Economy Cyprus GDP forecast at 5.5%, inflation may hit 8.4% in 2022 Cyprus’s economy is forecast to grow by 5.5 percent in 2022 on better than expected tourism arrivals, although the outlook is tempered by energy market turbulence which will sap demand later in the year, the island’s Central Bank said on Thursday. Updated projections of economic output were 2.8 basis points higher than previous projections made […] September 23, 2022
Lifestyle Bahrain pearls given royal stamp of approval The UK’s Princess of Wales put Bahraini pearls back in the spotlight this week when she wore a pair of earrings made from the precious stone for the funeral of Queen Elizabeth II. Her timing was perfect as Bahrain aims to re-establish itself as the global centre for sustainable pearls. Catherine, Prince William’s wife, sported […] September 21, 2022
In pictures Arab leaders attend Queen Elizabeth II’s state funeral Royals and leaders from the Middle East are among the dignitaries attending the state funeral of Queen Elizabeth II at Westminster Abbey in London. Britain’s longest-reigning monarch died on September 8 aged 96. Saudi Arabia’s Crown Prince Mohammed bin Salman is not expected to attend the funeral, Reuters reported, citing a source at the British […] September 19, 2022
Energy Berlin, Paris and Madrid unveil plans to cope with energy crunch European governments have outlined new measures to cope with potential energy shortages this winter and improve networks so they can share power, as the war in Ukraine continues to affect gas flows from Russia. On Monday, Spain unveiled plans that could force energy-intensive industries to shut at peak demand times; France said it was preparing […] September 19, 2022
Turkey’s VP rebukes Pelosi for ‘biased’ remarks in Armenia Turkey’s vice president Fuat Oktay has branded Nancy Pelosi’s speech on clashes between Armenia and Azerbaijan “biased”, suggesting that her comments “sabotage diplomacy efforts”. The Speaker of the US House of Representatives visited Armenia this weekend, in an unprecedented show of American support for the country, which has been locked in conflict with its neighbour […] September 19, 2022
Banking and Finance European Central Bank to inflict pain as it mulls interest rate hikes The European Central Bank (ECB) could raise interest rates into next year, causing pain for consumers as it tries to depress demand that is now increasingly adding to sky high inflation, chief economist Philip Lane said on Saturday. With inflation approaching double digit territory, the ECB delivered two oversized rate hikes in July and September, […] September 18, 2022
Banking and Finance UK investor sets up in Bahrain to tap into Gulf fintech boom Hambro Perks is partnering with Bahrain Development Bank's Al Waha fund to set up a fintech venture studio in Manama September 13, 2022
Analysis Lifestyle Charles III will build on his mother’s close ties to the Gulf While the great republics of the United States and France, and the governments of China and Russia, grapple for influence in the Arabian peninsula, Britain’s constitutional monarchy has often provided an edge in fostering relations with the Gulf states. Much of the Arab world reacted with deep sadness to the death of Queen Elizabeth II. […] September 12, 2022
Banking and Finance Porsche wants to be ready for listing as soon as possible Porsche AG wants to be ready for a planned stock market listing as early as possible, an executive at the luxury sportscar unit of Volkswagen was quoted as saying on Saturday, as investors showed huge interest in the initial public offering (IPO). “We welcome a strong interest in our company and we are confident despite […] September 12, 2022
The world mourns Queen Elizabeth II: 1926 – 2022 Her Majesty Queen Elizabeth II, the longest-reigning monarch in British history, has died aged 96. She acceded the throne on February 6, 1952 after the death of her father King George VI, and became an iconic and highly-respected figure to billions of people across the world during her 70-year reign. A statement from Buckingham Palace […] September 8, 2022
Queen Elizabeth’s death: Reaction from politicians and officials State heads and officials from around the world have offered their condolences for Queen Elizabeth, Britain’s longest-reigning monarch, after she died on Thursday 8 September. Middle East royals and leaders pay tribute to Queen Elizabeth II The world mourns Queen Elizabeth II: 1926 – 2022 UN Secretary General Antonio Guterres said the queen was widely […] September 8, 2022
Analysis Energy ADNOC sends first German cargo as it tests hydrogen ambitions Abu Dhabi National Oil Company (ADNOC) has announced that its first shipment of low-carbon ammonia has left the UAE bound for Hamburg, Germany, as the company aims to overcome one of the biggest obstacles to its hydrogen industry ambitions. The demonstration cargo will be delivered to Aurubis, a global provider of non-ferrous metals and one […] September 7, 2022
Banking and Finance Russia considers proposal to buy up to $16bn of yuan in 2022 Russia’s government is considering a proposal which says Moscow could buy $3-4 billion worth of Chinese yuan a month to help stem the rouble’s rise, but that it does not make sense for the country to accumulate illiquid currencies longer-term. Flush with oil income, Russia is looking for ways to replenish reserves under a revived […] September 6, 2022
Analysis Truss appointment as UK PM is good news for Gulf, say experts Liz Truss is to be the UK’s next prime minister, after beating former chancellor Rishi Sunak in the contest to lead the Conservative Party. Truss secured 81,326 votes to Sunak’s 60,399 in a ballot of party members. She will take office on Tuesday after a meeting with the Queen. The new prime minister’s in-tray is […] September 5, 2022
Economy No time to waste, worried Italian business leaders warn politicians Italy cannot afford weeks of political inertia after an election this month, business chiefs said, adding that sky-high energy prices are already forcing more and more firms to curtail production. Gathered on the shores of Lake Como for the annual Ambrosetti Forum this weekend, business owners lashed out at politicians for ousting Prime Minister Mario […] September 5, 2022
Business of Sport Qatar to allow beer at World Cup three hours before kick-off Qatar will permit ticketed fans to buy alcoholic beer at World Cup soccer matches starting three hours before kickoff and for one hour after the final whistle, but not during the match, a source with knowledge of plans for the tournament said. Budweiser, a major World Cup sponsor with exclusive rights to sell beer at […] September 4, 2022
Lifestyle Banks battle back-to-office fatigue with ping pong, indoor gardens Finance bosses are offering more incentives, including free meals, ping pong and “contemplative spaces” as they battle to get staff back to the office, while concerns about the cost and value of commuting to work weigh on attendance worldwide. Hybrid working policies were introduced across the industry during the COVID-19 pandemic, but data seen by […] September 2, 2022
Aramco’s VC arm leads $13m funding for satellite operator Luxembourg-based OQ Technology, a global 5G internet of things satellite operator, has raised 13 million euros ($13.05 million) in its Series A funding round co-led by Saudi Aramco’s Wa’ed Ventures and Greece’s Phaistos Investment Fund, according to a joint statement on Thursday. It is Wa’ed’s first investment overseas, since it expanded its mandate to pursue […] September 1, 2022
Business of Sport US firm joins Yankees owners to complete AC Milan takeover US investment firm RedBird Capital has joined forces with the owners of the New York Yankees to complete the 1.2 billion euro ($1.2 billion) acquisition of Italian soccer champions AC Milan, it said in a statement on Wednesday. Yankee Global Enterprises (YGE), owner of the New York baseball team, will take a minority equity stake […] September 1, 2022
Lifestyle Last Soviet leader Gorbachev, who ended Cold War, dies at 91 Mikhail Gorbachev, who ended the Cold War without bloodshed but failed to prevent the collapse of the Soviet Union, died on Tuesday at the age of 91, hospital officials in Moscow said. Gorbachev, the last Soviet president, forged arms reduction deals with the United States and partnerships with Western powers to remove the Iron Curtain […] August 31, 2022
Retail Russia’s Ozon opens Turkish office to help cross-border orders Russian e-commerce firm Ozon said on Tuesday it would open a local office in Turkey and make it easier for consumers to make cross-border orders, helping Russian shoppers to buy goods directly from Turkish sellers on its platform. As Western sanctions have rained down on Russia over its actions in Ukraine, commercial ties between Moscow […] August 31, 2022
New deals aim to enhance UK-Qatar trade and investments The UK has enhanced its relationship with Qatar, its third largest Gulf trading partner, with the announcement of two new agreements to boost trade and investment. UK trade minister Ranil Jayawardena met Qatar’s Minister of Commerce and Industry, Sheikh Mohammed bin Hamad Al-Thani in London last week to agree the partnerships at the third UK-Qatar […] August 30, 2022
