Money & Business - Gulf Insider

1 year ago

US Sanctions Could Hit 1.5 Million Bpd Of Russian Oil Exports

One week into the latest – and most aggressive yet – U.S. sanctions on Russian oil exports, the Asian buyers of Russian crude are scrambling for alternative supply, the price of oil has rallied, and analyses suggest that more than 1 million barrels per day (bpd) of Moscow’s export volumes could be severely constrained, at least in the short term. The outgoing U.S. Administration on January 10 imposed the most severe sanctions on Russia’s oil yet, designating two major Russian oil companies, Gazprom Neft and Surgutneftegas, as well as 183 vessels, dozens of oil traders, oilfield service providers, insurance companies, and energy officials. Many of the vessels, specialized tankers, and shuttle tankers transporting Russia’s oil from the Arctic and Far East Pacific fields and production clusters to Asia have now been sanctioned. This puts around 1.5 million bpd of Russia’s crude flows from its Pacific and Arctic ports at risk, according to a Bloomberg analysis of the tankers now designated by the U.S. Most of the flows from the Sakhalin projects require special ice-class tankers—all of these have been sanctioned. The storage tankers and specialized vessels servicing shipments, storage, and loadings at Murmansk are also under sanctions now. The Gazprom […]

1 year ago

Safeguard Your Finances from Digital Threats: Binance MENASAT’s Bader Al Kalooti

In an age where phishing scams, deepfakes, and other sophisticated cyber threats loom large, protecting finances and digital assets has never been more critical. The rapid advancements in technology, while empowering, have also emboldened scammers who now leverage AI to create highly convincing impersonations and fraudulent schemes. These threats not only jeopardize individual users but can also undermine trust in the growing cryptocurrency industry. At the forefront of this challenge is Binance, the world’s largest digital asset exchange by volume, which has made security its cornerstone. In this exclusive interview with Bader Al Kalooti, Regional Growth & Operations Lead for Binance MENASAT, we delve into how Binance is tackling these evolving threats head-on and empowering users to safeguard their investments in an ever-changing digital landscape. How does Binance prioritise user security in the face of evolving threats in the cryptocurrency space? As the largest digital asset exchange by volume, Binance places a strong emphasis on user safety, especially as threats in the cryptocurrency space become increasingly sophisticated. Scammers have become more frequent and advanced, often leveraging AI to create scams that appear to come directly from the Binance team. For example, Rachael Conlan, Chief Marketing Officer of Binance MENA, recently experienced a […]

1 year ago

Kuwait Announces Major Hydrocarbon Discovery At Al Jlaiaa Offshore Field

The Kuwait Oil Company (KOC) announced yesterday (Monday) a significant hydrocarbon discovery at the Al Jlaiaa offshore field, a find that could bolster the nation’s oil and gas reserves and reinforce its role as a major global energy supplier. Al Jlaiaa field, located within Kuwaiti territorial waters and covering 74 square kilometers, is estimated to hold approximately 800 million barrels of medium-density oil. Tests on the exploration well, Al Jlaiaa 2, also revealed 600 billion standard cubic feet of associated gas, equivalent to 950 million barrels of oil equivalent. The oil is notably free of hydrogen sulfide and contains low levels of carbon dioxide, signaling high-quality reserves, according to a statement released by the Kuwait News Agency (KUNA). “This discovery is a major milestone for Kuwait’s hydrocarbon resources and highlights the success of KOC’s marine exploration efforts,” the company said. The find, part of KOC’s ongoing exploration strategy, raises hopes for additional reserves in the Upper Cretaceous formations within Kuwait’s marine and adjacent regions. Al Jlaiaa marks the second marine discovery under KOC’s current exploration plan, following the Al Nokhatha field discovery in July 2024.

1 year ago

The US ‘Was’ The Largest Contributor To The WHO

Four and a half years after Donald Trump’s first attempt of withdrawing the United States from the World Health Organization (WHO), which was undone by his successor Joe Biden before taking affect, the newly inaugurated president wasted no time to take care of unfinished business. As Statista’s Felix Richter reports, as one of many first-day actions, Donald Trump signed an executive order on Monday, announcing the U.S. withdrawal from the WHO due to the organization’s alleged mishandling of the Covid-19 pandemic, its “failure to adopt urgently needed reforms, and its inability to demonstrate independence from the inappropriate political influence of WHO member states.” Trump also criticized the organization for demanding “unfairly onerous payments” from the U.S. in comparison to other member states and from China in particular. As Statista shows in the chart below, the United States is (was) indeed the largest contributor to the WHO. According to the latest figures published by the organization, the U.S. donated $1.28 billion to the WHO’s budget for the 2022-2023 biennium, including $218 million in assessed contributions, $1.02 billion in voluntary contributions and $47 million in contributions to a contingency fund for emergencies. China, in comparison, contributed a total of $157 million during the same period, including $115 million in assessed contributions. In an […]

1 year ago

Saudi Arabia: Commerce Ministry Carries Out 950,000 Inspection Tours Aimed To Protect Consumers In 2024

The Ministry of Commerce has carried out over 950,000 inspection tours across all regions of the Kingdom to enhance compliance and protect consumers during the year 2024. The inspections covered all sectors and economic activities to ensure adherence to regulations and verify the absence of commercial violations. Furthermore, the regulatory teams addressed over one million consumer complaints and took legal action against violators, including publishing 25 public defamation rulings related to fraud and commercial concealment crimes. As part of the National Anti-Commercial Concealment Program, joint inspection teams conducted more than 286,000 tours to markets, retail outlets, warehouses, and other facilities. These efforts leveraged indicators and evidence to detect concealment crimes and violations of the Anti-Concealment Law. To magnify consumer protection efforts, the ministry adopted evaluation standards for automobile and electronic appliance agents and distributors to improve sales and after-sales services. It also addressed challenges facing consumers in these sectors and required automobile agents to publish spare parts prices on their websites.

1 year ago

Bahrain: Parliament Approves Cutting CR Fees To BD 30

A plan to cut annual commercial registration (CR) fees to BD 30 for small businesses and BD 60 for Bahraini-owned companies passed through Parliament on Tuesday. The proposal, which also introduces changes for foreign-owned businesses, will see their fees set by the relevant minister with Cabinet approval. The reforms are aimed at easing financial pressure on entrepreneurs and encouraging small business growth. Under the approved amendments to the 2015 Commercial Registration Law, the first three activities listed in a registration will be free of charge, with additional activities charged at BD 10 each. Currently, opening a registration costs BD 50, with another BD 100 for the first three activities, whether used or not. MP Jalal Kadhem, who championed the proposal, said the existing fees are a hurdle for Bahrainis wanting to enter the business world. ‘These costs weigh heavily on those trying to get started,’ Kadhem said. ‘By lowering fees, we’re giving people the chance to step into freelancing or start a small business without being held back by the price tag.’ Supporters of the reforms believe they will simplify registration and remove barriers for local business owners. A member of the Financial and Economic Affairs Committee, which unanimously supported […]

1 year ago

IMF Projects Saudi Economy To Grow 3.3% In 2025, 4.1% In 2026 Amid Global Shifts

These projections reflect significant shifts in the global economic landscape, with the ongoing OPEC+ agreement on oil production cuts playing a key role in tempering growth expectations for the Kingdom in the near term. Saudi Arabia’s economy is projected to grow by 3.3 percent in 2025 and 4.1 percent in 2026, according to the latest forecasts from the International Monetary Fund. These projections reflect significant shifts in the global economic landscape, with the ongoing OPEC+ agreement on oil production cuts playing a key role in tempering growth expectations for the Kingdom in the near term. In its January 2025 World Economic Outlook Update, the IMF outlined the broader economic outlook for the Middle East and Central Asia, where growth is anticipated to rise by 3.6 percent in 2025, followed by a slightly stronger 3.9 percent in 2026. These figures are notably lower than previous estimates, primarily due to downward revisions in Saudi Arabia’s growth forecast, which had initially projected a 4.6 percent expansion for 2025. As the region’s largest economy, Saudi Arabia’s performance significantly impacts the overall regional outlook. In addition to the impact of oil production cuts, the IMF highlighted other challenges influencing the region’s economic prospects, including inflationary […]

1 year ago

China’s Refining Output Dips For First Time In Over Two Decades

Weaker fuel demand and depressed refining margins in 2024 resulted in the first annual decline in China’s refinery throughput in over 20 years, excluding the pandemic lockdown year of 2022, government data showed on Friday. Chinese refiners processed on average 14.13 million barrels per day (bpd) of crude oil last year, down by 1.6% compared to the record 14.7 million bpd processed in 2023 when China emerged from the pandemic lockdowns, per data from China’s National Bureau of Statistics cited by Reuters. Oil demand in China was lackluster in 2024, with consumption growth slowed, due to weaker economic performance and a shift to electric vehicles (EVs) and LNG-fueled trucks. Although some of the weakness is attributable to weaker economic performance, the shift toward EVs and LNG trucks is removing some road fuel demand permanently, analysts say. The rise of electric vehicles and the growing use of LNG in trucking have combined with slower-than-expected economic growth and activity to dent China’s oil demand growth and undermine earlier forecasts of global oil demand for 2024. Crude oil imports into China also declined last year, for the first time in some 20 years, excluding the pandemic lockdown period. The average import level stood at 11.04 million bpd in 2024, down by 1.9% […]

1 year ago

Saudi Corporate Lending Sees Highest Growth In 2 Years As Bank Loans Reach $782bn

Saudi Arabia’s bank loans surged to SR2.93 trillion ($782 billion) in November, marking a 13.33 percent year-on-year increase — the highest growth rate in 22 months. According to figures from the Saudi Central Bank, also known as SAMA, corporate loans were the main driver, surging 17.28 percent to SR1.58 trillion. This marks the highest annual growth for corporate loans among the lending activity data available in SAMA’s reporting since 2021. Real estate activities led the charge, representing 21 percent of corporate lending and growing by 32 percent to SR328 billion. Wholesale and retail trade accounted for 13 percent of corporate lending, reaching SR201.6 billion with an annual growth rate of 10.62 percent. The manufacturing sector, a key component of Vision 2030’s economic diversification goals, represented 12 percent share at SR182.44 billion. Electricity, gas, and water supplies contributed 11 percent to the total corporate share, growing significantly by nearly 27.74 percent to reach SR178.56 billion. Notably, professional, scientific, and technical activities, though holding a smaller 0.53 percent share of corporate credit, witnessed the most significant surge, with a 54.44 percent annual growth rate to SR8.38 billion. Education loans followed real estate with the third-highest growth rate, increasing by 29.93 percent to […]

1 year ago

Syria Exploring The Embrace Of Bitcoin

Syria’s economy is in a bad state, to put it very mildly. Not only has the Middle Eastern nation been battered by over a decade of war, the Assad regime, which has been in power since 1971, has now been overthrown by a jihadist group. The conflict, which began in 2011, has devastated infrastructure, displaced millions, and led to economic sanctions from Western nations. These factors have crippled the local economy and trade, leading to severe inflation. The Syrian pound (SYP), which was once relatively stable, has lost over 99% of its value since the war began whilst hyperinflation has turned basic goods, like bread and fuel, into luxuries for ordinary citizens. In the face of these challenges, Syria has struggled to maintain monetary stability, with dwindling foreign currency reserves and limited access to global financial systems. However, hope may now be on the horizon since it has been announced that the Middle Eastern nation is planning to legalise Bitcoin, explore using it to back its national currency and use its energy reserves to mine it. This ground-breaking policy could transform not only Syria’s economy but serve as a potential model for other nations in the region that are also […]

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US Sanctions Could Hit 1.5 Million Bpd Of Russian Oil Exports

Safeguard Your Finances from Digital Threats: Binance MENASAT’s Bader Al Kalooti

Kuwait Announces Major Hydrocarbon Discovery At Al Jlaiaa Offshore Field

The US ‘Was’ The Largest Contributor To The WHO

Saudi Arabia: Commerce Ministry Carries Out 950,000 Inspection Tours Aimed To Protect Consumers In 2024

Bahrain: Parliament Approves Cutting CR Fees To BD 30

IMF Projects Saudi Economy To Grow 3.3% In 2025, 4.1% In 2026 Amid Global Shifts

China’s Refining Output Dips For First Time In Over Two Decades

Saudi Corporate Lending Sees Highest Growth In 2 Years As Bank Loans Reach $782bn

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