United Arab Emirates

What are the possible contours of a peace agreement between Russia and Ukraine? SECURITY GUARANTEE Ukraine, which has been subjected to a full scale invasion in 2022, and witnessed Russia annex Crimea, needs security guarantees from major powers, primarily the United States. The Budapest Memorandum of 1994, in which the U.S., Russia and Britain agreed to refrain from using force against Ukraine and respect Ukrainian sovereignty was not enough for the Ukrainian government. The powers agreed to take the matter to the United Nations Security Council in the event of an attack on Ukraine. Sources involved in the talks say...

Two people with direct knowledge said that the Abu Dhabi state oil company ADNOC will receive unconditional EU antitrust approval in its $16.6 billion acquisition of German chemicals firm Covestro for 14.7 billion euros. The largest deal ever signed by ADNOC demonstrates the Middle East's plans to diversify investments and reduce their dependence on oil as global energy transitions move towards cleaner sources of energy. According to the source, the European Commission is not concerned about competition because the companies are not overlapping. The EU Competition watchdog declined to comment. ADNOC could not be reached immediately for comment. The company...

Covestro, a German chemical company, cut its core profit forecast for 2025 on Tuesday and announced that it would continue to produce in the same area as it sells. This is because higher U.S. import tariffs are threatening the earnings of the chemical manufacturer. The company has narrowed its range of expected earnings before interest tax, depreciation, and amortization for 2025 to 1 billion to 14 billion euros ($1.13b to $1.59b). The company had forecasted EBITDA to be in the range of 1.0-1.6billion euros. Covestro and LyondellBasell announced that they had both permanently closed their Propylene Oxide Styrene Monomer production...

The International Court of Justice dismissed Sudan's claim that the United Arab Emirates were fueling genocide by supplying arms to paramilitary groups in Darfur, saying they lacked jurisdiction. Sudan complained to the U.N.'s highest court that the UAE violated the Genocide Convention in Darfur by supporting paramilitary groups, but the UAE said it should be dismissed. The court agreed with the UAE arguments on Monday, rejected Sudan's demand for emergency measures, and ordered that the case be removed. A summary of the ruling stated that due to the lack jurisdiction, "the court's statute prohibits it from taking any positions on...

Data from industry and trade sources revealed that the share of OPEC crude oil in India's imported oil fell to a new record low during fiscal year 2024-25, as refiners continued to gorge themselves on cheaper Russian oil, which was the number one oil supplier for New Delhi for a third consecutive year. India, which is the third largest oil consumer and importer in the world, has been buying Russian oil at a discounted price after the West imposed sanctions against Moscow due to the Ukraine conflict. In the fiscal year ending March 2025, the South Asian nation imported 4.88...

QatarEnergy increased the term price of al-Shaheen oil loading for June by $1.76 a barrel over Dubai's quotes, according to trade sources on Wednesday. The increase was the first in three months, and it came after a premium of $1.29 a barrel for cargoes loaded in May. Dubai and Oman, Middle East benchmarks for crude oil, also saw increases this month. This was due to increased buying interest after the drop in oil prices. They said that the producer sold two cargoes at a price premium between $1.68 and $1.75 per barrel over Dubai's quotes. One cargo was sold to...

Sudan informed the International Court of Justice that the United Arab Emirates violated the Genocide Convention on Thursday by supporting paramilitary groups in Darfur. The UAE, however, argued that the case should not be heard as the court lacks jurisdiction. Sudan requested that the judges issue an emergency order to prevent the attacks of the paramilitary Rapid Support Forces (RSF) and other Arab militias in West Darfur in 2023, which were documented by. The United Arab Emirates are complicit in the genocide of the Masalit, according to Sudan's acting Justice Minister, Muawia osman. The UAE have repeatedly dismissed Sudan's case...

Saudi Arabia's stock exchange led its Gulf counterparts higher on Thursday morning, following global shares. This was after U.S. president Donald Trump made the unexpected decision to suspend most of his recently implemented tariffs. Trump announced on Wednesday a 90-day suspension of many of his new tariffs. However, he increased the tariff rate on China from 104% to 125%, effective immediately. Saudi Arabia's benchmark stock index rose 4% on its way to the biggest intraday gain since March 2020. The increase was boosted by Al Rajhi Bank's 3.8% and Saudi National Bank's 3.9% increases. Saudi Arabia is currently subject to...

OMV, Austria's oil and gas group, said that it expects its first-quarter results to be boosted by the merger of Borealis and Borouge with ADNOC. Abu Dhabi National Oil Company (ADNOC) and OMV agreed last month to merge their polyolefin business to create Borouge Group International. The new company will have a $60 billion enterprise valuation. Vienna-based company stated that the positive impact of its clean operating results would be a mid-double digit million euro range for the first quarter compared to the final three months in 2024. Clean operating results are based on current costs of supply and exclude...

India's Foreign Ministry announced on Saturday that India and the United Arab Emirates had agreed to build an energy hub in Sri Lanka. This comes as New Delhi's rivalry with China in the Indian Ocean Island nation grows. The three nations signed a pact to create the hub during Indian PM Narendra Modi’s visit to Sri Lanka. This was the first time a world leader visited Sri Lanka since Anura Kumara dissanayake became president in September. New Delhi and Colombo are working to strengthen their ties, as India's southern neighbor recovers from the severe financial crisis that was triggered in...

ADNOC (Abu Dhabi National Oil Co.), a state-owned company, has pursued a number of mergers and acquisitions with European companies with the aim of diversifying and developing its renewable energy and chemicals operations. ADNOC has been involved in the following deals and discussions: COVESTRO ADNOC announced on October 1 that it had agreed to purchase German chemicals manufacturer Covestro for $14.7 billion. This is one of the largest foreign takeovers in the Gulf, and is intended to reduce the country's heavy reliance on oil during the energy transition. ADNOC will merge with OMV its polyolefin business to create a chemical...

UAE telecoms group e& announced on Wednesday it had agreed with artificial intelligence company G42 to sell its 40% share in Khazna Data Center Holdings, for $2.2 billion. In a statement, the telecoms company said that this deal would generate a capital profit of $1.4 billion prior to federal royalty and corporate taxes and that the proceeds would be used to pay down its debt. Khazna designs, builds, and operates wholesale datacenters. Separately, MGX and Silver Lake will become minority shareholders in addition to G42, the majority shareholder. The deal is expected to be finalized by the end the first...

People familiar with the matter said that the Guinean government's decision to revoke Emirates Global Aluminium (EGA's) mining license was due to the company's failure in fulfilling its commitment to build an alumina refining plant. Reports on Wednesday indicated that Guinea had begun a process of revoking the EGA license, intensifying a dispute which began in October when the Emirati firm's mining and bauxite-export operations were suspended. Guinea's move, as the second largest bauxite producer in the world, could disrupt global supply chains for aluminium and signal the country's increasing hostility toward foreign miners, especially since the September 2021 junta...

Two people familiar with the matter said on Wednesday that Guinea had begun a process of revoking Emirates Global Aluminium's mine licence. Emirates Global Aluminium is owned equally by Abu Dhabi sovereign fund Mubadala and Dubai sovereign fund Investment Corporation of Dubai. It operates through its Guinea Alumina Corporation subsidiary one of the world's largest bauxite mining operations in Guinea. In a reply, the company stated that it "continues to work hard to find a solution with the government so we can resume our operations." EGA and the Government of Guinea have been involved in a dispute since October last,...

The major stock markets in the Gulf region rose in early trading on Tuesday. This was largely due to positive corporate earnings and the easing of trade tensions with the U.S. Officials said that the U.S. will take steps to reduce the impact on domestically produced cars of foreign parts, and prevent tariffs on imported cars from piling up. Businesses that were notified say China has exempted certain U.S. imports of its 125% tariffs, and asked firms to identify the critical goods for which they require levy-free treatment. This is the clearest indication yet that Beijing is worried about the...

The major stock markets of the Gulf gained ground in the early trading on Wednesday. This was after recent losses caused by global trade wars and economic concerns. Trump increased duties on Chinese imports by 104%, accusing Beijing of manipulating yuan in order to offset the levies. But caution won out. China did not bow down to this blackmail and vowed to "fight until the end". Trump's tariffs on specific countries and products have been in effect since 0401 GMT. Saudi Arabia's benchmark Index gained 0.4%. Saudi Arabian Mining Company Ma'aden rose 2.2%. Ma'aden may choose at least one foreign...

Solidcore, a Kazakh gold miner, is looking at issuing bonds to fund investment in Kazakhstan, including new projects estimated to cost $350 million. The company's CEO Vitaly Nesis said that Solidcore was considering issuing these bonds to the Gulf region. Solidcore (formerly Polymetal International) is the second largest gold miner of Kazakhstan. In 2024, the company was forced to sell its Russian assets which accounted for 70% of its production. This happened after U.S. sanctioned its operations in Russia. Mercury Investments, a government-owned fund in Oman, was the largest shareholder of this new company. Its five-year investment program had to...

The United Arab Emirates exported aluminium to the United States in the first eleven days of March. This was due to buyers stocking up on shipments before U.S. Tariffs went into effect on Wednesday. The UAE has exported 68.560.29 tons of aluminum to the U.S. so far in March before tariffs were imposed, compared with 16,124.88 tons for the whole of March 2024. Exports are at their highest level in nearly two years on a monthly scale. The President Donald Trump has imposed 25% tariffs for all U.S. imports of steel and aluminum with the aim of strengthening domestic production....

Binance announced on Wednesday that Abu Dhabi's investment group MGX had invested $2 billion in cryptocurrency. This was Binance's first institutional investment. Binance and MGX stated in their statements on their websites that the investment had been made in stablecoin – a type cryptocurrency pegged to a currency like the dollar. Binance's spokesperson declined to say which stablecoin was used for the payment. United Arab Emirates aims to be a global hub for digital assets including the crypto industry. It has tried to attract some of the largest firms to build locally in a bid to diversify the economy. The...

Emirates Global Aluminium (EGA), on Wednesday, reported a decline of 23.5% in its annual net profit in 2024 as a result of an impairment charge due to the suspension of exports following its operations in Guinea. In 2024, the UAE-based mined ore supplier said that profits were 2.6 billion dirhams (707,95 million dollars) compared to 3.4 billion dirhams (US$707.95 millions) in 2023. UAE has introduced a corporate income tax of 9% starting January 1, 2024. The company said it also expected the volatility of aluminium prices to continue this year due to tensions within global trade. U.S. President Donald Trump...

Gold is being flown into the United States by global bullion banks from Asian trading hubs, such as Dubai and Hong Kong. They are doing this to take advantage of the high premium on U.S. futures gold prices over the spot price. Gold is traditionally transported eastward by bullion banks from the West in order to satisfy the demand of China and India. These two countries are the largest consumers worldwide, representing almost half the global consumption. In recent months, the fear of U.S. tariffs on imports by President Donald Trump drove Comex futures prices above spot prices. This created...

ADQ, the Abu Dhabi sovereign wealth fund, has formed a joint venture with Orion Resource Partners that will invest primarily in metals and minerals. The fund is expanding its portfolio of critical minerals. The fund announced that under the 50-50 joint venture, which will be located in Abu Dhabi's capital city, ADQ will invest an initial $1.2 billion in four years into mining companies in Africa, Asia, and Latin America. The partners will invest in different asset classes including equity, senior loans and production-linked instruments such as royalties. ADQ was established in 2018 and has a wide range of assets...

Most major stock exchange in the Gulf increased in early trade on Tuesday as financiers sought assistance on the Federal Reserve's future rates of interest decisions, expecting the release of minutes from its most current conference and upcoming payrolls data. The week is filled with information releases particularly from the United States, which will be headlined by the December non-farm payrolls report on Friday. Minutes of the Fed's newest conference due on Wednesday will offer colour on their dot-plot predictions, while there will be plenty of live comment with numerous leading policymakers. Fed decisions have a substantial impact on the...

India's gold imports are poised for a sharp slowdown in December following record purchases in November, in the absence of any major festival and as rebounding costs trigger purchasers to postpone purchases, trade and federal government authorities said. Lower imports by India, the world's second-biggest consumer of the rare-earth element, could top a rally in global prices that struck a record high in October. The drop in imports could also assist India narrow its trade deficit and support the ailing rupee. Last month, imports shot up thanks to strong demand for financial investment and jewellery, Prithviraj Kothari, president of the...