Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
Economy
Pakistan greenlights construction of long-awaited Iran-Pakistan gas pipeline
Tehran, Iran - Pakistan has decided to link the gas pipeline from the country's Gwadar port city to the Iranian...
US oil prices soar
At 1355 GMT a barrel of WTI, the main US contract, for October delivery was 5.0 percent higher at $65.26...
- At 1355 GMT a barrel of WTI, the main US contract, for October delivery was 5.0 percent higher at $65.26 dollars
- The main international contract, Brent for October delivery was up 4.7 percent at $68.25
Geostrategy
Iran to get $300m Japanese loan to upgrade oil refinery
Japanese Foreign Minister Toshimitsu Motegi said this assistance would be in the form of low-interest loans.
- The pledge was made during Motegi’s trip to Baghdad, the first by a Japanese foreign minister since 2006
- The financial aid will be used to expand one of Iraq’s major refineries in Basra
Bitcoin jumps above $50,000 for first time since May
Bitcoin has been on a rollercoaster this year. After hitting $65,000 in April it tumbled below $29,000 in June, and...
- Bitcoin has been on a rollercoaster this year. After hitting $65,000 in April it tumbled below $29,000 in June, and is now back above $50,000
- In April, PayPal-owned mobile payments service Venmo began letting users in the US buy, hold or sell cryptocurrency using its app
Economy
Saudi Arabia set to build two 600MW solar plants
The plants will be built on land plots with a total area of 12 million sq m in Jeddah and...
- The projects will be handled through the Saudi Authority for Industrial Cities and Technology Zones Modon
- They are part of the country’s plan to generate 50 percent of its energy from renewables
Business
Saudi anti-concealment law violators get grace period
The period has been extended from August 23, 2021, to February 16, 2022, with violators looking at fines of around...
- The Saudi Ministry of Commerce has already given a six-month grace period once to violators of the anti-concealment law
- Several enterprises, whose annual revenues exceeded SR6 billion ($1.6 billion), benefited from this
Business
Bitcoin jumps above $50,000
The unit climbed around two percent to $50,249.15, its highest since mid-May.
- The cryptocurrency has now risen more than 70 percent from the six-month lows below $29,000 touched in June
- Bitcoin was tumbling on a range of issues including China's crackdown on cryptocurrencies since mid-May
Business
ADNOC emerging as UAE’s FDI magnet
Besides wooing $74 billion investments, the oil giant has helped the country gain the top position in the Middle East...
- ADNOC has set its eyes on developing green hydrogen and blue ammonia products.
- The company plans to spend $122 billion between 2021 and 2025 to develop its businesses.
Ajman Chamber, China’s Dahua explore tech investment opportunities
The two discussed opportunities for cooperation to support multinational companies in the Emirate of Ajman
- The two discussed opportunities for cooperation to support multinational companies in the Emirate of Ajman
- Dahua is a leading Chinese tech solutions provider specialising in video surveillance products, data security, alarms, motion sensors and access control
Currency war in Yemen opens up a gulf in riyal values
Alongside a grinding seven-year military conflict, Yemen's government and the Huthi rebels are locked in battle on another front --...
- Both the government and the Iran-backed Huthis used the same notes until late 2019 when the rebels banned new banknotes printed in government-run Aden
- The resulting difference in money supply has since seen the riyal's value plummet to around 1,000 to the dollar in government areas
Prices at pump soar in Lebanon after new subsidy cut
The cost of hydrocarbon fuels in Lebanon has now roughly tripled in the two months
- The cost of hydrocarbon fuels in Lebanon has now roughly tripled in the two months
- Dire shortages have seen Lebanon's people struggle to find enough fuel to drive to work
Saudi Arabia announces major gas discovery in Jafurah
Riyadh, Saudi Arabia--Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz revealed on Sunday that an additional 15 trillion...
Economy
Company News
Latest News
Sharjah real estate transactions in May valued at US$653m
SHARJAH, UAE - The emirate's real estate activity during May 2023 logged a total value of US$653 million (AED 2.4...
Business
UAE GDP up 7.9% in 2022 on strong non-oil sector performance
Minister of Economy Abdullah bin Touq Al Marri said that the strong GDP growth was due to the government's forward-looking...
Economy
Saudi Arabia hosts the biggest hajj pilgrimage in years
Islam's holiest site is expected to host more than two million worshipers from 160 countries during the annual rites that...
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Economy
Qatar to head ICAO’s Technical Cooperation Committee
Doha, Qatar--Qatar has been elected to be the chairperson of the International Civil Aviation Organization (ICAO)'s Technical Cooperation Committee (TCC)....
- ICAO council member states voted Qatar's permanent representative in the council Essa Abdullah Al Malki as the chairperson of the ICAO's TCC
- The TCC is tasked with assisting and advising the council on reviewing ICAO policies on technical cooperation, assistance, training, and operational plans
Economy
Libya’s east-based government threatens to block oil exports
Libya's internal turmoil may worsen with the head of the country's east-based administration threatening to block oil and gas exports...
- Hamad also said that he had "frozen" 2022 oil revenues "equivalent to more than 130 billion dinars" (around $27 billion) as a first step
- He accused the government in Tripoli of squandering energy revenues by making "extravagant spending", without elaborating
Business
Iran’s oil exports surge to 1.9 million barrels per day in May
In spite of economic sanctions imposed by the Western governments against Iran, the country has seen its oil exports surge...
- The Islamic Republic has ramped up its crude output to more than 3 million barrels per day, nearly 3 percent of the world's supply
- Iran has been pouring more oil into the global energy market at a time when OPEC+ has lowered the supply in order to shore up the oil market