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Ukraine-Russia war

Saudi Arabia's Crown Prince Mohammed bin Salman waves during the joint EU-GCC summit in Brussels, Belgium

Energy security at centre of EU-GCC collaboration

The European Union and the GCC held their first summit this week, where they committed to “greater cooperation on energy security, including energy efficiency and renewable energies and hydrogen”, the parties said in a joint statement. The EU wants to strengthen its energy security by cementing ties with the GCC, following European states’ decision to […]

U.S. Secretary of State Tony Blinken, centre, poses with the Foreign Ministers of the Gulf Cooperation Council Nations, on the sidelines of the 77th Session of the U.N General Assembly, September 23, 2022, in New York City.

Inaugural EU summit seeks GCC support to isolate Russia

The EU holds its first summit with the Gulf Cooperation Council states on Wednesday, part of a diplomatic push for far-flung friends as it enlists international support to isolate Russia. Since Moscow’s invasion of Ukraine, the 27-member EU has reached out to other regional blocs, holding its first summit with Asean countries and its first […]

retail M&A Bindawood Danube Saudi Arabia Video length: 04:53

Rise in retail M&A predicted as Gulf stores struggle

An increase in mergers and acquisitions in the GCC’s retail sector has been predicted for this year, as operators try to cope with an increasingly uncertain economic environment. Six retail M&A deals have taken place since the beginning of 2023, all involving intra-regional players.  Thirteen retail M&A deals were concluded in 2022, of which five […]

NEW DELHI, INDIA - MARCH 15: Union Minister of Petroleum and Natural Gas Hardeep Singh Puri addresses during the launch of ëEthanol 100í at Indian Oilís Irwin Road Service Station, on March 15, 2024 in New Delhi, India. According to an official statement, ETHANOL 100 stands as a cleaner, greener alternative to gasoline, boasting lower emissions of greenhouse gases and pollutants, thus aiding in combating climate change and enhancing air quality in our communities. With its high-octane rating, typically between 100-105, ETHANOL 100 proves ideal for high-performance engines, ensuring improved efficiency and power output all while minimizing environmental impact. (Photo by Sonu Mehta/Hindustan Times/Sipa USA )No Use Germany.

India’s Russian oil imports dent Gulf’s market share

Energy-hungry India has overtaken China as the world’s top importer of Russian oil as New Delhi takes advantage of sizeable discounts and shuns Gulf exporters to satisfy growing demand. India’s oil intake from Russia rocketed to record levels of more than 2 million barrels per day in July, from just 88,000 bpd in 2021-22, according […]

Telegram founder and CEO Pavel Durov

Telegram founder Pavel Durov arrested in France

Pavel Durov, the Russian-born billionaire founder and owner of the Dubai-based Telegram messaging app, was arrested at Le Bourget airport, Paris shortly after landing on a private jet late on Saturday, and placed in custody, three sources have told Reuters. Durov, 39, who has dual French and UAE citizenship, was arrested as part of a […]

Saudi Arabia imported, on average, 510,000 tonnes per month of Russian fuel oil – equivalent to around 3.4 million barrels – over the last three months

Saudi Arabia cools down by raising imports of Russian oil

An unusually hot summer is forcing Saudi Arabia, the world’s largest crude oil exporter, to increase fuel imports from Russia and Kuwait to meet peak domestic demand for electricity.  The Gulf state is importing thousands of tonnes of discounted Russian oil, while imports from Kuwait also made a strong comeback in July after a two-year […]

QatarEnergy CEO and Qatar's energy minister Saad Al Kaabi. The company has secured sales of 25 million tonnes of LNG in the past year

QatarEnergy profits down by 31%

Annual profits at QatarEnergy have dropped by almost a third after gas prices fell from the highs caused by Russia’s invasion of Ukraine. The state-owned company reported net profits of QAR101.9 billion ($28 billion) in 2023, down 31 percent on the previous year, when the start of the conflict in Eastern Europe caused gas prices to […]

Gulf construction client builder

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 […]

Visitors admire the House of the Blackheads in Riga, which Eagle Properties hope will be 'the new centre of Europe'

Abu Dhabi developer spots opportunity in Latvia

Abu Dhabi developer Eagle Hills Properties announced a €3 billion ($3.25 billion) investment in the Latvian capital city of Riga, as the UAE continues its investment drive into Europe. Eagle Hills’ Riga Waterfront, which was unveiled on Thursday, will ultimately encompass 8,000 luxury homes for 30,000 residents on a redeveloped site along 5 kilometres at […]

People on the Ain Dubai ferris wheel on Bluewaters Island admire the view of Palm Jumeirah. Both locations were popular with Russian property buyers

From buyers to sellers: Russians cool on Dubai real estate

Russian property owners in Dubai are cashing in and moving to alternative foreign enclaves, pushed out by currency issues and the rising cost of living in the emirate. Emigrants from Russia flocked to Dubai in 2022 at the start of the country’s war with Ukraine. The UAE, although condemning the invasion, proved a safe haven […]

UAE Ukraine cepa Yulia Svyrydenko, Ukraine’s minister of economic development and trade, and Dr Thani bin Ahmed Al Zeyoudi, the UAE’s minister of state for foreign trade, sign the deal between the two countries

UAE prepares for ‘new era’ in Ukraine with trade deal

The UAE has finalised the terms of a trade deal with Ukraine, as the Gulf state looks to become a key player in rebuilding the country once its war with Russia is over. The comprehensive economic partnership agreement (Cepa) aims to build on the $386 million bilateral non-oil trade between the two countries last year. […]

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 […]