INSEAD Day 4 - 728x90

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 President delays trip to Saudi Arabia, Israel

The White House says Biden intends to reset relations with Riyadh. AFP
  • Biden reportedly planned to go ahead with the long-rumored Saudi stop during an upcoming overseas tour at the end of June
  • He is also widely expected to travel to Israel where, as in Saudi Arabia, he is sure to face pointed questions about slow-moving US diplomacy with the two countries' rival, Iran

US President Joe Biden has pushed back a possible trip to Israel and Saudi Arabia, US media reported Saturday.

Biden reportedly planned to go ahead with the long-rumored Saudi stop during an upcoming overseas tour at the end of June. But according to CNN and NBC, he has postponed the visit back to July.

The White House declined to comment on the potential delay.

The reported decision came shortly after Saudi Arabia addressed two of Biden’s priorities by agreeing to a production hike in oil — which could help tame rocketing US inflation — and helping extend a truce in war-battered Yemen.

The trip would reportedly happen around the time Biden travels to a NATO summit in Spain and Group of Seven summit in Germany later this month.

He is also widely expected to travel to Israel where, as in Saudi Arabia, he is sure to face pointed questions about slow-moving US diplomacy with the two countries’ rival, Iran.

Biden, who prides himself as a champion of democracy against authoritarian regimes, has decided to reassess relations with Riyadh, placing a greater emphasis on human rights in his diplomacy.

But soaring gas prices, due to supply chain snarls exacerbated by Russia’s invasion of Ukraine, have infuriated Americans and sent Biden’s popularity plummeting.

Biden’s administration is seeking to convince Saudi Arabia to increase its oil production in the hope that this will help ease supply shortages and bring down prices at the pump.