By Tsvetana Paraskova The global drive to mitigate the impact of climate change and boost renewable energy is threatening the immense wealth that the Arab Gulf oil producers have accumulated from crude oil over the past decades. potential carbon taxes, poses a huge challenge to the GCC countries, which collectively produce over one-fifth of global

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Workers take a break at a construction site in Dubai. Photographer: Christopher Pike/Bloomberg By Abeer Abu Omar Business growth in Dubai stalled while jobs disappeared at the fastest pace in at least a decade in the latest signs of strain on the Middle East’s commercial hub. Operating conditions in Dubai’s non-oil private sector worsened in

China Southern Airlines has cancelled all its four weekly direct flights only 10 days after Kenya Airways halted direct flights into Guangzhou, China. Trade between China and Kenya has been dealt a further blow after the suspension of the only remaining direct flights between the Asian country and Nairobi amid fears of the spread of

Final stage in the legislative process paves the way for IOC investment Somalian President Mohamed Abdullahi Farmajo ratified the country’s first petroleum law in the modern era in Mogadishu on Saturday. The legislative process, having earlier been approved by the upper and lower houses of the federal parliament, is now complete. “The petroleum law demonstrates

The International Monetary Fund (IMF) said on Thursday Gulf Arab states  some of the world’s richest countries could see their financial wealth depleted in the next 15 years amid lower hydrocarbon revenues if they don’t step up fiscal reforms. The six-nation Gulf Cooperation Council (GCC) – whose net financial wealth the IMF estimates at $2

Turkey’s ruling Justice and Development Party (AKP) submitted an omnibus bill to parliament that foresees more severe punishments for insider trading and market manipulation as part of extensive laws regulating the country’s banking industry and capital markets, Bloomberg said on Thursday. “The central bank will now set fees and commissions charged by lenders to their

Disruptions of the global supply chain resulting from the coronavirus outbreak have finally hit home in Kenya as vendors started reporting delayed orders from their suppliers in China. Several e-commerce firms have already sent out warnings to shoppers, noting that their orders would be delayed after many Chinese factories suspended their operations as officials tried

A British bulldog toy and other souvenirs are pictured at a souvenir store, near Parliament Square, on Brexit day, in London, Britain January 31, 2020. REUTERS/Simon Dawson The United Kingdom leaves the European Union on Friday for an uncertain Brexit future, the most significant change to its place in the world since the loss of

Photo Credit Reuters Moscow’s growing influence in Africa is worrying many in the West, the report says. Russian officials are eyeing a port of Berbera as a location for their base on the coast of Somaliland, a self-declared state within Somalia on the Gulf of Aden, according to U.S. Defense Department officials. Both China and