Analysis Energy ACWA places faith in hydrogen to power Saudi’s future Saudi Arabia, the world’s top oil exporter, has grand ambitions to become the globe’s number one producer of green hydrogen. The kingdom is aiming to produce around four million tonnes of the gas by 2030 as part of Saudi Crown Prince Mohammed bin Salman’s (MbS) Vision 2030 to diversify the economy. Green hydrogen is set […] June 17, 2022
Development Tunisian union goes on strike in challenge to President Saied A powerful labour union will go on strike in Tunisia on Thursday to protest against government economic reform plans in a challenge to President Kais Saied as opposition to his one-man rule mounts and a financial crisis looms. The UGTT union has called the strike by employees in state companies in response to proposals including […] June 16, 2022
Kuwait opposition stage sit-in to press for new government Several Kuwait lawmakers are staging an open ended sit-in inside the parliament complex to press the Gulf state’s crown prince to appoint a new government after a caretaker administration resigned over two months ago in a standoff with parliament. The protest began on Tuesday, at the same time as a special session to discuss a social security […] June 16, 2022
IPO expected for Dubai road toll operator Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum on Wednesday issued a new law establishing road toll operator Salik as a public joint stock company (PJSC), paving the way for a potential initial public offering (IPO). According to the law, Salik Company PJSC will have a term of 99 years, starting from the date of […] June 15, 2022
Analysis Development Foreign investment licences in Saudi reach record high The number of foreign investment licences have soared to record highs in Saudi Arabia as more than 100 deals worth over $4 billion were struck during the first quarter of 2022. Saudi Arabia’s Ministry of Investment (MISA) revealed that the deals announced are expected to create more than 5,800 new jobs in the domestic economy, […] June 15, 2022
Tourism EU official concerned about Russia flying Western-made planes European’s top aviation safety regulator said on Tuesday that he is “very worried” about the safety of Western-made aircraft continuing to fly in Russia without access to spare parts and proper maintenance. The European Union and the United States have moved to restrict Russia’s access to spare parts following its invasion of Ukraine. “This is […] June 15, 2022
Manufacturing China’s factories perk up, amid signs of economic recovery China’s economy showed signs of recovery in May after slumping in the prior month as industrial production rose unexpectedly, but consumption was still weak and underlined the challenge for policymakers amid the persistent drag from strict COVID curbs. The data, however, provides a path to revitalise growth in the world’s second-biggest economy after businesses and […] June 15, 2022
Manufacturing Toyota, slow to move to EVs, claims it needs to offer variety Toyota Motor Corp, under scrutiny from investors over its commitment to embrace battery electric vehicles, said on Wednesday it needs to offer a variety of choices to suit different environments and customer needs. The world’s largest automaker by sales kicked off its annual general meeting on Wednesday under fire from environmentally minded investors for not […] June 15, 2022
Manufacturing South Korea strike disrupts global supply chain of computer chips A week-long strike by truck drivers in South Korea has disrupted shipments to China of a key cleaning agent used by makers of semiconductor chips, the Korean International Trade Association (KITA) said on Tuesday. It was the first sign that the strike was affecting the global supply chain of chip production, having already cost South […] June 14, 2022
Energy Bahrain gets new oil minister in cabinet reshuffle Bahrain’s King Hamad bin Isa al-Khalifa ordered a cabinet reshuffle on Monday that included appointing a new oil minister, state media reported. Mohammed bin Mubarak Bin Dainah, who was the country’s envoy for climate affairs, was named minister of oil and environment, replacing Oil Minister Sheikh Mohammed bin Khalifa bin Ahmed Al Khalifa. The reshuffle […] June 14, 2022
UAE pledges mask clampdown as Saudi lifts all Covid restrictions Masks are no longer required indoors in Saudi Arabia, but the UAE has warned it will be 'strictly monitoring' its rules on face coverings June 13, 2022
Israel and India set to restart free trade talks Israel and India are preparing to resume talks on a free trade agreement, Israel’s economy ministry said on Monday, adding that an Indian delegation had arrived in Jerusalem to discuss framework rules and coordinate expectations for negotiations. Last October, India and Israel agreed to resume free trade talks with an aim of signing a deal […] June 13, 2022
‘Lightyear’ banned days after Disney streaming launch The UAE has banned the latest Disney animated blockbuster from showing in cinemas in the country, just days after the American entertainment giant launched its long-awaited streaming service across the region. The Media Regulatory Office, part of the UAE Ministry of Youth and Culture, said in a tweet on Monday that the “the animated film […] June 13, 2022
Markets India rupee at record low, bonds rise to three-year high India’s rupee hit a record low in opening trade on Monday while bond yields spiked to their highest levels in more than three years as a sharper jump in US inflation raised concern over the Federal Reserve resorting to steeper rate increases. Soaring food and energy prices drove the largest year-on-year gain in US consumer […] June 13, 2022
Biden to travel to Saudi Arabia, Israel next month US President Joe Biden will travel to Saudi Arabia and Israel next month and the White House is planning to announce the trip this week, a source familiar with the planning said on Sunday. Biden’s trip, which is expected to take place around mid-July, could include a meeting with Saudi Crown Prince Mohammed bin Salman, […] June 13, 2022
Turkey unveils latest salvo against soaring inflation Turkey’s government launched a series of steps meant to harness its banks and bond markets to cool soaring inflation and stabilise a sliding currency, doubling down on President Tayyip Erdogan’s aversion to raising interest rates. While the Treasury said fighting inflation remained its “top priority”, some analysts said the measures – announced late Thursday and […] June 10, 2022
Development Spain vows to defend interests after Algeria halts non-gas trade Spain said it will firmly defend its national interests following Algeria’s decision to suspend a 20-year-old treaty of friendship and cooperation and ban all non-gas trade, a move that also alarmed EU officials. Spain was also monitoring gas flows from Algeria, its second-largest supplier after the US, but these were unaffected by the diplomatic rift over Madrid’s […] June 10, 2022
Canada cracks down on $314m of Russian assets Canadian police said on Thursday they had cracked down on more than C$400 million ($314.81 million) in Russian assets and transactions involving people sanctioned as a result of Moscow’s war on Ukraine. The Royal Canadian Mounted Police said in a statement that from Feb. 24 to June 7, C$123 million of Russian assets in Canada […] June 10, 2022
UAE sends ministerial delegation to Morocco to boost trade The United Arab Emirates’ minister of economy, Abdulla bin Touq Al Marri, will today lead a high level delegation to Morocco to discuss ways to boost bilateral investment between the two Arab countries. “The visit aims to promote cooperation between the business communities of the two countries and motivate the private sector and entrepreneurs to […] June 9, 2022
Manufacturing Tesla in China hiring drive, despite Musk’s threat of job cuts Tesla was proceeding with an online hiring event in China on Thursday and added two dozen new job postings for the country, a week after Elon Musk threatened job cuts at the electric car maker and said the company was “overstaffed” in some areas. Tesla plans to hold the event online starting from 7 p.m. […] June 9, 2022
Manufacturing Biden’s new Air Force One faces delays over Boeing labour issues The next-generation presidential aircraft being built by Boeing Co risks further delay due to a tight labour market for mechanics and lower-than-expected security clearance rates, the investigative arm of Congress said on Wednesday. The need for Boeing to switch to an alternative supplier for some interior work was also cited in the report issued by […] June 9, 2022
Tourism US to seize luxury planes owned by Roman Abramovich A US court on Monday issued warrants for the seizure of two luxury planes owned by Russian billionaire Roman Abramovich under US measures imposed after Russia’s invasion of Ukraine, court records showed. But the US government’s likelihood of gaining control of the aircraft worth nearly $400 million was uncertain. A Department of Justice official said […] June 8, 2022
