Tourism Emirates boss says travel sector must ‘tough it out’ until 2023 The president of Dubai’s Emirates, which has clashed with London’s Heathrow over its cap on capacity, said on Monday that the air travel industry would return to equilibrium in 2023 and must “tough it out” until then. Speaking at an event at the Farnborough airshow, Tim Clark criticised Heathrow managers for failing to anticipate the […] July 19, 2022
Tourism Qatar Air chief says home-working ‘epidemic’ fuels travel chaos The head of Qatar Airways has said an “epidemic” of home working has contributed to staff shortages that are being widely blamed for travel disruption in Europe this summer. The aviation sector is struggling to secure the staff needed to cope with a post-pandemic surge in air travel, prompting London Heathrow airport to impose curbs […] July 19, 2022
Markets Major Gulf bourses gain, while Union Coop falls 9% on debut Most stock markets in the Gulf ended higher on Monday as an uptick in oil prices lifted sentiment, with the Saudi index leading the gains. Crude prices, a key catalyst for the Gulf’s financial markets, extended gains on a weaker dollar and tight supplies as concerns deepened around gas shipments from Russia. The benchmark Saudi […] July 19, 2022
Economy Turkish unemployment falls to 10.9%, as factory output rises Turkey’s unemployment rate dropped 0.3 percentage points month-on-month to 10.9 percent in May, while a seasonally adjusted measure of labour underutilisation rose 0.8 points to 22.4 percent, data showed last week. The labour underutilisation measure was on a falling trend for much of last year after peaking at 29.6 percent in January 2021 under the […] July 18, 2022
Real estate group MNHD rebuffs takeover bid by UAE-backed rival Egyptian property company Madinet Nasr for Housing and Development has rebuffed a takeover bid by rival SODIC, saying on Sunday the offer did not represent the company’s true value and calling on SODIC to reconsider it. MNHD’s board said it was prepared to restart work to conclude a deal if SODIC put forward an offer […] July 18, 2022
Banking & Finance UAE detains Khashoggi lawyer on money laundering charges UAE authorities have detained Asim Ghafoor, a US citizen and civil rights attorney who previously served as a lawyer for slain journalist Jamal Khashoggi, said US-based rights group DAWN of whose board Ghafoor is a member. A UAE government official confirmed Ghafoor was arrested while transiting through Dubai International Airport on July 14 on charges […] July 18, 2022
Tourism Airbus loses bid to use French blocking law in $1.4bn Qatar row A UK judge on Friday rejected an attempt by Airbus to invoke a De Gaulle-era law restricting the way it responds to foreign courts, as a high-profile dispute with Qatar Airways became mired in a growing debate over cross-border legal powers. Qatar Airways is suing France-based Airbus for $1.4 billion over damage to the painted […] July 18, 2022
Tourism Israel to boost Asia flights when Saudi Arabia opens airspace Israeli airlines plan to expand and open new routes to India and other Asian destinations after Saudi Arabia announced it would allow unfettered access to its airspace, a move that would save fuel costs and reduce flight times. In the absence of open relations between the countries, however, and given talks on including Oman in […] July 18, 2022
Energy UAE to guarantee diesel supplies to France, says Macron source France and the United Arab Emirates (UAE) are set to sign an agreement on Monday whereby the UAE will guarantee diesel supplies to France, said a source at President Emmanuel Macron’s Elysee department. The deal, which will coincide with the visit to Paris of the UAE President, will also see the two countries agree on […] July 18, 2022
Economy UAE defends stance on Russian individuals, talking to US The UAE is consulting with the US on sanctions targeting Russian individuals, but does not want to “lump together” all Russians into one category as some seek safe havens amid the Ukraine war, an Emirati official said on Friday. Dubai, the Gulf’s financial and business centre, has emerged as a refuge for Russian wealth as […] July 18, 2022
UAE establishes $817m fund to support space sector The UAE on Sunday launched a three billion UAE dirham ($816.84 million) fund to support its space programme and a new initiative to develop radar satellites, the Gulf country’s president Sheikh Mohammed bin Zayed al-Nahyan said on Twitter. Dubai ruler Sheikh Mohammed bin Rashed, meanwhile, said the fund aims to supporting the establishment of national […] July 18, 2022
Tourism Israeli minister foresees direct pilgrim flights to Saudi An Israeli official said on Saturday he expected members of the country’s Muslim minority to be able to fly directly to Saudi Arabia for pilgrimage by next year after the kingdom signalled new openness as it hosted US President Joe Biden. On Friday Riyadh said its airspace would be open to all carriers – a […] July 17, 2022
Iran nuclear deal Iran sanctions 61 more Americans as nuclear talks hit impasse Iran has imposed sanctions on 61 more Americans, including former secretary of state Mike Pompeo, for backing an Iranian dissident group. Months of talks to revive a 2015 nuclear deal remained at an impasse despite president Joe Biden’s trip to the Middle East, which ended yesterday. Others blacklisted by Iran’s Foreign Ministry for voicing support […] July 17, 2022
Biden Middle East Biden tells Arab leaders that US is committed to region President Joe Biden told an Arab summit today that the United States would remain firmly committed to its allies in the Middle East and was “not going anywhere” as he lobbied for a regional security alliance that would integrate Israel. Biden, who began his first trip to the Middle East as president with a visit to Israel, […] July 16, 2022
Biden Middle East Biden confronts MbS over Khashoggi before talking oil US president Joe Biden said he told Saudi Arabia’s crown prince Mohammed bin Salman he held him responsible for the murder of Washington Post journalist Jamal Khashoggi, shortly after exchanging a fist bump with the kingdom’s de facto ruler. On a trip to reset relations with a country he had called a pariah after Khashoggi’s killing in […] July 16, 2022
Energy Biden starts sensitive Saudi visit, no immediate oil pledge expected President Joe Biden arrived in Saudi Arabia on Friday to discuss energy supply, human rights, and security cooperation on a trip designed to reset the US relationship with a country he once pledged to make a “pariah” on the world stage. Energy and security interests prompted the president and his aides to decide not to […] July 15, 2022
Tourism Saudi Arabia to open airspace to all airlines, including from Israel Saudi Arabia said it would open its airspace to all air carriers, paving the way for more overflights to and from Israel, in a decision welcomed by US President Joe Biden who is due to visit the kingdom on Friday. The Saudi General Authority of Civil Aviation (GACA) said the country’s airspace was now open […] July 15, 2022
Biden Middle East Biden defends Saudi trip and will not avoid human rights talk US president Joe Biden said on Thursday he would not avoid talking about human rights when he visits Saudi Arabia on the second leg of his Middle East trip and stressed his position on the murdered journalist Jamal Khashoggi was “absolutely” clear. Biden heads to the kingdom on Friday where he will seek to boost […] July 15, 2022
Economy Biden brings Palestinians aid but no new peace plan US President Joe Biden will not come with a plan to restart the stalled Israel-Palestinian peace process when he visits the West Bank on Friday, at the end of the first leg of his Middle East trip, a senior administration official said. Biden will restate his backing for a two-state solution to the decades-long conflict […] July 15, 2022
Biden Middle East Biden heads to Saudi Arabia amid tension over oil President Joe Biden will discuss energy supply, human rights, and security cooperation in Saudi Arabia on Friday on a trip designed to reset the US relationship with a country he once pledged to make a “pariah” on the world stage. Biden will hold meetings with Saudi Arabia’s King Salman bin Abdulaziz and Crown Prince Mohammed […] July 15, 2022
Retail Amazon reducing its private-label items as sales fall Amazon.com Inc has started reducing the number of items it sells under its own brands amid weak sales, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The company has also discussed the possibility of exiting the private-label business entirely to alleviate regulatory pressure, the report added. Amazon, however, said it […] July 15, 2022
Economy China’s economy slows in Q2 as Covid lockdowns take a toll China’s economic growth slowed sharply in the second quarter, highlighting the colossal toll on activity from widespread COVID lockdowns and pointing to persistent pressure over coming months from a darkening global outlook. Friday’s frail data adds to fears of a global recession as policymakers jack up interest rates to curb soaring inflation, heaping more hardship […] July 15, 2022
