Retail Gold’s record run brings little joy for Dubai jewellers In the bustling Gold Souk in Dubai, dubbed the “City of Gold”, 22-karat gold jewellery is a traditional favourite for weddings, religious celebrations, and as a family investment. Yet with bullion prices hitting record highs above $3,400 an ounce, there are signs of change, as buyers opt for diamonds and lighter gold jewellery instead. While […] April 23, 2025
Manufacturing Volkswagen to export surplus stock from China to Middle East Volkswagen is to start exporting cars from China, aiming to sell in other Asian markets, South America and the Middle East, its China chief Ralf Brandstaetter has said. Brandstaetter also said that the carmaker was ready to tackle domestic competition in the country. Carmakers in China, including Volkswagen, are grappling with how to make use […] April 23, 2025
Oil & Gas Saudi crude oil exports rise to 6.5m barrels per day Saudi Arabia’s crude oil exports in February rose to 6.55 million barrels per day (bpd) from 6.07 million bpd in January, official data showed on Tuesday. The world’s largest oil exporter’s crude output for February was at 8.95 million bpd, up from 8.92 million bpd in January. Saudi refineries’ crude throughput was at 2.62 million bpd […] April 23, 2025
Oil & Gas Adnoc strikes another LNG deal with Chinese energy major China National Offshore Oil Corporation (Cnooc) has agreed a term deal to buy liquefied natural gas from Abu Dhabi National Oil Company (Adnoc), according to two Chinese trading sources and a state media report. It is the third supply contract Adnoc has signed with Chinese buyers recently, following the deals over the weekend with ENN […] April 22, 2025
Markets Gulf issuers plan debt sales, undeterred by market turmoil Gulf issuers, including Saudi Arabia’s $925 billion sovereign wealth fund, are working on a round of bond offerings, according to sources, braving debt markets despite recent turmoil ignited by US President Donald Trump’s tariff policies. Markets have been volatile since Trump announced sweeping tariffs on April 2, even after he rolled most of them back, as investors struggle to […] April 22, 2025
Trade Turkey courts US companies and investors during visit Turkish finance minister Mehmet Simsek said he will meet with rating agencies, investors and companies planning to shift supply to Turkey during a visit to the US this week. “I will be in America this week for the IMF, World Bank and G20 meetings. We will meet with rating agencies in New York at the […] April 21, 2025
Finance UN development arm plans $1bn to help Syria The United Nations Development Programme is hoping to deliver $1.3 billion over three years to support war-ravaged Syria, including by rebuilding infrastructure and backing digital startups, its assistant secretary general has said. Abdallah Dardari told Reuters in Damascus that investing in Syria, which has been hit hard by 14 years of conflict that ended when former leader Bashar […] April 21, 2025
Infrastructure More suitors vie for Abu Dhabi’s district cooling business KKR and I Squared Capital are among global asset managers bidding for a district cooling business owned by Abu Dhabi’s Multiply Group, part of a $1.5 trillion empire overseen by one of the UAE’s most powerful sheikhs. District cooling plants, which deliver chilled water via insulated pipes to cool offices, industrial and residential buildings, have […] April 21, 2025
Oil & Gas Chinese energy companies sign LNG deals with Adnoc China’s privately controlled ENN Natural Gas and state-run Zhenhua Oil have each signed deals to buy liquefied natural gas from Abu Dhabi National Oil Company (Adnoc). ENN Natural Gas said on its official WeChat account on Saturday that the deal covers annual supplies of about 1 million metric tonnes for 15 years, marking Adnoc’s largest LNG […] April 21, 2025
Aviation Syrian Air restarts flights to Dubai and Sharjah Syria’s flag carrier, Syrian Air, will resume direct flights to Dubai and Sharjah in the United Arab Emirates on Sunday, the airline said in a Facebook post. All flights between Syria and the UAE had been suspended in January after Islamist-led rebels toppled the country’s former leader, Bashar al-Assad, in December last year. The announcement […] April 18, 2025
Economy Egypt cuts interest rates for first time in 5 years Egypt’s central bank lowered overnight interest rates by 225 basis points (bps) on Thursday, its first cut in more than five years, saying lower inflation had opened the way to yet further rate cuts in the future. The bank lowered the lending rate to 26 percent and the deposit rate to 25 percent. The median forecast in […] April 18, 2025
Banking & Finance Warburg Pincus and Adia to invest $877m in Indian bank India’s IDFC First Bank will raise up to 75 billion rupees ($877 million) from affiliate companies of private equity group Warburg Pincus and the Abu Dhabi Investment Authority sovereign wealth fund, the lender said on Thursday. IDFC First Bank will issue Warburg Pincus, an existing investor, and Adia convertible shares, which, if fully converted, will give them a combined 15 percent […] April 17, 2025
Oil & Gas Saudi Arabia and UAE to cut oil output in Opec’s latest plan Opec has received updated plans for seven countries including Saudi Arabia and the UAE to make further oil output cuts to compensate for pumping above agreed quotas, the group said on Wednesday. Opec+, which includes Opec plus Russia and other allies, has implemented a series of output cuts since late 2022. Its compensation plan is […] April 17, 2025
Oil & Gas Turkey’s largest refiner buys Russian oil after price drop Turkey’s largest oil refiner Tupras has returned to buying Russian Urals crude cargoes, after it stopped doing so earlier this year due to stronger US sanctions on Moscow, according to three trading sources and shipping data. Tupras did not immediately reply to a Reuters request for comment. The three sources said Tupras resumed its purchases […] April 17, 2025
Transport 2026 launch on track for Lucid’s midsize electric SUVs EV maker Lucid is on track to launch its midsize electric SUV in 2026, as it looks to tap an increasingly competitive segment dominated by rival Tesla’s bestselling Model Y crossover. “There are a lot of crazy things going on in the world that can affect that [timeline]. But currently we are on track,” said Lucid […] April 16, 2025
Business of Sport Saudi Arabia explores options to own F1 team Owning a Formula 1 team could be the next step for Saudi Arabia after sponsoring the sport and hosting a grand prix, according to the chairman of the kingdom’s automobile and motorcycle federation. Prince Khalid Bin Sultan Al-Abdullah Al-Faisal told reporters in a video call ahead of this weekend’s race in Jeddah that the interest […] April 16, 2025
Banking & Finance Sources say Saudi Arabia plans to pay off Syria’s World Bank debts Saudi Arabia plans to pay off Syria’s debts to the World Bank, sources have told Reuters, paving the way for the approval of millions of dollars in grants for reconstruction and to support the country’s paralysed public sector. The plans were revealed by “three people familiar with the matter”, Reuters said. It would be the […] April 14, 2025
Economy Turkey says oil price under $65 will tame inflation Turkey’s finance minister Mehmet Simsek said that if the oil price remains below $65 a barrel, it will lower year-end inflation by 1 to 1.6 points this year. Responding to a Reuters question on the impact of a fall in oil prices following recent global trade measures, Simsek said persistent oil prices below $65 could […] April 14, 2025
Oil & Gas Adnoc explores bid for US natural gas assets Abu Dhabi state oil company Adnoc is in the early stages of considering a bid for Dallas-based Aethon Energy Management’s US natural gas assets, according to a person familiar with the matter. Adnoc has done a string of acquisitions in gas and chemicals, which, along with liquefied natural gas and renewables, it considers as pillars […] April 14, 2025
Economy Egypt raises fuel prices by 15% as it seeks to cut subsidies Egypt increased prices on fuel products on Friday by up to almost 15 percent, state media reported, marking the first increase in 2025. The government is trying to reduce fuel subsidies as required by the International Monetary Fund’s (IMF) $8 billion support package. The increases of between 11.76 percent and 14.81 percent on a wide […] April 11, 2025
Oil & Gas Oil prices set to drop for a second week Oil prices increased slightly on Friday morning but were still set for an overall drop for a second week due to concerns about a prolonged trade war between the United States and China. If the the world’s largest economies continue their tit-for-tat tariff increases, the fear is they will crush crude consumption as their dispute curtails economic […] April 11, 2025
Oil & Gas Saudi oil exports to China will rise in May after price fall Saudi Arabia’s crude oil supply to China will surge in May from the prior month as a sharp price cut by the kingdom attracted more demand, sources said on Friday. State oil company Saudi Aramco will ship about 48 million barrels to China in May, a tally of allocations to Chinese refiners showed, up from April’s 35.5 […] April 11, 2025
