United Arab Emirates

A study found that the closure of the Strait of Hormuz and the subsequent?surge of global oil prices has brought financial windfalls for Iran, Oman, and Saudi Arabia. Other states, however, who lack alternate shipping routes, have suffered?billions of dollar losses. Iran closed the Strait, a route that accounts for a fifth or more of the global oil and gas flows. This was after U.S. airstrikes and Israeli strikes on Iran in February triggered a wider conflict. Later, it said that vessels with no U.S. and Israeli connections would be allowed to transit the Strait. Some tankers have managed to...

The South Korean Ministry of Finance announced that Koo 'Yun-cheol, Minister of Finance, met with envoys of Gulf countries on Sunday to discuss energy security and the safety of 'Korean vessels near the Strait of Hormuz. This is due to the escalating Iran conflict disrupting shipping. The ministry said that during the Friday meeting, Koo requested the ambassadors of the Gulf Cooperation Council to ensure a constant supply of oil, liquefied gas, naphtha and urea as well as other critical resources. He also asked them to ensure the safety and security for Korean vessels and crews near this vital strait....

Sudan appointed General Yassir al-Atta as the chief of staff for the Armed Forces of the country. He is a member of the 'Sovereign Council' of the 'country and an assistant to commander-in-chief Abdel Fattah al-Burhan. This is the biggest personnel change?since the war between the Sudanese Army and the paramilitary Rapid Support Forces, three years ago. It could also lead to a shift in strategy as a?new front opens in the southeastern Blue Nile State. Al-Atta has been in the military more than 40 year and has made many public speeches accusing the United Arab Emirates of supporting the...

Despite the fact that the markets were bouncing and oil prices were near $100 a barrel due to the U.S./Israeli war against Iran, U.S. Energy Sec. Chris Wright said on Monday, at the CERAWeek conference in Houston, Texas. After the attacks in the Middle East on energy infrastructure and the closure of an important shipping channel, the world is experiencing one of its worst energy crises. The oil prices are at multi-year highs, and fuel prices in the U.S. have surged. This could cause problems for the Republican Party of President Donald Trump ahead of the midterm elections. The Trump...

According to an academic analysis, the Patriot air defense system operated by the United States likely fired the missile that caused the pre-dawn blast in Bahrain which injured dozens and destroyed homes 10 days after the start of the war against Iran. Both Bahrain and Washington blamed the March 9 explosion on an Iranian drone. The Gulf kingdom reported that 32 people were injured, including some children, in the blast. U.S. Central Command stated on X on the day after the attack that an Iranian drone had struck a residential area in Bahrain. Bahrain acknowledged on Saturday, in response to...

Saudi Arabia informed Iran's military attache and his aide, as well as three members of the embassy, that they must leave the kingdom within 24 hours of being declared persona grata. The Saudi Foreign Ministry cited what it called continued Iranian attacks against Saudi territory. Saudi Arabia has been attacked by hundreds of Iranian missiles and drones, most of which were intercepted. In a press release, the?ministry stated that continued Iranian attacks will?lead?to further escalation and "significant consequences" on current and future relationships. Saudi Arabia's foreign minister stated on Wednesday that the kingdom reserves the right to use military force...

Four sources confirmed that oil loading operations at the United Arab Emirates Fujairah, a major 'bunkering hub' and crude export terminal, had re-commenced despite a Saturday drone attack and fire. However, it is unclear whether the operations are back to normal. The U.S. - Iran war has already reduced Middle Eastern oil supply by more than?7m barrels a day, or 7% of the global supply. The disruptions?at Fujairah could force OPEC’s third largest crude producer to cut more?production, after already cutting production at its offshore oil fields. According to Kpler, Fujairah outside the Strait of Hormuz exported on average?more? than...

Gulf officials said that three Gulf states were reviewing the way they invest trillions of dollars from their sovereign wealth funds to offset the losses caused by the U.S. and Israeli war against Iran. The official who spoke on condition of anonymity because the matter was sensitive and without naming the states, explained that these reviews could include reversing investment pledges, divesting and re-evaluating global sponsorship deals. The top four economies of the Gulf Cooperation Council are Saudi Arabia, Qatar and Kuwait. Three of the four largest economies in the GCC will be assessing current and future investments and sponsorships...

CEO Flemming Ornskov stated on Thursday that 'Galderma continues to see the Middle East as a 'attractive market. The conflict in the region is unlikely to have any major impact on the Swiss skincare firm because it only represents a small part of their business. Ornskov stated that less than 2% (of Galderma's) business is currently located in the Middle East. However, the company has made efforts to expand in this region, highlighting its recent entry into Saudi Arabia, and expansion in United Arab Emirates. He said that Galderma was pursuing its plans in the region, citing that there were...

Bloomberg News reported that many Chinese 'financial companies are reducing their exposure to Middle Eastern debt due to the escalating conflict in the Middle East. The report stated that a major bank had taken the unusual step of limiting the drawdown on a bi-lateral loan to one?of Abu Dhabi's financial entities. It did not name the bank. According to the report, another mid-sized lender wants to sell down portions of syndicated loan to Middle Eastern borrowers. This includes sovereign wealth fund ADQ’s $4?billion facility that was agreed upon last year. Bloomberg reported that the Hong Kong Monetary Authority has asked...

The majority of Gulf stock markets fell on Tuesday. The benchmark Qatar index continued to decline after the country stopped?liquefied gas production amid an escalating air conflict in the region. Israel has 'extended' its campaign by launching new attacks on Iran and Hezbollah. Meanwhile, Iran launched missiles and drones at Israel, several Gulf States, and a British base in Cyprus. QatarEnergy's, a state-owned company in Qatar, whose 82% clients reside in Asia, had planned to declare force majeure for its LNG shipments following Iranian drone attacks against facilities at the sprawling Ras Laffan Complex. Qatar's benchmark stock index fell 0.9%,...

Saudi Arabia closed its largest domestic oil refinery after a 'drone strike' on Monday, according to a source. Across the Middle East, oil and gas facilities were forced to shut down due to?Israeli, U.S. and Iranian retaliation? The wave of attacks in the region lasted a third consecutive day. This led to the suspension of the majority of oil production in Iraqi Kurdistan, as well as at several of the largest Israeli gas fields. Exports to Egypt were also halted. The Saudi Aramco Ras Tanura refinery that produces 550,000 barrels of crude oil per day, was closed as a precaution....

Metals traders began the year fretting?about an looming shortage of copper, but by the end of the first quarter they were facing a very impending supply crisis?in aluminum. In its fifth week of existence, the Iran war has dampened the speculative frenzy which erupted in the London Metal Exchange's (LME) base-metals complex in January. Aluminium has risen to its highest level in 2022, despite the fact that two Gulf smelters were damaged by Iranian missiles and shipping across the Strait of Hormuz is still severely restricted. Even though energy prices are surging, the metals bulls still have a good grip...

The UAE-based company Emirates Global Aluminium said that it could take up to a full year to fully restore primary aluminium production in its Al Taweelah Smelter, which was damaged by an Iranian attack late last month. In a press release, Al Taweelah said that the facilities were evacuated to the fullest extent and put into emergency shutdown following the attacks of March 28 on the Khalifa Economic Zone Abu Dhabi. EGA stated that to resume operations, it must repair the infrastructure and restore each reduction?cell. Early indications suggest that it could take up to a year for the primary...

Metals traders began the year fretting about an upcoming supply crunch for copper, but ended the first quarter with a very imminent aluminium supply crisis. In its fifth week, the Iran war has calmed some of the frenzy of speculation that erupted in the London Metal Exchange's (LME) base metals complex in January. It has pushed aluminium to its highest level since 2022, with two Gulf smelters being damaged by Iranian missile strikes and shipping through the Strait still severely restricted. Even though energy prices are surging, the metals bulls still have a good grip on the market. EXPLOSIVE ALUMINIUM...

Emirates Wood Mackenzie, a consultancy firm, said that an Iranian missile and drone attack on Saturday damaged a power station at Global Aluminium's Al Taweelah plant in the United Arab Emirates. Wood Mackenzie said that the smelter of Aluminium Bahrain (Alba), which was also attacked on Saturday, "suffered significant damage and is expected to operate at an estimated 30% utilisation". EGA and Alba said they were assessing the extent of damage to their sites at the weekend, but did not specify what was?affected. A spokesperson for EGA had no comment on Wood Mackenzie’s note when asked about a?update? of?operations. Alba...

Emirates Global Aluminium’s Al Taweelah plant in the United Arab Emirates has halted its operations following a?Iranian missile and drone attack that damaged a power?plant on Saturday, Wood 'Mackenzie' said in a Wednesday research note. Wood Mackenzie said that the smelter of Aluminium Bahrain (Alba), which was also attacked on Saturday, had "suffered significant damage and will operate with an estimated utilization?of 30 percent". EGA and Alba said that they would be assessing damage to their sites at the weekend, but did not specify what was affected. The Wood Mackenzie report on the current conflict in the Middle East and...

Analysts said that with the 'attacks' on two of the largest aluminium smelters across the Middle East, Iran targeted a'major supplier to the United States?of a metal strategic the United States does not produce nearly enough domestically. The disruption caused by the Iran War was most evident before the weekend. It was mainly due to the difficulties of shipping raw materials and aluminium through the Strait of Hormuz. This has been closed down by Tehran. Emirates Global Aluminium, however, reported that its Al Taweelah plant in Abu Dhabi (the United Arab Emirates), which produces approximately 1.5 million metric tons per...

The Iranian strikes against major Middle East aluminium producers, such as Aluminium Bahrain and Emirates Global have heightened global fears about acute shortages. Already, the U.S. and Israel's war against?Iran as well as the closure of Strait of Hormuz have restricted the?shipments of aluminium to the export markets of the?U.S. The U.S. and Europe. Aluminium Bahrain, which operates 'the world's largest single site smelter said that it was assessing damage caused by the Iranian strikes. Emirates Global Aluminium said that its Al Taweelah facility suffered "significant damage". MIDDLE EST PRODUCTION & EXPORTS Around seven million metric tonnes of aluminium are...

Prices of aluminium on the London Metal Exchange rose 6% on Monday to close in on a four-year high after the two largest producers of the metal in the Middle East sustained damage over the weekend from Iranian attacks. Benchmark LME 3-month aluminium prices rose to $3.492 per metric tonne, the highest level since March 19 at the beginning of trading, as Gulf smelters Emirates Global Aluminium and Aluminium Bahrain assessed damage to their facilities. If the price of gold breaks above $3,546.50 on March 12, it will open the door to peaks not seen since the height of the...

Aluminium Bahrain (also known as Alba) confirmed early on Sunday that its facilities had been targeted by an Iranian attack just a day earlier, Bahrain’s state news agency reported. Alba said that two people were slightly injured during the attack and was assessing the damage to the facility. Iran's Revolutionary Guards confirmed the attack after they said that they targeted Alba, Emirates Global Aluminium and other companies in response to attacks on two Iranian Steel Plants. The IRGC stated, without elaborating on the matter, that both companies were linked to U.S. aeronautics and military firms. Could not independently verify IRGC...

Emirates 'Global Aluminium'said on Sunday that its Al Taweelah manufacturing base in the UAE suffered "significant damage" from Iranian missile and drone strikes. The company released a statement saying that a number of EGA staff were injured during the attack on the Khalifa economic zone?in Abu Dhabi. It added that none of the injuries was life-threatening. EGA CEO Abdulnasser Bin Kalban stated in a statement that "the safety and security of EGA's people are our top priority at all times." "We are deeply saddened by the incident and are assessing damage to our facilities." Since the U.S. and Israel war...

Three people familiar with the matter said that Guinea and Emirates Global Aluminium (EGA), had reached an agreement which will prevent a looming arbitration over the seizure last year of the miner’s local unit. According to traders and officials, as part of a broader resolution, traders have explored bauxite deals that are linked to the assets seized, including structures where upfront payments on future shipments would be used to settle?EGA claims. The deal is still being finalised. It follows the government taking over Guinea Alumina Corporation, EGA's subsidiary for bauxite, in October, following a dispute about alumina refineries. It then...

Three people familiar with the matter said that Guinea and Emirates Global Aluminium (EGA), have reached an agreement which 'will prevent a looming arbitral hearing' over last year's seizure by 'the miner's' local unit. According to traders and government officials, as part of a broader resolution, traders have explored bauxite deals that are linked to the assets seized, including structures whereby upfront prepayments for future shipments would help settle EGA claims. The deal is still being finalised. It follows the government taking over Guinea Alumina Corporation,?EGA's subsidiary for bauxite, in October, following a dispute about alumina refineries. The company then...