Development Saudi minister: ‘Not enough’ progress made in talks with Iran Saudi Arabia’s foreign minister said yesterday that there had been some progress in talks with Iran but “not enough” and that the kingdom’s hands remain outstretched to Tehran. Sunni power Saudi Arabia and Shi’ite Iran, which are locked in proxy conflicts across the Middle East, have held five rounds of talks hosted by Baghdad. “We […] May 25, 2022
Health Taiwan, now trying to ‘live with Covid’, has 80,000 cases a day Taiwan was billed as a coronavirus success story when its economy boomed in the pandemic, but the island is now battling a record wave of infections as it eases restrictions to start “living with the virus”. For the whole of 2021, Taiwan reported under 15,000 locally transmitted cases. It is now registering around 80,000 cases […] May 24, 2022
Business of Sport Some still can’t accept Qatar hosting World Cup, says emir Qatar’s ruler, Sheikh Tamim Bin Hamad Al Thani, has told Davos the Middle East has suffered discrimination for decades, in a speech addressing critics of the emirate hosting the World Cup. Speaking at the World Economic Forum in Switzerland, the emir said there were still those who were unable to “accept the idea that an […] May 24, 2022
Energy Saudi Arabia signals support for Russia in Opec+ Brent crude trading at about $112 a barrel Saudi blames prices on lack of global refining capacity and taxes New production deal for Opec+ quotas due in three months Saudi Arabia has signalled it will stand by Russia as a member of the Opec+ group of oil producers despite tightening western sanctions on Moscow and […] May 23, 2022
Banking and Finance Prince Alwaleed sells $1.5bn stake in Kingdom Holding to PIF Saudi billionaire Prince Alwaleed bin Talal has signed an agreement with Saudi Arabia’s sovereign wealth fund to sell 16.87 percent of his investment firm Kingdom Holding Co to the fund. The Public Investment Fund (PIF) will buy 625 million shares at 9.09 riyals ($2.42) a share, Kingdom Holding said in a stock exchange filing, for […] May 23, 2022
Climate change top of the agenda at Davos The Gulf’s two largest economies, Saudi Arabia and the UAE, are sending top-level delegations to the World Economic Forum’s (WEF) annual meeting in Davos-Klosters, Switzerland, which begins today. The UAE’s delegation, led by Maktoum bin Mohammed bin Rashid Al Maktoum, deputy prime minister and minister of finance, will also include Abdulla Bin Touq Al Marri, […] May 23, 2022
Opinion New unemployment scheme is risk worth taking for UAE Income protection insurance available to all residents is an enormous government undertaking May 20, 2022
Banking and Finance Ruler dissolves Dubai World financial disputes tribunal Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said today he had issued a decree dissolving a tribunal hearing disputes related to Dubai World,the state conglomerate that was at the centre of Dubai’s debt crisis more than a decade ago. Dubai World, which restructured $23.5 billion in debt after the global financial crisis, said in […] May 20, 2022
Energy Biden in talks to meet Saudi Crown Prince for first time US President Joe Biden and Saudi Arabian Crown Prince Mohammed bin Salman could meet for the first time as soon as next month, CNN reported on Thursday, citing multiple sources. Biden administration officials are in talks with the Saudis about arranging a potential in-person meeting while Biden is overseas next month, the report added. The […] May 20, 2022
Opinion Sheikh Khalifa Remembered A bright future beckons the UAE thanks to Sheikh Khalifa Peace, tolerance and the advancement of women leave a legacy few will match May 19, 2022
Banking and Finance Turkey’s planned inflation-linked bonds could sap deposits Some banks are concerned that Turkey’s deposit base could decline as investors, eager to protect savings from price rises, snap up the government’s expected inflation-protected bond issuance, officials and bankers say. Given that inflation has soared to 70 percent, the bonds could pull considerable savings from lira and hard currency deposits and even sap the […] May 19, 2022
Banking and Finance Egypt to offer state assets to investors in $40bn privatisation drive Egypt’s government has identified activities it will withdraw from or reduce its presence in over the next three years as part of a plan to expand the private sector, according to a draft document circulated in local media. Egypt’s economy has been jolted by the impact of the war in Ukraine, and it is in […] May 19, 2022
Energy Qatar to invest $5bn in Spanish projects, Emir says Qatar’s $300 billion sovereign wealth fund plans to invest $5 billion in Spanish projects, the Gulf state’s ruler said late on Tuesday at a dinner held in his honour in Madrid. Spain’s Prime Minister Pedro Sanchez said on Tuesday that Emir Sheikh Tamim bin Hamad Al-Thani told an audience at a dinner held in King […] May 19, 2022
‘No development’ in Tehran-Riyadh talks, says minister Iran’s foreign ministry said yesterday there has been “no new development” since April in talks between Iran and Saudi Arabia, shortly after a lawmaker said top diplomats of the rival countries will meet soon. Earlier, an Iranian lawmaker told the semi-official Fars news agency that Iran’s Hossein Amirabdollahian will soon meet his Saudi counterpart Faisal […] May 18, 2022
Energy Foreign ship in Gulf waters detained for ‘smuggling fuel’ Iranian authorities seized a foreign ship attempting to smuggle fuel out of the country and detained its crew, state news agency IRNA said today. Iran, which has some of the world’s cheapest fuel prices due to heavy subsidies and the plunge in value of its national currency, has been fighting rampant fuel smuggling by land […] May 18, 2022
Energy Saudi puts its energy into increasing oil output Saudi Arabia is on track to lift oil production capacity by more than 1 million barrels per day to over 13 million by the end of 2026 or start of 2027, the energy minister said on Monday. Prince Abdulaziz bin Salman told an energy conference in Bahrain that production could be maintained at that level should market […] May 17, 2022
Banking and Finance Saudi extends deposit for Yemen and pays $2bn instalment Saudi Arabia has extended a deposit it gave the central bank of Yemen’s internationally recognised government in 2018, and agreed to pay the final instalment of the $2 billion support package it promised. The Saudi finance ministry said the 2018 deposit would be extended to support Yemen’s currency and economic situation. The Yemeni central bank […] May 17, 2022
Agriculture Egypt can still buy Indian wheat despite export ban Any agreements by Egypt’s government to purchase Indian wheat will not be affected by an export ban announced by New Delhi, Egypt’s supply minister said yesterday. “For India, we are talking with them on the basis of a government agreement. The ban exempts governments including the government of Egypt,” minister Ali Moselhy said. Egypt, the world’s largest wheat […] May 16, 2022
Banking and Finance Mexico suspends duties on food staples to tackle inflation Mexico will waive import duties for one year on a range of household staples, most of them foodstuffs, in a bid to curb inflation, the government said in its official gazette today. The products on the government list included corn oil, rice, tuna, pork, chicken, beef, onions, jalapeño peppers, beans, corn flour, wheat flour, eggs, […] May 16, 2022
Manufacturing Renault sells Russian carmaker Avtovaz for one rouble Renault is to sell its majority stake in carmaker Avtovaz to a Russian science institute for just one rouble with a six-year option to buy it back, leaving the door open for the French carmaker’s return. Moscow Mayor Sergei Sobyanin said to preserve thousands of jobs Renault’s plant in the city would be used to […] May 16, 2022
People & Lifestyle Biden sends all-star team to UAE to repair frayed ties President Joe Biden is sending an all-star US delegation to the United Arab Emirates on Monday to offer condolences after the death of its ruler, in an apparent bid to step up efforts to repair frayed ties with Gulf Arab allies. Washington’s desire to improve ties with Gulf monarchies has gained renewed urgency following Russia’s […] May 16, 2022
Analysis MbZ: the man, the leader and the economic vision The new president of the UAE is set to continue to build on the progress he has made as de facto leader in recent years The UAE is expected to “unswervingly continue” to implement its vision to build a sustainable knowledge-based economy for generations to come under the leadership of President Sheikh Mohamed bin Zayed […] May 16, 2022
