Expectations high as Trump, Putin set to meet at Alaska: What each side wants
In a draft peace plan published in June, Russia called on Ukraine to withdraw its forces from the Kherson, Lugansk,...
Geostrategy
UAE begins pipeline project to ease Gaza water shortage
Jerusalem, Undefined -- The United Arab Emirates has begun construction on a major pipeline to carry desalinated water from Egypt...
Geostrategy
Business
UAE and Lithuania Chambers agree to set up Business Council
Sharjah, UAE -- The UAE Federation of Chambers of Commerce and Industry (FCCI) and its Lithuanian counterpart have signed an...
- The two sides also agreed to strengthen economic relations and increase investment flow between the two countries.
- The newly formed council will strengthen mutual trade relations by organizing visits and offering support to Emirati and Lithuanian companies.
Business
Major energy companies in West earn $40 billion in Q1 net profits
The surging profits prompted outcry from critics as Britons face a cost-of-living crisis, which has topped the agenda for Thursday's...
- France's TotalEnergies saw net profit advance 12 percent to $5.6 billion in the first quarter. ExxonMobil posted a record Q1 profit $11.4bn, while Chevron earned $6.6bn.
- Falling costs and a better performance at its chemicals division saw Shell's profit surge 22 percent to $8.7bn from a year earlier.
Business
SABIC Q1 profit down 90%
The company expects Q2 margins to remain under pressure.
- The company said in a statement that its revenue for the first quarter reached SAR 39.69 billion ($10.58 billion), a decrease of 8 percent compared to the previous quarter.
- The Shareek program will play a key role in the company's next growth phase, said CEO Abdulrahman Al-Fageeh.
Business
ahlibank Q1 profit $21.84m
Muscat, Oman -- ahlibank of Oman has reported a profit of 8.4 million RO ($21.84 million) in the first quarter...
- The customer deposits grew by 7.3 percent, reaching RO 2.33 billion during the first quarter, compared to the same period in 2022.
- Loans, advances, and financing expanded by 5.6 percent to RO 2.57 billion, while the bank's operating income increased by 4.6 percent to RO 23.3 million.
Geostrategy
China-based networks sowing disinformation in West: Meta
The network's social media accounts -- which ranged from Facebook to YouTube, Telegram and Twitter -- pushed content focusing on...
- Meta said it had removed more than 100 Facebook pages, profiles and Instagram accounts linked to the network, accusing them of violating its policies.
- Russia has long been accused of operating "troll farms" in a bid to influence public opinion in the West, with China not having been regarded as advanced in that area.
GCC central banks align rates with US Fed Reserve
The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response...
- The regional apex banks -- including the CBUAE, SAMA, CBB, and QCB -- have raised rates by 25bps in response to the US Fed's decision to increase its benchmark lending rate
- Saudi Arabia's SAMA has increased its Repo rate to 5.75% and Reverse Repo to 5.25%, while the CBUAE has raised its ODF from 4.90% to 5.15%, effective from May 4, 2023
Economy
US pick Ajay Banga confirmed as new World Bank president
Banga was the sole nominee for the top job. He will begin his new role on June 2. President Joe...
- Under an unwritten arrangement, a US citizen has historically held the presidency of the World Bank and a European has run the IMF.
- Despite unease over continued US grip over the presidency of the bank, the trend continues with Banga, who was born into a Sikh family in India and is a naturalized US citizen.
Business
Aldar Q1 sales hit $1.22bn
The company's expansion plans include the acquisition of Al Fahid Island.
- The company said its development revenue backlog also hit an all-time high of AED 18.8 billion, which "provides visibility over the next two to three years".
- It has also entered the Dubai real estate market through a joint venture with Dubai Holding, which will see the development of three new communities across 3.5 million sqm of land.
Business
Iraq eyes deal on Kurdistan oil exports to Turkey within weeks
Ankara stopped importing oil from Iraqi Kurdistan in March after the International Chamber of Commerce ruled the federal government in...
- Under the terms of an agreement, sales of Kurdish oil are to go through the Iraqi National Oil Company, and no longer exclusively through the authorities in Iraqi Kurdistan.
- Oil exports are a key source of revenue for both the federal and regional governments, and their management has long been a sensitive topic in relations.
Geostrategy
Iran arrests energy firm managers for backing workers’ strike
Tehran, Iran -- Iranian authorities have arrested managers at a major petrochemical company for backing a workers' strike over pay...
- The offshore South Pars field in the Gulf -- the world's largest known gas reserve, which Iran shares with Qatar -- employs some 40,000 workers.
- In April, an official in charge of the Islamic republic's oil and gas sector in Bushehr province said 4,000 of the workers on strike would be replaced.
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Expectations high as Trump, Putin set to meet at Alaska: What each side wants
In a draft peace plan published in June, Russia called on Ukraine to withdraw its forces from the Kherson, Lugansk,...
Geostrategy
Company News
Latest News
ADNOC L&S to pay $136.5m dividend
This is equivalent to 6.78 fils per share, the company said.
Business
October 7 anniversary: Hamas praises ‘glorious’ moment in its resistance, Netanyahu says ‘we will win’
Hamas called the Palestinian resistance a testament of resilience against Israeli aggression, while Netanyahu reaffirmed Israel's commitment to crush Hamas...
Geostrategy
Dubai’s night beaches a cool solution to summer heat
With temperatures regularly topping 40 degrees Celsius, outdoor activities are severely limited. More than one million people have visited the...
Geostrategy
Most Read
Business
‘TAQA’ prices $1.75bn dual tranche
The 12-year senior unsecured notes are sized $850m.
- The 7-year notes, sized at US$900 million and maturing on 9th October 2031, are conventional bonds bearing a coupon rate of 4.375 percent.
- Proceeds from these bonds will be used for general corporate purposes.
Geostrategy
Libya’s eastern administration lifts oil production, export blockade
The Benghazi-based administration, which controls most of Libya's oilfields, said in a Facebook post it was "lifting the force majeure...
- Libya is struggling to recover from years of conflict after the 2011 NATO-backed uprising that overthrew Moamer Kadhafi
- It remains split between a United Nations-recognized government of Prime Minister Abdulhamid Dbeibah and the rival authority in the east backed by military strongman Khalifa Haftar
Geostrategy
Israel declares UN chief ‘persona non grata’ over Iran attack response
"Anyone who cannot unequivocally condemn Iran's heinous attack on Israel does not deserve to step foot on Israeli soil," said...
- Following Iran's missile attack on Israel late Tuesday, Guterres condemned the "broadening conflict in the Middle East", slamming "escalation after escalation" in the region.
- Israel has been a harsh critic of the UN, with ties between the state and the international body souring even more after the October 7 Hamas attacks.