Editor's Insight Transport Trains, planes and more trains (or metros) Is it finally happening? It was conceived back in 2013 and was supposed to take four years to build but the Riyadh metro looks like it is about to open. To the hard-pressed inhabitants of the Saudi capital, that can only be a good thing. Alternatives to the car and bus – Riyadh has a new […] October 18, 2024
Oil & Gas Opec cuts forecast for oil demand growth Lacklustre growth in the Chinese economy has caused Opec to trim its bullish forecast for growth in international oil demand this year. The oil producers’ group said on Tuesday that it was cutting its expectation for growth in demand by the world economy by 6 percent, or 135,000 barrels per day (bpd), to 2.1 million […] August 13, 2024
Oil & Gas BP CEO signs non-binding deal to return to Iraqi oilfield BP, the London-listed oil major, has signed a non-binding memorandum of understanding with the Iraqi government to return to the super-giant Kirkuk oilfield in the north of the country. The agreement includes the Baba and Avanah domes and three adjacent fields – Bai Hassan, Jambur and Khabbaz – which are operated by the government of […] August 2, 2024
ANALYSIS Industry Made in Morocco – industrial giants just keep on investing Rabat's deals with manufacturers from the US, Europe and Asia provide a model of co-operation for the Arab world July 30, 2024
Analysis Economy Pezeshkian has a strong mandate – and a slew of problems It was not supposed to be this way. Masoud Pezeshkian, the sole reformist candidate, has won the second round of Iranian presidential elections to replace Ebrahim Raisi, and the fears of conservatives in the Iranian regime have come to pass. Conventionally, conservative candidates withdraw at the last minute ahead of a first round of voting, […] July 9, 2024
Analysis Economy 642 million votes counted … now India can get back to business Narendra Modi has claimed victory in India’s election – and many in the Gulf will be delighted at the prospect of a third Modi term. The prime minister’s pro-business credentials and economically liberalising tendencies remain credible, if battered, after 10 years in office. His Bharatiya Janata Party did not perform as well as expected, however, […] June 5, 2024
Analysis Trade Diplomacy and trade to fore as China woos GCC leaders It’s quite a coup. Hu Jintao (still with us) must be feeling vindicated. The heads of four Arab states are in Beijing to attend the China-Arab States Cooperation Forum, which Hu founded in 2004 to bring together China and the Arab League. Xi Jinping, Hu’s successor as leader of the Chinese Communist Party (CCP), will […] May 28, 2024
Opinion Finance A Labour government should not frighten the horses The UK general election is likely to mean changes, but Gulf citizens need not be too worried May 27, 2024
Opinion Oil & Gas As Iran mourns, questions about its oil remain The next president will have to deal with economic woes and rumblings from Washington May 22, 2024
Oil & Gas BP and Equinor divert tankers from Red Sea Two European oil and gas companies, BP of the UK and Equinor of Norway, have joined a group of shipping lines that are diverting their tankers away from the Red Sea, following missile and drone attacks by Yemen’s Houthi militants. BP said in a statement: “The safety and security of our people and those working […] December 19, 2023
Logistics Jet fuel most exposed to Red Sea closure, analysts say Trade analysts warned on Monday that jet fuel is the commodity most exposed to an interruption of trade in the Red Sea, as the world’s main shipping companies said that they would avoid the waterway because of missile and drone attacks. Several container shipping lines, including CMA CGM of France, MSC of Switzerland and A.P. […] December 18, 2023
Saudi schools ‘doing better at maths but still lagging behind’ Saudi Arabia’s schools have improved in the past few years, but are still below the international average and a long way behind the best performers, according to the OECD. Teenagers from 81 countries were tested for the OECD Programme for International Student Assessment (Pisa), which published its 2022 report on Tuesday. The tests measured the […] December 5, 2023
Media & Advertising UK regulator likely to review Telegraph bid Lucy Frazer, UK secretary of state for culture media and sport, has written to an Abu Dhabi-backed consortium warning that that she is likely to subject its bid for a leading British newspaper group to a public interest test. RedBird IMI, led by Jeff Zucker, a former president of CNN, has submitted a bid for […] November 23, 2023
Video length: 06:16 Banking & Finance UAE set to come off financial crime watchdog’s grey list The UAE is poised to come off the so-called grey list, a category that means financial institutions must conduct more research on individuals and companies based in the country to combat money laundering. The Financial Action Task Force, an international watchdog that monitors compliance with rules on anti-money laundering (AML) and countering the financing of […] October 30, 2023
Banking & Finance Saudi Arabia set for FDI top 20 after Misa revises measures Saudi Arabia has reworked its methods of measuring foreign direct investment and will publish updated data in the middle of next month that will show the kingdom among the top 20 recipients globally, according to a senior official. Historically, the central bank, still widely known as Sama, published the FDI data using statistical modelling techniques. […] October 27, 2023
Video length: 07:23 FII Banking & Finance World Bank to Wall Street, FII attracts financial elite Slickly choreographed dancers clad in futuristic outfits and a teenage boy in a shiny tuxedo singing a power ballad set the stage for the seventh Future Investment Initiative (FII) in Riyadh, and all at nine o’clock in the morning. However, there were immediately more serious themes at play at the event, which opened on Tuesday. […] October 25, 2023
Analysis Finance ‘Hi, this is your bank…’ Inside the war on payment fraud “Hello. This is the Central Bank of the UAE. We are contacting you because you need to surrender your debit card.” The call comes from a conventional mobile number while you’re on the way home from work. Welcome to the scamdemic – claim your prize, share your one-time password, update your bank details, click […] August 9, 2023
Banking & Finance Moody’s opts to keep Iraq on lowly sovereign rating An influential ratings agency has decided to keep Iraq on one of its lowest sovereign ratings, despite the country’s strong oil exports and recovering foreign exchange reserves. Moody’s Investor Services said in an annual review released last week that corruption and weak institutions prompted it to maintain Iraq on a Caa1 rating, which is on […] July 25, 2023
Economy IMF urges Egypt to embrace flexible exchange rate The IMF chief responsible for the Middle East and Central Asia called on Egypt on Wednesday to liberalise its exchange rate fully, amid stasis in Cairo over a series of reforms demanded by the international community. Speaking at an event in the Dubai International Financial Centre, Jihad Azour said that the Fund was in discussion […] May 3, 2023
Banking & Finance UAE reviewing status of Russian bank MTS The central bank of the United Arab Emirates (CBUAE) has said it is assessing the status of MTS, a Russian bank to which it gave a licence only weeks previously. Marking the first anniversary of the Russian invasion of Ukraine, the US Treasury and the British foreign office said that they were sanctioning MTS Bank, […] February 24, 2023
Health Venture capital firm to bring healthcare technology to the UAE An Abu Dhabi-based venture capital firm has obtained approval from regulators to invite investors into healthcare startups in the US and elsewhere with a view to bringing specialist technology to the Middle East. Biosis Ventures said this week it had in principle received permission from the Abu Dhabi Global Market to offer venture capital products […] November 17, 2022
Real Estate Egyptian investors look to real estate to hedge against inflation Egyptian investors are looking to real estate as a hedge against inflation and a depreciating pound, while landlords are increasingly pricing in US dollars. Merna Arafat, an analyst at Beltone, a Cairo-based brokerage, said that many investors had begun moving into property in March this year when the government started allowing the Egyptian pound to […] November 11, 2022
