Geostrategy
OPEC+ to maintain current output level amid uncertainty
Major oil-producing countries led by Saudi Arabia and Russia agreed to maintain their current output levels. Representatives of 13 members...
- OPEC+ decided to stick to their course agreed in October of a production cut of two million barrels per day until the end of 2023.
- On Friday, the EU, G7 and Australia agreed a $60-per-barrel price cap on Russian oil, which will come into effect on Monday.
Business
Saudi Aramco subsidiary Luberef expects to raise $1.32 bn from IPO
Dubai, UAE---Luberef, a subsidiary of Saudi oil giant Aramco, expects to raise up to SAR 4.95 billion ($1.32 billion) from...
- The company will sell nearly 30 percent of its share capital to individual and institutional investors, which translates into 50.045 million shares, and list on the Saudi Exchange.
- In a Tadawul filing, Luberef said the price range for the offering has been set between SAR 91 and SAR 99 per share.
Geostrategy
Jordan, India explore economic cooperation
AMMAN, JORDAN - Jordan's Minister of Investment Kholoud Saqqaf on Sunday received Indian ambassador in Amman Anwar Haleem for a...
- The minister briefed the envoy on the investment climate in the Kingdom and potential opportunities in various sectors.
- She emphasized business-friendly legislation and simplified government service delivery.
Geostrategy
Herzog becomes first Israeli president to visit Bahrain
Israeli President Isaac Herzog arrived in Bahrain, the first visit by an Israeli head of state to the small Gulf...
- Accompanied by an economic delegation, Herzog said he would discuss "ways to strengthen our economic cooperation".
- Herzog said he would then travel to UAE's capital Abu Dhabi.
Business
RTA to develop truck rest stops in partnership with ADNOC, Almutakamela
Dubai, UAE---Dubai’s Roads and Transport Authority (RTA) has awarded contracts for constructing three all-inclusive Truck Rest Stops in partnership with...
- The three stops that will be built over a total area of 226,000-sq meters can accommodate 500 trucks and heavy vehicles.
- The three stations are situated in key areas nearby key roads and logistical cities that witness considerable numbers of trucks every day.
Economy
OPEC likely to hold oil output levels steady
Vienna, Austria— Major oil-producing countries led by Saudi Arabia and Russia look set to maintain their current output levels at a...
- OPEC is due to consult with 10 other oil-producing nations, including Russia, to review their decision in October to cut production by two million barrels per day
- the EU, G7 and Australia agreed a $60-per-barrel price cap on Russian oil, which will come into effect on Monday or soon after
Business
Smooth onboarding, offboarding process needed as more Saudi businesses opt for cloud communication
With data doubling in size every two years, effective info processing, analysis tools and storage technologies are required along with...
- With data doubling in size every two years, effective info processing, analysis tools and storage technologies are required along with a defined digital strategy, says an expert.
- The cloud-first policy goal may help Saudi government attract investments, define clear data regulations, promote innovation, foster agility, and scale up growth
Business
German government to stop unjustified energy price increases
BERLIN, GERMANY - The German government aims to put a stop to energy price hikes it sees as unjustified with...
- Price increases are to be prohibited until the end of 2023 - unless the supplier can prove "that the increase is objectively justified".
- A justification could, for example, result from "market-based price and cost developments".
Geostrategy
UN report warns global food crises likely to increase
ROME, ITALY - The world's ability to nourish its burgeoning population is under threat and without broader socioeconomic and environmental...
- The report identifies the issues at stake and the threats and problems that have an impact on future food consumption and agrifood production.
- The report urges decision makers to think beyond short term needs.
ABB to pay US$315m fine
Two affiliates of ABB pleaded guilty to bribery charges.
- Two affiliates of ABB each pleaded guilty to one count of conspiracy to violate the US Foreign Corrupt Practices Act
- In October eight people, including former Eskom CEO Matshela Koko, were arrested on corruption charges linked to the ABB work.
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Aldar ties up with Yellow Door Energy
They will supply solar power to 45 properties in the UAE.
Business
UAE, South Korea look to deepen collaboration in water sector
Dubai, UAE-- The UAE and South Korea Korea are looking to boost ties in the water sector and in this...
Business
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Geostrategy
US forms coalition to combat Houthi attacks in Red Sea
US Defense Secretary Lloyd Austin said in a statement that countries seeking to defend "the foundational principle of freedom of...
- Austin said the security coalition will ensure freedom of navigation for all countries
- Houthi attacks have forced insurance companies to increase premiums on ships
Business
Kings Aluminium starts building US$204m facility in KEZAD
Abu Dhabi, UAE-- Kings Aluminium Industries has begun constructing a state-of-the-art aluminium manufacturing and recycling facility in Khalifa Economic Zones...
- The aluminium factory spread across 100,000 square metres of land leased from KEZAD Group will source its raw material from Emirates Global Aluminium
- The facility will localise the manufacturing, utilise local raw materials, enhance environmental as well as sustainability aspects in the production process
Navigating the rising tide of cyber threats in GCC
"Critical infrastructure organizations are distinct from other enterprises; their downfall could bring entire sectors of the economy down with them....
- Rising cyber threats in the UAE and GCC are alarmingly high, with over 50,000 daily attacks causing significant financial and societal impacts.
- High-profile attacks in the region have included notable incidents such as Aramco's ICS breach and multiple attacks on UAE's infrastructure.