United Arab Emirates
COMMENT: The long road to a BRICS-led world order hits familiar obstacles
Brazil's upcoming BRICS summit exposes the bloc's growing pains as 21 members wrestle with deep divisions. The group's ambitious challenge to US financial dominance hits reality as internal disagreements threaten its push for global clout.
Fitch warns Israel-Iran conflict raises regional security risks
The military conflict between Iran and Israel has heightened geopolitical and security risks across the Middle East, with some sovereign credit profiles potentially facing adverse effects if violence escalates.
Thousands of Russian tourists stranded in UAE due to regional tensions
More than 10,000 Russian tourists and business travellers have been affected by flight cancellations and delays in the UAE due to the Israel-Iran conflict, with at least 2,000 people currently stranded in the Persian Gulf country.
Airlines scrap week’s worth of Turkey flights to Iran, Iraq and Jordan as Israel keeps up its bombing of Iranians
To avoid danger zone, aircraft diverted to airports in locations including Istanbul, Baku and Cyprus.
ISTANBUL BLOG: ‘Curse of the baklava’ as Ali Koc hits daily with full-page ad punishment
Newspaper spoilt mood after Fenerbahce basketball triumph by reporting criticism of “blessed” pastry publicity stunt.
EU adds Lebanon and Algeria to anti-money laundering risk list
EU adds Lebanon and Algeria to anti-money laundering risk list in bid to deal with informal exchanges.
Deloitte EMEA Fast 500 Technology ranking brims with Turkish, CEE and SEE startups
Top entry from Turkey is Novi Robot, a maker of automation systems for manufacturing plants.
Construction bosses turn witness in Turkey’s investigation into “Imamoglu Crime Syndicate”
Prosecution secures confessions from multiple individuals who experience claimed enlightenment in jail. Critics contend probe is entirely political and bogus.
AMEA Power inaugurates 500MW wind plant, Africa’s largest, in Egypt’s Ras Ghareb
The UAE renewable energy firm AMEA Power has successfully commissioned a 500MW wind power plant in Egypt’s Ras Ghareb in the Red Sea governorate, nearly 2.5 months ahead of schedule.
First Flydubai flight lands in Damascus as Emirates announces July resumption
UAE carrier Flydubai resumed flights to Syrian capital Damascus on June 1, with the first service in 12 years hiatus.
BERTRAND: ASEAN, GCC countries and China come together, forming the world’s largest economic bloc
China, the countries of South-East Asia (ASEAN) and the Arab states (GCC) just held a summit in Kuala Lumpur to forge what could become the world's largest economic bloc, covering everything from free trade agreements to de-dollarisation.
Gulf States, China dominate ASEAN Summit with a pledge to strengthen ties
Meeting in the Malaysian capital, Kuala Lumpur, the GCC, China and the 10-member Association of Southeast Asian Nations issued a joint declaration committing to “chart a unified and collective path towards a peaceful, prosperous and just future.
Watchdog warns Montenegro's UAE development deal puts EU accession at risk
Environmental groups and sections of civil society have criticised the deal as a potential land grab that threatens natural resources and democratic oversight.
UK treasury chief says closer to signing trade deal with Gulf Arab states
The UK is closer to finalising a trade agreement with the Gulf Cooperation Council, which includes Saudi Arabia, Qatar, UAE, Kuwait, Bahrain and Oman, Chancellor of the Exchequer Rachel Reeves said on May 20.
COMMENT: Arabs Inc: The Gulf's grand economic gambit
A significant development has been taking shape: the emergence of an Arab economic bloc with ambitions extending far beyond traditional resource-based cooperation.
Arab League leaders call for Gaza ceasefire at Baghdad summit amid regional crises
Gaza and Lebanon dominated the 34th Arab League Summit as some top brass skipped attendance.
Borsa Istanbul leads world markets in dollar-basis losses
Turkey’s exchange-traded fund down 9.5% in year-to-date. Thai performance second worst at 6.5%.
Syria and DP World sign $800mn MoU to develop Tartus Port
Syria's new government has signed a deal with Dubai-based DP World to rebuild Tartus port on the Mediterranean Sea.
UAE honours US President Trump with Order of Zayed, invests $1.4 trillion in AI companies
US President Donald Trump arrived in Abu Dhabi on May 15 on a state visit to the United Arab Emirates, marking the final stop of his three-country Gulf tour, with the country expected to sign $1.4 trillion in deals.
_is_seen_outside_of_OPEC's_headquarters_in_Vienna,_Austria_Cropped_0_1746690314.png)
HALLIGAN: Power struggle in OPEC+ is pulling oil prices down
The oil market has entered choppy waters once again. Crude prices fell by a dramatic 18% in April y/y – the sharpest monthly drop since November 2021 – partly due to a global slowdown, but more due to a power struggle within OPEC+.