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
Opinion Biden Middle East Against the odds, Biden achieved a low key US-Gulf reset The US president did enough to restore relations with Saudi Arabia to what they were a decade ago but what comes next is paramount July 18, 2022
Opinion Biden Middle East Sink or swim? Biden’s tour puts US reputation on the line The President has a delicate balancing act as he courts favour with America's Middle East allies 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
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
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
Analysis Economy Muslims defy pandemic to spend $2trn globally in 2021 Bucking the global trend of tightening the purse strings, the world’s 1.9 billion Muslims spent the equivalent of $2 trillion at the height of the Covid pandemic. This spending reflects an 8.9 percent year-on-year growth from 2020 across a range of sectors offering halal food, pharmaceuticals, cosmetics, fashion, travel, and media/recreation. According to the 2022 […] July 13, 2022
Analysis Economy 60% of UAE firms to hike prices as costs surge Nearly two-thirds of UAE businesses are planning to increase the price on their goods and services as costs in the non-oil sector climb at the fastest pace for 11 years. The latest S&P Global UAE Purchasing Managers’ Index (PMI), issued last week, found that rising energy costs and higher wage bills were biting into profit […] July 13, 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
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
Analysis Economy Saudi and UAE fire big shots in battle for regional dominance Saudi Arabia has created a new authority to provide both financial and non-financial incentives for investment projects as its rivalry with the UAE to become the top regional business hub intensifies. The establishment of the National Incentives Committee (NIC) by the Council of Ministers has been described by analysts as a “major development” in the […] July 11, 2022
Economy Lebanon telecoms mark-up threatens migrants’ livelihood Kenyan cleaner Noel Musanga survived Lebanon’s economic meltdown, waves of Covid-19 and Beirut’s port blast. But when her internet provider announced rates would double, she feared her last lifeline to family and work would snap. The freelance migrant worker already barely earned enough to survive. Now, the higher telecoms bill means she will have to ration […] July 11, 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
Opinion Biden Middle East A picture could paint a thousand words when Biden meets MbS There are many issues to discuss but a simple photograph may reveal all we need to know about US-Saudi relations July 8, 2022
Opinion Biden Middle East Biden’s focus in Saudi should be on the long-term Mid-term election success will tempt the American president to go for quick wins, but he must enter into talks with an eye on the global demand for energy July 8, 2022
Analysis Biden Middle East 43 billion reasons why the US is key to Saudi’s wealth fund Saudi Arabia’s Public Investment Fund (PIF) is expected to continue with an investment strategy of “bargain hunting” in the United States but will likely deploy some caution, given current volatility in the US stock market. US president Joe Biden’s visit to the kingdom is an opportunity to strengthen bilateral business ties, commentators told AGBI, and […] 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
Opinion Biden Middle East It’s the bankers who most want Biden and MbS to make nice Saudi Arabia want better relations with the US, Biden wants cheaper oil - but Wall Street can smell the money July 8, 2022
Exclusive Economy UAE trade minister: ‘NextGenFDI is a game changer’ The United Arab Emirates is looking to compete against the world’s most popular cities for international businesses, the nation’s trade minister said as he announced incentives aiming to attract 300 digital companies to set up offices over the next year. “What we have seen in the last few years is that things are moving, despite […] July 7, 2022
Economy Cost-of-living crisis driving surge in extreme poverty, says UN The global cost-of-living crisis is pushing an additional 71 million people in the world’s poorest countries into extreme poverty, a new report published by the UN Development Programme (UNDP) on Thursday has warned. Achim Steiner, UNDP administrator, said an analysis of 159 developing countries showed that the surge in key commodity prices this year was […] July 7, 2022
Analysis Economy UAE seeks 27 trade deals as global growth slows Global trade growth is forecast to remain resilient this year, expanding at a rate of three percent, despite a fierce onslaught of headwinds, according to the Dubai Multi Commodities Centre. But that represents a significant slowdown from nearly 10 percent in 2021 when global trade hit a record-high of $28.5 trillion. DMCC’s Future of Trade […] July 6, 2022
