Banking & Finance Dubai gives crypto firm OKX provisional licence Crypto trading app OKX said on Thursday it had been given a provisional virtual assets licence by the Dubai Virtual Assets Regulatory Authority (VARA), which was set up earlier this year to regulate the industry. The United Arab Emirates (UAE) has been pushing to develop virtual asset regulation to attract new forms of business as […] July 14, 2022
Biden Middle East Biden savours ‘homecoming’ to Israel as Saudi leg looms Israel embraced US president Joe Biden as an old friend on Wednesday at the start of a high-stakes visit dominated by efforts to bring Israel closer to Saudi Arabia and persuade Washington’s Gulf allies to pump more oil. Landing at Ben Gurion Airport, whose runway he first trod in 1973 as a senator, Biden bumped […] July 14, 2022
Biden Middle East US and Israel sign pledge to deny Iran nuclear weapons US president Joe Biden and Israel’s prime minister Yair Lapid today signed a joint pledge to deny Iran nuclear weapons, closing ranks on Tehran. A senior Biden administration official said the agreement will expand on the long-standing security relationship between the United States and Israel. “This declaration is pretty significant, and it includes a commitment […] July 14, 2022
Economy Iran says it and Saudi Arabia interested in more talks Iran and Saudi Arabia are interested in holding more talks, Tehran’s foreign ministry said on Wednesday, three months after a fifth round of contacts aimed at restoring relations between the Middle East’s two main rival powers. Tehran gave an update on the status of the talks as US President Joe Biden landed in Israel in […] July 14, 2022
Energy UAE president stresses support for global energy security The president of the United Arab Emirates said on Wednesday the Gulf OPEC producer would continue to support global energy security as a main driver of global economic growth, ahead of a US-Arab summit in neighbouring Saudi Arabia this week. Sheikh Mohammed bin Zayed al-Nahyan, in his first televised address since becoming president in May, […] July 14, 2022
Markets Most Gulf indexes drop ahead of concerns over new Fed rate hike Most stock markets in the Gulf slipped into negative territory on Wednesday, as traders awaited US inflation data for cues on a large Federal Reserve rate hike this month. Saudi Arabia’s benchmark index fell 1.1 percent to a near six-month low, with oil behemoth Saudi Aramco losing 3.4 percent and Sahara International Petrochemical Co plunging […] July 14, 2022
Energy Biden en route to Israel for high-stakes Middle East visit US President Joe Biden arrives in Israel on Wednesday to kick off a high-stakes trip to the Middle East dominated by efforts to persuade Gulf allies to pump more oil and bring Israel and Saudi Arabia closer together. Biden will spend two days in Jerusalem for talks with Israeli leaders before meeting Palestinian President Mahmoud […] July 13, 2022
Tech Qatar spends $162m on Swiss air defence systems for stadiums Swiss arms exports rose more than 40 percent to CHF 516 million in the first half of this year, the Economy Ministry said, with CHF 159.8 million ($162.74 million) in sales of air defence systems to Qatar to protect stadiums during the soccer World Cup making a decisive contribution. After Qatar, the top five buyers […] July 13, 2022
Biden Middle East US weighs resumption of offensive arms sales to Saudi Arabia The Biden administration is discussing the possible lifting of its ban on US sales of offensive weapons to Saudi Arabia. But any final decision is expected to hinge on whether Riyadh makes progress towards ending the war in neighboring Yemen, according to four people familiar with the matter. Senior Saudi officials pressed their US counterparts […] July 12, 2022
Economy As New Zealand reopens, exodus worsens labour crunch New Zealand’s easing of its strict border curbs has triggered a rush of new departures among locals seeking fresh opportunities abroad, adding further pressure to the country’s already tight employment market. A net 10,674 people left the country over the 12 months to May, according to government data released on Tuesday, extending a drain that […] July 12, 2022
Economy UN aid to Syria from Turkey to be allowed until January The UN Security Council appears set to allow UN deliveries of aid to some four million people in northwest Syria from Turkey until January, diplomats said on Monday, after days of wrangling with Russia over how long to let the huge operation continue. The mandate for the operation, which has been delivering food, medicine and […] July 12, 2022
Banking & Finance IMF says it held productive talks on new programme for Egypt The International Monetary Fund (IMF) said on Friday it had held productive discussions during a staff visit to Egypt on economic policies and reforms to be supported by an extended fund facility. “In the period ahead, we are continuing our close engagement with the authorities towards reaching staff-level agreement,” the IMF statement said. The IMF […] July 12, 2022
Business of Sport PGA Tour probed for possible law break in fight against LIV Golf The US Justice Department is investigating whether the PGA Tour broke antitrust law in fighting off the rival LIV Golf circuit, backed by Saudi Arabia. The PGA Tour confirmed the probe, which was first reported by the Wall Street Journal. “This was not unexpected. We went through this in 1994 and we are confident in […] July 12, 2022
Tourism UAE’s flydubai suspends operations to Sri Lanka United Arab Emirates carrier flydubai has suspended operations to Colombo in Sri Lanka until further notice, a spokesperson for the budget airline said on Monday. “We will continue to closely monitor the situation on the ground in Sri Lanka. Passengers who have booked to travel on these flights will be contacted and offered a refund,” […] July 12, 2022
Economy Israel says Biden visit may lead to common Middle East market Israeli finance minister Avigdor Lieberman said today he hoped a regional visit by US president Joe Biden this week will lead to a common Middle East market that includes Saudi Arabia. Biden arrives in Israel on Wednesday and continues to Saudi Arabia on Friday. The White House has said the visit’s aims include “expanding regional […] July 11, 2022
Business of Sport Ex FIFA duo Blatter, Platini cleared of fraud in Swiss trial Former FIFA President Sepp Blatter and France footballing legend Michel Platini were both cleared of corruption charges by a Swiss court on Friday after a seven-year investigation during which they were booted out of the sport. A judge said the pair’s account of a ‘gentlemen’s agreement’ for FIFA to pay Platini 2 million Swiss francs […] July 8, 2022
Media & Advertising Twitter says it removes over 1 million spam accounts each day Twitter removes more than 1 million spam accounts each day, executives told reporters in a briefing on Thursday, providing new insight into efforts to reduce harmful automated bots as billionaire Elon Musk has demanded more details from the social media company. The briefing comes after Musk threatened to halt a $44 billion deal to purchase […] July 8, 2022
Health Macau turns more casino hotels into Covid medical centres Macau authorities have added two hotels in popular casino resorts to be used as Covid-19 medical facilities from Friday as they try to ramp up capacity to handle a surge of infections in the world’s biggest gambling hub. The east wing of Grand Lisboa Palace owned by SJM Holdings and the Grand Hyatt hotel owned […] July 8, 2022
Economy UAE leaders send condolences on killing of Japan’s Abe UAE President Sheikh Mohamed bin Zayed Al Nahyan has sent a message of condolences to the Prime Minister of Japan, Fumio Kishida, on the death of former Japanese Prime Minister Shinzo Abe. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, sent a similar message to Prime Minister Kishida. Abe, […] July 8, 2022
Markets Most Gulf bourses in black as investors absorb Fed minutes Most bourses in the Gulf rebounded on Thursday, enjoying a respite from their recent sell-off, as investors digest the U.S. Federal Reserve’s firm hawkish stance on taming inflationary pressures. The Fed’s June meeting minutes showed officials rallied around an outsized rate hike, justifying the 0.75-percentage-point increase as near-term inflation outlook had deteriorated since their meeting […] July 8, 2022
Opinion Biden Middle East Partner or pariah? Biden must make his mind up on Saudi Murder and the Yemen war versus rising prices at the pump - the US president will have to use all his powers of diplomacy to get what he wants July 8, 2022
Tourism UAE set to run Kabul airport in deal with Taliban The Taliban and the United Arab Emirates are poised to strike a deal for the Gulf nation to run Kabul airport and several others in Afghanistan that could be announced within weeks, according to sources familiar with the negotiations. An agreement would help the Islamist militants ease their isolation from the outside world as they […] July 7, 2022
