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Oil prices were on track for a second consecutive weekly decline on Friday, weighed down by expectations of another OPEC+ output hike in July and fresh uncertainty after the latest legal twist kept US President Donald Trump’s tariffs in place. Brent crude futures slipped 21 cents, or 0.33%, to $63.94 a barrel by 0626 GMT. US West Texas Intermediate crude fell 22 cents, or 0.36%, to $60.72 a barrel. The Brent July futures contract is due to expire on Friday. Both contracts have fallen 1.3% so far this week, Reuters reported. The downward trajectory largely stemmed from the prospect of…

Shuaa sues former managers Seeking AED260m Earlier dispute dismissed Investment bank and asset manager Shuaa Capital has filed a lawsuit against former executive managers, seeking approximately $71 million (AED 260 million) in compensation for alleged misconduct that the company claims contributed to its financial losses. The legal action, disclosed in a filing to the Dubai Financial Market, is part of Dubai-based Shuaa’s broader efforts to protect shareholder interests following an internal review of past management decisions. The company did not name the executives involved or provide specific details of the alleged violations. Shuaa was founded in 1979 and was once…

Last month, I attended the inaugural Fluidity Conference in Dubai, designed to foster connections between the startup ecosystems of the GCC and Africa.  At first glance, the two regions may seem worlds apart: one a rentier economy heavily reliant on oil and gas, the other a vast landscape of diverse economies predominantly driven by agriculture.  However, there are similarities, including an abundance of natural resources and a young, tech-savvy population with a desire for digital innovation.  The economic landscapes of the GCC and Africa have undergone a remarkable transformation in recent years, driven by diversification and technological advancement.  Africa’s startup…

Saudi banks achieved historic profits in the first quarter of 2025, recording their highest-ever quarterly earnings at $5.94 billion (SAR 22.26 billion). This marks a notable 19% increase compared to the same quarter in 2024, representing a gain of $965 million (SAR 3.62 billion). All ten listed banks on the Saudi stock exchange reported growth in net profits during the first quarter, reflecting robust performance across the industry. The National Commercial Bank (NCB) led the way with SAR 6.02 billion in net profit, up 19.48% from the first quarter of last year. Al Rajhi Bank ranked second with SAR 5.9…

It takes a lot to impress a spoilt Dubai resident who has seen a few spectacular hotel openings in his time, but the new Jumeirah Marsa Al Arab has genuinely left me wide-eyed. A super-yacht of a hotel beached on Dubai’s golden shoreline, it brings a new level of ostentatious luxury to a strip of coastline already groaning under the weight of five-star sparkle. The stretch between Al Qasr to the south, through Mina Salam and Al Naseem hotels in the Madinat, to the still-splendid Burj Al Arab and that old favourite fun-palace the Jumeirah Beach Hotel (JBH), is the…

Asian Shares Mostly Decline as Uncertainty Grows about What’s Next with Trump’s Tariffss Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a US court blocked many of President Donald Trump’s sweeping tariffs. Japan’s benchmark Nikkei 225 lost 1.1% in afternoon trading to 38,022.62. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates, The Associated Press said. Australia’s S&P/ASX 200 rose 0.3% to 8,436.30. South Korea’s Kospi declined 0.9% to 2,696.40,…

Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a US court blocked many of President Donald Trump’s sweeping tariffs. Japan’s benchmark Nikkei 225 lost 1.1% in afternoon trading to 38,022.62. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates, The Associated Press said. Australia’s S&P/ASX 200 rose 0.3% to 8,436.30. South Korea’s Kospi declined 0.9% to 2,696.40, ahead of a presidential election set for next week. Hong Kong’s Hang Seng…

Hong Kong and Saudi Arabia are considering allowing more cross-border financial products as the two markets seek to deepen financial ties amid rising trade uncertainties. An exchange-traded fund tracking bonds issued by the Saudi government started trading in Hong Kong on Thursday, the first fixed-income fund listed in the territory to offer such exposure. Apart from the fund, more products – such as a sharia-compliant sukuk bond and a real estate investment trust – are “in the pipeline” for approval to trade between Hong Kong and Riyadh, said Julia Leung, CEO of Hong Kong’s Securities and Futures Commission. “We’re very…

Cheque still significant 16% of rent payments non-digital 7m cheques written in 4 months The UAE wants to be an almost completely cashless economy but rent, which is one of the country’s largest personal expenses, remains locked in paper.  That is providing an opportunity for regional financial technology companies to plug the gap between tenants who want to pay their rent digitally and monthly, and landlords who want the relative security of post-dated cheques. The latest research by global payments technology company Visa shows that the portion of rent transactions conducted in the UAE in cash or cheque is declining,…

Widens by 32% to $440m Non-oil imports value up 20% China is top importer Bahrain’s trade deficit has widened by more than a quarter as non-oil imports have increased. The difference between exports and imports widened by 32 percent to BD166 million ($440.3 million) in April 2025, compared to BD126 million in the same month last year, state-run Bahrain News Agency reported, citing official data. The value of non-oil imports increased by 20 percent year on year to BD575 million in April, according to the April 2025 Foreign Trade report by Bahrain’s Information and eGovernment Authority.  China topped the list…