Tourism Airbus loses bid to use French blocking law in $1.4bn Qatar row A UK judge on Friday rejected an attempt by Airbus to invoke a De Gaulle-era law restricting the way it responds to foreign courts, as a high-profile dispute with Qatar Airways became mired in a growing debate over cross-border legal powers. Qatar Airways is suing France-based Airbus for $1.4 billion over damage to the painted […] July 18, 2022
Tourism Israel to boost Asia flights when Saudi Arabia opens airspace Israeli airlines plan to expand and open new routes to India and other Asian destinations after Saudi Arabia announced it would allow unfettered access to its airspace, a move that would save fuel costs and reduce flight times. In the absence of open relations between the countries, however, and given talks on including Oman in […] July 18, 2022
Energy UAE to guarantee diesel supplies to France, says Macron source France and the United Arab Emirates (UAE) are set to sign an agreement on Monday whereby the UAE will guarantee diesel supplies to France, said a source at President Emmanuel Macron’s Elysee department. The deal, which will coincide with the visit to Paris of the UAE President, will also see the two countries agree on […] July 18, 2022
Economy UAE defends stance on Russian individuals, talking to US The UAE is consulting with the US on sanctions targeting Russian individuals, but does not want to “lump together” all Russians into one category as some seek safe havens amid the Ukraine war, an Emirati official said on Friday. Dubai, the Gulf’s financial and business centre, has emerged as a refuge for Russian wealth as […] July 18, 2022
Tourism Israeli minister foresees direct pilgrim flights to Saudi An Israeli official said on Saturday he expected members of the country’s Muslim minority to be able to fly directly to Saudi Arabia for pilgrimage by next year after the kingdom signalled new openness as it hosted US President Joe Biden. On Friday Riyadh said its airspace would be open to all carriers – a […] July 17, 2022
Iran nuclear deal Iran sanctions 61 more Americans as nuclear talks hit impasse Iran has imposed sanctions on 61 more Americans, including former secretary of state Mike Pompeo, for backing an Iranian dissident group. Months of talks to revive a 2015 nuclear deal remained at an impasse despite president Joe Biden’s trip to the Middle East, which ended yesterday. Others blacklisted by Iran’s Foreign Ministry for voicing support […] July 17, 2022
Biden Middle East Biden tells Arab leaders that US is committed to region President Joe Biden told an Arab summit today that the United States would remain firmly committed to its allies in the Middle East and was “not going anywhere” as he lobbied for a regional security alliance that would integrate Israel. Biden, who began his first trip to the Middle East as president with a visit to Israel, […] July 16, 2022
Biden Middle East Biden confronts MbS over Khashoggi before talking oil US president Joe Biden said he told Saudi Arabia’s crown prince Mohammed bin Salman he held him responsible for the murder of Washington Post journalist Jamal Khashoggi, shortly after exchanging a fist bump with the kingdom’s de facto ruler. On a trip to reset relations with a country he had called a pariah after Khashoggi’s killing in […] July 16, 2022
Energy Biden starts sensitive Saudi visit, no immediate oil pledge expected President Joe Biden arrived in Saudi Arabia on Friday to discuss energy supply, human rights, and security cooperation on a trip designed to reset the US relationship with a country he once pledged to make a “pariah” on the world stage. Energy and security interests prompted the president and his aides to decide not to […] July 15, 2022
Tourism Saudi Arabia to open airspace to all airlines, including from Israel Saudi Arabia said it would open its airspace to all air carriers, paving the way for more overflights to and from Israel, in a decision welcomed by US President Joe Biden who is due to visit the kingdom on Friday. The Saudi General Authority of Civil Aviation (GACA) said the country’s airspace was now open […] July 15, 2022
Biden Middle East Biden defends Saudi trip and will not avoid human rights talk US president Joe Biden said on Thursday he would not avoid talking about human rights when he visits Saudi Arabia on the second leg of his Middle East trip and stressed his position on the murdered journalist Jamal Khashoggi was “absolutely” clear. Biden heads to the kingdom on Friday where he will seek to boost […] July 15, 2022
Economy Biden brings Palestinians aid but no new peace plan US President Joe Biden will not come with a plan to restart the stalled Israel-Palestinian peace process when he visits the West Bank on Friday, at the end of the first leg of his Middle East trip, a senior administration official said. Biden will restate his backing for a two-state solution to the decades-long conflict […] July 15, 2022
Biden Middle East Biden heads to Saudi Arabia amid tension over oil President Joe Biden will discuss energy supply, human rights, and security cooperation in Saudi Arabia on Friday on a trip designed to reset the US relationship with a country he once pledged to make a “pariah” on the world stage. Biden will hold meetings with Saudi Arabia’s King Salman bin Abdulaziz and Crown Prince Mohammed […] July 15, 2022
Economy China’s economy slows in Q2 as Covid lockdowns take a toll China’s economic growth slowed sharply in the second quarter, highlighting the colossal toll on activity from widespread COVID lockdowns and pointing to persistent pressure over coming months from a darkening global outlook. Friday’s frail data adds to fears of a global recession as policymakers jack up interest rates to curb soaring inflation, heaping more hardship […] July 15, 2022
Manufacturing US approves measure to restrict Biden plan to sell F-16s to Turkey The US House of Representatives on Thursday approved legislation that would create a new hurdle for President Joe Biden’s plan to sell F-16 fighter jets to Turkey. The House approved the measure, offered by Democratic Representatives Frank Pallone and Chris Pappas, as an amendment to the annual National Defense Authorization Act, by 244 to 179. […] July 15, 2022
Markets Saudi index hits 6-month low amid US recession fears Most stock markets in the Gulf fell on Thursday, with the Saudi index wiping out its gains so far this year, as a red-hot US inflation reading bolsters the case for supersized rate hikes by the Federal Reserve. Wednesday’s data showed US consumer prices jumped 9.1 percent year-on-year in June, the largest annual increase in […] July 15, 2022
Banking and 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
