MENA Brief – June 16: Netanyahu eyes Gaza breakthrough, Iran rejects talks, Trump at G7, UAE oil giant bids big
Israeli Prime Minister Benjamin Netanyahu says there’s a fresh opening to free hostages held in Gaza, backing a US-mediated proposal...Economy
Saudi Arabia’s real GDP grows by 3.4 percent in Q1 mainly on non-oil activities
Riyadh, Saudi Arabia -- Saudi Arabia’s first quarter real Gross Domestic Product (GDP) grew by 3.4 percent year-on-year, according to...Economy
Eight OPEC+ members extend oil supply cuts until year end
Supply cuts seek boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent US presidential...Persistent downside pressure on oil prices due to sluggish Chinese and weakening global demand outlook
"The US presidential election will have a significant impact on the oil market"- Analyst with Rystad Energy
Expected impact of the U.S. election on business
35 percent of CEOs worldwide identify #inflation as the most critical #economic issue facing their countries, followed by boosting #consumer...The majority of CEOs (77 percent) say the U.S. presidential election will impact their 2025 business strategy
Nearly 80 percent of global CEOs describe the current investment environment in the Gulf as very or somewhat attractive
Bitcoin close to record as cautious markets eye US election
The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has...The leading digital currency was trading around US$72,400 at 0300 GMT, after climbing as high as US$73,563.63 in late US trade.
The surge in the price of bitcoin is seen as a bet on a Republican victory, as Donald Trump has emerged as the pro-crypto candidate.
Asian shares rise as markets await tech results
Asian markets mostly rose Tuesday with investors looking ahead to the release of US economic data and the earnings reports...Oil market concerns shifted focus on potential oversupply in 2025
Investors are also awaiting the Bank of Japan's rate decision later this week
Oil prices tumble after Israeli attacks spare Iran facilities
Tokyo, Japan - Oil prices tumbled in early Asian trading Monday with dealers relieved that Israeli strikes carried out Saturday against...The price of North Sea Brent for delivery in December fell by 4.05 percent to $72.97, while West Texas Intermediate plunged by 4.19 percent to $68.77
"Israel's strike, carefully avoiding energy sites, has softened fears of a full-scale conflict with Iran," said Stephen Innes, analyst at SPI Asset Management
BRICS integral to Arab trade diversification strategy
The UAE and Saudi Arabia’s trade with China and India far exceeds their trade with the US and UK. This...Arab economic powers such as Saudi Arabia and the UAE have intensified efforts to diversify their strategic business relations with China, Russia, and India
Arab powers have also kept their traditional ties with the nations in the European Union and the Americas, particularly the United States, intact
China’s central bank cuts two key rates to boost economy
Beijing, China - China's central bank on Monday said it had cut two key interest rates to historic lows, in the...The cuts come just days after the country posted its slowest quarterly growth in a year and a half, underlining the deep economic woes the country faces
Leaders are targeting annual growth of five percent this year, but that goal is being challenged by weak consumption and a prolonged and debilitating debt crisis
Putin thanks UAE president for positive role in prisoner exchange with Ukraine
UAE President Sheikh Mohamed meets his Russian counterpart Vladimir Putin to discuss bilateral ties and Middle East. Sheikh Mohamed will...Moscow and Kiev announced that they had swapped 95 prisoners each following negotiations led directly by the UAE
The UAE and Russia ties have grown closer recently with Putin saying that their bilateral trade had tripled in the past three years to $11.1 billion
Gold breaks above $2,700 to record high as geopolitical uncertainty heightens
Hong Kong, China - Gold prices hit a record high above $2,700 on Friday as traders piled into the safe-haven commodity...Bullion hit an all-time high of $2,704.89 in early Asian trade, up from its previous record of $2,688.83 touched on Thursday
Markets have been on edge over the crisis in the Middle East as Israel battles Hamas in Gaza and, more recently, Hezbollah in southern Lebanon
‘Starvation tactics’ being used against 25 million people in Sudan
UN experts on Thursday accused the two sides in Sudan's civil war of using "starvation tactics" against 25 million civilians,...The world must pay attention to the largest modern famine taking shape in Sudan today, says UN
Experts say "the volume of aid currently being delivered through this corridor is not enough to meet the population's needs"
