United Arab Emirates

A Dubaibased firm has agreed to lend South Sudan's government $12 billion in exchange for payment in oil, according to a copy of the deal's term sheet and an unpublished U.N. report, possibly stacking pressure on squeezed public financial resources. The deal would be the biggest oil-backed loan South Sudan has actually ever taken out, according to the report composed by a U.N. panel of investigators for Security Council members. The nation's gdp (GDP) is about $7 billion. The U.N. report is due to be published quickly. The contract was signed on Dec. 28 by South Sudan's former financing minister,...

The Iraqi Kurdish ministries of electrical power and natural resources said on Saturday they are working with their partners to bring back operations at the Khor Mor gas field in Iraq's Kurdistan area after output was suspended due to a fatal drone attack. At least 4 Yemeni workers were killed and 2 other workers hurt in the attack late on Friday, the Kurdish local government said on X. It stated gas materials to power plants were likewise halted, leading to a decrease of around 2,500 MW of power generation. Up until now no group has claimed duty for the attack....

4 expatriate workers were killed in a drone attack targeting the Khor Mor gas field in Iraq's Kurdistan region on Friday, a consultant to the Iraqi Kurdish prime minister told . Production has likewise been suspended, the advisor to the Iraqi Kurdish prime minister and a senior Kurdish politician stated. The 4 migrant workers killed in the attack were from Yemen, a declaration from the Kurdish regional government said. Iraqi President Abdul Latif Rashid, in a Saturday post on X, condemned the attack that led to numerous deaths and injuries, and has actually affected the regional electricity supply network. The...

The trading arm for Abu Dhabi National Oil Co (ADNOC) has purchased numerous Juneloading cargoes of Abu Dhabi's Upper Zakum crude in the area market, tightening up Middle East supply, trade sources said on Wednesday. ADNOC Trading has purchased least four cargoes of the medium-high sulphur crude from Exxon Mobil Corp, Omani trading company OQ, Repsol and Aramco Trading at premiums of about $2.20-$ 2.30 a barrel to Dubai quotes, they stated, almost $ 1 a barrel greater than the previous month. ADNOC stated it does not talk about such concerns. The other oil companies typically do not comment on...

Gulf states are pushing to stop a fullblown local war after Iran's. unmatched retaliatory strikes on Israel, sources in the. area said, fearing brand-new escalation could put them on front. lines of a blaze and ruin plans to improve the area. Saudi Arabia and the United Arab Emirates in specific may. be well put to triangulate in between Iran, Israel and the. United States after diplomatic advances over the last few years that. benefited all those nations. Allies of Washington, Gulf monarchies have actually looked for to. stabilise ties with Iran and Israel to fix longstanding. security issues and permit...

Area premiums for U.S. Mars unrefined exports to Asia have actually leapt after Mexico cancelled deliveries to conserve oil for domestic use and amid tightened supply of heavier grades internationally, trade sources said on Wednesday. Deals for the medium-sour Mars crude soared to premiums above $6 a barrel to Dubai quotes for shipment to Asia in July, the sources said, similar to light sweet West Texas Intermediate oil which is of much better quality. This was up from about $3.50 a barrel for June delivery, one of the sources said. The dive in prices has actually shut the arbitrage, preventing...

Ballot started on Thursday in Kuwait's first election since Sheikh Meshal alAhmad alSabah presumed power late last year identified to push through financial reforms after drawn-out deadlock between designated governments and chosen parliaments. The new Emir strongly criticised the National Assembly and the government in his very first speech before parliament after taking workplace in December, stating they were hurting the interests of the nation and its individuals. His reform-minded technique with scant tolerance for political bickering seemingly aims to propel the small Gulf Arab state to catch up with neighbours in weaning its economy off oil. Years-old feuding between...

A. system of International Holding Business, Abu Dhabi's a lot of. valuable business, has an interest in obtaining Zambia's Lubambe. Copper Mine, a property that China's JCHX Mining has already. agreed to purchase, 3 sources familiar with the details informed. . International Resources Holding just recently told EMR Capital. that it is interested in bidding for the private equity. supervisor's 80% stake in the Lubambe copper job, which is up. for sale, an advancement that might complicate a sale process. that's currently underway, two of the sources stated. The IHC unit's interest in Lubambe, with possible to be. among Zambia's...

Turkey and the Gulf Cooperation Council (GCC) have actually signed a deal to launch negotiations for a Free Trade Agreement (FTA), Turkish Trade Minister Omer Bolat stated on Thursday, as Ankara steps up efforts to broaden financial ties with the region. After years of stress, Turkey introduced a diplomatic charm offensive in 2020 to repair ties with Gulf nations, particularly the United Arab Emirates (UAE) and Saudi Arabia. Ankara currently has a trade agreement, dubbed an extensive economic collaboration arrangement, with the UAE. Ever since, Ankara has actually signed deals worth billions with Gulf countries, including Qatar, with which it...

The United Arab Emirates, home to the financial center of Dubai, has actually been dropped from an international watchdog's list of nations at risk of illicit money flows, a win for the country that could boost its global standing. The Financial Action Job Force (FATF), a body that groups countries from the United States to China to tackle financial criminal offense, on Friday dropped the UAE from its 'grey list' of around two-dozen nations thought about risky. The Gulf country, a magnet for millionaires, lenders and hedge funds, was positioned under closer analysis in 2022, when the FATF highlighted the...

Kuwait's very first parliamentary election under the new Emir Sheikh Meshal alAhmad alSabah has led to couple of modifications, suggesting that continuous tensions in between government and lawmakers that have actually paralysed decisionmaking are likely to persist. The outcomes of Thursday's survey revealed only 11 new members of parliament, out of a total of 50 elected MPs in the Gulf Arab state. The new emir is eager to press through financial reforms after lengthy deadlock between appointed federal governments and elected parliaments impeded development. Sheikh Meshal's reform-minded approach, with scant tolerance for political bickering, appears aimed at assisting the OPEC...

Kuwait held its first parliamentary election on Thursday considering that Sheikh Meshal alAhmad alSabah presumed power late last year with a focus on accelerating economic reforms after drawn-out deadlock between designated governments and chosen parliaments. The brand-new Emir strongly criticised the National Assembly and the federal government in his very first speech before parliament after taking workplace in December, stating they were hurting the interests of the nation and its individuals. His reform-focused technique with little tolerance for political bickering relatively intends to propel the little Gulf Arab state to catch up with neighbours in weaning its economy off oil....

The Baltic Exchange's primary sea freight index declined on Friday, marking a weekly drop on the back of weaker demand in the bigger vessel segments. * The total index, which consider rates for capesize, panamax and supramax shipping vessels, fell by 22 points, or 1.3%, to 1,721 points, its most affordable level in over 2 weeks. * The index was down above 10% for the week. * The capesize index shed 58 points, or 2.6%, to 2,172, marking its lowest level since April 10, decreasing for the 6th straight session. The index signed up a weekly decline of over 23%....

The following are the leading stories on business pages of British papers. has not validated these stories and does not guarantee their precision. The Times - Britain's competitors watchdog has actually expressed genuine. issues that the most significant innovation business, including Apple. , Amazon and Microsoft, are using. their dominance on the planet of artificial intelligence in a manner. that could damage consumers. - Neil Woodford, the former star stock picker whose flagship. fund collapsed in 2019, trapping around 300,000 investors, had a. defective and unreasonably narrow understanding of his. responsibilities, Britain's Financial Conduct Authority stated on. Thursday. The Guardian...

Shares of Nasdaq fell 3% in extended trading on Tuesday following the statement of a secondary share offering that will enable Borse Dubai to slash its minority stake in the U.S. stock market. Borse Dubai had actually been the biggest single shareholder in Nasdaq. It said it will lower its ownership stake to 10.8% from 15.5%. Borse Dubai will offload about 26.96 million shares of the exchange operator as part of a secondary offering, according to a declaration released after the closing bell on Tuesday. Nasdaq shares closed the routine session up 3.6% at $62.46. At that price, Borse Dubai...

Investors reacted positively to the Federal Reserve's comments and the ongoing geopolitical tensions as they surveyed the major stock markets of the Gulf in the early trading on Thursday. Saudi Arabia's benchmark stock index rose 0.3% to close out two sessions of losses. The Saudi Arabian Mining Company stock, which had been down for the previous two sessions, gained 4.1% after the bourse introduced single stock option contracts. Allianz Saudi Fransi Cooperative Insurance also rose 0.3% after Abu Dhabi National Insurance Co acquired 51% of the insurer for 133.1 million dollars. Qatar Navigation rose 1.8%, while Industries Qatar increased 0.4%....

Nasdaq said on Tuesday that Borse Dubai would offer shares worth $1.6 billion in the U.S. stock market operator, delivering its area as the company's leading shareholder to personal equity company Thoma Bravo. The relocation sent shares of Nasdaq down almost 4% in trading before the bell on Wednesday. Borse Dubai will sell almost 27 million Nasdaq shares at $59. each, a discount rate of more than 5% to the stock's last closing. price. The deal will lower Borse Dubai's stake in Nasdaq to 10.8%. from 15.5% and make it the company's second-largest shareholder. With a 12.5% stake, Thoma Bravo...

The Baltic Exchange's dry bulk sea freight hit a more than threeweek high on Thursday, driven by robust demand across all vessel segments. * The overall index, which consider rates for capesize, panamax and supramax shipping vessels, increased by 57 points, or 3.1%, to 1,901 points, its highest level since March 26. * The capesize index gained 85 points, or 3.1%, to 2,845. * Average everyday earnings for capesize vessels, which generally carries 150,000-ton cargoes such as iron ore and coal, increased by $705 to $23,598. * Iron ore futures rose for a 2nd straight session on Thursday, underpinned by...

The Baltic Exchange's dry bulk sea freight index rose to a oneweek high up on Thursday, assisted by greater rates for the capesize and panamax vessel segments. * The total index, which consider rates for capesize, panamax and supramax shipping vessels, rose by 103 points, or 6.5%, to 1,690 points. * The capesize index gained 273 points, or 12.4%, to 2,475, hitting it greatest level since March 28. * Average daily profits for capesize vessels, which typically transfers 150,000-ton cargoes such as iron ore and coal, increased by $2,257 to $20,523. * We see a moderate level of volumes from...

The Baltic Exchange's dry bulk sea freight index, tracking rates for ships carrying dry bulk products, snapped a 14session losing streak on Wednesday, assisted by more powerful capesize vessel rates. * The total index, which factors in rates for capesize, panamax and supramax shipping vessels, increased by 17 points, or 1.1%, to 1,587 points. * The capesize index got 49 points, or 2.3%, to 2,202. * Average daily earnings for capesize vessels, which normally transfers 150,000-ton cargoes such as iron ore and coal, increased by $412 to $18,266. * On the capesize front, the week started on a slower note...

The Baltic Exchange's primary sea freight index, tracking rates for ships bring dry bulk products, edged lower on Wednesday, pressured by lower rates for panamax and supramax vessel sectors. * The overall index, which consider rates for capesize, panamax and supramax shipping vessels, shed 3 points or 0.2% to 1,711 points. * The panamax index, fell by 44 points or 2.4%, at 1,772 points, down for the ninth straight session. * Average everyday incomes for panamax vessels, which typically carries about 60,000-70,000 lots of coal or grain freight, reduced by $394 at $15,947. * The instant release of vessels is...

The following quotes, mergers, disposals and acquisitions were reported by 2000 GMT on Friday: ** Qualcomm on Friday said it has terminated its bid to acquire Autotalks, an Israeli company that makes communications chips to help avoid auto accident. ** Belgian insurer Ageas SA said it does not plan to make an offer for British home and motor insurance provider Direct Line DLGD.L after two stopped working attempts over possible terms. ** Shipping company Maersk stated it was too early to resume cruisings through the Red Sea due to a continued raised risk level, in spite of an initiative by...

The Baltic Exchange's main dry bulk sea freight index extended declines on Thursday to publish its worst week considering that early January, pressed by weaker rates across all segments. * The total index, which factors in rates for capesize, supramax and panamax shipping vessels, fell by 24 points, or 1.3%, to 1,821 points, its least expensive level considering that Feb. 22. The index registered its second straight weekly decline. * The capesize index lost 1 indicate 2,637 and has slipped over 24% for the week. * Average everyday profits for capesize vessels, which typically carries 150,000-ton cargoes such as iron...

The Baltic Exchange's main sea freight index decreased on Thursday, as a fall in capesize rates overshadowed gains in the panamax section. * The overall index, which consider rates for supramax, panamax and capesize shipping vessels, lost 20 points, or 0.8%, to 2,350 points. * The capesize index was down by 147 points, or 3.5%, to 4,042, its lowest level in a week. * Typical daily revenues for capesize vessels, which normally carries 150,000-ton freights such as iron ore and coal, reduced by $1,216 to $33,521. * Iron ore futures prices suffered with lingering issues over need in leading consumer...