Trade Suez Canal revenues and traffic fell in May Suez Canal revenues continued to decline in May because of instability in the Red Sea, according to Egyptian media. Revenues fell 64.3 percent year on year to $337.8 million. Last month 1,111 individual ships passed through the canal – down 54 percent on the May 2023 figure of 2,396. Finance minister Mohamed Maait said last […] June 10, 2024
Analysis Construction Gulf construction sector rethinks contract terms as costs rise The Gulf’s construction industry is rethinking the developer-contractor relationship, and procurement and supply chain management, to stay ahead of rising prices of materials and transport bottlenecks as a result of geopolitical volatility. “We are in a part of the world that is very conducive to finding alternatives,” Imad Itani, head of innovation at the Dubai […] June 7, 2024
Logistics Air cargo between Middle East and Europe up by 30% Middle Eastern carriers reported a year-on-year increase in demand for air cargo of more than 9 percent in April, industry figures said. Air cargo between the region and Europe experienced the strongest rise with a 30 percent lift on the same time last year. Asia grew by over 10 percent, according to the latest data […] May 30, 2024
Opinion Oil & Gas As Iran mourns, questions about its oil remain The next president will have to deal with economic woes and rumblings from Washington May 22, 2024
Video length: 03:53 VIDEO Logistics Shipping needs cheaper green methanol for its route to net zero Higher costs and undersupply remain the biggest concerns for shipping companies seeking to reduce their greenhouse gas emissions by switching to green methanol. Danish logistics company Maersk has ordered 25 vessels that can run on sustainably produced e-methanol. Its first large methanol container ship, Ane Maersk, arrived at Jebel Ali port in Dubai last week. […] May 16, 2024
Logistics Red Sea disruption to hit capacity by 20% says Maersk Danish shipping major Maersk expects Red Sea disruption to lead to a 15 to 20 percent industry-wide capacity loss on the Asia to North Europe and Mediterranean routes in the second quarter of 2024. The complexity of the situation in the Red Sea has intensified over the last few months, the company said in an […] May 7, 2024
Opinion Economy In times of conflict, spare a thought for the non-Gulf economies Confidence and growth have taken hits – but the tide is turning for some nations, if not all May 3, 2024
Real Estate Aldar’s Egyptian sales unhindered by war and economic risk Real estate developer Aldar says geopolitical and economic volatility is not affecting its expansion in Egypt. The Abu Dhabi-listed company acquired its Egyptian subsidiary Sodic in December 2021. Since then, sales have risen by more than 50 percent on a dollar-basis, Faisal Falaknaz, Aldar’s chief finance and sustainability officer, told reporters on Monday. “What has […] April 30, 2024
Opinion Markets Middle East escalation would have severe market implications Energy market disruption would be substantial and global oil supply would contract by around 6% April 19, 2024
Trade Jordan’s exports rise 15% in Q1 despite regional unrest Jordan’s exports increased by more than 15 percent in the first quarter of the year despite the conflict between Israel and Hamas and the disruptions to maritime trade in the Red Sea. The country recorded “remarkable” growth in export value from January to March, according to the Amman Chamber of Industry. Export value rose to […] April 17, 2024
Logistics Transportation costs fall as Suez disruption eases Global transportation costs fell last month to their lowest level since December as the diminishing impact of Suez Canal disruption led container rates to decline. Latest data shows no discernible impact on supplies from either the Red Sea attacks or from reduced capacity on the Panama Canal, with businesses adjusting to longer delivery schedules. The […] April 16, 2024
Logistics Volumes up at Saudi ports in spite of Red Sea attacks Container volumes at Saudi Arabia’s ports were up last month compared to March 2023 despite continuing attacks on shipping in the Red Sea, data from the kingdom’s ports authority shows. The Saudi Ports Authority, known as Mawani, oversees 10 ports. These include facilities in Jeddah, Yanbu and Jazan on the country’s Red Sea coast, and […] April 11, 2024
Economy Middle East exports to rebound as Red Sea fears ease Middle East goods export volumes, which include oil and gas, will expand 3.5 percent this year, the World Trade Organization predicts, adding that disruptions to Red Sea maritime trade are proving less severe than feared. The WTO’s Global Trade Outlook and Statistics report, published on Wednesday, says this expected increase contrasts with a 1.6 percent […] April 11, 2024
Oil & Gas Oil price to hit $100 if Opec+ cuts continue says Vitol chief Crude prices are likely to reach $100 per barrel in 2024 if Opec+ maintains its output cuts, a global commodity trader has said. The supply-constrained market has already reached an average price of $83 per barrel this year, S&P Global Commodity Insights reported, quoting Vitol CEO Russell Hardy’s speech on Tuesday at a summit in […] April 10, 2024
Opinion Oil & Gas Qatar’s role as LNG colossus will grow with North Field Geopolitics, high oil price and LNG demand are upsides for Qatar April 9, 2024
Trade Red Sea disruptions hit UAE business activity Backlogs of work in the UAE are at their highest levels in 15 years because of supply chain disruptions caused by the Red Sea shipping crisis. As a result growth in the country’s non-oil business sector eased slightly in March, the seasonally adjusted S&P Global UAE purchasing managers’ index shows. The latest PMI dropped marginally […] April 3, 2024
Oil & Gas Oil prices rise again ahead of Opec+ talks on Wednesday Crude oil prices consolidated on Monday, following a run of increases in the first quarter, fuelled by signs of recovery in China, tighter supplies by the Opec+ producers and geopolitical tensions. Brent was trading slightly higher at $87.28 a barrel in the morning, while West Texas Intermediate rose to $83.45. Brent has gained about 15 […] April 1, 2024
Trade US approves $2bn military order for Bahrain The US has approved a $2 billion order from Bahrain for advanced battle tanks and other military equipment as the kingdom continues to ramp up its defence spending. Although the deal is still to be ratified by Congress, the US State Department revealed it is ready to sell 50 M1A2 Abrams tanks to Bahrain, which […] March 22, 2024
Economy Saudi Arabia gives $800m in Ramadan social security aid Saudi Arabia has disbursed SAR3 billion ($800 million) to around 500,000 Saudis as a one-off social security payment during the fasting month of Ramadan. The amounts were deposited directly into bank accounts of beneficiaries of social security by the Ministry of Human Resources and Social Development, on the basis of SAR1,000 ($270) per head of […] March 18, 2024
Oil & Gas IEA predicts oil supply will turn to deficit in 2024 Global crude markets supplies will shift from surplus into deficit in 2024, the International Energy Agency (IEA) has predicted, implying higher hydrocarbon prices. The Paris-based watchdog raised its forecast for this year’s oil demand on Thursday on an improved outlook for the US economy and increased bunker fuel use, as attacks by the Houthis on […] March 15, 2024
Economy Saudi Arabia’s inflation up to 1.8% and ‘likely’ to keep rising Saudi Arabia’s annual inflation rate rose more than expected in February to 1.8 percent, driven by the housing market, as the country emerges from last year’s economic slowdown. “Actual rents for housing increased by 10 percent in February 2024, reflecting the increase in rents for villas by 9.1 percent,” the General Authority for Statistics said. […] March 14, 2024
Analysis Economy Volatility of crude markets masks Saudi non-oil momentum Volatility in global oil markets, which led to Saudi Arabia’s GDP shrinking last year, is masking the strength of the kingdom’s non-oil economy, analysts have said. Its non-oil revenue is forecast to rise by more than 5 percent in each of the next two years, according to Jadwa Investment. The 2023 contraction was driven by […] March 5, 2024
