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Ukraine-Russia war

An employee inspects a well head in the Yarakta oil field in Siberia. Russia's oil output has been hit by Ukrainian drone attacks on facilities

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 […]

Male factory worker inspecting quality rolls of galvanized or metal sheet in in aluminum material warehouse. Male worker working in warehouse of raw materials during manufacturing process in plant

Emirates Global Aluminium profit falls with metal prices

Emirates Global Aluminium (EGA), the UAE’s largest non-oil industrial company and one of the world’s largest aluminium producers, reported a decline in net profit last year, despite posting record production volumes of alumina, cast and hot metal for 2023. Net profit fell 54 percent year on year to AED3.4 billion ($937 million), against a backdrop […]

President Vladimir Putin is greeted by the UAE's foreign affairs minister, Sheikh Abdullah bin Zayed, at Abu Dhabi airport on Wednesday

UAE-Russia trade grows as Putin arrives in Gulf

President Vladimir Putin will be hoping to build on Russia’s $9 billion of trade with the UAE as he visits the Gulf this week. Putin arrived in Abu Dhabi on Wednesday and is also expected to travel to Saudi Arabia for talks with Crown Prince Mohammed bin Salman. Trade between Russia and the UAE increased […]

Passengers on the Ain Dubai wheel look out over Palm Jumeirah – now a popular spot for Russian property investors

Russians snap up plots of land to build ‘Little Moscow’ in Dubai

Russian investors in Dubai are working to become real estate developers or acquire clusters of homes to build “Little Moscow” communities in the emirate. Buyers from Russia have become big investors in Dubai property since sanctions imposed on Moscow locked them out of European and North American markets. The UAE has also become a key […]

Turkish President Tayyip Erdoğan said Ukraine should soften its negotiating position against Russia in talks over reviving the grain deal

Erdoğan says Black Sea grain deal can be restored soon

Turkish President Tayyip Erdoğan said after talks with Russia’s Vladimir Putin that it would soon be possible to revive the grain deal that the United Nations says helped to ease a food crisis by getting Ukrainian grain to market. Russia quit the deal in July – a year after it was brokered by the UN […]

The UN estimates that earthquake damage will affect more than 20% of Ankara’s agri-food exports Video length: 03:16

Inflation in Egypt hit hard by Russia

Inflation in Egypt is going to be a “long-stretched affair”, according to a Mena market researcher in a video interview with AGBI.  Egypt’s annual headline inflation increased to a record 36.5 percent in July driven by high food prices. Currency devaluation and the Russia-Ukraine war have been the main factors contributing to the inflated prices.  […]

Tourists and residents in Red Square, Moscow, Russia - St Basil's Cathedral is visible

Moscow still a key destination for Middle East tourists

Moscow remains popular for tourists from the Middle East despite the ongoing conflict between Russia and Ukraine. Russia launched a war against its neighbour in February last year, yet tourists from the Middle East made 139,600 trips to Moscow throughout 2022, according to statistics from the Moscow City Tourism Committee (MCTC). At the end of […]

Turkish home sales construction Turkey

Turkish home sales drop by 44% after earthquakes

Macroeconomic trends, a quirk of the calendar and the market fallout from February’s earthquakes have led to a 44 percent drop in Turkish home sales, experts have told AGBI. A total of 83,636 homes were sold in Turkey in June, according to the Turkish Statistical Institute, compared to 150,509 during the same month last year. […]

Brics bank in talks to admit Saudi Arabia as member

China-based New Development Bank, or Brics bank, is in talks to admit Saudi Arabia as its ninth member to strengthen its funding options. The kingdom’s inclusion will reinforce ties between the bank, set up by the world’s biggest developing economies as an alternative to Bretton Woods institutions. “In the Middle East, we attach great importance […]

Baby, Person, Body Part

Egypt minister blames Fitch downgrade on external forces

Egypt’s finance minister has said Fitch Ratings’ decision to downgrade its sovereign credit rating is down to the country’s struggle against extreme external pressures. The ratings agency reduced Egypt’s long-term foreign-currency rating to B, from B+, while maintaining its negative outlook. Mohamed Maait, Cairo’s finance minister, attributed the decision to the difficulties faced by emerging […]

Algeria's state-run Sonatrach plans to develop its gasfields to help offset declining production

Investment needed to unlock Algeria’s gas supplies

Algeria has helped to plug Europe’s gas needs following Russia’s invasion of Ukraine, but industry experts say future growth in exports can only be sustained with further investment.  Africa’s largest gas exporter saw its share of EU gas imports increase to 44 billion cubic metres last year, accounting for around 12 percent of the total, […]

Russia's Yamal LNG project attracted interest from Gulf investors – and may do so again

Ukraine ceasefire will unlock billions in Gulf-Russia deals

GCC investors shelved a potential $15 billion of investments in Russia when Moscow invaded Ukraine, but companies are said to be quietly resuming due diligence in the hope of tying up deals when a peace accord is reached.   These possible Gulf-Russia deals are mainly in the oil and gas, transport, logistics and agricultural sectors, according […]