Economy Goldman Sachs raises odds of US recession risk to 45% Goldman Sachs has raised the odds of a US recession to 45 percent in the next 12 months. It joins other investment banks in revising their forecast as fears of a trade war grip markets after sweeping tariffs from US President Donald Trump. Goldman raised the probably of a recession in the next 12 months from a previous estimate of 35 percent. The decision followed a sharp […] April 7, 2025
Oil & Gas Aramco cuts Asia oil prices to four-month low Saudi Arabia, the world’s top oil exporter, has slashed crude oil prices for Asian buyers in May to their lowest in four months. This follows a recent shock decision by the Opec+ oil group to speed up oil output hikes. State oil company Saudi Aramco cut the May official selling price (OSP) for flagship Arab […] April 7, 2025
Oil & Gas Oil prices continue to fall as recession fears deepen Oil prices slid more than 3 percent on Monday, deepening last week’s losses, as escalating trade tensions between the United States and China stoked fears of a recession that would reduce demand for crude. Brent futures declined $2.28, or 3.5 percent, to $63.30 a barrel at 00:49 GMT, while US West Texas Intermediate (WTI) crude […] April 7, 2025
Economy UAE’s non-oil private sector growth slows Growth in the UAE’s non-oil private sector eased in March, a survey showed on Friday, highlighting a softening in demand momentum in the Gulf region’s most diversified economy. The seasonally adjusted S&P Global Purchasing Managers’ Index (PMI) slipped to 54.0 last month from 55.0 in February, marking the slowest pace of growth since September. New […] April 4, 2025
Oil & Gas Oil hit as Opec+ agrees to increase production Eight Opec+ countries unexpectedly agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day (bpd) in May. The decision prompted oil prices to extend earlier sharp losses. Oil, which was already down over 4 percent on US president Donald Trump’s announcement of tariffs on […] April 4, 2025
Energy Kuwait enforces power cuts as demand outstrips capacity Kuwait temporarily cut electricity in some industrial and agricultural areas on Wednesday as demand for power surged due to hot weather, outstripping generating capacity that had been restricted by maintenance at power plants. Kuwait, a member of the Organization of the Petroleum Exporting Countries (Opec), last summer resorted to programmed load-shedding for the first time […] April 3, 2025
Economy Safe-haven gold hits record peak after Trump’s tariffs Gold hit a record high on Thursday as nervous investors rushed towards safe-haven assets following US president Donald Trump‘s more aggressive-than-anticipated tariffs against major trading partners. Spot gold was up 0.4 percent at $3,145.93 an ounce, as of 00:18 GMT, after hitting an all-time high of $3,167.57 earlier in the session. US gold futures firmed 0.1 percent […] April 3, 2025
Mining Oman-backed Kazakh gold miner explores GCC funding Kazakh gold miner Solidcore is considering issuing bonds in the Gulf region to finance investment, including in new projects in Kazakhstan estimated to cost up to $350 million, the company’s CEO Vitaly Nesis told Reuters. Solidcore, formerly Polymetal International, is the second-largest gold miner in Kazakhstan. The company had to sell its Russian assets, which represented […] April 2, 2025
Oil & Gas Opec+ meeting this week to discuss oil output increase Opec+ ministers from eight nations that are gradually raising oil output will meet online on Thursday and are likely to approve a further hike in production from May, sources from the producer group told Reuters. Eight members of Opec+, a group that includes the Organization of the Petroleum Exporting Countries and allies led by Russia, […] April 2, 2025
Oil & Gas EU to decide on Adnoc’s Covestro deal by May 12 European Union (EU) antitrust regulators will decide by May 12 whether to clear Abu Dhabi state oil major Adnoc’s €15.9 billion ($17.2 billion) takeover of German chemicals company Covestro, a regulatory filing on the European Commission website showed. Adnoc struck the deal for its biggest-ever acquisition last October as Middle East countries seek to reduce their […] April 2, 2025
Oil & Gas Aramco holds LPG prices steady for April Oil producer Saudi Aramco kept April official selling prices (OSPs) for liquefied petroleum gas (LPG) unchanged from March, while Algeria’s Sonatrach cut its OSPs by 2-7 percent due to weaker demand in the Mediterranean, traders said on Monday. Aramco’s April OSP for propane was stable at $615 per metric tonne, while butane was $605 per tonne, […] April 1, 2025
Economy Trump to visit Saudi Arabia, UAE and Qatar by May US President Donald Trump said on Monday he plans to visit Saudi Arabia as early as May to sign an investment agreement in what will be the first foreign trip of his second term, with stops also planned in Qatar and the UAE. “It could be next month, maybe a little later,” Trump told reporters […] April 1, 2025
Oil & Gas Uganda signs deal with UAE company over oil refinery Uganda signed an oil refinery agreement with UAE-based Alpha MBM Investments on Saturday, for a 60 percent stake in a crude oil refinery in Kabaale, Hoima district. The country’s state-run Uganda National Oil Company will retain the remaining 40 percent stake in the 60,000-barrel-per-day refinery, according to a statement from President Yoweri Museveni office. Besides […] March 31, 2025
Finance Assets at Kushner’s Affinity soar after Gulf cash injection Assets under management at Jared Kushner’s investment company Affinity Partners jumped 60 percent last year to $4.8 billion, according to a regulatory filing. The company received a cash injection from Middle East investors, including Qatar’s sovereign wealth fund. Kushner, son-in-law of US President Donald Trump, launched the investment firm in 2021 after leaving the White House […] March 31, 2025
Oil & Gas Saudi Arabia may cut May oil prices for Asia to three-month low Top oil exporter Saudi Arabia may lower its crude prices for Asian buyers in May to a three-month low, tracking the steep declines in benchmark prices this month, traders said. The May official selling price (OSP) for flagship Arab Light crude may decline by $1.80 to $2 a barrel from April, four Asian refining sources […] March 28, 2025
Oil & Gas Oil holds near one-month high amid supply woes Oil prices held near one-month highs on Friday and were poised for a third weekly gain on a tightening global supply outlook after the US imposed tariffs against countries buying oil and gas from Venezuela and placed restrictions on Iranian oil trade. Brent crude futures dipped 8 cents, or 0.1 percent, at $73.95 a barrel as […] March 28, 2025
Banking & Finance IMF says Lebanon needs new strategy to reboot economy Lebanon needs a comprehensive strategy for rebooting its economy in order to access a programme with the International Monetary Fund, with stress on data transparency, the IMF said on Thursday. “First and foremost, what is needed is a comprehensive strategy for economic rehabilitation,” said spokesperson Julie Kozack in a press briefing. She confirmed that the […] March 28, 2025
Trade Gold hits record high over trade war fears Gold prices scaled a record peak on Friday as concerns over US President Donald Trump’s fresh tariff plans ignited fears of a global trade war, driving a rush towards the safe-haven allure of the precious metal. Spot gold climbed 0.6 percent to $3,073.79 an ounce, as of 02:30 GMT, after hitting an all-time high of $3,077.44 earlier in […] March 28, 2025
Oil & Gas Saudi Aramco considering investment in Indian refineries Saudi Aramco is in talks to invest in two planned refineries in India as the world’s top oil exporter looks for a stable outlet for its crude in the world’s fastest-growing emerging market, several Indian sources with direct knowledge of the matter said. India, the world’s third-biggest oil consumer and importer, wants to become a […] March 27, 2025
Real Estate Tabreed explores buying Multiply’s cooling business National Central Cooling Company, also known as Tabreed, is exploring a bid for Multiply Group’s district cooling business that could be worth at least $1 billion, two sources with knowledge of the matter told Reuters. Dubai-listed Tabreed is working with Citi on the potential offer for Multiply’s PAL Cooling Holding (PCH), said the two sources. […] March 27, 2025
Economy Egypt unveils $91bn budget amid IMF reform pressure Egypt’s cabinet approved an EGP4.6 trillion ($91 billion) draft state budget for the 2025/26 financial year that will begin in July, a government statement said on Wednesday, as it continues to tighten its finances under an International Monetary Fund programme. Expenditures will rise by 18 percent and revenue by 19 percent over the current 2024/25 […] March 27, 2025
Finance Lebanon bondholders pick US bank for debt talks Lebanon’s bondholders have hired US investment bank Houlihan Lokey as financial adviser for eventual debt talks, two sources familiar with the situation told Reuters. Lebanon has been engulfed in a severe economic crisis since 2019, when its financial system collapsed under the weight of massive state debts, which prompted a sovereign default in 2020. In […] March 27, 2025
