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Khaldoon Khalifa Al Mubarak, group chief executive officer of Mubadala

Sovereign funds must be ‘enablers of progress’ says Mubadala chief

Sovereign wealth funds have a responsibility to transform from asset investors to enablers of global progress, the CEO of Abu Dhabi’s Mubadala Investment Company, Khaldoon Al Mubarak, has announced. Al Mubarak told an investor conference in Abu Dhabi: “We are in the business of driving progress and investing in solutions to global challenges.” The government-controlled fund was […]

Port karachi

Israel’s gas exports to Egypt and Jordan up 25% in 2023

Israel said on Monday that gas supplies to Egypt and Jordan rose by about 25 percent in 2023, despite brief disruptions at the start of the war in Gaza, adding that exports could be expanded further. Israel is positioning itself as a regional energy hub and has committed to supply natural gas to Europe, which […]

Turkish lira

Turkey’s lira flat ahead of quarterly inflation report

The Turkish lira was flat against the dollar on Thursday, and hovered near a record low hit earlier this week, as investors kept to the sidelines ahead of a quarterly inflation report in which the central bank is expected to raise its forecast. The lira stood at 30.6050 against the greenback at 05:46 GMT, slightly […]

Haluk Bayraktar, CEO of Turkish drone-maker Baykar

Turkey’s drone maker starts building Ukraine plant

Turkish defence company Baykar has started building a factory near Kyiv that will employ around 500 people, where it will manufacture either its TB2 or TB3 drone models, the company’s chief executive told Reuters. Turkish-made Bayraktar drones have gained prominence globally after being used by Ukraine’s military to thwart Russian forces by destroying armoured vehicles […]

Aramco's storage facility. Oil revenue reached SAR505.4bn in the first nine months of 2023, falling 24 percent year on year

Aramco keeps Asia-bound flagship crude price stable

Top oil exporter Saudi Arabia unexpectedly kept the March price of its flagship Arab Light crude to Asia unchanged at a more than two-year low, an Aramco statement showed on Tuesday, as the Opec leader strives to maintain its market share. Aramco set the official selling price (OSP) for March-loading Arab Light to Asia at […]

Total Gulf deposits with Egypt's central bank stood at $29.9 billion as of March 2023

Iraq bans eight local banks from US dollar transactions

Iraq has banned eight local commercial banks from engaging in US dollar transactions, taking action to reduce fraud, money laundering and other illegal uses of US currency, days after a visit by a top US treasury official. The banks are banned from accessing the Iraqi central bank’s daily dollar auction, a main source of hard […]

Lebanese pound

Lebanon passes 2024 budget without crucial reforms

Lebanon’s parliament passed an amended budget for 2024 that experts said neglected to include crucial reforms that would help the country emerge from a financial meltdown that has gutted the public sector for nearly five years. The draft was passed late on Friday after three days of drawn-out disputes, including several heated exchanges in parliament’s […]

Electronics, Screen, Computer Hardware

Work starts on Egypt’s $30bn nuclear plant

Russian President Vladimir Putin and Egypt’s Abdel Fattah Al-Sisi on Tuesday inaugurated the construction of a new unit at Egypt’s Dabaa nuclear power plant via video link, as Moscow moves ahead with its global nuclear ambitions. The power plant is being built by the Russian state corporation Rosatom at a reported cost of $30 billion, […]

Sheikh Mohamed bin Zayed Al Nahyan chaired the Adnoc meeting

Adnoc raises decarbonisation budget to $23bn

Adnoc is to allocate $23 billion for decarbonisation and lower-carbon projects, it said on Monday, up from a previous target of $15 billion. The state oil company made the announcement at its annual board meeting, which was chaired by Sheikh Mohamed bin Zayed Al Nahyan, the president of the UAE. “The increased allocation will include investments […]

Electricity prices for Egyptian households were raised by between 7.8 and 20.8 percent, depending on the usage bracket

Egypt says hike in power prices will cut losses to $2.4bn

Egyptian Prime Minister Mostafa Madbouly said on Wednesday that raising electricity prices will reduce the sector’s annual losses to EGP75 billion ($2.43 billion) from EGP90 billion. Earlier this month, Egypt hiked the prices of several services including metro tickets, telecommunication services and electricity, as it tries to contain a budget deficit. Electricity prices for households […]

Aramco's storage facility. Oil revenue reached SAR505.4bn in the first nine months of 2023, falling 24 percent year on year

Saudi may cut crude price premium to one-year low

Saudi Arabia may slash price premiums on all crude grades it sells to Asia in February to one-year-lows despite the escalation of tensions in the Red Sea, as concerns intensify that supply may outpace demand. The world’s top oil exporter could cut the official selling price (OSP) for its flagship Arab Light crude over Oman/Dubai […]

Nature, Outdoors, Plant

Turkey’s minimum wage hike may elevate inflation further

Turkey’s larger-than-expected minimum wage hike, which impacts some seven million workers, is expected to push already elevated inflation even higher in the coming months, economists and sector officials said. Labour Minister Vedat Isikhan said on Wednesday the monthly minimum wage will be TL17,002 ($578) in 2024, a 49 percent increase from the level determined in […]

Egypt firm to defend its water after dam talks fail

Egypt said on Tuesday that the latest talks over the Grand Ethiopian Renaissance Dam (Gerd) have failed, but it will closely monitor the process of filling and operating the dam and reserve the right to defend its water. “Egypt reserves its right, in accordance with international charters and accords, to defend its water and national […]

Egypt's President Abdel Fattah al Sisi will not want to devalue the pound

Egypt’s Abdel Al Sisi wins third term as president

Abdel Fattah Al Sisi swept on Monday to a third term as Egypt’s president in an election where he faced no serious challengers. The election, in which he took 89.6 percent of the vote according to the National Election Authority, was held as Egypt struggles with a slow-burning economic crisis and tries to manage the risk of spillover […]

Emir Sheikh Nawaf al-Ahmad al-Sabah pictured in 2006. Crown Prince Sheikh Meshal al-Ahmad al-Sabah has succeeded him as Kuwait's leader

Kuwait’s emir Sheikh Nawaf al-Ahmed passes away

Kuwait’s emir Sheikh Nawaf al-Ahmad al-Sabah passed away on Saturday. He was 86. Crown Prince Sheikh Meshal al-Ahmad al-Sabah has been named as his successor. Sheikh Meshal has been Kuwait’s de facto ruler since 2021 due to Sheikh Nawaf’s frail health. The country has announced 40 days of mourning and a three-day closure of official departments. […]

Sanjay Shah arrives at Kastrup Airport, Denmark, on December 6

Sanjay Shah lands in Denmark after UAE extradition  

A British hedge fund trader arrived in Denmark on Wednesday following extradition from the UAE to stand trial over allegations he submitted fraudulent applications for $1.8 billion in dividend tax refunds. Sanjay Shah was arrested by Dubai police last year following a request by Danish authorities to extradite him over his alleged involvement in so-called […]

Total CEO backs renewables to phase out fossil fuels

TotalEnergies’s CEO gave his backing to an international pledge to triple renewable energy generation at the Cop28 climate summit, calling it necessary to phase out fossil fuels and decarbonise. “It’s the right way to frame the object, tripling renewables, because if we don’t do that, there’s no way to phase out fossil energy,” Patrick Pouyanne […]

Sovereign funds struggle to channel trillions into climate finance

Sovereign wealth funds that control nearly $12 trillion in assets are unlikely to quickly dismantle the hurdles in the way of urgently needed increases to their climate investments, even as Cop28 talks seek to close the funding gap. Funds such as those of Norway and the UAE Cop28 host, face obstacles including mandates that require […]

President Recep Tayyip Erdoğan addresses a meeting of business leaders on Tuesday, two days after his runoff win

Erdogan visits Greece in bid to restart bilateral relations

Turkish President Tayyip Erdogan arrives in Athens on Thursday with a delegation of ministers for meetings with Greek counterparts that both countries hope can turn a new page in relations after years of tensions. Greece and Turkey, neighbours and Nato allies, have been at odds for decades over issues including where their continental shelves start […]

Turkey’s central bank increased the inflation forecast for 2023 to 65 percent from its previous estimate of 58 percent

Turkey’s total reserves reach record high of $140bn

The Turkish central bank’s total reserves have jumped to a record level exceeding $140 billion, five bankers’ calculations showed on Tuesday, sustaining an uptrend after it adopted more orthodox policies following May elections. The rising reserves, alongside 3,150 basis points in interest rate hikes since June, have marked a departure from years of unorthodox and […]

Qatar to sell $644m worth of shares in Barclays

Qatar Holding is looking to sell around £510 million ($643.72 million) of shares in Barclays, one of the banks acting on the deal said on Monday, cutting back on its crisis-era investment in the British bank. The deal is set to price at 141 pence per share, or a discount of about 1.4 percent to […]

Egypt economy election

Currency and inflation in focus ahead of Egypt polls

In the run-up to Egypt’s December 10-12 presidential election, financially strapped people queue at state-managed cooperatives trying to buy scarce rations of subsidised sugar. It is the latest sign of economic pressures that have risen sharply since early last year, leaving Egyptians grappling with soaring prices and an unresolved foreign currency crunch, and overshadowing pledges […]