Search results

A hydrocarbons law in Iraq is in the offing, which could provide a stable revenue-sharing platform for years to come, but big obstacles remain to be resolved, leaving Iraqi Kurds in political and financial limbo, while the Kurdish regional oil industry stutters even as big gas developments are being promoted.

The lengthy and rather dismal state of Kuwait’s anti-corruption campaign continues to be a central focus in domestic politics.

Kuwaiti sources believe it is likely the government will resort to another unconstitutional resignation and cabinet reshuffle to avoid facing members of parliament (MP)’s calls for debt relief and other populist measures.

Following threats to refer firms to the General Authority for Competition, the Public Investment Fund has acquired shareholdings in four major contracting companies, giving PIF chair Saudi Crown Prince Mohammed Bin Salman an equity stake he has long had his eye.

The Saudi Fund for Development has agreed to inject $320m into a joint project to build the infrastructure to support a new special economic zone (SEZ) in Oman’s Al-Dhahirah governorate.

Abu Dhabi International Airport’s new Midfield Terminal is now expected to open in December, some six years later than planned. GSN was told the delay was one reason why the UN’s COP28 climate summit in November would be held in Dubai, rather than Abu Dhabi, while Alpha Dhabi Holding subsidiary Trojan General Contracting completes the work.

A report alleging widespread fraud at one of India’s largest conglomerates has seen the share price of Adani Group companies plummet on the National Stock Exchange of India. Among the investors affected is International Holding Company, chaired by UAE national security advisor Sheikh Tahnoun Bin Zayed Al-Nahyan, which may be sitting on losses of around $770m.

Two defendants accused by Kuwait's Public Institution for Social Security (PIFSS) of paying its former director general Fahad Al-Rajaan millions of dollars in illegal commissions have failed to have the case moved from London to Switzerland.

In a pair of royal orders issued early February, Saudi Arabia's King Salman Bin Abdulaziz removed Fahd Bin Abdullah Bin Abdullatif Al-Mubarak from his position as governor of the Saudi Central Bank (Sama), replacing him with Ayman Bin Mohammed Bin Saud Al-Sayari.

Saudi Prince Salman Bin Sultan Bin Salman, a grandson of King Salman Bin Abdelaziz, filed a claim in the Delaware Chancery Court against Delaware's Cave Cay LP. Prince Salman claimed Cave Cay was in breach of an agreement.

Ever more for Aramco trading: Saudi Aramco announced on 18 January that its Aramco Trading Company (ATC) arm had acquired United States-based Motiva Trading and launched a new subsidiary, Aramco Trading Americas (ATA). The latter will be the sole supplier and offtaker for Motiva Enterprises, which owns the 630,000 b/d Port Arthur refinery, the largest refinery in North America. Aramco had taken full control of the refinery in 2017, buying out its partner Royal Dutch Shell.

Prominent UAE lawyer Essam Al-Tamimi is being sued in courts in Massachusetts and New York by a former business partner over claims of malicious prosecution, fraud, abuse of process and unjust enrichment.

The UAE's new National Media Office in Abu Dhabi adds another layer of 'Bani Fatima' reporting to Presidential Court minister Sheikh Mansour Bin Zayed Al-Nahyan and chaired by President Sheikh Mohammed Bin Zayed’s nephew and son-in-law Sheikh Zayed Bin Hamdan Al-Nahyan.

Saudi Arabia’s Public Investment Fund (PIF) has taken control of the Diriyah mixed-use development on the outskirts of Riyadh, adding to the sovereign fund’s list of 'giga-projects'.

First Abu Dhabi Bank (Fab) has decided to not to pursue its interest in taking over UK-registered, London Stock Exchange (LSE)-listed Standard Chartered, having retained bulge-bracket Citigroup and New York-based investment bank Moelis and Company in 2022 to explore potential international takeovers or investments. StanChart was said to be the prime target.