Bloomberg The Organisation of Petroleum Exporting Countries (Opec) predicted that fuel demand will remain “under pressure” during the second half of this year because of the ongoing economic fallout from the coronavirus, a day before ministers were due to assess world markets. While there will be a “gradual recovery” in the global economy, it won’t compensate for the slump during ...

RIYADH / WAM Aramco on Wednesday announced the successful completion of its share acquisition of a 70 percent stake in Saudi Basic Industries Corporation (Sabic), from the Public Investment Fund (PIF) the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion ($69.1 billion), equating to SAR 123.39 price per share. The completion of the ...

Abu Dhabi / WAM The central bank of the UAE announced Money Supply aggregate M1 increased by 0.7%, from AED560.3 billion at end of April to AED564.3 billion at the end of May. The Money Supply aggregate M2 decreased by 0.9%, from AED 1464.8 billion at the end of April to AED 1451.9 billion at the end of May. The ...