Middle East

A senior government official announced that Tanzania would begin construction on a new port located in the eastern part of the country by December. This will end a decade-long delay caused by government objections over the contract terms initially agreed upon with foreign developers. Bagamoyo Port, a large-scale initiative of a special economic zone, involving industrial parks, rail and road connections, is located approximately 75 km north of Dar es Salaam, the commercial capital. Gerson Msigwa told reporters that on Sunday, the port would have 28 berths, but initially, construction will begin on 14. He said that construction machinery would...

Afghanistan's Taliban-led government called on India to increase trade and open cargo hubs within its borders, as the country seeks to diversify away from Pakistan following repeated border clashes. Al-Haj Nooruddin Azizi (the Taliban's Commerce Minister) asked India during the talks to assist in setting up scheduled shipping services for Afghan goods to be moved through the Indian-operated Chabahar port in Iran. His ministry confirmed this. In recent months, Afghanistan's landlocked country has diverted more goods towards Iran and Central Asia after armed conflicts shut down key crossings to Pakistan. The Afghan commerce ministry reported that Azizi met India’s Minister...

Fernando Fauche said that the Dutch port operator APM Terminals would invest $550m to expand Peru's Callao Port starting in January. Fauche, who spoke to journalists at an event to celebrate the start of direct arrivals to the facility in Peru's central coastline, said that the two-year project will increase the terminal capacity to 24,000 container. Port officials confirmed Wednesday that Peru's Callao began offering direct shipping routes in November from China and South Korea. This reduced transit times to approximately 23 days. The service is intended to improve trade relations with Asia and establish Callao as an important Pacific...

In early trading on Wednesday, most Gulf stock markets were subdued due to falling oil prices. Investors awaited the delayed U.S. employment report for clues about the Federal Reserve's rate policy. The price of oil, which is a major factor in Gulf financial markets' performance, fell on concerns about oversupply, but U.S. sanctions against the largest Russian producers have helped to limit losses. Brent crude traded at $64.53 per barrel as of 0810 GMT. The markets are now waiting for the delayed September non-farm employment report. Traders have priced in a 42% probability of a 25 basis-point Fed rate reduction...

Initial investigation has revealed that the Turkish cargo plane which skidded off of the runway in Hong Kong last month killing two airport employees experienced acceleration after landing in one of its four engine. A preliminary report released by Hong Kong's Air Accident Investigation Authority late on Tuesday stated that the flight from Dubai operated by ACT Airlines for Emirates was normal up until shortly after landing. Report: The Boeing 747 cargo aircraft was dispatched without the thrust reverser of engine 4, which is allowed under aviation regulations. After landing, thrust reversers can help to slow down the aircraft by...

Rostec, a Russian state-owned conglomerate, said that on Tuesday its defence exports had fallen by half since the year 2022 due to domestic orders becoming a priority in light of the conflict in Ukraine. However, Rostec expects a recovery within upcoming months. Sergey Chemezov, Rostec's chief executive officer, told reporters that until 2022 Russia ranked second in the world in terms of defence exports after the United States. However the volume has dropped "because we had to supply the majority of our production to our own army". He said that sanctions have caused problems in both the civil and defense...

Gulf stock markets fell in the early trading on Tuesday as caution prevailed before delayed U.S. data, which could give clues about Federal Reserve policy easing timeline. Weaker oil prices also dampened sentiment. Thursday will see the release of September's non-farm payrolls in the United States. The markets have reduced their bets for a Fed rate cut in December, with just over 40% of the market pricing a 25 basis-point reduction. This is down from 60% earlier this month. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are pegged with the...

Gulf Air said that it signed an agreement with Boeing on Tuesday to purchase at least 12 Boeing 787 Dreamliner aircraft. Gulf Air announced that the finalized purchase agreement, which was signed at the Dubai Airshow and consists of 12 Dreamliner aircraft, with the option to buy six more, is a culmination of the announcement made in July, when the airline said it would be buying 12 aircraft, with the option to buy six additional. An official at the White House said that the Gulf Air agreement was valued at around $7 billion. This deal is part of Bahrain's commitment...

The majority of Gulf stock markets declined in the early trading on Monday as oil prices fell. Investors awaited the release of a number of U.S. Economic data after the end of government shutdown. After a two-day suspension, loadings at Novorossiysk, the Black Sea port which had been attacked by the Ukrainians, resumed after the suspension. Brent traded at $63.91 per barrel as of 0810 GMT. The benchmark index in Qatar fell 0.6% due to a broad decline. Industries Qatar dropped 1.4% while Qatar National Bank eased 1%. Dubai's benchmark index fell 0.3% due to pressure from consumer staples, real-estate...

The oil prices dropped on Monday, wiping out the gains of last week, as loadings were resumed in the Black Sea port of Novorossiysk, which had been suspended for two days following an attack by Ukraine. Brent crude futures fell 53 cents or 0.82% to $63.86 per barrel at 0423 GMT. U.S. West Texas Intermediate crude futures traded at $59.53 per barrel, down 56c or 0.93% since Friday's closing price. Both benchmarks gained more than 2% Friday, ending the week modestly after exports at Novorossiysk & a Caspian Pipeline Consortium Terminal in the neighbouring city were suspended. This affected the...

Airbus' regional aircraft fleet in the Middle East is expected to double by 2044 to 3,700 planes, a senior official revealed on Sunday. Airbus's Head of Marketing for Africa and the Middle East, Grainne Van den Berg, told a recent press conference that the European planemaker anticipates Middle East passenger traffic to grow at a rate of 4,4% per year over the next 20 years. Van den Berg said that Airbus expects services in the region will double by 2044 to $29.9 billion. The forecast was made ahead of the Dubai Airshow - the Middle East's largest aviation event, which...

The major Gulf stock markets fell on Thursday morning, mainly due to persistently low oil prices and a series of disappointing corporate earnings reports. Oil prices, which are a major catalyst for Gulf financial markets, fell on Thursday. This was a continuation of the losses that were made in the previous session. A report showing increased crude inventories at the U.S. confirmed concerns that global supplies would be more than enough to meet the current fuel demand. OPEC's report on Wednesday showed that the world oil market would see a small excess in 2026, after OPEC+ production increased and other...

China Gas Holdings, a privately-controlled city gas distributor, has hired an ex-senior trader of the Chinese utility GCL Group as its head of global natural gas sales. Xiong Xin was the head of gas trading for GCL New Energy Holdings (a unit of GCL Holdings), a solar power company, until early 2024. He joined China Gas in Oct. Xiong has nearly a decade's worth of experience in trading at the state oil giant CNOOC, and privately owned Chinese gas company ENN, before he joined GCL. He now heads China Gas’ growing liquefied gas trading business, as well as liquefied petrol...

In October, the share of Russian and Indian aluminum in London Metal Exchange warehouses fell as nearly 50,000 tons from Australia, Indonesia and the Middle East entered the system. LME data released on Monday showed that the percentage of aluminium stock of Russian origin available in LME warehouses fell to 51% from 59% in September. The share of Indian origin also decreased by one percentage point, to 40%. LME has prohibited metal produced in Russia after April 13, 2024 from its warehouse system. This is to comply with U.S. & British sanctions over Russia's invasion of Ukraine 2022. Metal produced...

The third quarter of recent history was both one of best and worst for dealmakers around the world. According to Dealogic, megadeals generated a staggering $1.26 trillion worth of global mergers and purchases during the third-quarter - an increase of 40% over the previous year. This was the second best third-quarter ever by deal value. Data show that only 8,912 transactions were completed, down 16% on last year. This is the lowest third-quarter deal volume for 20 years. Dealmakers are in a strange situation, as they had high hopes for 2025 following the election of Donald Trump. Trump's punishing Tariffs,...

The third quarter of recent history was both one of best and worst for dealmakers around the world. According to Dealogic, megadeals generated a staggering $1.26 trillion worth of global mergers and purchases during the third-quarter - an increase of 40% over the previous year. This was the second best third-quarter ever by deal value. Data show that only 8,912 transactions were completed, a drop of 16% compared to last year. This is the lowest third-quarter deal volume for 20 years. Dealmakers are in a strange situation, as they had high hopes for 2025 following the election of Donald Trump....

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Mexico is planning to increase import tariffs on almost 1,500 products including cars, steel, textiles and appliances to protect the domestic industry and job opportunities, particularly from cheap Chinese goods. This comes amid wider trade talks with both the U.S. Oracle has signed an unprecedented $300 billion cloud computing contract with OpenAI to support massive AI expansion starting in 2027. This is one of the biggest tech contracts ever, and signals a high-stakes wager on ChatGPT’s continued...

Israel's military confirmed that a missile fired from Yemen at Israel on Thursday fell in an area open outside Israeli territory. No sirens were activated. This was the third launch of this kind within 24 hours. Yemen's Iran supported Houthis have recently increased attacks and launched missiles in response to Israeli attacks against Yemen. The Houthis launched missiles and drones towards Israel from thousands of kilometers away, calling it an act of solidarity with Palestinians. The majority of missiles or drones that were launched either missed their targets or were intercepted. Israel has responded by bombing areas in Yemen controlled...

Two sources familiar with the matter said that JD.Com's property investment arm and two other firms are planning to launch a Singapore based real estate trust (REIT), with assets valued at potentially more than $1 billion. Sources said that JD Property (the unlisted infrastructure investment platform and asset management platform for JD.Com) is creating the REIT in partnership with Partners Group, a Swiss investment firm, and EZA Hill Property which is backed up by Asian investment firm Hillhouse. Sources who refused to name themselves because the matter was private said that the REIT plan could be listed at the Singapore...

A senior official revealed on Wednesday that Uganda was in discussions with credit export agencies and development finance institutions to have 85% a planned rail project funded with debt. This is due to concerns about the already high public debt. In October of last year, Turkey's Yapi Merkezi was awarded the contract for the construction of the 2.7 billion euro ($3.15 billion) rail. Preliminary works have already begun. Perez Wamburu said that some of the potential financiers are the OPEC Fund for International Development (FIDA), the Africa Development Bank, the Islamic Development Bank, and some European export credit companies. Wamburu...

These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. California-based Palo Alto Networks has entered into talks with Israeli cybersecurity company CyberArk Software to purchase it in a deal valued at over $20 billion. Union Pacific announced that it will buy the smaller competitor Norfolk Southern for $85 billion. This deal will create the United States' first coast-to-coast rail freight operator, and change the way goods are transported across the nation from grains to automobiles. CBL Properties, based in Tennessee, has acquired four malls for the...

The operator of the Greek bulk carrier said that the 19-member crew, which was severely damaged by repeated attacks in the Red Sea, likely carried out by Houthi militants are safe. They will arrive at Djibouti on Monday evening. Michael Bodouroglou said that the fate of the Liberian Magic Seas, which is flying the Liberian flag, was uncertain. The vessel could sink, according to Bodouroglou. The first incident of this kind to be reported since mid-April was Sunday's attack off the southwest coast Yemen. The Magic Seas was targeted by gunfire, rocket-propelled missiles, and skiffs for more than four hour....

An attack on a ship in the Red Sea, off the coast of Yemen's southwest coast, was launched by eight small boats using gunfire and grenades. A British maritime agency and a security firm confirmed the incident. The situation continues, according to the United Kingdom Maritime Trade Operations and British maritime security company Ambrey. The attack was not immediately attributed to anyone. This is the first report on the region by the agencies since the middle of April. The tensions in the Middle East are still high due to the conflict in Gaza, the 12-day Israel/Iran war that lasted for...

Hamas announced on Saturday that it had responded in kind to a ceasefire offer made by Steve Witkoff, the Middle East envoy for U.S. president Donald Trump. The proposal included a call for an end to war which was previously a redline for Israel. In a press release, the Palestinian group stated that it would release 10 living hostages in exchange for Israel releasing a number Palestinian prisoners. This is in line with Witkoff’s proposal. Hamas' statement continued: "This proposal is aimed at achieving a permanent ceasefire and a complete withdrawal from Gaza Strip. It also aims to ensure that...