Markets Drop in commodity prices puts Gulf markets in the black Most Gulf markets extended gains on Monday, tracking global shares as a drop in commodity prices allayed fears of accelerating inflation and aggressive interest rate hikes. Dubai’s main share index gained 0.5 percent, led by a 2.7 percent rise in top lender Emirates NBD. Dubai business park operator TECOM Group said on Monday it had […] June 28, 2022, 5:25 AM
Dubai takes roadshow to Africa, India and Europe to court startups Dubai Chamber for Digital Economy has launched a new roadshow series in Africa to attract global startups to the city, with plans to expand the initiative to India and Europe. The first roadshow took place in Ethiopia and Kenya where a delegation from the Chamber met with 20 promising African scaleups specialising in advanced technologies […] June 27, 2022, 7:28 AM
Iraqi PM in Iran to push for revival of Tehran-Riyadh talks Iran and Iraq have agreed to seek stability in the Middle East, Iraqi Prime Minister Mustafa al-Kadhimi said in Tehran on Sunday, a day after he visited Saudi Arabia in a bid to revive talks between the regional rivals to ease years of hostility. Iran and Saudi Arabia, the leading Shi’ite and Sunni Muslim powers […] June 27, 2022, 5:06 AM
Construction Dubai’s Emaar says it’s aware of report CEO detained in India Dubai’s Emaar Properties is aware of a media report that its Group Chief Executive Amit Jain has been detained in India, a spokesperson for the company said on Saturday. “Emaar is aware of reports regarding the Group CEO Amit Jain, over an issue relating to the company’s work in India. The issue has now been […] June 25, 2022, 7:05 AM
Tourism Sanctioned Russian’s superyacht docked in Dubai A luxurious superyacht belonging to a sanctioned Russian billionaire parliamentarian featuring six suites, an elevator, its own beach club and a helicopter pad is anchored in Dubai where Russians have sheltered wealth since the invasion of Ukraine. Andrei Skoch’s blue and white “Madame Gu” was docked at Port Rashid on Friday, where Dubai’s Ruler Sheikh […] June 25, 2022, 6:31 AM
Aung San Suu Kyi moved to solitary confinement in jail Myanmar military authorities have transferred deposed leader Aung San Suu Kyi to a prison in the capital from an undisclosed location where she had been held since she and her government were ousted in a coup last year, a military spokesman said. The Nobel laureate, who turned 77 on Sunday, had been moved to the […] June 24, 2022, 7:34 AM
Retail British shoppers continue to cut back as retail sales fall in May British consumers cut back on shopping in May in the face of fast-rising inflation, and an increase in sales in April was revised down sharply, according to data that on Friday provided further evidence of a cost-of-living squeeze. The Office for National Statistics said May sales volumes fell by 0.5 percent on the month, a […] June 24, 2022, 7:17 AM
Qatar’s Tamim to visit Egypt for first time since boycott Qatar’s ruler will visit Egypt on Friday, his first trip to the country since Egypt and Qatar agreed last year to end a long-running regional feud, diplomatic sources said. Emir Sheikh Tamim bin Hamad al-Thani, who last visited Egypt in 2015, will hold a formal meeting with Egypt’s President Abdel Fattah al-Sisi in Cairo on […] June 24, 2022, 6:57 AM
Egypt says rising inflation will be ‘temporarily tolerated’ Egypt’s central bank kept its overnight interest rates unchanged on Thursday, saying that for the next six months it would tolerate elevated inflation, caused mainly by the Ukrainian conflict, as the economy grows more slowly than expected. The Central Bank of Egypt (CBE) held its lending rate steady at 12.25 percent and its deposit rate […] June 24, 2022, 6:27 AM
Lebanon’s Mikati named PM, urges action to secure IMF deal Lebanon’s Najib Mikati was named prime minister on Thursday, urging fractious politicians to set aside differences to secure an IMF deal which he said was the only chance to save the country from financial collapse. Facing a politically difficult path to agreeing on a new cabinet, the billionaire tycoon who led three previous governments said Lebanon […] June 24, 2022, 5:59 AM
Bahrain in advanced talks for cloud computing deals Bahrain is in advanced talks for investment deals with cloud computing companies from the United States, China and the United Arab Emirates, an Economic Development Board executive said, as the country seeks to diversify its oil-based economy. Cloud computing and foreign direct investment are key planks of Bahrain’s economic recovery programme that aims to grow […] June 24, 2022, 5:42 AM
Markets UAE to raise $3bn from dollar bonds as demand tops $13.5bn The United Arab Emirates was set to raise $3 billion with a two-tranche US dollar-denominated bond sale comprising a 10-year tranche and 30-year Formosa portion, a bank document showed on Thursday. The bonds, for which demand topped $13.5 billion, will offer investors 100 basis points over US Treasuries (UST) for the 10-year paper and 175 […] June 24, 2022, 5:35 AM
Exclusive UK-GCC talks must extend beyond tariffs, say top diplomats The newly-commenced free trade agreement talks between the UK and the GCC have been welcomed by senior diplomats. Lord Udny-Lister, co-chair of the UAE-UK Business Council and a former strategic advisor to British Prime Minister Boris Johnson, hailed the FTA discussions as “great news”, but called for a wide and nuanced set of agreements that […] June 24, 2022, 1:00 AM
Markets Qatar shares suffer biggest weekly drop in two years June 23 (Reuters) – Qatari shares led declines in the Gulf on Thursday to post their biggest weekly decline in more than two years, as investors worried that further rises in interest rates to quell decades-high inflation would tip economies into a recession. US Federal Reserve Chair Jerome Powell said on Wednesday the central bank […] June 23, 2022, 2:23 PM
Banking & Finance UAE eyes dollar bonds to fill $600m 2022 budget deficit The United Arab Emirates is in the market with a two-tranche U.S. dollar-denominated bond sale comprising a 10-year tranche and 30-year Formosa portion, a bank document showed on Thursday. Initial price guidance was around 125 basis points (bps) over U.S. Treasuries (UST) for the 10-year paper and around 200 bps over UST for the Formosa […] June 23, 2022, 7:58 AM
Court challenge puts spotlight on sharia law in Nigeria A Nigerian court on Thursday will hear a challenge against sharia law in the mostly Muslim northern state of Kano, in a case that is set to reignite debate on the place of religious laws in a country whose constitution is neutral on religion. Nigeria is divided between the largely Christian south and mostly Muslim […] June 23, 2022, 6:40 AM
Markets Fed chief backs another interest rate increase Chicago Federal Reserve Bank President Charles Evans on Wednesday signaled he would likely back another big interest rate hike in July unless inflation data improves, saying the Fed’s top priority is to “take the steam” out of price pressures. “Seventy-five (basis points) is a very reasonable place to have a discussion,” Evans told reporters after […] June 23, 2022, 6:29 AM
Development Turkey and Saudi vow to start new period of cooperation Turkey and Saudi Arabia emphasised determination on a new period of cooperation in bilateral relations during talks in Ankara, as the two countries aim to fully normalise ties that were ruptured after the murder of Saudi journalist Jamal Khashoggi. In a joint statement following the talks between Saudi Crown Prince Mohammed bin Salman, the country’s […] June 23, 2022, 6:09 AM
Energy Russia’s Lavrov visits Iran to discuss nuclear deal Russian Foreign Minister Sergei Lavrov arrived in Iran on Wednesday, Iranian state TV reported, as world powers and Tehran are struggling to revive their 2015 nuclear pact and negotiations are stalled. Russia’s foreign ministry posted a clip of Lavrov’s opening remarks during a meeting with Iran’s President Ebrahim Raisi in which he said Moscow was […] June 23, 2022, 5:53 AM
Markets Saudi bank stocks drop as Gulf markets follow lower oil prices Stock markets in the Gulf retreated on Wednesday, tracking crude prices, and as global sentiment was weighed by persistent worries that rising interest rates would trigger a global recession. Saudi Arabia’s benchmark index slid 2.9 percent, posting broad-based declines, dragged down by Al Rajhi Bank a 4.3 percent drop and a 2.9 percent decline in […] June 23, 2022, 5:32 AM
Sustainability Sweltering heatwave adds to power cuts misery Iraq’s problems are piling up and threatening protests: Price increases, a faltering power grid and a summer heatwave made all the more unbearable by electricity outages limiting air conditioning and the use of fridges for many. While the southern city of Basra is used to scorching summers, this year it has started sooner than expected, […] June 23, 2022, 12:01 AM
Markets Kuwait crown prince dissolves parliament, calls for early election Kuwait’s crown prince on Wednesday dissolved parliament and called for an early election following a stand-off between the government and elected assembly that has hindered fiscal reform. Crown Prince Sheikh Meshal al-Ahmad al-Sabah said in a televised speech that decrees would be issued for the dissolution of parliament, the Gulf region’s oldest and most lively, […] June 22, 2022, 2:18 PM
