News

  CAIRO / WAM The Arab Parliament (AP) lauded the resolution of the United Nations (UN) Security Council to list the Houthi militias as a terrorist organisation. The Council also placed the Houthis on a list of entities banned from being supplied with arms. The AP described this step as a victory for legitimacy, stressing that the resolution was issued …

  Bloomberg Saudi Arabia’s state oil company discovered five new natural gas fields across the kingdom that can produce over 100 million cubic feet per day in total, as the oil-rich kingdom looks to boost production of the fuel. The fields, discovered by Saudi Aramco, are located in the country’s central region, the empty quarter desert, the northern border region …

  Bloomberg Oil extended its retreat from a seven-year high, slipping back below $100 a barrel in London, as Russia’s invasion of Ukraine forced traders to grapple with a fluid market environment. Brent futures rallied above $105 a barrel as Russia launched an attack on its neighbour, though prices subsequently retreated as it emerged that Western governments wouldn’t impose sanctions …

  Bloomberg Oil tanker owners are avoiding offering their ships to collect crude from Russia as they wait to see what sanctions the country might face after invading Ukraine. Two shipbrokers and three owners said owners are currently unwilling to make offers to collect Russian barrels. The owners said that oil-freight transportation costs are also very low anyway, making it …

  Sharjah / WAM Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier (LCC) operator, has been named ‘Airline of the Year’ at the 2022 Air Transport Awards that took place in Athens, Greece with the participation of industry leaders. The winners of the Air Transport Awards were voted for by the readers of Air Transport …

  Bloomberg India has received proposals worth $20.5 billion from five companies to manufacture semiconductor fabs and display fabs locally, according to a government statement. Companies including Vedanta in joint venture with Foxconn, Singapore-based IGSS Ventures pte, and ISMC have proposed $13.6 billion investments for manufacturing the chips, which are used in a wide array of products ranging from 5G …

  Bloomberg Oil headed for the first weekly loss in two months as investors weighed the crisis over Ukraine and the potential return of Iranian barrels to the market. West Texas Intermediate slipped, trading near $91 a barrel after losing as much as 3% on Friday. Oil’s recent rally has shown signs of cooling, albeit from an exceptionally high level. …

  Bloomberg Oil recovered from its biggest one-day loss this year as investors attempted to assess whether the Ukraine crisis was easing after Russia said it had pulled some troops back from the border. West Texas Intermediate rose near $93 a barrel. President Joe Biden said the US hasn’t verified the claim that Russia is pulling back some troops and …

  Dubai / WAM Amanat Holdings, one of the GCC’s healthcare and education investment company, has announced record financial results for the year ended December 31, 2021, with a total income of AED367.0 million, a significant five-fold increase on the AED70.6 million recorded last year. Strong total income growth translated through to Amanat’s bottom-line, with the company reporting a record …

  Bloomberg Oil rises for an eighth straight week as tensions between Ukraine and Russia heightened concern about tight global supplies. The global benchmark rose 1.3% this week, touching $95 a barrel before paring gains. National Security Advisor Jake Sullivan said that the US believes Russia could take offensive military action or attempt to spark a conflict inside Ukraine as …