Eight OPEC+ countries raise production by 547,000 bpd to regain market share
Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, along with the Saudis and Russians currently produce about 41-42 mbd.
Geostrategy
Gaza truce talks: Netanyahu says sending a team to Qatar after Hamas nod
But Netanyahu, who is due to meet with President Donald Trump in Washington on Monday, said the Palestinian group's proposals...
Geostrategy
Business
ADNOC L&S buys stake in Navig8
The company will acquire the remaining stake in mid-2027.
- Navig8 is an international shipping pool operator and commercial management company with a modern-owned fleet of 32 tankers and a presence in 15 cities across five continents.
- This value-accretive acquisition is expected to boost ADNOC L&S’ earnings per share by at least 20 percent in 2025 compared to 2024.
Business
DAE to acquire Nordic Aviation Capital
The terms of the transaction have not been disclosed.
- As of September 2024, NAC’s fleet comprised of 252 owned and committed assets on lease to approximately 60 airline customers in approximately 40 countries.
- On a pro forma basis, DAE Capital’s fleet will comprise of approximately 750 owned, managed and committed aircraft.
Business
PIF completes $7 billion inaugural murabaha credit facility
Riyadh, Saudi Arabia -- Saudi Arabia's Public Investment Fund (PIF) on Monday announced its first murabaha credit facility for the...
- The financing structure is supported by a diverse syndicate of 20 international and regional financial institutions, PIF said in a statement.
- PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.
Business
UAE aviation sector’s 2024 milestone: 1 million air traffic movements
Abu Dhabi, UAE -- The United Arab Emirates (UAE) achieved a milestone in the aviation industry as it surpassed 1...
- On 22nd December 2024, the one-millionth annual air traffic movement was recorded with the arrival of Emirates Flight305 from Shanghai.
- UAE recorded over 20 percent growth in air traffic over the past two years, among the highest globally.
Business
Saudi PMI falls to 58.4 in Dec as non-oil private sector improves
Riyadh, Saudi Arabia -- The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI), formerly S&P Global Saudi Arabia...
- The index has remained above the neutral level (50.0 points) since September 2020.
- Business conditions experienced a marked improvement, propelled by a substantial surge in new orders.
Business
Desert truffles: Saudi Arabia’s buried treasure
The 10-day Qassim Truffle Festival, currently in its fourth year, features 18 booths showcasing truffles, a dedicated auction area and...
- Fertile soil, untouched land, access to fresh water, a suitable climate, and the presence of the Helianthemum plant contribute to growth of desert truffles.
- The Qassim Truffle Festival, currently in its fourth year, is a testament to the region's truffle production.
Geostrategy
Israeli invasion destroys 90% of Gaza livestock, poultry farms
Gaza, Palestinian Territories - The Israeli forces have decimated 90 percent of 2,500 poultry and cattle farms in Gaza during...
- A million turkeys distributed across 150 farms, were culled, in addition to 80 percent of the total domestic poultry population, estimated to be 300,000 birds.
- Israeli forces destroyed 90 percent of the 100 cattle farms, which were breeding 50,000 calves annually, and culled 2,200 cows in 400 farms.
Business
Renowned designer Cucinelli stresses sustainability at Saudi event
Riyadh, Saudi Arabia -- Renowned luxury fashion designer Brunello Cucinelli shared his insights on building a global brand and the...
- Brunello Cucinelli, who founded his luxury fashion brand in 1978 in Italy, is recognized for creating meticulously crafted pieces from the finest cashmere.
- He emphasized the need to blend traditional techniques with modern design to create unique and authentic pieces.
Business
Emirates’ first A350 takes flight
The airline operated the inaugural flight from Dubai to Edinburgh.
- The aircraft, featuring Emirates' latest cabin products, is the first of 65 A350s joining the airline's fleet over the coming years.
- Emirates has configured its A350 to provide three cabin classes, accommodating 312 passengers in 32 next-generation Business Class lie-flat seat.
Geostrategy
Winter rains, flooding and limited aid worsen Gaza tragedy: IOM
"Vulnerable people, including at least seven infants, have died from hypothermia, and these tragic deaths underscore the urgent need for...
- As of mid-Dec, the Shelter Cluster, a coordination group of UN, international and local humanitarian, estimates at least 945,000 still urgently need winterization assistance.
- IOM has delivered nearly 180,000 emergency shelter items to partners inside Gaza since mid-November and has over 1.5 million more winter supplies.
Eight OPEC+ countries raise production by 547,000 bpd to regain market share
Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman, along with the Saudis and Russians currently produce about 41-42 mbd.
Geostrategy
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India and Pakistan rivalry boils after Kashmir attack
India took a raft of punitive diplomatic measures against arch-rival Pakistan on Wednesday, accusing Islamabad of supporting "cross-border terrorism" after...
Israel security chief accuses PM of demanding personal loyalty
Israel's internal security chief, whom the government is trying to sack, accused Prime Minister Benjamin Netanyahu Monday of demanding personal...
Geostrategy
US judge rules Google monopolized online ad tech market
Washington, United States -- A US judge on Thursday ruled that Google wielded monopoly power in the online ad technology...
Business
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Geostrategy
Gaza rescuers say 25 killed in Israeli strike on school-turned-shelter
Gaza civil defense spokesman Mahmud Bassal told AFP more than 100 others wounded in the strike on Dar al-Arqam School...
- The Israeli military has in recent days issued a number of evacuation orders to residents in northern neighborhoods of the Gaza Strip.
- On Monday, it told those living in all areas of the southern city of Rafah and parts of nearby Khan Yunis to leave.
Business
AI’s impact on jobs, technology’s touchy topic sparks unease
New York, United States - "Stop Hiring Humans" read a provocative sign at an AI conference in Las Vegas, where...
- AI agents, which are supposed to make decisions that are usually made by humans, have become the latest buzzword of the AI story
- There is little doubt that some kind of upheaval of the workplace is underway, but its precise impact remains uncertain
Geostrategy
Russia to hold talks with US in Riyadh Monday: Kremlin
Donald Trump spoke to both Russia's Vladimir Putin and Ukraine's Volodymyr Zelensky this week and the US is also due...
- "From the Russian side, they will be attended by Grigory Karasin, chairman of the Senate's committee on international affairs, and Sergei Beseda, advisor to the head of FSB.
- Ushakov said he had confirmed this after talks with US National Security Advisor Mike Waltz. Both agreed to send "expert groups" for the talks, he added.