (rigs) will be purchased for AED1.17 billion ($320 million).
- Since listing on the Abu Dhabi Securities Exchange in October 2021, ADNOC Drilling has expanded its fleet from 95 to 108 owned rigs, as of 30th September.
Geostrategy
Blinken to arrive in Qatar for strategic dialogue, World Cup
Washington, US— US Secretary of State Antony Blinken is going to arrive in Doha on Monday to support Team USA...
- Blinken will be in Qatar between 21 and 22 November, where he is scheduled to meet senior Qatari officials
- The Qatar-US Strategic Dialogue, which will be held on Tuesday, is expected to address security cooperation, trade and investment, humanitarian assistance and human rights
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MENA Brief June 14: Iran-Israel War, Abu Dhabi Summit, Saudi Football Rise, & More
Tensions spiked as Iran fired ballistic missiles at Israel in retaliation for Israeli air raids that killed senior Iranian military...
Geostrategy
Company News
Latest News
DEWA Q3 2023 revenue $2.5bn
Business
Emaar 9M net profit $1.1bn
Business
Invest Qatar launches azure open AI GPT-powered chatbot ‘Ai.SHA’
DOHA, QATAR - The Investment Promotion Agency Qatar (Invest Qatar) has partnered with Microsoft to develop Ai.SHA, an innovative AI-powered...
Business
Over 12m people visit Riyadh Season in 60 days
RIYADH, SAUDI ARABIA - Two months after their launch, on October 11, 2023, Riyadh Season events had already attracted 12...
Arts & Culture
Most Read
Economy
Najran extends MoU with Ayan for Commerce & Industry
Jeddah, Saudi Arabia - Saudi Arabia's Najran Cement Company has announced the extension of its non-binding memorandum of understanding (MoU)...
- This extension comes as a result of the ongoing valuation and due diligence processes, which are yet to be completed
- The original MOU, signed on October 19, 2023, was set to pave the way for a potential collaboration between the two companies
Geostrategy
Iranian warship enters Red Sea, reports media
TEHRAN, IRAN - Iran's Alborz warship has entered the Red Sea through the strategic Bab al-Mandeb strait, Tasnim news agency reported...
- The news agency did not give specific reasons for its deployment, but noted that Iranian military vessels had operated in the area since 2009.
- According to the International Chamber of Shipping, 12 percent of global trade passes through the Red Sea
Business
Maisarah leads Oman government’s successful sukuk issuance
MUSCAT, OMAN - Maisarah Islamic Banking Services, Islamic window of BankDhofar, acted as an Issue Manager for the Sovereign Sukuk...
- The Sukuk-Al-Ijara structure has a seven-year maturity and was conducted through private placement to sophisticated investors in Oman.
- The issuance has been listed on the Bonds and Sukuk Market, operating under the Muscat Stock Exchange.