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Lebanese pound

Lebanon passes 2024 budget without crucial reforms

Lebanon’s parliament passed an amended budget for 2024 that experts said neglected to include crucial reforms that would help the country emerge from a financial meltdown that has gutted the public sector for nearly five years. The draft was passed late on Friday after three days of drawn-out disputes, including several heated exchanges in parliament’s […]

Electronics, Screen, Computer Hardware

Work starts on Egypt’s $30bn nuclear plant

Russian President Vladimir Putin and Egypt’s Abdel Fattah Al-Sisi on Tuesday inaugurated the construction of a new unit at Egypt’s Dabaa nuclear power plant via video link, as Moscow moves ahead with its global nuclear ambitions. The power plant is being built by the Russian state corporation Rosatom at a reported cost of $30 billion, […]

Sheikh Mohamed bin Zayed Al Nahyan chaired the Adnoc meeting

Adnoc raises decarbonisation budget to $23bn

Adnoc is to allocate $23 billion for decarbonisation and lower-carbon projects, it said on Monday, up from a previous target of $15 billion. The state oil company made the announcement at its annual board meeting, which was chaired by Sheikh Mohamed bin Zayed Al Nahyan, the president of the UAE. “The increased allocation will include investments […]

Kuwait's new emir Sheikh Meshal al-Ahmad al-Sabah swears the constitutional oath

Kuwait forms first government under new emir

Kuwait has formed a government headed by Prime Minister Sheikh Mohammed Sabah al-Salem al-Sabah, the state news agency said, the country’s first cabinet after the death of its previous ruler, Sheikh Nawaf al-Ahmad al-Sabah. Sheikh Mohammed appointed new ministers for oil, finance and foreign affairs in the first cabinet formed under Kuwait’s new Emir Sheikh […]

Electricity prices for Egyptian households were raised by between 7.8 and 20.8 percent, depending on the usage bracket

Egypt says hike in power prices will cut losses to $2.4bn

Egyptian Prime Minister Mostafa Madbouly said on Wednesday that raising electricity prices will reduce the sector’s annual losses to EGP75 billion ($2.43 billion) from EGP90 billion. Earlier this month, Egypt hiked the prices of several services including metro tickets, telecommunication services and electricity, as it tries to contain a budget deficit. Electricity prices for households […]

Aramco's storage facility. Oil revenue reached SAR505.4bn in the first nine months of 2023, falling 24 percent year on year

Saudi may cut crude price premium to one-year low

Saudi Arabia may slash price premiums on all crude grades it sells to Asia in February to one-year-lows despite the escalation of tensions in the Red Sea, as concerns intensify that supply may outpace demand. The world’s top oil exporter could cut the official selling price (OSP) for its flagship Arab Light crude over Oman/Dubai […]

Nature, Outdoors, Plant

Turkey’s minimum wage hike may elevate inflation further

Turkey’s larger-than-expected minimum wage hike, which impacts some seven million workers, is expected to push already elevated inflation even higher in the coming months, economists and sector officials said. Labour Minister Vedat Isikhan said on Wednesday the monthly minimum wage will be TL17,002 ($578) in 2024, a 49 percent increase from the level determined in […]

Egypt firm to defend its water after dam talks fail

Egypt said on Tuesday that the latest talks over the Grand Ethiopian Renaissance Dam (Gerd) have failed, but it will closely monitor the process of filling and operating the dam and reserve the right to defend its water. “Egypt reserves its right, in accordance with international charters and accords, to defend its water and national […]

Egypt's President Abdel Fattah al Sisi will not want to devalue the pound

Egypt’s Abdel Al Sisi wins third term as president

Abdel Fattah Al Sisi swept on Monday to a third term as Egypt’s president in an election where he faced no serious challengers. The election, in which he took 89.6 percent of the vote according to the National Election Authority, was held as Egypt struggles with a slow-burning economic crisis and tries to manage the risk of spillover […]

Sanjay Shah arrives at Kastrup Airport, Denmark, on December 6

Sanjay Shah lands in Denmark after UAE extradition  

A British hedge fund trader arrived in Denmark on Wednesday following extradition from the UAE to stand trial over allegations he submitted fraudulent applications for $1.8 billion in dividend tax refunds. Sanjay Shah was arrested by Dubai police last year following a request by Danish authorities to extradite him over his alleged involvement in so-called […]

Total CEO backs renewables to phase out fossil fuels

TotalEnergies’s CEO gave his backing to an international pledge to triple renewable energy generation at the Cop28 climate summit, calling it necessary to phase out fossil fuels and decarbonise. “It’s the right way to frame the object, tripling renewables, because if we don’t do that, there’s no way to phase out fossil energy,” Patrick Pouyanne […]

Sovereign funds struggle to channel trillions into climate finance

Sovereign wealth funds that control nearly $12 trillion in assets are unlikely to quickly dismantle the hurdles in the way of urgently needed increases to their climate investments, even as Cop28 talks seek to close the funding gap. Funds such as those of Norway and the UAE Cop28 host, face obstacles including mandates that require […]

President Recep Tayyip Erdoğan addresses a meeting of business leaders on Tuesday, two days after his runoff win

Erdogan visits Greece in bid to restart bilateral relations

Turkish President Tayyip Erdogan arrives in Athens on Thursday with a delegation of ministers for meetings with Greek counterparts that both countries hope can turn a new page in relations after years of tensions. Greece and Turkey, neighbours and Nato allies, have been at odds for decades over issues including where their continental shelves start […]

Turkey’s central bank increased the inflation forecast for 2023 to 65 percent from its previous estimate of 58 percent

Turkey’s total reserves reach record high of $140bn

The Turkish central bank’s total reserves have jumped to a record level exceeding $140 billion, five bankers’ calculations showed on Tuesday, sustaining an uptrend after it adopted more orthodox policies following May elections. The rising reserves, alongside 3,150 basis points in interest rate hikes since June, have marked a departure from years of unorthodox and […]

Qatar to sell $644m worth of shares in Barclays

Qatar Holding is looking to sell around £510 million ($643.72 million) of shares in Barclays, one of the banks acting on the deal said on Monday, cutting back on its crisis-era investment in the British bank. The deal is set to price at 141 pence per share, or a discount of about 1.4 percent to […]

Egypt economy election

Currency and inflation in focus ahead of Egypt polls

In the run-up to Egypt’s December 10-12 presidential election, financially strapped people queue at state-managed cooperatives trying to buy scarce rations of subsidised sugar. It is the latest sign of economic pressures that have risen sharply since early last year, leaving Egyptians grappling with soaring prices and an unresolved foreign currency crunch, and overshadowing pledges […]

Russian President Vladimir Putin, left, with Saudi Arabia's Crown Prince Mohammed bin Salman

Vladimir Putin to visit UAE and Saudi Arabia this week

Russian President Vladimir Putin will visit the UAE and Saudi Arabia this week, Russian news outlet Shot reported on Monday, citing Putin’s aide Yury Ushakov. The reported visit comes after the Opec+ group of oil producers, which includes all three countries, agreed last Thursday to voluntary output cuts totalling about 2.2 million barrels a day […]

Lula says Brazil will never be a full member of Opec+

Brazil will never join the Opec+ group of oil-producing nations as a full member and instead only seeks to participate as an observer, Brazilian President Luiz Inacio Lula da Silva said on Sunday. Lula’s remarks to reporters at the UN Cop28 climate summit in Dubai clarified his statements a day earlier that Brazil would “participate” […]

Aramco's Fadhili project will boost the plant’s processing capacity by 60% by November 2027

Saudi plans first Asia Arab Light price cut in seven months

Top oil exporter Saudi Arabia may trim the price for its flagship Arab Light crude to Asia for the first time in seven months, despite an extension of its voluntary supply cut, as the market deals with ample supply and tepid demand. State oil giant Saudi Aramco may cut the January official selling price (OSP) […]

Exxon Mobil hits back at IEA carbon capture criticism

Exxon Mobil CEO Darren Woods on Saturday rejected the International Energy Agency’s (IEA) recent claim that using wide-scale carbon capture to fight climate change was an implausible “illusion,” saying the same could be said about electric vehicles and solar energy. “There is no solution set out there today that is at the scale to solve […]

Saudi Arabia studies battery materials trading platform  

Saudi Arabia is exploring the potential launch of a new commodity trading platform for battery materials, including graphite and rare earths, its vice minister of industry and mineral resources said. Riyadh’s efforts to build an economy that is not dependent on oil include a shift towards mining the country’s untapped mineral resources – worth about […]

Emirates' Sir Tim Clark says 'the door has been opened' for more code-sharing with US carriers

Emirates urges Rolls-Royce to go ‘back to basics’

The head of Dubai’s Emirates has urged Rolls-Royce to go “back to basics” and focus on the performance of its engines, a day after the British firm laid out plans to quadruple profits. Shares in the engine maker rose after CEO Tufan Erginbilgic unveiled a strategy on Tuesday to revive its fortunes including a sharp […]