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EDRW69 Skyline of Kuwait City, Middle East

Kuwait orders factories to close for summer power saving

Kuwait has told its industrial facilities to suspend operations for six hours daily during summer as part of a power rationalisation plan spurred by severe electricity shortages due to high demand. The Public Authority for Industry (PAI) said on its website this week that industrial units in the Gulf emirate must shut down during peak […]

A note in a book store says it has joined the Turkish opposition's call for a shopping boycott following the arrest of Istanbul Mayor Ekrem Imamoglu

Turkish stocks drop 3% during global selloff

Turkish stocks dropped more than 3 percent on Monday, led by banks and fuelled by a global market selloff over US tariffs and counter moves. There is also ongoing pressure on the lira due to the jailing last month of Istanbul’s mayor. Istanbul’s main share index was off 2.5 percent at 08:50 GMT after opening […]

US treasuries are considered a haven for Gulf investors – and there are few alternatives aside from gold, says one expert

US treasuries could become less of a safe bet for Gulf investors

Economic advisers to President Donald Trump have proposed radical policies that could dim the allure of US government bonds for Gulf sovereign investors. The bonds, commonly known as treasuries, are considered among the lowest-risk investments. Many countries with excess dollars – from trade surpluses with the US or the sale of dollar-denominated goods such as […]

2JC8E4F A panoramic view of the Kuwait City Skyline

Kuwait endorses 2025-26 budget with bigger deficit

Kuwait has endorsed its budget for the next fiscal year 2025-26 with a higher deficit because of lower expected oil income. An emiri decree published in the official gazette set allocations for ministries and other government offices for the budget which starts on April 1. Spending was put at KD24.5 billion ($80.8 billion) and the […]

Edge Group is investing an additional $12m into a majority Edge-owned joint venture with Israel's Thirdeye Systems

Edge Group invests in Israeli defence supplier

UAE state-owned defence conglomerate Edge Group has bought a 30 percent stake in Israeli military supplier Thirdeye Systems for $10 million. The deal is a rare public investment by an Emirati company in Israel since the Gaza war began 15 months ago. Edge will also put an additional $12 million into a new, majority Edge-owned […]

Saudi Arabia's foreign minister Prince Faisal bin Farhan Al-Saud meets with Lebanon's parliament speaker Nabih Berri in Beirut

Saudi Arabia has ‘great confidence’ in Lebanon’s reforms

Prince Faisal bin Farhan Al-Saud visited Beirut on Thursday, the first trip to Lebanon by a Saudi foreign minister in 15 years.  The visit coincided with early signs of recovery in Lebanon’s economy as it improves relations with Gulf states and others following the election of President Joseph Aoun. After his meeting with Aoun, Bin […]

Oil refinery worker. Saudi Arabia and other Opec members could be forced to boost output to offset a short-term loss in income, says one expert

Trump’s oil policy ‘problematic’ for Gulf producers, economists warn

Gulf oil producers should be worried about President Donald Trump‘s energy policy, economists have warned, as it could widen their budget deficits. Oil prices have already dipped in response to Trump’s pledge on Monday to boost US hydrocarbon production and they could plunge far below the breakeven prices adopted by Gulf governments in their annual […]

City, Urban, Metropolis The project will develop an abandoned industrial area, creating a new city quarter with retail, business, school and sports facilities

Eagle Hills signs contract for Budapest redevelopment

Abu Dhabi-based developer Eagle Hills has signed a real estate purchase agreement with Hungary to start work on transforming a rundown area of Budapest.  The project, spanning an area of 100 hectares, will have a development cost of more than €12 billion ($12.3 billion), the developer said in a statement.  The project is supported by the […]

Kuwait public service charges ministry

Kuwait ministries free to increase public service charges 

Kuwait issued a decree on Sunday that will allow ministries to set charges for public services for the first time in 30 years.  The decree, which abolishes a 1995 law, gives ministries authority to decide on fees and costs for public services, which will then be approved by the cabinet.  The government aims to better […]

Antony Blinken Saudi Israel

Blinken says Saudi-Israeli deal ‘much closer’ in final speech

The long sought-after normalisation of bilateral relationships between Saudi Arabia and Israel remains within reach and is the best path toward a stable Middle East, Antony Blinken said yesterday in his final speech as US secretary of state. “Much of the heavy lifting for normalisation is complete, including negotiations on complex US-Saudi elements of an […]

Mohammed Al Sudani, Iraq's prime minister, said that restructuring would begin in a few months

Iraq hires EY to explore restructuring of state banks

Iraq is considering merging its two largest state banks as part of a restructuring plan prompted by a sharp erosion of their assets over recent years because of accumulating non-performing loans, local media has reported. London-based auditing firm Ernst & Young (EY) is conducting a study on the restructuring of the Rafidain and Rasheed banks […]

Lebanon's army chief Joseph Aoun at the parliament building in Beirut after being elected as president

Lebanon’s bonds rally after new president elected

Lebanese government bonds extended their three-month-long rally on Thursday as the crisis-ravaged country’s parliament voted in a new head of state for the first time since 2022. Lebanese lawmakers elected army chief Joseph Aoun as president. It came after 12 failed attempts to pick a president and boosted hopes that the country might finally be able to start addressing […]

Men sit at an open air tea house in Diyarbakir, southeastern Turkey. Almost 20% of the population of Turkey are pensioners pension pensions

Turkish pensions increase falls short of expectations

Turkey has increased payments on pensions, but observers say the latest rise does not keep up with the cost of living.  On January 7 Vedat Isıkhan, the labour minister, announced that the minimum monthly state pension would be increased by 15.75 percent, taking the base rate payment to TL14,469 ($409). A second increase, forecast to […]

A man living in Al-Yarmouk refugee camp in Syria. The US is easing restrictions on providing humanitarian aid

US to ease Syria aid restrictions but sanctions remain

The United States is to announce imminently an easing of restrictions on humanitarian aid and other basic services such as electricity to Syria. The strict US sanctions regime placed on Syria will remain, according to people briefed on the matter. The Wall Street Journal reported that the Biden administration approved the easing of restrictions over […]