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Person, Human, Chair

Cryptocurrencies face regulation to avoid illicit dealings

Cryptocurrency firms, many of which lined the main street in Davos this week, were told they will need to clean up their act before gaining complete acceptance from the World Economic Forum’s old guard. “The future of crypto, I’m sorry to say, looks regulated to me,” said Nela Richardson, senior vice president and chief economist […]

Boat, Transportation, Vehicle

US seizes Russian ship with Iranian oil cargo

The United States has confiscated an Iranian oil cargo held on a Russian-operated ship near Greece and will send the cargo to the United States aboard another vessel, three sources familiar with the matter said. Greek authorities last month impounded the Iranian-flagged Pegas, with 19 Russian crew members on board, near the coast of the […]

MENAP countries must work together to close GDP shortfall

Economic cooperation in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) is a strategic must for continued regional prosperity and socio-economic development, says a new report. The introduction of bloc-wide common standards and free flow of capital, goods and services could help unlock up to US$230 billion in GDP, according to research from UAE […]

ADGM will regulate the exchange

World’s first carbon credit exchange boosts green projects

Abu Dhabi Global Market pioneers the milestone exchange allowing companies to trade carbon credits like conventional financial assets The launch of the world’s first regulated carbon credit exchange and clearing house to regulate carbon credits will help mobilise capital for renewable energy projects in the MENA region. It will also help companies reach their decarbonisation […]

Qatar sovereign wealth fund can’t exit Russia

The Qatar Investment Authority cannot exit the Russian market and is waiting to assess its position there because of the Ukraine crisis, one of the sovereign wealth fund’s chief investment officers said yesterday. Moscow placed restrictions on foreign investors trading Russian assets in March, saying it wanted to ensure decisions to exit were considered and […]

Dubai among lead managers of Indonesia’s biggest Islamic bond

Indonesia has raised $3.25 billion by selling US dollar-denominated Islamic bonds with 5-year and 10-year tenures, the country’s biggest global sukuk issuance, the finance ministry said today. The 5-year notes carry a coupon of 4.40 percent, while the 10-year notes have a 4.70 percent coupon, below the sovereign’s initial price guidance, it said in a […]

Taliban agrees to have UAE run Afghan airports

The Taliban will sign an agreement with the United Arab Emirates on operating airports in Afghanistan, the group’s acting deputy prime minister said today, after months of talks with the UAE, Turkey and Qatar. Mullah Abdul Ghani Baradar said that his administration was renewing an airport ground handling agreement with the UAE. It was not […]

Covid testing in Taiwan

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 […]

Saudi Opec+ Russia

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 […]

Face, Person, Human
  • How I got to the top

Ayham Gorani, co-founder and CEO, Pemo

What does your company do?Pemo empowers businesses across the Middle East, North Africa and Pakistan by offering them a fast, transparent, and simplified way to manage their company spend. We’ve built a platform that addresses the day-to-day spend management challenges faced by small and medium-sized enterprises (SMEs) in the region. Our offering includes smart corporate […]

Saudi teams with Indian travel portal to boost tourism

The Saudi Tourism Authority has signed an agreement with EaseMyTrip, India’s second-largest online travel platform for air ticket bookings, as part of its goal to exceed 70 million visitors to the kingdom by the end of 2022. As part of the deal, EaseMyTrip will raise awareness about Saudi Arabia as a tourist destination in India […]

Iran has up to 20 oil tankers anchored near Singapore

Cheap Russian oil gives Iran a China crisis

Iran’s crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers. US and European sanctions imposed over Moscow’s invasion of Ukraine on February 24 have pushed […]

Abu Dhabi’s $2bn green energy splash will deepen India ties

Abu Dhabi-based International Holding Company PJSC’s (IHC) AED 7.3 billion ($2 billion) investment in Indian multinational conglomerate Adani Group takes the UAE-India partnership to “a different level” with more deals on the horizon, market observers said.  IHC provided capital to Adani Green Energy, Adani Transmission, and Adani Enterprises, which are all listed on the Bombay […]

Japan edges ahead of Saudi and Qatar to host Asian Cup

The Japan Football Association (JFA) has been informally approached about the possibility of replacing China as hosts of next year’s Asian Cup, Chairman Kozo Tashima told Nikkan Sports. The Asian Football Confederation (AFC) announced last Saturday that China had pulled out of hosting the 24-team continental championship, citing the COVID-19 situation in the country. “We […]

Indonesia’s cooking oil crisis explained

An export ban has infuriated farmers, amid soaring prices and claims that a ‘palm oil mafia’ is operating in the country Indonesia, the world’s biggest exporter of palm oil, halted shipments on April 28 in a bid to flood the domestic market with supplies and control the soaring price of cooking oil. The tough policy […]

Qatar, the reigning champions, would have the infrastructure to host the Asian Cup thanks to this year's World Cup

Qatar may tackle Asian Cup as replacement host for China

The 2023 Asian Cup could be shifting west to the Gulf, where new infrastructure has made the region a magnet for international tournaments, after China withdrew as host. China had planned to hold the Asian Cup across 10 cities in June-July next year, but has dropped the 24-team tournament because of “exceptional circumstances caused by […]

Optibus develop software to prepare transit systems for smart cities

Mobility tech firm Optibus valued at $1.3bn after raising $100m

US-Israeli mobility technology company Optibus has raised $100 million in a private funding round that values the company at $1.3 billion. The funding came from new and existing investors including Insight Partners, Bessemer Venture Partners, Verizon Ventures, Pitango First & Pitango Growth, Tencent, SOMV Momentum, and others, said Optibus, which has raised $260 million to […]

Indian Prime Minister Narendra Modi was one of many world leaders to express their condolences

Messages of sympathy pour in from around the globe

Leaders from the Gulf, the wider Middle East and around the world have offered their heartfelt condolences after the death of Sheikh Khalifa bin Zayed Al Nahyan, the President of the United Arab Emirates and ruler of Abu Dhabi. Here are some of the messages of sympathy The UN offices in the UAE said: “In this […]

Japan’s Nikkei hits two-month low after Wall Street slides

Japan’s Nikkei fell to its lowest in almost two months today as technology heavyweights tracked a sharp decline on Wall Street overnight. The Nikkei share average fell 1.77 percent to 25,748.72, the lowest since March 15. The broader Topix fell 1.19 percent to 1,829.18. “It was hard to bet on Japanese stocks after the Nasdaq’s […]

Burj Al Arab

Indian media giant signs Dubai blockchain deal

Eros Investments, run by India’s Lulla family, plans to develop Web 3.0 and blockchain businesses out of Dubai as part of a partnership deal to operate under Dubai’s new virtual assets regulator, the company said on Tuesday. The deal is part of a push by the United Arab Emirates to become a global hub for […]

AerCap, the world's biggest aircraft lessor, has submitted a $3.5 billion insurance claim. Picture: Creative Commons

Billion dollar battle to begin for planes grounded in Russia

Lessors with hundreds of jets stuck in Russia are preparing for what one said would be a “vigorous” pursuit of insurance claims while maintaining discreet contact with some customers after Moscow blocked the jets from leaving. The loss of over 400 leased planes worth almost $10 billion since Western countries sanctioned Russia has led to […]