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French President Emmanuel Macron has obtained commitments to deliver an additional 200,000 tonnes of diesel per month from the United Arab Emirates and Bahrain during a tour of the Gulf, his office said Tuesday as the French government scrambles to address a cost-of-living crisis that has fuelled unrest in the country.
Global diesel prices remain near record highs as Gulf producers struggle to restore refined-fuel exports, despite a recovery in crude shipments and pledges by more countries to release reserves. Net diesel exports from Gulf countries averaged 390,000 barrels per day in August, just over a quarter of their levels before the US-Israel war on Iran, according to the latest available data by the International Energy Agency (IEA) published in September. One obstacle to recovery is that Persian Gulf...
For decades, the Gulf superhubs of Dubai, Doha and Abu Dhabi performed an improbable trick. They redirected millions of people travelling between the West and Asia to connect through their airports. Last year, the three airports handled about 182 million passengers, three times the traffic at Hong Kong airport. Dubai alone handled 95.2 million, the highest ever recorded by an airport. The Gulf’s hub-and-spoke model – funnelling passengers through a central airport to multiple destinations –...
State-owned QatarEnergy has secured a $3 billion loan from Chinese banks, according to people familiar with the matter, another sign that financial firms are still willing to lend to certain Gulf borrowers, despite the protracted US war with Iran.
Middle East sovereign wealth funds, backed by trillions of dollars in assets, have advised South Africa to create a fundraising vehicle as part of a plan for a new state firm that will manage its 155 billion-rand ($9.5 billion) property portfolio.