Egypt plans rethink on claim against Ever Given

Egypt lost between $12 million and $15 million in revenue for each day the waterway was closed. (File/Reuters)
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Updated 29 May 2021
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Egypt plans rethink on claim against Ever Given

  • The Suez Canal Authority (SCA) claimed more than $916 million in damages
  • The owner has offered to pay $150 million

DUBAI: Egypt is planning to recalculate the compensation it earlier demanded from the owner of the Ever Given container ship that blocked the Suez canal in March, according to Bloomberg.

The Suez Canal Authority (SCA) claimed more than $916 million in damages, but out-of-court negotiations lowered the figure to $550 million.

However, the Ever Given’s insurers say that this demand is still too high.

“We will recalculate our demand in today’s court session,” the SCA’s lawyer, Nabil Zidan, told Bloomberg on Saturday, but no new figure was disclosed.

The owner has offered to pay $150 million, but the authority said that this fails to cover losses of transit fees, damage to the waterway, and costs of equipment and labor.

The Ever Given was on its way to the Dutch port of Rotterdam on March 23 when it slammed into the bank of a single-lane stretch of the canal north of the southern entrance, near the city of Suez.

Egypt lost between $12 million and $15 million in revenue for each day the waterway was closed, according to SCA figures.

(With angecies)


Sky’s the limit when it comes to AI in the Arab world, Dubai Future Foundation chief says

Updated 5 sec ago
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Sky’s the limit when it comes to AI in the Arab world, Dubai Future Foundation chief says

DUBAI: When it comes to ambition to cultivate artificial intelligence in the Arab world, the sky is the only limit, the head of Dubai Future Foundation said on Monday night.

“I think there’s an abundance of talent around the Arab world. It’s just a matter of enabling the talent and creating the right ecosystem for talent to thrive,” said Khalfan Belhoul, CEO of the DFF.

On the sidelines of the Arab Media Summit in Dubai, a high-profile Arab News-Google event brought together executives, editors, policymakers and more to discuss the future of media in the region.

“The digital economy requires specific skill sets. And I think we’re seeing so many success stories that are happening, whether it’s on the entrepreneurial side or whether it’s on the coding front.

“The sky’s the limit on where the Arab world can reach. The numbers are rising on the digital economy point of view and we are very optimistic.”

Belhoul outlined several key predictions for media over the next year, from the shift in how people consume media, to its duration.

During the event, which was part of a series of celebrations for the newspaper’s 50th anniversary, Arab News unveiled a new podcast series exploring five decades of pivotal events that have shaped the Middle East.

The project, powered by Google’s AI research tool NotebookLM, features artificial hosts and AI-generated voices, show how emerging technologies can enhance storytelling, research, and historical reflection in journalism.

Each episode highlights a different decade, tracing key moments from 1975 to the present day.


Syria to re-open stock market starting June 2, finance minister says

Updated 31 min 54 sec ago
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Syria to re-open stock market starting June 2, finance minister says

CAIRO: Syria is set to re-open its stock market starting June 2, the state news agency SANA reported on Tuesday, citing Finance Minister Yisr Barnieh.
Syria’s stock market stopped trading on Dec. 5, SANA said, citing the need to assess the operational and financing status of contributing companies.
In December, rebels ousted former President Bashar Assad.


Oil Updates — prices rise on Venezuelan supply risks but OPEC+ output caps gains

Updated 28 May 2025
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Oil Updates — prices rise on Venezuelan supply risks but OPEC+ output caps gains

  • Brent crude futures rose 7 cents, or 0.1 percent, to $64.16 a barrel
  • US West Texas Intermediate crude gained 9 cents, or 0.2 percent, at $60.98 a barrel

SINGAPORE: Oil prices inched up on Wednesday as investors considered supply risks after the US barred Chevron from exporting crude from Venezuela under a new asset authorization, though expectations of more output from OPEC+ continued to limit gains.
Brent crude futures rose 7 cents, or 0.1 percent, to $64.16 a barrel by 08:40 a.m. Saudi time, while US West Texas Intermediate crude gained 9 cents, or 0.2 percent, at $60.98 a barrel.
The Trump administration has issued a new authorization for US-major Chevron that would allow it to keep assets in Venezuela but not to export oil or expand its activities, Reuters reported on Tuesday, citing sources.
“The loss of Chevron’s Venezuazelan barrels in the US will leave refiners short and thus relying more on Middle Eastern crude,” Westpac’s head of commodity and carbon strategy Robert Rennie wrote in a note.
US President Donald Trump had revoked the previous license on February 26.
In recent years, the licenses to Chevron and other foreign companies supported a slight recovery in sanction-hit Venezuelan oil output to about 1 million barrels per day.
However, price gains were capped on Wednesday amid expectations that OPEC+ will decide to increase output at a meeting this week.
A full meeting of the Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, is scheduled for Wednesday, though market watchers expect no change to their policy of increasing output.
A July output hike could be decided on Saturday when eight members of the group hold talks, according to sources.
“Oil prices have moved only marginally in the last couple of sessions as the industry largely braces for an oversupplied second half of the year,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Sachdeva added that OPEC members’ failure to comply with production quotas and Trump’s trade policies negatively impact global oil demand.
The market also found some support after Trump said earlier this week he was weighing new sanctions on Russia.
“This increases the risk of further sanctions against Russia, putting Russian energy flows at risk,” said ING commodities strategists on Wednesday.


Saudi Arabia’s weekly POS spending holds above $3bn as apparel sales climb: SAMA 

Updated 28 May 2025
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Saudi Arabia’s weekly POS spending holds above $3bn as apparel sales climb: SAMA 

RIYADH: Consumer spending in Saudi Arabia remained resilient, staying above $3 billion for the fourth consecutive week, as strong demand for clothing and footwear helped offset broader declines in other sectors.  

According to data from the Saudi Central Bank, also known as SAMA, point-of-sale transactions totaled SR11.71 billion ($3.12 billion) in the week ending May 24, down 5.5 percent from the previous week, while the number of transactions dipped 5.3 percent to 205.98 million.  

Despite the overall drop, the apparel sector posted a 2.1 percent increase, reaching SR702.61 million, the only category to record weekly growth. 

POS refers to transactions made using electronic payment methods — such as credit or debit cards — at retail outlets, restaurants, and service providers. 

The sustained spending momentum highlights consumer confidence and the ongoing digital transformation of payments, driven by initiatives under the Kingdom’s Vision 2030 strategy. 

The food and beverage category remained the largest in value at SR1.65 billion, though it saw an 8.4 percent decrease. Spending at restaurants and cafes declined 6.7 percent to SR1.65 billion, while transactions at gas stations fell 6.2 percent to SR872.03 million. 

POS activity in health services dropped 6.1 percent to SR742.22 million, while miscellaneous goods and services fell 4.4 percent to SR1.46 billion. Recreation and culture remained relatively stable, down just 0.8 percent at SR227.67 million. 

Geographically, Saudi Arabia’s capital city Riyadh dominated POS transactions, with a value amounting to SR4.31 billion. However, compared to the previous week, the value of transactions in Riyadh declined by 4.1 percent. 

Jeddah followed with a 2.9 percent decrease, reaching SR1.69 billion, while Dammam came third with transactions amounting to SR620.65 million. 

Hail experienced the most significant decrease in spending, dropping by 11 percent to SR172.08 million. Tabouk followed with a 10.1 percent reduction to SR213.94 million. 

POS spending in Makkah witnessed a drop of 3.5 percent to SR379.61 million. 

In Madinah, POS spending stood at SR408.84 million, marking a weekly decline of 6 percent. 

In Khobar, the value of transactions amounted to SR365.15 million, a drop of 3.2 percent, while Abha registered SR146.08 million in transaction value, registering a weekly decline of 4.9 percent. 


Saudi authority approves new guidelines for sustainable debt instruments 

Updated 27 May 2025
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Saudi authority approves new guidelines for sustainable debt instruments 

RIYADH: Saudi Arabia’s Capital Market Authority has approved new guidelines for issuing green, social, sustainable, and sustainability-linked debt instruments.

These guidelines, which came into effect on may 27, represent a crucial milestone in the CMA’s broader strategy to deepen the domestic debt market and align the Kingdom’s financial sector with the sustainability objectives outlined in Vision 2030.

The initiative is part of the CMA’s strategic plan for 2024–2026 and supports the Sustainability Strategy of the Ministerial Committee for Corporate Sustainability Strategy.

Developed in collaboration with both public and private sector stakeholders, the guidelines serve as a key deliverable under the initiative titled “Establish the regulatory framework for sustainable debt instruments.”

This initiative aims to encourage local issuances and enhance the role of debt financing in the national economy.

The approval of these new guidelines aligns with the CMA’s comprehensive strategy, which includes over 40 initiatives designed to advance sustainable finance and develop the capital markets.

Among these efforts are the creation of regulatory frameworks for green and ESG-linked bonds, the adoption of open finance practices to foster innovation, and the strengthening of corporate governance regulations to boost accountability and investor confidence.

This development is particularly important as it accelerates the adoption of sustainable finance by creating a clear framework for issuing ESG-compliant debt instruments, enabling public and private entities to raise funds for environmentally and socially responsible projects.

Furthermore, it strengthens the local debt market by encouraging wider participation from issuers and investors through enhanced regulatory clarity, which in turn improves market liquidity and access to capital.

The CMA highlighted that while the new guidelines are non-binding, issuers offering green, social, sustainable, or sustainability-linked debt instruments denominated in Saudi riyals — whether through public or private placements — are required to disclose any deviations from the guidelines in their issuance framework or offering documents.

“The guideline does not entail any changes to the regulatory rules and procedures currently in place in the capital market,” the CMA stated.

According to the regulator, the guidelines define four categories of instruments: green debt, social debt, sustainable debt, and sustainability-linked debt.

Green, social, and sustainable instruments require that proceeds be used exclusively for projects that deliver positive environmental and/or social outcomes.