Business

Business & Economy

UAE Energy Minister says oil industry in 'decline mode'

03 Nov 2022; MEMO: Oil is clearly in long-term "decline mode", according to the Energy Minister of the United Arab Emirates, one of the world's biggest exporters of the commodity, Bloomberg reports.

According to the report, the UAE will supply the world with crude for as long as it is needed, the Minister said.

"To assume oil is going to be there forever is wishful thinking," Suhail Al-Mazrouei said in a speech at the ADIPEC Energy Conference in Abu Dhabi.

Lebanon: US will protect maritime deal with Israel even if Netanyahu wins

02 Nov 2022; MEMO: Lebanon's caretaker Prime Minister, Najib Mikati, on Wednesday said that US guarantees would protect a maritime border deal with Israel should Israel's conservative former premier, Benjamin Netanyahu, win a majority in elections Reuters reports.

NATO Secretary-General set to arrive in Turkiye on Thursday

02 Nov 2022; MEMO: NATO Secretary-General, Jens Stoltenberg, is due to arrive in Turkiye on Thursday for a three-day visit, the Turkish Foreign Ministry has said, Anadolu News Agency reports.

In a statement on Wednesday, the Ministry said Stoltenberg will be received by Turkish President, Recep Tayyip Erdogan.

The NATO Chief will also meet Foreign Minister, Mevlut Cavusoglu and National Defence Minister, Hulusi Akar.

Putin calls on Arab League summit to help establish multipolar world order

02 Nov 2022; MEMO: Russian President Vladimir Putin has called on the states participating in the 31st Arab League Summit, which started in Algeria on Tuesday, to consider the necessity of establishing a "multipolar" world order. In a letter published by Russia Today, Putin said that the process of forming such an order in international relations is "gaining momentum".

Palestine ratifies Gaza gas deal with Egyptian companies

01 Nov 2022; MEMO: The Palestinian Authority ratified a framework agreement yesterday to develop the Gaza Marine gas field with Egyptian companies.

"We have ratified the framework agreement for the [Gaza Marine] gas field concluded between the Palestinian Investment Fund and the consortium of Egyptian investment companies," explained the PA. "The subsequent detailed agreements will be presented later to the Palestinian Council of Ministers."

Turkey: President Erdogan inaugurates plant for 1st domestic car

01 Nov 2022; MEMO: President Recep Tayyip Erdogan inaugurated the long-anticipated, massive manufacturing plant that will be building Turkiye's first domestic car brand, TOGG.

On the occasion of the 99th anniversary of the Turkish Republic, Erdogan joined the opening ceremony of Turkiye's first domestic car plant in the north-western province of Bursa.

Anchored Ukraine grain ships 'pose navigations risks' in Istanbul

01 Nov 2022; MEMO: Ukrainian grain ships anchored outside of Istanbul Strait waiting for inspection "pose navigations risks" following Russia's suspension of the Black Sea Grain Initiative, Turkiye told UN Security Council on Monday, Anadolu News Agency reports.

There were 97 loaded vessels and 15 inbound vessels registered for inspection around Istanbul as of Monday morning local time, Turkish Ambassador to the UN, Feridun Sinirlioglu, said at a Security Council meeting.

Jordan temporarily suspends olive oil imports from Palestine

31 October 2022; MEMO: Jordan has decided to temporarily suspend olive oil imports from Palestine, a senior official at the Agriculture Ministry said yesterday.

Assistant Secretary-General for Marketing and Quality at the Ministry of Agriculture, Hazem Al-Samadi, said that importing olive oil from the Palestinian territories "is currently not allowed because we are in the middle of the local oil production season."

Subscribe to Business