North Africa

Spain announces migrants returning to Ceuta following 57 deaths in border rush

Spain announced on Friday that it had stopped a massive influx of migrants to a Spanish?enclave located in North Africa. The majority of the over 50,000 people, who crossed the border via land and water, had already returned voluntarily. According to the representative of the Spanish government in Ceuta, 57 bodies have been found on the Spanish side of the border. There could be more casualties on Moroccan side. Some drowned, and others were crushed as they tried to climb up the breakwater holding the border fence. Spain's Interior Ministry reported that around 50,000 people have crossed the border from
Transport Infrastructure

Saudi Aramco, Sonatrach and Sonatrach increase LPG prices in August
UAE Stocks Rise as Earnings Boost Sentiment

The stock markets of the United Arab Emirates closed higher on Friday. Abu Dhabi led the gains, as a strong corporate earnings boosted investor confidence. Abu Dhabi's benchmark index? jumped 0.4% in the second session of gains. Alpha Dhabi Holding rose 1.5% before its earnings announcement later that day. Adnoc Drilling gained 1.2% after it reported a 2% increase in net profit for Q2 to $359 Million, surpassing analyst estimates. Joseph Dahrieh said that despite external pressures the UAE stock market could continue to be resilient. Dubai's main index rose?0.1%, thanks to a rise of 1% in the Salik Company,
Transport Infrastructure

Market sources report that Russia imports gasoline from Morocco
Drone attack in Egypt raises concerns over security of Suez oil exports

The drone attack that damaged two gas tanks in?Egyptian water has raised energy security concerns over the nearby Suez Canal, and a pipeline related to it. This is a vital route for Saudi Arabian crude oil exports since the beginning of the Iran War. While Iran and its Houthi-allied allies fired on oil tankers passing through the Strait of Hormuz, and Bab el-Mandeb in Egypt, Egypt's Suez Canal, and Sumed pipeline, continued to provide a?safe, Northbound export route for Saudi Red Sea Energy cargoes. Although no one has publicly claimed responsibility for the attack on Wednesday against the tankers in
Transportation

London insurers expand high-risk Red Sea zone following Houthi attacks

According to an advisory dated July 29, London's'marine insurance' market has expanded 'the area it deems as high risk' in the Red Sea after attacks by Yemen's Houthi group on ships. However, Egyptian waters have been excluded. The Joint War Committee, made up of members from the London Insurance Company?Market and syndicate members, has a significant influence on insurance premiums. The advisory stated that the?high risk zone has been extended to include more of the coast along the Red Sea, adjacent to Saudi Arabian port cities. It also reaches as close as the Saudi port city of Jizan. The Iran-aligned
Egypt confirms that drone caused fire to two gas vessels in Damietta

Transport Infrastructure

IHC makes gains in India Aluminium Venture

The stock markets of the United Arab Emirates ended higher on Friday, following gains in global equities. A lukewarm U.S. employment report dampened expectations for a near-term Federal Reserve interest rate hike. The STOXX pan-European Index rose?0.2% while MSCI's broadest measure of global equity edged up by 0.1%. As more people left the workforce, the U.S. unemployment rates fell from 4.3% to 4.2% in May. Soft jobs data decreased expectations of an impending Fed rate hike and increased betting that rates will remain on hold until October. Changes in U.S. currency policy can have a major impact on Gulf markets,...

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The Gulf markets are gaining ground as caution persists

The major Gulf stock exchanges rose in the early trading on Wednesday, amid signs of progress in U.S.Iran negotiations. However, there was still uncertainty about?the durability? of the agreement. The two countries that concluded the first round of negotiations on Monday in Switzerland gave contradictory accounts of some key elements of the Framework Agreement signed last week for the end of the war. These included financial incentives to Iran, control of the Strait of Hormuz, and Israel's war in Lebanon. Donald Trump, the U.S. president, said that Iran agreed to nuclear inspections in "infinity" on Tuesday. Tehran denied this concession...

Transport Infrastructure

Riyadh Air, a Saudi-backed airline, has been granted permission to fly US routes

The U.S. Transportation Department announced Tuesday that Saudi Arabia's Riyadh Air won the rights to fly to and from the United States. Last week, the airline began its first London flight using its new Boeing fleet. Riyadh Air, Saudi Arabia's next national airline, will be launched in 2023. It is owned by Saudia's Public Investment Fund. USDOT stated that "the grant of this authority is in the public's interest." Riyadh Air informed the?USDOT last month when it requested approval that it intended to operate to more than 100 destinations Delta Air Lines, for example, has or is planning partnerships with...

Transport Infrastructure

Is the Iran War just an energy shock or a turning-point? Russell

Loss of?barrels, and increased prices are already signs that the Iran war has disrupted global crude oil and gas markets. With a U.S. peace deal with Iran expected to reopen Strait of Hormuz in the near future, it's time to assess whether this was a 'watershed moment or just another blip. Consider two precedents. Volkswagen's "Dieselgate", a scandal in 2015 over rigged emission tests, seemed innocent at first. But it signaled the end of diesel cars for passenger vehicles and the rise?of electric vehicle (EVs). The 2022 Russian invasion of Ukraine sparked a dramatic rise in energy prices. However, the...

Transport Infrastructure

Is the Iran War just an energy shock or a turning-point? Russell

Losses in barrels of crude oil and increased prices are already a result of the Iran war. With a U.S. - Iran peace deal expected that will reopen the Strait of Hormuz the reckoning has begun: Was this a watershed or just another blip, we ask? Consider two ?precedents. Volkswagen's "Dieselgate", a scandal involving rigged emission tests in 2015, seemed innocent at first. But it signalled the end of diesel cars for passenger vehicles and the rise in electric vehicles (EVs). The impact of Russia's invasion of Ukraine in 2022 was short-lived due to the market's ability reroute the flows...

Transport Infrastructure

Data shows that Russia's seaborne Diesel exports dropped in May due to drone attacks

Data from market sources and LSEG shows that Russia's seaborne gasoil and diesel exports fell 18% in the same month compared to a year ago, and 3% on the month, respectively, from 3.7 million metric tons. Sources said that the ultra-low-sulphur Diesel shipments from Primorsk - Russia's largest outlet for diesel exports - fell by 5% in April to 1.375 million tonnes. In May, drones struck several of Russia's largest refineries, including the Lukoil owned NORSI refinery as well as Rosneft Ryazan refinery and Surgutneftegaz Kirishi refinery. The latter is one of Russia's largest?diesel manufacturers. Diesel production in Russia dropped...

Transport Infrastructure

UAE markets benefit despite the stalled US/Iran peace talks

The stock markets of 'the United Arab Emirates' closed higher on Friday. Dubai outperformed its regional peers despite the fading hopes of a diplomatic breakthrough between Israel and the U.S. Hezbollah, a militia backed by Iran, rejected a ceasefire on Thursday in?Lebanon and Israel announced it?wouldn't withdraw troops from the?country?undermining U.S. president Donald Trump's attempts to halt fighting?and achieve a peace?deal? with Tehran. Dubai's main index of shares rose by 0.9%, boosted by gains in the industrial and utilities sectors. Salik Company, a toll operator, increased by 1.6% while Emirates Central Cooling Systems grew 2.5%. Abu Dhabi's benchmark indices settled...

Transport Infrastructure

UAE markets benefit despite the stalled US/Iran peace talks

Major Gulf markets gain on US-Iran peace deal hopes

The major Gulf stock exchanges rose slightly on Thursday in the early trading after Israel and Lebanon agreed to implement ceasefire. This boosted optimism for a larger deal to end the U.S. War with Iran, even though tensions were simmering. A joint statement issued by the U.S. State Department following talks in Washington said that the Israel-Lebanon truce is conditional on the complete cessation from fire of the Iran-aligned Hezbollah and the evacuation?of all their operatives?from the South Litani Sector. Donald Trump, the U.S. president, suggested Wednesday that progress could be made in negotiations with Iran by this weekend. Iran...

Sonatrach and Saudi Aramco cut prices by 18% & 31% respectively.

Saudi Arabian state oil producer Saudi Aramco raised its official selling price for liquefied gas by 1% to 3% between June and July, while Algerian Sonatrach cut it from 18% to 31% because of a higher supply on the Mediterranean market. Saudi Aramco increased its June OSPs by $10 per metric ton, to $760 for propane And?by $20 per ton up to $820 for butane . LPG comes in two types: Propane and Butane. They have different boiling points. LPG is used primarily as fuel for cars and heating, as well as as a feedstock for other chemicals. Sonatrach has...

The US-Iran trade dispute has impacted most Gulf markets.

Early trade on Monday saw most Gulf stock exchanges retreat after Iran and the U.S. traded strikes. Israel also ordered its troops to advance further into Lebanon in its battle with Tehran-backed Hezbollah. The U.S. said it had struck Iranian military sites at the weekend. Iran's Revolutionary Guards responded by saying they had attacked a U.S.-based base. This is the latest exchange in negotiations to end a three-month old?war. The fighting that followed the Israel-Lebanon talks in Washington on Friday tempered hopes that U.S. officials and Iranians would soon announce an extension of their ceasefire. Saudi Arabia's benchmark Index fell...

UAE equity gains as oil rallies due to US-Iran uncertainty

The stock markets of the United Arab Emirates ended a tad higher on Friday, with Dubai outperforming the rest. This was due to rising oil prices. Investors were doubting the prospects of a breakthrough in U.S. - Iran peace talks. The nations are divided over Tehran's uranium stocks and the control of the Strait of Hormuz. Brent crude rose 2.85% to $105.5 per barrel at 1130 GMT. Dubai's main stock market rose 0.6% led by the real estate and industrial sectors. Parkin Company, a parking service provider, and a blue-chip developer named?Emaar Properties both grew by 1.7%. Emaar Properties announced...

Algeria purchases wheat for shipment to two ports, traders claim

Traders in Europe said that the state grain agency of Algeria, OAIC, is believed to have purchased milling wheat Tuesday as part of an international tender which sought a limited'shipment' only to two ports. Initial estimates put the volume at about 200,000 tons. The requirement to only unload wheat?in two port tenders - Mostaganem or Tenes - from the OAIC signals that a relatively low purchase will be made. Initial estimates of the purchases reported ranged from $284-$285 per ton for shipment to Mostaganem, and $292 per ton (c&f), for Tenes. The cost of shipping to smaller ports was cited...

Passenger Transportation Services

Major Gulf bourses mix as markets assess US/Iran escalated

The major Gulf stock exchanges were mixed on Monday morning as the Middle East conflict intensified over the weekend. This was due to the U.S. attacking?Iran for the ninth consecutive night. Kuwait and Bahrain both reported new Iranian strikes in the'region. The U.S. Embassy in Bahrain warned Americans in Manama that Iran could target unspecified areas in the capital. Kuwait's Foreign Ministry has condemned an alleged Iranian attack on a desalination plant and power station. The Islamic Revolutionary?Corps announced on Monday that 2 oil tankers exploded, and became disabled?after attempting a southern route it called unsafe in the Strait of?Hormuz....