Analysis Business of Sport Qatar may tackle Asian Cup as replacement host for China The 2023 Asian Cup could be shifting west to the Gulf, where new infrastructure has made the region a magnet for international tournaments, after China withdrew as host. China had planned to hold the Asian Cup across 10 cities in June-July next year, but has dropped the 24-team tournament because of “exceptional circumstances caused by […] May 17, 2022
Energy Saudi puts its energy into increasing oil output Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million by the end of 2026 or start of 2027, the energy minister said on Monday. Prince Abdulaziz bin Salman told an energy conference in Bahrain that production could be maintained at that level should market […] May 17, 2022
Banking and Finance Saudi extends deposit for Yemen and pays $2bn instalment Saudi Arabia has extended a deposit it gave the central bank of Yemen’s internationally recognised government in 2018, and agreed to pay the final instalment of the $2 billion support package it promised. The Saudi finance ministry said the 2018 deposit would be extended to support Yemen’s currency and economic situation. The Yemeni central bank […] May 17, 2022
Tech Timeline: Elon Musk hits pause on Twitter deal Elon Musk on Friday put his $44-billion Twitter offer on temporary hold, sending the shares of the social media company into a tailspin. And on Saturday, Musk tweeted that the Twitter legal team told him he violated a nondisclosure agreement by revealing that the sample size for the social media platform’s checks on automated users […] May 16, 2022
Energy Israel ramps up gas output, looks to supply Europe Israel is on track to double its natural gas production to 40 billion cubic metres and hopes to sign a framework deal with Europe this summer May 16, 2022
Sweden seeks to overcome Turkish objections to NATO bid Sweden is formally applying for NATO membership, prime minister Magdalena Andersson said on Monday. “The government has decided to inform NATO that Sweden wants to be accepted as a member of NATO,” Andersson told reporters, adding that the application could be handed in on Monday, Tuesday or Wednesday. It will be synchronised with Finland’s request […] May 16, 2022
Retail Turkish retailer in talks to take over Reebok’s Russian stores FLO Magazacilik could buy the US firm's 100-plus outlets in Russia, but chairman Mehmet Ziylan denied reports that the deal is already done May 16, 2022
Aviation First commercial flight takes off from Yemen Yemen’s national airline operated its first commercial flight in years from the capital Sanaa today, raising hopes for renewal of a United Nations-brokered truce in the seven-year-old conflict that has pitted a Saudi-led coalition against the Iran-aligned Houthis and put Middle East security in peril. Water canons sprayed Sanaa airport’s runway as an airplane of […] May 16, 2022
Banking and Finance Mexico suspends duties on food staples to tackle inflation Mexico will waive import duties for one year on a range of household staples, most of them foodstuffs, in a bid to curb inflation, the government said in its official gazette today. The products on the government list included corn oil, rice, tuna, pork, chicken, beef, onions, jalapeño peppers, beans, corn flour, wheat flour, eggs, […] May 16, 2022
Mobility tech firm Optibus valued at $1.3bn after raising $100m US-Israeli mobility technology company Optibus has raised $100 million in a private funding round that values the company at $1.3 billion. The funding came from new and existing investors including Insight Partners, Bessemer Venture Partners, Verizon Ventures, Pitango First & Pitango Growth, Tencent, SOMV Momentum, and others, said Optibus, which has raised $260 million to […] May 16, 2022
Manufacturing Renault sells Russian carmaker Avtovaz for one rouble Renault is to sell its majority stake in carmaker Avtovaz to a Russian science institute for just one rouble with a six-year option to buy it back, leaving the door open for the French carmaker’s return. Moscow Mayor Sergei Sobyanin said to preserve thousands of jobs Renault’s plant in the city would be used to […] May 16, 2022
People & Lifestyle Biden sends all-star team to UAE to repair frayed ties President Joe Biden is sending an all-star US delegation to the United Arab Emirates on Monday to offer condolences after the death of its ruler, in an apparent bid to step up efforts to repair frayed ties with Gulf Arab allies. Washington’s desire to improve ties with Gulf monarchies has gained renewed urgency following Russia’s […] May 16, 2022
Banking and Finance Vodafone shares rise as telecoms group e& buys $4.4bn stake The group, formerly Emirates Telecommunications Group, said it supported the board and had no plans to buy the UK mobile operator outright. May 16, 2022
Energy Strong oil prices lift Saudi Aramco profits by 82% State-owned oil producer Saudi Aramco yesterday reported an almost 82 percent rise in first-quarter net profit, broadly in line with analyst forecasts, helped by strong oil prices. Aramco, which is at par with Apple Inc as the world’s most valuable company, reported a net income of $39.5 billion for the quarter to March 31 from […] May 16, 2022
World leaders visit UAE to greet new ruler, mourn Sheikh Khalifa World leaders arrived in the United Arab Emirates on Sunday to offer condolences on the death of President Khalifa bin Zayed al-Nahyan, who has been succeeded by his half-brother Sheikh Mohamed bin Zayed. Sheikh Mohamed, now ruler of Abu Dhabi, had been de facto leader of the Western-allied Gulf state, an OPEC oil producer and […] May 16, 2022
Health Egypt’s net foreign assets retreat further into the red Egypt’s net foreign assets (NFAs) dropped by 169.7 billion Egyptian pounds ($9.17 billion) in March, the sharpest decline since the coronavirus crisis broke out in February 2020, central bank data showed on Sunday. NFAs fell to a negative 221.3 billion pounds at the end of March from a negative 51.69 billion pounds a month earlier. […] May 15, 2022
Sheikh Mohamed named new President of the UAE The UAE’s de facto leader Sheikh Mohamed bin Zayed al-Nahyan was elected president of the Gulf Arab state by a federal supreme council on Saturday. The council, which groups the rulers of the seven emirates of the UAE federation, elected Sheikh Mohamed, known as MbZ, a day after the death of his half-brother, President Sheikh […] May 14, 2022
A modernising leader who moved UAE closer to US Sheikh Khalifa bin Zayed al-Nahyan, who died today, was a pro-Western moderniser whose low-key approach helped steer the United Arab Emirates through a tense era in regional politics by aligning the Gulf oil producer with Washington and its allies, including Israel. Khalifa, who was born in 1948, had been ruler of the richest emirate, Abu […] May 13, 2022
Tourism Emirates airline cuts annual loss to $1.1bn as travel rebounds Dubai’s Emirates airline today posted an annual loss of $1.1 billion, a sharp improvement on the $5.5 billion loss in the previous year, as demand for international travel was boosted by governments easing pandemic-related curbs. The airline, which only operates international services, reported a 91 percent jump in revenue to $16.1 billion for the year […] May 13, 2022
Tourism Passengers hit two-year high at Dubai International airport Dubai’s main airport today reported its busiest quarter in two years as the rebound in international travel gains pace, with its chief executive predicting Dubai International could see pre-coronavirus figures by the end of 2024. The Gulf hub, one of the world’s leading gateways for international travel, handled 13.6 million passengers in the January-March period, […] May 12, 2022
Tourism Emirates aims to start repaying Dubai $4.1bn in Covid aid Dubai’s Emirates hopes that it will soon start paying back the 15 billion dirhams ($4.1 billion) in state assistance it receive from the government during the pandemic, its chairman said on Monday. The Dubai government injected billions of dollars into its flagship airline via equity injections over the course of the pandemic that had at […] May 12, 2022
CD&R hires Amr Nosseir, CVC’s top Mideast dealmaker Private equity firm Clayton, Dubilier & Rice (CD&R) has hired CVC Capital Partners’ top dealmaker for the Middle East as it seeks to bolster its presence and expand relationships with investors in the region. CD&R said yesterday it had appointed Amr Nosseir as senior advisor to the firm. Nosseir previously served as managing director, chairman […] May 12, 2022
