Author: Steven Sahiounie

The Russian President highlights the progressing level of cooperation with China, as he calls out the West for their failed attempts at impeding the latter’s emerging development in the world. At the plenary session of the ongoing Eastern Economic Forum (EEF) in Vladivostok, Russian President Vladimir Putin confirmed that Russia and China reached an unexpected level of cooperation. “Indeed, in recent years we have reached an unprecedented level of our relations, this applies to all areas of our interaction”, he said, adding that both nations do not establish military alliances or are not friends against anyone, since countries become friends in the interests…

Prime Minister Mohammed Shtayyeh called today on the United Kingdom to recognize the State of Palestine, support its full membership in the United Nations, and provide aid to Palestinian institutions. Shtayyeh made the remarks during his meeting in Ramallah with the British Foreign Secretary, James Cleverly. He pointed out that in light of the deteriorating situation on the ground and the demographic factor, “tomorrow will be too late if action is not taken today.” “The United Kingdom bears a moral and historical responsibility towards the Palestinian people,” said Shtayyeh. “It must be a positive player in realizing the rights of…

UAE-based port operator DP World plans to raise at least $1 billion from a debut sale of 10-year US dollar-denominated green sukuk with initial price guidance of around 150 basis points over US Treasuries, a bank document showed on Wednesday. Citi, Deutsche Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JPMorgan, and Standard Chartered Bank have been mandated as joint bookrunners, while HSBC is acting as sole ESG structurer. An issuance of benchmark-sized green sukuk with a minimum size of $1 billion by DP World Crescent Limited might follow under its $5 billion Trust Certificate Issuance…

The International Monetary Fund (IMF) projects Saudi Arabia to swing to a fiscal deficit of 1.2 percent of GDP in 2023, from a surplus of 2.5 percent in 2022, it said in its latest assessment report on Wednesday.The Saudi government has forecast a second consecutive budget surplus for this year, albeit narrower than in 2022.Saudi Arabia’s economy grew 8.7 percent last year on the back of high oil prices, allowing it to record its first budget surplus in almost a decade.Overall economic growth in 2023 is projected to slow sharply to 1.9 percent according to the IMF, with oil GDP…

Saudi Arabia awarded construction contracts worth $250 billion since 2016, when the Kingdom embarked on an ambitious plan to build mega projects and transform its economy. Property and infrastructure projects valued at $1.25 trillion have been announced across the country including the high-tech new city Neom, on the Kingdom’s west coast, according to property consultant Knight Frank LLP. The government has also unveiled vast new tourism and entertainment projects that aim to attract visitors from around the world while also encouraging Saudis to spend more domestically. “Saudi Arabia will become the world’s largest construction site,” said Faisal Durrani, head of…

The Russian Defense Ministry said earlier that the plane crashed while performing a planned training flight There crash of a Su-24 plane in the Volgograd Region has caused no damage and casualties on the ground, a spokesman for the local authorities told TASS on Tuesday. “There are no casualties or damage,” the spokesman said. The Russian Defense Ministry said earlier that a Su-24 plane crashed in the Volgograd Region while performing a planned training flight. According to the ministry, there were no weapons aboard. The plane crashed in an uninhabited area. Mi-8 helicopters of the rescue service have been dispatched…

“We initiate this topic in the Council literally every month and each time there are topics that need to be discussed,” Vasily Nebenzya said Russia calls United Nations Security Council meetings on Western weapons supplies to Kiev literally every month, since problems requiring UNSC discussion arise regularly, Russian Permanent Representative to the United Nations Vasily Nebenzya said on Tuesday. “We initiate this topic in the Council literally every month and each time there are topics that need to be discussed,” he said at a UN Security Council meeting on weapons supplies to Ukraine, which was called by Russia. He noted…

The United States and Saudi Arabia are in talks to secure metals in Africa needed to help them with their energy transitions, the Wall Street Journal reported on Sunday, citing people with knowledge of the talks.A state-backed Saudi venture would buy stakes in mining assets worth $15 billion in African countries such as the Democratic Republic of Congo, Guinea, and Namibia, which will permit US companies to have rights to buy some of the production, the report added. The US is in a race to catch up with China for supplies of cobalt, lithium, and other metals that are used…

Oil prices edged lower on Monday after fresh Saudi and Russian crude output cuts had driven prices to 10-month highs last week.Saudi Arabia and Russia last week announced that they will extend voluntary supply cuts of a combined 1.3 million barrels per day (bpd) until the end of the year. Brent crude fell by 23 cents, or 0.25 percent, to $90.42 a barrel by 1051 GMT on Monday while US West Texas Intermediate crude lost 46 cents, or 0.53 percent, to $87.05.The supply cuts overshadowed continuing concern over Chinese economic activity last week, but investors looked to be focusing on demand drivers on…

Dubai apartment values surged by the most in nearly a decade in August, broadening a property rally that’s transformed the city into one of the world’s hottest housing markets.The city’s housing boom, so far largely driven by larger single-family homes, is now pushing up prices for apartments that make up about 85 percent of the housing supply in the Middle East’s business and tourism hub. Prices for apartments rose 20 percent on average in the year through August, marking the best performance since November 2014, according to real estate adviser CBRE Group Inc. The gains outpaced price increases of 17.3…