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Oil prices slipped more than $3, or 4%, on Monday after Iran attacked the US military base in Qatar in retaliation for US attacks on its nuclear facilities, and took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz. Brent crude futures were down $2.91, or 3.8%, at $74.09 a barrel by 1:13 p.m. ET (1713GMT). US West Texas Intermediate crude (WTI) eased $2.8, or 3.8%, to $71.06, Reuters reported. “Oil flows for now aren’t the primary target and is likely not to be impacted, I think it’s going to be military retaliation on US…

Resurgent real estate stocks helped Dubai’s index rise for a second straight session on Monday, with investors seemingly unfazed by the US bombing of Iran’s nuclear facilities. In the first trading day since the attack, Dubai market bellwether Emaar Properties rose 2.8 percent, while smaller rivals Union Properties and Deyaar climbed 4.7 and 4.2 percent respectively. Increasing numbers of Iranians are seeking to relocate to Dubai and are buying property in the emirate, real estate agents told AGBI.  The emirate’s stock index rose 1.1 percent to 5,411 points, its second successive gain since slipping to a seven-week low on Thursday.…

How much would global crude markets really miss Iranian oil? More experienced analysts – used to vertiginous one-day spikes in crude prices at the merest flicker of military confrontation in the Arabian Gulf over many decades – were left posing that question after the oil price took the tumultuous news of American attacks on Iran very much in its stride. Brent crude jumped above $80 per barrel in early Asian trading, but later fell back, and by the time US markets opened the rise was just over 1 percent, to a more modest level of around $78. Nothing to see…

European Union countries should create joint reserves of rare earths to prevent supply chain disruptions and economic blackmail from China, the EU’s Commissioner for Industrial Strategy, Stephane Sejourne, told the Handelsblatt newspaper. Sejourne also said he would launch further tenders this year to promote alternative raw material sources, the German newspaper said. “All European countries today have strategic reserves for oil and gas. We should do the same for strategic raw materials,” Sejourne was quoted as saying on Monday. The European Union in June announced 13 new raw material projects outside the bloc to increase its supplies of metals and…

In the Saudi automotive market, JAECOO has established a differentiated competitive edge with the philosophy of “originating from classic elements yet surpassing them.” Its flagship model, the JAECOO 8, conquers diverse terrains with its luxurious off-road performance, while the JAECOO 7 stands out as the preferred choice for urban commuting with its intelligent safety configurations. Now, the brand has set its sights on the untapped A0-segment market, introducing the all-new JAECOO 5. This model not only continues the brand’s delicate design heritage but also incorporates intelligent technologies such as connected vehicle systems and car KTV, while pioneering a pet-friendly cabin…

The intensifying conflict between Iran and Israel is raising serious concerns over the safety of global trade routes and energy supplies. As the situation escalates, analysts warn of severe repercussions for the global economy, particularly if strategic maritime passages like the Strait of Hormuz and Bab el-Mandeb are compromised. Experts highlight that any disruption to these chokepoints – through which a significant portion of the world’s oil and gas flows – could send shockwaves through international markets. Rising insurance premiums, increased shipping costs, and a potential surge in energy prices are among the immediate risks. Such instability could accelerate global…

Climate change, water scarcity and food security present many challenges to Egypt as it works to become a sustainable economy.   Various public and private initiatives have been rolled out over the past decade, prompted in part by Egypt’s commitment to the UN’s Sustainable Development Goals and the country’s hosting of the Cop27 climate summit in 2022.  That year, the Central Bank of Egypt issued rules mandating banks to integrate sustainable finance into their policies and procedures. The regulator continues to encourage innovative financial solutions to advance climate action.  Under Central Bank guidance, Egyptian banks are broadening their services to support…

OIA increased assets by 6% Profits exceed OR1.6bn Energy remains crucial sector Oman Investment Authority (OIA) increased its assets under management by 6 percent year on year to OR20.4 billion ($53 billion) in 2024, according to the authority’s 2024 annual report. The sovereign wealth fund’s profits exceeded OR1.6 billion, as the average price of Omani crude oil touched $79.86 per barrel, said Sultan Al Habsi, finance minister and chairman of OIA. The global price of oil has risen in recent weeks on the back of rising geopolitical tensions in the region, as a result of the Israel-Iran conflict. Foreign direct…

Amid mounting geopolitical tensions and growing economic uncertainty, the World Bank has warned that any conflict in the Middle East, particularly between Israel and Iran, could have far-reaching and negative consequences for the region and beyond. Speaking to Asharq Al-Awsat on the sidelines of the launch of the World Bank’s latest economic update for the Gulf Cooperation Council (GCC), Safaa El Tayeb El-Kogali, the Bank’s Regional Director for the GCC, stated: “Any conflict, especially in this region, can have long-lasting and adverse effects.” She noted that the fallout is not limited to energy markets alone, but also includes rising shipping…

Funds cover budget deficit New Kuwaiti debt law enacted Fiscal flexibility improved Kuwait is reportedly preparing to issue conventional and Islamic bonds worth around KD2 billion ($6.6 billion) to shore up its 2025-2026 budget deficit. Around KD500 million worth of bonds and sukuk will target local banks and the rest will be issued in Asia and other global markets. The Central Bank of Kuwait (CBK) contacted local banks last week for possible subscription in the imminent issuance, local newspapers in Kuwait said. The funds would be borrowed during the 2025-2026 fiscal year, which started on April 1, following the government’s…