Manufacturing US approves measure to restrict Biden plan to sell F-16s to Turkey The US House of Representatives on Thursday approved legislation that would create a new hurdle for President Joe Biden’s plan to sell F-16 fighter jets to Turkey. The House approved the measure, offered by Democratic Representatives Frank Pallone and Chris Pappas, as an amendment to the annual National Defense Authorization Act, by 244 to 179. […] July 15, 2022
Banking & Finance JPMorgan appoints co-heads of Mideast investment banking JPMorgan has appointed Hani Deaibes and Ahmed Salem as co-heads of its Middle East and North Africa investment banking business, the US bank said in a statement on Thursday. Deaibes, at JPM since 2007, was head of the bank’s debt capital markets (DCM) business for the Middle East. He was previously at Merrill Lynch in […] July 15, 2022
Manufacturing Saudi’s PIF to help Aston Martin raise over $589m Aston Martin is closing in on a deal to raise over 500 million pounds ($589.30 million) by bringing in Saudi Arabia’s sovereign wealth fund as a major shareholder and launching a rights issue for investors, the Financial Times reported on Thursday. The proposal will result in Saudi’s Public Investment Fund (PIF) investing up to 200 […] July 15, 2022
Markets Saudi index hits 6-month low amid US recession fears Most stock markets in the Gulf fell on Thursday, with the Saudi index wiping out its gains so far this year, as a red-hot US inflation reading bolsters the case for supersized rate hikes by the Federal Reserve. Wednesday’s data showed US consumer prices jumped 9.1 percent year-on-year in June, the largest annual increase in […] July 15, 2022
Manufacturing UAE’s Agthia to buy 60% stake in Egypt snacks firm Abu Auf United Arab Emirates food and beverages group Agthia said on Thursday its board approved a proposed acquisition of 60 percent of Egyptian snacks company Abu Auf Holding worth 2.92 billion Egyptian pounds ($154.99 million). Agthia, majority owned by the Abu Dhabi government through state investor ADQ, has since late 2020 made a string of acquisitions […] July 15, 2022
Tourism Heathrow ‘incompetence’: Emirates defies capacity cut Emirates airline said on Thursday it had rejected demands by London’s Heathrow Airport to cut capacity despite being threatened with legal action, and intended to continue operating its six daily flights to Britain’s busiest airport. Heathrow this week asked airlines to stop selling some tickets for summer flights, limiting the number of passengers flying from […] July 14, 2022
Banking & Finance Dubai gives crypto firm OKX provisional licence Crypto trading app OKX said on Thursday it had been given a provisional virtual assets licence by the Dubai Virtual Assets Regulatory Authority (VARA), which was set up earlier this year to regulate the industry. The United Arab Emirates (UAE) has been pushing to develop virtual asset regulation to attract new forms of business as […] July 14, 2022
Biden Middle East Biden savours ‘homecoming’ to Israel as Saudi leg looms Israel embraced US president Joe Biden as an old friend on Wednesday at the start of a high-stakes visit dominated by efforts to bring Israel closer to Saudi Arabia and persuade Washington’s Gulf allies to pump more oil. Landing at Ben Gurion Airport, whose runway he first trod in 1973 as a senator, Biden bumped […] July 14, 2022
Biden Middle East US and Israel sign pledge to deny Iran nuclear weapons US president Joe Biden and Israel’s prime minister Yair Lapid today signed a joint pledge to deny Iran nuclear weapons, closing ranks on Tehran. A senior Biden administration official said the agreement will expand on the long-standing security relationship between the United States and Israel. “This declaration is pretty significant, and it includes a commitment […] July 14, 2022
Economy Iran says it and Saudi Arabia interested in more talks Iran and Saudi Arabia are interested in holding more talks, Tehran’s foreign ministry said on Wednesday, three months after a fifth round of contacts aimed at restoring relations between the Middle East’s two main rival powers. Tehran gave an update on the status of the talks as US President Joe Biden landed in Israel in […] July 14, 2022
Energy UAE president stresses support for global energy security The president of the United Arab Emirates said on Wednesday the Gulf OPEC producer would continue to support global energy security as a main driver of global economic growth, ahead of a US-Arab summit in neighbouring Saudi Arabia this week. Sheikh Mohammed bin Zayed al-Nahyan, in his first televised address since becoming president in May, […] July 14, 2022
Markets Most Gulf indexes drop ahead of concerns over new Fed rate hike Most stock markets in the Gulf slipped into negative territory on Wednesday, as traders awaited US inflation data for cues on a large Federal Reserve rate hike this month. Saudi Arabia’s benchmark index fell 1.1 percent to a near six-month low, with oil behemoth Saudi Aramco losing 3.4 percent and Sahara International Petrochemical Co plunging […] July 14, 2022
Energy Biden en route to Israel for high-stakes Middle East visit US President Joe Biden arrives in Israel on Wednesday to kick off a high-stakes trip to the Middle East dominated by efforts to persuade Gulf allies to pump more oil and bring Israel and Saudi Arabia closer together. Biden will spend two days in Jerusalem for talks with Israeli leaders before meeting Palestinian President Mahmoud […] July 13, 2022
Tech Qatar spends $162m on Swiss air defence systems for stadiums Swiss arms exports rose more than 40 percent to CHF 516 million in the first half of this year, the Economy Ministry said, with CHF 159.8 million ($162.74 million) in sales of air defence systems to Qatar to protect stadiums during the soccer World Cup making a decisive contribution. After Qatar, the top five buyers […] July 13, 2022
Business of Sport Bridgestone ends deal with DeChambeau after LIV Golf move Bryson DeChambeau and Bridgestone Golf have agreed to end their brand ambassador partnership following the former major champion’s decision to join the Saudi Arabia-backed LIV Golf Invitational Series, the company said on Tuesday. DeChambeau, who is among the game’s more high-profile players and one of the longest hitters the sport has ever seen, joined LIV […] July 13, 2022
Banking & Finance Mubadala in talks to buy asset manager Fortress from SoftBank Abu Dhabi’s Mubadala Investment Co is in talks to acquire asset manager Fortress Investment Group from Japan’s SoftBank Group Corp, a source familiar with the matter told Reuters on Tuesday. The Abu Dhabi sovereign wealth fund is discussing a deal that would value Fortress at more than $1 billion, said Bloomberg News, which first reported […] July 13, 2022
Markets Emaar, Aldar help push UAE bourses to post-Eid gains Stock markets in United Arab Emirates closed higher on Tuesday, as they reopened after Eid holidays, with Abu Dhabi index snapping losses in straight seven sessions. Dubai’s benchmark index rose 0.6 percent, buoyed by a 1.5 percent jump in sharia lender Dubai Islamic Bank and a 1.2 percent gain in Blue-chip developer Emaar Properties. In […] July 13, 2022
Media & Advertising Twitter tells Musk no deal obligations were breached Twitter Inc fired back at Elon Musk on Monday, accusing the world’s richest person of “knowingly” breaching an agreement to buy the social media firm, days after the Tesla Inc chief sought to back out of the $44 billion deal. In a letter sent to Musk, dated Sunday and filed with regulators on Monday, Twitter […] July 12, 2022
Biden Middle East US weighs resumption of offensive arms sales to Saudi Arabia The Biden administration is discussing the possible lifting of its ban on US sales of offensive weapons to Saudi Arabia. But any final decision is expected to hinge on whether Riyadh makes progress towards ending the war in neighboring Yemen, according to four people familiar with the matter. Senior Saudi officials pressed their US counterparts […] July 12, 2022
Retail Subway can be sued over its ‘100% tuna’ ads, says judge A federal judge said Subway can be sued for allegedly deceiving customers about its tuna products, including a claim it uses other fish species, chicken, pork and cattle instead of the advertised “100% tuna.” US District Judge Jon Tigar in San Francisco called it premature to accept Subway’s argument that any presence of non-tuna DNA […] July 12, 2022
Economy As New Zealand reopens, exodus worsens labour crunch New Zealand’s easing of its strict border curbs has triggered a rush of new departures among locals seeking fresh opportunities abroad, adding further pressure to the country’s already tight employment market. A net 10,674 people left the country over the 12 months to May, according to government data released on Tuesday, extending a drain that […] July 12, 2022
Economy UN aid to Syria from Turkey to be allowed until January The UN Security Council appears set to allow UN deliveries of aid to some four million people in northwest Syria from Turkey until January, diplomats said on Monday, after days of wrangling with Russia over how long to let the huge operation continue. The mandate for the operation, which has been delivering food, medicine and […] July 12, 2022
