INSEAD Day 4 - 728x90

red sea

Borouge okays $656m dividend

The company said dividend reflects its resilience

DEWA posts record H1 profit

Revenue reaches record $4.04 billion.

Tabreed H1 revenue $308m

Blurb: Profit reaches $52 million in H1

ADNOC L&S to expand fleet

It will acquire 11 carriers for $1.3bn.

Empower profit climbs 16%

Dubai district cooling demand lifts earnings
  • US downed 8 drones off Yemen, hit 4 on ground

    Washington, US - American forces shot down eight drones near Yemen and destroyed four more on the ground, the US military said on Saturday, announcing a series of incidents that took place the previous day. The strikes and shootdowns in and around Yemen came as American forces launched a wave of air...
  • Yemeni Houthis claim missile strike on Israel

    The attack was the latest in a series of drone and missile strikes launched by the Houthis since the start of the Gaza war between Israel and Palestinian fighters group Hamas nearly four months ago. The Houthis have also repeatedly targeted vessels in the Red Sea with strikes they say...
  • US targets Houthi and Iranian drones in fresh strikes

    CENTCOM earlier announced that the USS Carney had shot down an anti-ship ballistic missile fired by the Houthis, and then downed three Iranian drones less than an hour later. It did not specify if the drones shot down by the naval destroyer were designed for attack or surveillance.
  • Houthi rebels target commercial vessel with a missile

    Maritime security firm Ambrey said that a merchant ship had been targeted with a missile in southwest of Aden, Yemen. The vessel has reported an explosion on board, Ambrey said. The security firm said it was aware that a missile was fired from Taiz. It comes after Houthis claimed an...
  • IMF says Red Sea shipping down one-third due to Houthi attacks

    "Container shipping... has declined by almost 30 percent," said Jihad Azour, director of the IMF's Middle East and Central Asia department, adding that "the drop in trade accelerated in the beginning of this year."
  • Middle Eastern carriers record 1.6% increase in air cargo demand: IATA

    Geneva, Switzerland -- Middle Eastern carriers reported a 1.6 percent increase for global and international demand in 2023 compared to 2022 and an increase in capacity of 13.5 percent (13.6 percent for international operations), the International Air Transport Association (IATA) said. In December, airlines in the region posted an 18.3 percent increase in...
  • Yemen’s Houthis fire missiles at US warship: rebel statement

    The Houthis, part of the anti-Western, anti-Israel "axis of resistance" of Iranian-backed groups, have been harassing Red Sea shipping for months, triggering US and British reprisal attacks. The attacks have prompted some shipping companies to detour around southern Africa to avoid the Red Sea, a vital route that normally carries...
  • Gaza bombing continues amid fears of wider regional conflict

    Israel's relentless military offensive has since killed at least 26,422 people in Gaza, most of them women and children, according to the territory's health ministry. The Gaza war has forced more than one million Palestinians to flee to the far-southern Rafah area near the Egyptian border, according to the UN,...
  • Houthi rebels open seized cargo ship to sightseers

    For about a dollar per trip, male-only groups of visitors can board wooden boats five times a week to the hijacked car carrier, which the Houthis hail as a trophy in their fight in solidarity with the Palestinians. On the deck of the Galaxy Leader, none of the visitors interviewed...
  • Oil rises on fresh Middle East fears after attack on US base

    "The news of three US troops being killed by a drone attack, and President Biden saying 'we shall respond', will likely dial up the market’s focus on the region," Andrew Ticehurst, at Nomura, said. The news comes as Israel presses on with its war against Hamas, adding to investor concerns...
  • US troops destroy Houthi’s anti-ship missile in Yemen

    US forces struck an anti-ship missile in Houthi-held Yemen that they said was ready to fire, hours after the Iran-backed rebels caused a fire on a British tanker in the Gulf of Aden. US and British forces have launched joint strikes aimed at reducing the Houthis' ability to target vessels...
  • Yemen’s Houthis claim attack on British oil tanker

    US and British forces have launched two rounds of joint strikes aimed at reducing the Houthis' ability to target vessels transiting the key Red Sea maritime trade route. The attacks by the rebels -- who are part of the anti-Israel have disrupted trade in the Red Sea, which carries around...
  • US warship downs incoming missile fired from Yemen: Military

    Washington, United States -- A US Navy warship shot down a missile Friday that was fired at it by Yemen's Iran-backed Houthi rebels, who have carried out two months of attacks on international shipping, the military said. US and British forces have launched two rounds of joint strikes aimed at reducing...
  • Yemen-based Houthis fire missiles at ships in Red Sea, says US

    Yemen's Iran-backed Houthi rebels fired three missiles at two merchant ships in the Red Sea in their latest attack in the commercially vital waterway, the White House said. The report came after the Houthis vowed to keep up their attacks despite repeated US and British strikes against them.
  • QatarEnergy says Red Sea attacks ‘may impact’ gas shipments

    The state-owned giant confirmed in a statement that "Qatar's LNG production continues uninterrupted, and our commitment to ensuring the reliable supply of LNG to our customers remains unwavering". "While the ongoing developments in the Red Sea area may impact the scheduling of some deliveries as they take alternative routes, LNG...
  • US strikes two Houthi missiles in Yemen: military

    US and Britain have carried out two rounds of joint strikes aimed at reducing the Houthis' ability to target shipping, while the US has also launched unilateral air raids on the Iran-backed rebels' missiles. Washington is seeking to put diplomatic and financial pressure on the Houthis, redesignating them as a...
  • US, Britain launch new joint strikes on Yemen’s Houthis

    American and British forces carried out a first wave of strikes against the rebel group earlier this month, and the United States launched further air raids against missiles that Washington said posed imminent threats to both civilian and military vessels. But the Houthis have vowed to continue their attacks --...
  • US carries out fresh strikes against Yemen’s Houthis

    Washington is seeking to reduce the Iran-backed Houthis' capabilities, but the Yemeni rebels are still able to attack despite a week of strikes, and they have vowed that they will keep targeting merchant vessels. The Houthis began striking Red Sea shipping in November, saying they were hitting Israeli-linked vessels in support...
  • China exhorts end of ‘harassment’ of civilian vessels in Red Sea

    Beijing, China--China called for an end to "harassment" of civilian vessels in the Red Sea on Friday after attacks on ships by Houthi rebels in solidarity with Palestinians in Gaza. Houthi aggression against vessels in and around the Red Sea has led to retaliatory strikes in Yemen by US and British forces....
  • US, UK launch new strikes on Houthi targets in Yemen

    A Houthi military official told the rebels's Al-Masirah TV that fighters will continue to target Israeli ships heading to "the ports of occupied Palestine, no matter how the American-British aggression tries to prevent us from doing so." US media quoted US officials as saying another round of strikes had been...
  • UN warns of ‘bleak future’ facing Gazans after war ends

    At least 24,448 Palestinians, more than 70 percent of them women, young children and adolescents, have been killed in Israeli bombardments and ground assaults, according to the Gaza health ministry's latest figures. "When we talk about rebuilding Gaza, it's not anymore like before, where we had to rehabilitate some shelter and...
  • Maersk and Hapag-Lloyd ink deal

    The cooperation deal between the two will begin February 2025.
  • WTO head ‘less optimistic’ for world trade due to Red Sea strikes

    The head of the international trade body said weaker global economic growth, "worsening geopolitical tensions, the new disruptions we see in the Red Sea, on the Suez Canal, the Panama Canal" meant "we are less optimistic". She was speaking to journalists at the World Economic Forum in the Swiss resort...
  • Maritime firm says missile hits Greek ship off Yemen

    Dubai, UAE - A missile hit a Greek-owned cargo ship off Yemen, a maritime risk management company said on Tuesday, following a string of attacks in the Red Sea by the Houthi rebels. "A Malta-flagged, Greek-owned bulk carrier was reportedly targeted and impacted with a missile while transiting the southern Red...
  • Washington seeks ‘de-escalation’ in Middle East, says top US official

    Davos, Switzerland - The United States wants a "de-escalation" in the Middle East despite its strikes on Houthi positions in Yemen, National Security Advisor Jake Sullivan said on Tuesday. "We seek to stop the spread of conflict and to create the conditions for de-escalation," Sullivan said at the World Economic Forum...
  • Shell halts Red Sea shipments over attack fears, say report

    WASHINGTON, US - British oil giant Shell has paused transit through the key Red Sea shipping route indefinitely, over fears of escalating tensions involving Yemen's Houthi rebels, according to a media report on Tuesday. The worries of escalation grew after United States and United Kingdom strikes on scores of sites in...
  • Iran asks US and Britain to ‘stop war against Yemen’

    Tehran, Iran - Iran urged on Monday the United States and Britain to "stop the war against Yemen" following their recent strikes on targets of the Tehran-backed Houthi rebels. US and British forces have hit scores of targets in Yemen after weeks of Houthi attacks on vessels in the Red Sea,...
  • US targets Houthis in new strikes over Red Sea threat

    Violence involving Iran-aligned groups in Yemen, Lebanon, Iraq and Syria has surged since the war in Gaza began in early October. The Houthis, who say they are acting in solidarity with Gaza, have carried out a growing number of attacks on what they deem Israeli-linked shipping on the key Red...
  • Hamas says Israeli shelling leaves 60 dead in Gaza

    Health officials in Hamas-ruled Gaza said that Israeli strikes overnight killed at least 60 people in the besieged territory, which was also grappling with a telecommunications blackout on the war's 99th day. Fears of the conflict widening intensified after US and British forces struck Houthi rebels in Yemen following attacks...
  • US sanctions Hong Kong, UAE firms over Houthi support

    The move comes hours after US and UK forces launched strikes against the Houthi rebels, seeking to halt their repeated attacks on shipping in the Red Sea. The Houthi's attacks, which the group says are in protest at Israel's war against Hamas, has forced cargo ships to avoid the Suez...
  • Oil prices rise on Red Sea escalation, corporate earnings season

    Crude prices spiked more than four percent before ebbing somewhat after the allies launched deadly strikes following weeks of disruptive rebel attacks on Red Sea shipping. An analyst at SEB bank said if the US-UK attacks were unsuccessful in destroying Houthi weapons, and oil tankers need to go around Africa,...
  • UNSC to meet on US-UK strikes against Houthi rebels

    The UN Security Council will hold an emergency meeting over the strikes carried out by the United States and Britain against Houthi rebels in Yemen, the chamber's presidency said. France, which holds the rotating presidency for the month of January, said the emergency meeting had been requested by Russia.
  • Yemen’s Houthi rebels have built a significant arsenal  

    DUBAI, UAE - Yemen's Houthi rebels, who vowed to retaliate against US and British strikes early on Friday against key military sites, have built up a significant arsenal, including cruise missiles and drones. Since the Israel-Hamas war broke out on October 7, the Iran-backed Houthis have carried out a spate of...
  • Turkey and Gulf nations condemn US, UK airstrikes on Yemen

    "First of all, they are not proportional. All of these constitute disproportionate use of force," Erdogan told journalists after Friday prayers in Istanbul. Oman, a mediator in attempts to end Yemen's long-running civil war, expressed its "worry" at the strikes on Houthi rebel military targets that, according to the Houthis,...
  • China implores all sides to prevent Yemen conflict expanding

    Beijing, China--China called Friday for all sides to prevent the Yemen conflict from expanding, after strikes by the United States and United Kingdom on Houthi rebel targets. Heavy US and British air strikes pounded targets in rebel-held Yemen early on Friday after weeks of disruptive attacks on Red Sea shipping by...
  • Tesla suspends production in Germany

    Houthi attacks in the Red Sea caused a shortage of parts.
  • US and UK target Houthi radar, missile capabilities

    US President Joe Biden termed the the US and British strikes a "defensive action" after the Red Sea attacks, and said he "will not hesitate" to order further military action if needed. The strikes involved fighter jets and Tomahawk missiles, several US media outlets said. US officials did not immediately...
  • Iran’s navy seizes oil tanker off Oman in dispute with US

    The announcement came hours after a British-navy maritime security agency said armed men boarded the Greek-owned, Marshall Islands-flagged St Nikolas off Oman and changed course towards Bandar-e-Jask in Iran. Four or five "unauthorized boarders are reported to be wearing military-style black uniforms with black masks", the United Kingdom Maritime Trade Operations...
  • International forces respond to drone reports in Red Sea: UK agency

    The Houthi rebels say they are acting in support of Hamas, targeting Israel and Israeli-linked vessels to push for a stop to the war in the Gaza Strip. In response to the Hothis attacks, the United States set up a multinational naval task force last month to defend shipping interests...
  • Hizbollah commander killed as Blinken seeks Gaza de-escalation

    On his fourth regional trip since the war began, US Secretary of State Antony Blinken arrived in Saudi Arabia after talks in Abu Dhabi. Blinken "emphasized the importance of preventing further spread of the conflict", during talks with United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan, a US...
  • Global maritime trade sails into geopolitical storm

    Most large international shipping companies have decided to reroute trading to avoid the Red Sea and Suez Canal through which 12 percent of world trade usually passes. The Houthis say the strikes are in solidarity with Palestinians in war-ravaged Gaza, which Israel has bombarded relentlessly for three months, in what...
  • Houthis hold mass rally for Gaza in Yemen capital

    Sanaa, Yemen - Thousands rallied in support of Gaza in the rebel-controlled Yemeni capital Sanaa on Friday, chanting anti-US and anti-Israeli slogans. The Houthis have launched more than 20 attacks on merchant ships in the Red Sea in recent weeks, saying they are acting in solidarity with Palestinians in the face of...
  • Responding to Arabian Sea vessel hijack, says India navy

    According to the navy, it "responded swiftly to a maritime incident in Arabian Sea involving a hijacking attempt" of a Liberian-flagged bulk carrier ship. The incident comes at a time when many vessels have been rerouted from the Red Sea, where Yemen's Houthi rebels have carried out drone and missile...
  • Situation in Red Sea is direct projection of developments in Gaza: Russian diplomat

    "I think that hardly anyone of our counterparts will deny the fact that developments in the Red Sea are the direct projection of violence in Gaza, where the cruel operation of Israel continues already for three months," the Russian diplomat said at the meeting of the UN Security Council.
  • Houthis fire on commercial ships in Red Sea: US military

    According to United Kingdom Maritime Trade Operations, it had received reports of up to three explosions 1-5 nautical miles from the merchant vessel, which was travelling between the coasts of Eritrea and Yemen. The US Central Command later said Houthi rebels had fired two anti-ship ballistic missiles into the southern...
  • Europe stocks rise, Asia tepid as oil jumps and Bitcoin shines

    Following record highs in 2023 for the likes of Paris, Frankfurt and Tokyo, investors are predicting more gains as central banks prepare a series of interest-rate cuts as inflation cools. Oil prices rallied 2.5 percent on supply concerns after Iran dispatched a warship to the Red Sea in response to...
  • Iranian warship enters Red Sea, reports media

    TEHRAN, IRAN - Iran's Alborz warship has entered the Red Sea through the strategic Bab al-Mandeb strait, Tasnim news agency reported on Monday, at a time of heightened tensions over the globally important waterway. The agency did not give specific reasons for its deployment, but noted that Iranian military vessels had...
  • US warship shoots down drone, missile fired by Yemen’s Houthis

    Houthis have repeatedly targeted vessels in the vital Red Sea shipping lane with strikes they say are in support of Palestinians in Gaza, where Israel is battling Hamas. The attacks are endangering a transit route that carries up to 12 percent of global trade, prompting the United States to set...
  • India’s L&T secures EPC contract for Saudi Arabia’s Amaala project

    New Delhi, India - Larsen & Toubro (L&T) secured a major Engineering, Procurement, and Construction (EPC) contract for the Amaala project in Saudi Arabia's Red Sea region. The project, covering 4,155 sq km within the Prince Mohammed bin Salman Natural Reserve, is a high-end tourism destination. The contract, awarded by...
  • US shoots down Houthi-fired drones, missiles in Red Sea

    The Pentagon said in a social media post that there was no damage to ships. Some 12 drones, three anti-ship ballistic missiles and two land-attack missiles were fired by Houthis. Earlier, the rebels claimed responsibility for a missile strike on a vessel in the Red Sea and a drone attack...