On a rooftop in the Jewish-Arab Tel Aviv neighborhood of Jaffa, a former military technologist and an ex-journalist sit in a transparent bio-dome where their robot is busy learning how to grow food. Flux IoT’s Eddy, a robot measuring less than a foot tall and resembling a life buoy, is built with military-grade sensors and armed with image-processing technology.
Category: Middle East
OPEC’s Houston Huddle Only Deepens Dilemma of Extending Oil Cuts
OPEC ministers met with partners and rivals in Houston this week as they try to figure out whether to prolong production cuts. That decision only got harder.
Saudi Aramco’s Green Energy Push Seen Widening Appeal of IPO
Aramco is the world’s largest oil company, but when it sells shares next year its foray into renewables is what may lure investors who would otherwise be forced to stay away. Saudi Arabian Oil Co., as it is formally called, is considering investments of as much as $5 billion in renewable energy, part of the kingdom’s effort to reduce the amount of oil feeding domestic energy needs.
Saudi Arabia Bulks Up in Asia to Boost Appeal Before Oil IPO
Saudi Arabian Oil Co. bought half of a Malaysian oil refinery and petrochemical plant as it prepares for what may be the biggest ever initial public offering by bulking up its business in Asia, its largest market.
Saudi Aramco to Invest $7 Billion in Malaysian Oil Refining Hub
Saudi Arabian Oil Co. will invest $7 billion in an oil refining project being developed by Malaysia’s Petroliam Nasional Bhd., according to the Southeast Asian nation’s prime minister.
3 Global Factors Including Trump, Brexit That Could Smash Consumer Spending in 2017
Developed markets such as North America and Europe will be bogged down by slowing consumer spending in 2017, as debt, an ageing population and economic stagnation takes hold, analysts at market research firm Euromonitor International predicted in a new report. Euromonitor said that events such as Brexit and the “Trump effect,” as they called it, creates political instability that will be “a key challenge going into 2017.”
Trump denounces wave of anti-Semitism: ‘It’s horrible and it…
In an interview with NBC News, the president offered a more forceful condemnation of recent anti-Semitic provocations in the US, including threats to Jewish community centers and the extensive vandalism of Jewish graves. Speaking at the newly opened Smithsonian National Museum of African American History and Culture on Tuesday, Trump reiterated his denunciation.
Trump’s Defense Chief Says in Iraq: We’re Not Here for Your Oil
The U.S. military is “not in Iraq to seize anybody’s oil”, Defense Secretary Jim Mattis said as he arrived for talks with Iraqi leaders on Monday, distancing himself from remarks by President Donald Trump. Mattis was the highest-ranking Trump administration official to visit Iraq since Trump irked Iraqis with a temporary ban on travel to the United States and for saying America should have seized Iraq’s oil after toppling Saddam Hussein in 2003.
China’s CNPC Buys Stake in $22 Billion Abu Dhabi Oil Venture
China National Petroleum Corp. bought a stake in Abu Dhabi’s largest oil concession as the Middle Eastern emirate with 6 percent of global crude reserves looks increasingly to Asia, its biggest market, for investment to raise output capacity. Abu Dhabi National Oil Co.
UAE seals deal with China’s CNPC for onshore oil project
The United Arab Emirates’ main state oil company has signed a deal giving China National Petroleum Company an 8 percent stake in a major onshore oil project. ADNOC has set aside 40 percent of the ADCO project for foreign partners.
Trump Sons Open Dubai Golf Course, Praise U.S. Ally
Banke International director Niraj Masand, far left, poses for a photo with Eric Trump, second left, Banke International director Porush Jhunjhunwala, center, Donald Trump Jr., second right, and DAMAC Properties chairman Hussain Sajwani, during … festivities marking the formal opening of the Trump International Golf Club, in Dubai, United Arab Emirates, Saturday Feb. 18, 2017. Two of U.S. President Donald Trump’s sons arrived in the UAE for an invitation-only ceremony Saturday to formally open the club.
Top Israeli VC Says Startup Nation Drives U.S. Economic Growth
Jon Medved, the Israeli venture capitalist who backed Shopping.com and built investment platform OurCrowd, says tightening technology ties with the Trump administration and allowing Israeli companies to continue to open branches in the U.S. will benefit the economies of both countries. Medved said he hoped Israeli Prime Minister Benjamin Netanyahu would put technology on the agenda during his scheduled meeting Wednesday with U.S. President Donald Trump in Washington.
Saudi Arabia Tells OPEC It Cut Oil Output by Most in 8 Years
Saudi Arabia told OPEC that it cut oil production by the most in more than eight years, going beyond its obligations under a deal to balance world markets. The kingdom reported that it reduced output by 717,600 barrels a day last month to 9.748 million a day, according to a monthly report from the Organization of Petroleum Exporting Countries.
Saudi Aramco Said to Pick Moelis to Advise on Biggest IPO
Saudi Arabian Oil Co. hired Moelis & Co. to advise on its initial public offering, according to a person familiar with the matter, as it pushes ahead with plans to pursue the world’s biggest share sale.
Qatar Petroleum Hunts for Gas Abroad as Local Growth Limited
Qatar Petroleum is exploring for oil and gas in Cyprus and Morocco as part of a strategy to expand the tiny Gulf emirate’s global energy investments. The world’s biggest producer of liquefied natural gas known as QP must cope with local limits on growth as it seeks to expand its LNG business and increase its production and reserves of crude oil and gas, Saad Sherida Al Kaabi, the company’s chief executive officer, said Monday in Doha.
Iran Avoids Taking Trump Bait to Collapse Nuclear Deal, for Now
Since the U.S. imposed new sanctions on Tehran over a ballistic missile test Friday, Iran’s conservative media has railed against the government for being too soft, the military has tested another projectile, and officials have generally thumbed their noses at a White House warning that they were now “on notice.” What hasn’t happened, however, is as important: no official has threatened to abandon the nuclear deal signed in 2015 under the previous U.S. administration of President Barack Obama.
U.A.E. to Adopt System Seeking to Lure Top Foreign Talent
The U.A.E. government approved a new visa system designed to attract top foreign talents in fields such as medicine, science and research to the country, Prime Minister Sheikh Mohammed bin Rashed Al Maktoum said on Sunday. “The United Arab Emirates is the land of opportunities,” Sheikh Mohammed said on Twitter after the cabinet meeting.
The U.A.E. Sets Its Sights on Biggest Solar Farm Ever
The U.S. solar market has moved away from massive solar farms in recent years, favoring smaller developments that plug into the grid a little more easily. But international markets aren’t shying away from giant solar projects, particularly in desert locations.
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Secretary of State-designate Rex Tillerson testifies on Capitol Hill in Washington, Wednesday, Jan. 11, 2017, at his confirmation hearing before the Senate Foreign Relations Committee. CEO’s confirmation hearing, as the new Secretary of State presented a tougher stance on Russia and pledged greater support for Israel.
Trump, Key Arab Allies Agree to Boost Anti-Terror Efforts
U.S. President Donald Trump, facing growing criticism over his move to block immigration from seven predominantly Muslim countries, held talks with two prominent Arab leaders on Sunday to bolster ties and discuss anti-terrorism efforts in the Middle East. Trump spoke by phone with Saudi Arabia’s King Salman and Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed.
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President Donald Trump plans to name Ajit Pai as head of the Federal Communications Commission, according to a report from PoliticoA s Alex Byers and Tony Romm. Pai has served as a GOP commissioner at the FCC since 2012.
U.A.E. Says $50 Oil – Isn’t Going to Cut It’ for Producers
Crude oil at $50 a barrel is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. Prices have climbed almost 20 percent to above $50 a barrel since the Nov. 30 agreement by the Organization of Petroleum Exporting Countries to cut production for the first time in eight years to curb a global glut.
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In this Tuesday, Dec. 20, 2016 file photo, a general view with an advertising billboard is seen at the Trump International Golf Club main entrance in Dubai, United Arab Emirates. Dubai’s DAMAC Properties tells The Associated Press it offered … deals to U.S. President-elect Donald Trump’s firm worth some $2 billion, but the Trump Organization turned them down.
U.A.E. Says $50 Oil – Isn’t Going to Cut It’ for Most Producers
Crude oil at $50 a barrel is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. Prices have climbed more than 15 percent to above $50 a barrel since the Nov. 30 agreement by the Organization of Petroleum Exporting Countries to cut production for the first time in eight years to curb a global glut.
Saudis Said to Cut Oil to China, South Asia as Others Spared
Saudi Arabia was said to cut February crude sales to China and southern Asian nations while largely sparing countries including Japan and South Korea, as it curbs supply as part of a deal between OPEC and other producers. Two Southeast Asian refiners received cuts of about 30 percent from the world’s biggest crude exporter, according to two people with knowledge of the matter who asked not to be identified because the information is confidential.
Oil Drops to One-Month Low on U.S. Supply Outlook, OPEC Concern
Oil fell to a three-week low amid speculation that U.S. crude supply is rising while the market weighs compliance by OPEC and other exporters with promised output curbs. Prices dropped 2.2 percent.
Kuwait Says OPEC, Russia to Fulfill Pledged Oil-Output Cuts
OPEC and its partners will fulfill their implementation of a deal to cut output, having already announced 60 to 70 percent of the promised curbs, Kuwait said. Countries including Saudi Arabia, the United Arab Emirates, Russia, Kuwait, Qatar and Iraq have announced cutbacks that account for the bulk of the deal reached last year, Kuwaiti Oil Minister Essam Al-Marzouk said Monday.
Kuwait Says Saudi Arabia to U.A.E. Complying With Oil Cuts
Oil producers from Saudi Arabia to the United Arab Emirates are complying with production cuts promised last year to stabilize the market, Kuwait’s governor to the Organization of Petroleum Exporting Countries said. Qatar, Kuwait and Oman are also complying, having announced cuts to customers, Nawal Al-Fezaia, Kuwait’s OPEC governor, said in an interview Monday in Kuwait City where OPEC’s Secretary General Mohammad Barkindo is scheduled to have talks on the cuts with Kuwait Oil Minister Essam Al-Marzouk and other officials.
Oil Slips on Concerns U.S. Production is Rising
Oil fell on Monday as signs of growing U.S. production outweighed optimism that many other producers, including Russia, were sticking to a deal to cut supplies in a bid to bolster the market. Brent crude futures were down 96 cents at $56.14 a barrel at 1128 GMT.
At Least Four Dead in Palestinian Truck-Ramming Attack in Jerusalem
A Palestinian rammed his truck into a group of Israeli soldiers on a popular promenade in Jerusalem on Sunday, killing four people and injuring about 15 others in a deliberate attack, police and emergency services said. Police identified the driver as a Palestinian from Israeli-annexed East Jerusalem and said he was shot dead.
JPMorgan Lashing by Indonesia Signals Global Threat to Analysts
The world is getting more hazardous for skeptical analysts, the banks that employ them and investors who rely on their published research. Even by the rough-and-tumble standards of emerging markets, Indonesia’s punishment of JPMorgan Chase & Co.
Venezuelan Jews have started migrating to Israel, but not all…
In the years since Hugo Chavez took office in 1999, well-off Venezuelans left the country, followed by educated professionals, and, most recently, the youth and middle class. Now another marginalized group has begun to head for the exits: Venezuelan Jews, who have in the past moved to the US or Panama but have struggled to do so as Venezuela’s economic drains more of the country’s wealth.
For Cheapest Power on Earth, Look Skyward as Coal Falls to Solar
Solar power is now cheaper than coal in some parts of the world. In less than a decade, it’s likely to be the lowest-cost option almost everywhere.
Rabbi Boteach: Obama Has Had 8 Years of Unremitting Hostility Towards Israel
After the U.S. abstained from the Unite Nations vote condemning Israeli settlements, there have been mounting allegations that the Obama administration actually had a role in advancing the resolution through the U.N. “The Israel Warrior” author Rabbi Shmuley Boteach weighed in on the future of U.S. relations with Israel. “The Middle East goes to hell in a hand basket.
Strained U.S.-Israeli Ties Reach Another Low After Kerry Speech
Strained U.S.-Israeli ties reached another low on Wednesday as Secretary of State John Kerry and Prime Minister Benjamin Netanyahu traded blame over the stalled Middle East peace process, with President-elect Donald Trump vowing a fresh start when he takes office on Jan. 20. Kerry, in a speech Wednesday in Washington, said Netanyahu’s policies backing the expansion of settlements in East Jerusalem and the West Bank were putting a two-state solution to the Israeli-Palestinian conflict increasingly out of reach. Netanyahu, minutes later, accused Kerry of anti-Israel bias and said the U.S. focus on settlements was “unbalanced.”
Expat Fee, Subsidy Cuts: What’s in Saudi Fiscal Balance Document
Saudi Arabia followed a historic budget announcement last week with an 84-page document outlining how the Arab world’s largest economy plans to balance its budget by 2020. The document includes plans to curtail capital spending, raise new revenue and stimulate the private sector.
Displaced But Determined: How One Syrian Software Developer Restarted His Career
Five years ago, Adham Rchwani left Syria to rebuild his life in Germany. In his own words, this is what it’s taught him.
Saudi Paper Retracts Aramco 49% Stake Sale Plan Story
The Riyadh-based newspaper al-Eqtisadiah retracted a story saying Saudi Arabia is planning to sell almost half of Saudi Arabian Oil Co., the world’s largest oil company known as Aramco. The stake that the government plans to sell and the time frame of the sale are different than what was mentioned in the story published on Saturday, al-Eqtisadiah said in a statement published Sunday.
Investors Betting on Oil Price Drop Flee as Production Cuts Near
Oil investors seem to have less reason to doubt that OPEC and other producers will make the cuts needed to balance the market. Money managers trimmed bets on falling West Texas Intermediate crude prices to the lowest level since August 2014 as the Organization of Petroleum Exporting Countries and other crude-exporters prepare to start curbing output in January.
Saudi Arabia’s Energy Minister Sees Oil Recovering on OPEC Cuts
Oil prices are set to recover next year as OPEC fulfills its agreement to cut output, halting the slump that battered the global oil industry, Saudi Arabia’s energy minister said. The kingdom sees no need for additional production cuts on top of the curbs pledged in recent weeks by OPEC and 11 other oil-producing countries, Khalid Al-Falih said at a ceremony to announce the annual budget in Riyadh.