Uae Financial News

oil prices held steady near $85 a barrel, but traders remain cautious following the eruption of violence between Israel and Hamas, which could potentially disturb the oil supply chain in the Middle East. Prices clocked one-year highs at the end of September, driven by worries about supply shortages after a surprise extension of voluntary supply cuts by Saudi Arabia and Russia, but the momentum was short-lived. An unexpected buildup in US crude inventories and concerns over demand adversely hit the sentiments. However, extreme uncertainty prevails in the global oil market as the ongoing clash between Israel and Hamas sparks fears that the turmoil could spread across West Asia and threaten the world’s oil supply. The direct impact on oil prices is limited, as neither Israel nor Gaza produces significant amounts of oil.

Hardeep Singh Nijjar. India has asked Canada to withdraw the diplomats after Canadian PM Justin Trudeau alleged the involvement of Indian agents in the Nijjar killing. However, the claim has been vehemently rejected by India.

Blinken on Friday began a tour of Arab capitals as he seeks to build pressure on Hamas while Israel readies a likely massive offensive on the Gaza Strip following the militants' attacks. The top US diplomat will meet Jordan's King Abdullah II, a longtime US partner, and Palestinian president Mahmud Abbas in Amman and will then visit Qatar, Saudi Arabia, Egypt and the United Arab Emirates. Blinken spent Thursday in Tel Aviv where he promised unwavering solidarity to US ally Israel after the surprise October 7 offensive by Hamas, who killed over 1,200 people and took about 150 more hostage. The United States has publicly blessed reprisals by Israel, which on Friday called for the immediate relocation of 1.1 million people in the Hamas-ruled Gaza Strip, which is already under an Israeli blockade. Israel has killed more than 1,400 people in strikes in the Gaza Strip since the Hamas attack and has cut off food, water and electricity. Qatar, where Blinken will head immediately after Jordan, has longstanding ties with Hamas and has been seen as an intermediary in freeing the hostages. «We'll continue pressing countries to help prevent the conflict from spreading, and to use their leverage with Hamas to immediately and unconditionally release the hostages,» Blinken said late Thursday in Tel Aviv. «We'll also discuss how we can continue to make real our affirmative vision for a region that's more peaceful, more prosperous, more secure, more integrated. »In fact, that is the choice, and the choice in some ways has been made even more stark by the actions of Hamas." Saudi Arabia in the weeks before the attacks had spoken of progress in US-led diplomacy to normalise relations with Israel — a landmark step for the

The Treasury Department has imposed its first set of sanctions on two companies that shipped Russian oil in violation of a multinational price cap

The International Monetary Fund says Middle East economies are gradually recovering as external shocks from the war in Ukraine and global inflation fade

By Timothy Gardner and Daphne Psaledakis

Operation Ajay" on Wednesday to help Indians stuck in Israel to return home as fresh tension triggered in the region as Hamas militants made a series of brazen attacks on Israeli towns over the weekend. As per the external affairs ministry, around 18,000 Indians are currently residing in Israel.

JPMorgan’s Onyx Coin Systems has scored another win in the Middle East with the completion of a blockchain-based cross-border payments pilot project with First Abu Dhabi Bank (FAB). The pilot phase was “executed seamlessly with satisfactory response times,” according to a statement. 

NEW DELHI : As countries move toward ambitious net zero goals, a leading international non-profit supporting clean energy is likely to launch a global consortium on battery energy storage systems (BESS) at the coming UN climate change conference, to be held in the UAE. Global Energy Alliance for People and Planet , formed in 2021 by the Rockefeller Foundation, IKEA Foundation and Bezos Earth Fund among others, plans to float the Global BESS Consortium at the UN Cop28 meeting, which will held from 30 November to 12 December. Ashvin Dayal, senior vice president, power and climate at Rockefeller said the consortium will look at ways to both drive down the cost and unlock the value proposition for power distribution companies in terms of adoption of battery storage.

Iran on Tuesday claimed that it played no role in the attack launched by Hamas last Saturday that took Israelis by surprise but there is no denying the fact that Tehran over the years has increased its support and appeal across the Arab world that is dominated by people who profess Sunni sect of Islam. The world's biggest non-Sunni country has become a key factor in the West Asian fault lines creating its proxy groups in Lebanon and Yemen and backing Hamas to take on Israel over the last few decades. It is no secret that Tehran has exploited sentiments and presence of the Shia population in some Gulf states. While the USA and Israel have not yet directly blamed Iran for the October 7 carnage, Tehran came out openly in support of Hamas for carrying out the attacks against Israel.

Mukesh Ambani, chairman of Reliance Industries, has reclaimed the top spot as the richest Indian after a year, as per the '360 One Wealth Hurun India Rich List 2023'. Ambani was ranked at the top with a wealth of ₹8,08,800 crore with 2% appreciation over the previous year. Industrialist Gautam Adani, despite a 57% erosion in wealth, was ranked second in the list with a wealth of ₹4,74,800 crore.

Truist Financial Corp. (NYSE:TFC) is in discussions to sell its insurance brokerage to private equity firm Stone Point for around $10 billion, according to a report from Semafor on Tuesday.

₹2,419 crore, with sales of ₹34,516 crore, exports of ₹7,600 crore, and over 17,753 jobs generated. In 2022, when the scheme was rolled out, the government had approved of 42 companies with investments of ₹4,115 crore to avail the scheme which offered incentives on expected sales of ₹2.45 trillion and employment for over 44,000 people over a six-year period ending FY26.

Shoogloo Group launches its new venture Broadband.asia in India, Singapore, UAE, Saudi Arabia, Kuwait, Bahrain, and Qatar. Broadband.asia, a one-of-a-kind online comparison website, is designed to filter, select, and compare broadband plans based on users’ preferences. By personalizing broadband plans, Broadband.asia helps consumers meet their internet demands. Users can now search for plans available in their area, decide on the price range and features to find an internet plan that meets all their needs.

Key Takeaways

Trudeau on Monday reached out to UAE President Sheikh Mohamed bin Zayed Al Nahyan and discussed the India-Canada row since Trudeau alleged probable Indian hand in the death of Khalistan separatist Hardeep Singh Nijjar in Canada in June. The UAE is a close economic and counter-terror partner of India in the Gulf region and Trudeau’s act is seen as an attempt to create pressure on India through New Delhi’s allies. «On the phone today, his highness @MohamedBinZayed and I spoke about the current situation in Israel. We expressed our deep concern and discussed the need to protect civilian life,” Trudeau posted on X (formerly Twitter).

Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! “You spoke to UAE about India? Interesting. Campaigning for support?" reacted one user.

Reuters said on Sunday citing the Saudi state news agency. “Furthermore, the ministers reiterated the willingness of the Declaration of Cooperation (DoC) countries to take additional measures at any time in their continued efforts to support market stability, building on the strong cohesion of the OPEC plus," Saudi state news agency SPA said, as per the Reuters report. Energy ministers of the six Arab nations met on the sidelines of the UN MENA climate week event in Riyadh on Sunday.

NEW DELHI : India and Saudi Arabia on Sunday signed a memorandum of understanding (MoU) on securing a green hydrogen supply chain and cooperation on power grid interconnection. The MoU was signed in Riyadh by union minister for power and new & renewable energy RK Singh and the Saudi minister of energy Abdulaziz bin Salman Al-Saud on the sidelines of the MENA Climate Week 2023.

NEW DELHI : Israel’s declaration of war on Hamas in response to attacks on its territory may cloud New Delhi’s ambitious plans to build an India-Middle East-Europe economic corridor (IMEEC), Indian exporters and trade experts said. The plan to develop shipping and railway links between the three regions was announced as part of the Delhi declaration of the G20 summit in India. Fears are growing in the Indian capital that the war could drive insurance premiums and shipping costs higher as was seen on the trade routes affected by the Russia-Ukraine war last year.

India exported smartphones worth USD 4.67 billion in April-July this fiscal, following a multifold jump in shipments to the US, which emerged as the biggest destination for India-made devices, according to government data. The smartphone exports to the US jumped multiple times to USD 1.67 billion during the first four months of this fiscal against USD 284.6 million a year ago, the commerce ministry data showed.