Latest news with #Gulf-based
See - Sada Elbalad
2 days ago
- Business
- See - Sada Elbalad
Israel-Iran Ceasefire Lowers Gulf Shipping Costs
Taarek Refaat Shipping and war-risk insurance costs in the Arabian Gulf have fallen significantly over the past 48 hours, following the implementation of a ceasefire between Israel and Iran, industry sources told Reuters on Thursday. However, they cautioned that any renewed tensions could swiftly reverse the trend. Calm Brings Relief—but for How Long? Rates for chartering very large crude carriers (VLCCs)—capable of transporting around 2 million barrels of oil—dropped from over $60,000 per day last week to around $50,000 on Thursday, according to shipping data. The decline comes as fears ease over a potential Iranian closure of the Strait of Hormuz, through which nearly one-fifth of the world's oil and gas consumption flows. 'The rates have come down, yes, but the market remains extremely cautious,' said a senior executive at a European shipping firm. 'Any breach of the ceasefire—or even a credible threat—could send prices surging again within hours.' War Risk Insurance Also Falls Slightly In tandem with shipping rates, war risk insurance premiums have eased. According to insurance sources, the cost for voyages through the Gulf has fallen to between 0.35% and 0.45% of a vessel's value, down from a peak of 0.5% earlier in the week. For comparison, the pre-conflict average was around 0.3%. 'Premiums have definitely come down,' said David Smith, head of marine insurance at McGill and Partners. 'While war risk costs remain significant, more insurers are now willing to underwrite Gulf voyages, which, combined with improved political optics, is putting downward pressure on rates. Still, the situation remains extremely volatile.' Greece Relaxes Maritime Alerts Adding to the signs of de-escalation, Greece's Ministry of Shipping on Thursday relaxed its safety requirements for commercial vessels in the region. The ministry no longer advises mandatory reporting for ships transiting the Strait of Hormuz, citing what it called 'an improved outlook.' Outlook: A Pause, Not a Resolution While the drop in rates may signal temporary market relief, analysts warn that this is not a structural recovery. The geopolitical fragility surrounding the Strait of Hormuz means that risk pricing in shipping and insurance will remain sensitive to even the smallest flare-ups. 'This isn't the end of the crisis—it's a pause,' one Gulf-based risk analyst told us. 'Markets are breathing, not exhaling.' read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
Arabian Post
3 days ago
- Business
- Arabian Post
UAE's Mashreq Bank Launches Office in Türkiye to Boost Capital Flow
Mashreq Bank has inaugurated a representative office in Türkiye, marking a significant stride toward enhancing financial collaboration between the Gulf and Turkish markets. This strategic move is central to Mashreq's initiative to channel risk capacity and capital flows directly to Turkish banks and corporates. Dubai's Mashreq is already a familiar correspondent to Turkish financial institutions, actively participating in syndicated loans, trade finance, payments, treasury services and capital markets. Now, with its local presence in Istanbul, the bank aims to deepen engagement, offering on-the-ground support to clients and bolstering access to global capital markets. Group Chief Executive Officer Ahmed Abdelaal underscored the office opening as a step into 'Türkiye's strategic location, dynamic economy, and strong trade and investment ties with the UAE'. He emphasised that the expansion was aligned with Mashreq's vision of building 'a truly global banking network that connects key economic corridors.' ADVERTISEMENT Mashreq has already established itself as a leading bookrunner for Turkish borrowers, playing a key role in structuring bond issuances for prominent Turkish banks. This activity highlights the bank's significance in supporting capital raising on behalf of Turkish clients. Operating across 14 countries and regulated by the Central Bank of the UAE, Mashreq has demonstrated robust international growth. Its footprint spans the Middle East, South Asia, and key financial centres including New York, London and Hong Kong. The new Türkiye office is part of this wider expansion, underscoring a concerted push toward strengthening global capital market presence. The financial landscape in Türkiye has evolved in the past decade, with local banks seeking international partnerships to diversify funding sources. Inflationary pressures, high interest rates and currency volatility have made access to foreign capital especially valuable. By providing a direct conduit to Gulf and global investors, Mashreq's İstanbul office could become a gateway for Turkish entities to tap into new liquidity pools. Analysts point out that Gulf-based banks are particularly well-positioned to support emerging markets such as Türkiye thanks to their large capital buffers, risk appetite and regional proximity. 'Regional banks play a pivotal role in bridging the funding gap for emerging economies,' according to Mohammed Al Hashmi, a senior analyst at Gulf Financial Insights. He added that embedding operations within local financial ecosystems helps to facilitate quicker decision-making and improve transaction efficiency. Mashreq's strategy reflects a broader trend among UAE banks to transfer capital into regional markets experiencing structural growth and occasional market stress. Earlier this year, Mashreq was lauded as the Middle East's fastest-growing banking brand and received recognition as the Best Digital Bank five years running, achievements which underscore its strong balance sheet and technological edge. ADVERTISEMENT Since its establishment, the Istanbul office has already been involved in several mandates. Mashreq served as a lead manager for corporate bond issuances and leveraged its syndication capabilities to support Turkish banks' funding and expansion programmes. Further mandates are reportedly in the pipeline, including debt structuring and trade-finance support for mid-market Turkish corporates seeking international reach. The timing is opportune, with global investors eyeing Turkish assets amid a shift in interest rate policies worldwide. Türkiye's policy rate remains elevated, while comparative opportunities in fixed income and FX-linked instruments continue to attract foreign interest, although accompanied by elevated macroeconomic risks. Mashreq's capacity to structure sukuk and conventional bonds, combined with its regional relationships, offers an appealing solution. The bank's international banking wing has steadily increased its footprint. Over the years, it has expanded correspondent banking relationships in jurisdictions such as Oman, Bahrain, Qatar, Kuwait and India, while diversifying its services to include sustainable and digital financial products. Integration of ESG and digital banking has been a focus, with the bank earning accolades including the Euromoney Trade Finance Award and recognition for its internet and digital banking capabilities. For Turkish corporates, more than ever, the need for cross-border liquidity, international financing platforms and diversified risk capacity is pronounced. Mashreq's local team is expected to fast-track access to structured debt solutions, Islamic finance products and syndication mechanisms tailored to both corporate and financial institutional clients. From a geopolitical standpoint, the expansion reflects the deepening economic linkages between Türkiye and the UAE. Bilateral trade has grown consistently in areas such as energy, infrastructure, railways and tourism. The establishment of the office provides a financial channel to support these sectors, potentially fast-tracking infrastructure project financing, private equity deals and structured transactions. Concerns persist regarding Türkiye's macroeconomic stability, with inflation still above the central bank's comfort zone and currency fluctuations posing challenges. Nevertheless, institutional investors express confidence in strategies that anchor on diversified funding and international partnerships. Mashreq's capital buffer and experience in risk transfer could help Turkish entities manage idiosyncratic volatility. The representative office comes at a time when regional banks are competing to become preferred partners for emerging markets. Mashreq hopes its established digital platforms, seasoned capital markets team and deep experience with Islamic finance will distinguish it among competitors. In Türkiye's competitive banking sector, this onshore presence could tilt selection in its favour for mandates spanning debt, treasury, trade and sustainability-linked products. As the İstanbul office scales operations, the bank intends to recruit local talent, enhance its underwriting capabilities and explore collaborations with Turkish banks in areas such as fintech, cash management solutions and ESG financing.
Hans India
5 days ago
- Hans India
Middle East airspace closure throws Kerala airports into chaos, normalcy expected soon
Thiruvananthapuram: The sudden closure of airspace over parts of the Middle East from late Monday evening triggered widespread chaos at Kerala's four major international airports on Tuesday, with hundreds of passengers stranded due to numerous flight cancellations. Display boards at Thiruvananthapuram, Kochi, Kozhikode and Kannur airports showed long lists of cancelled and delayed flights, leaving travellers in a state of uncertainty. However, with reports emerging that the situation is beginning to normalise after the ceasefire between Israel and Iran was announced, many have heaved a sigh of relief as airlines began rescheduling affected journeys. Home to over a quarter-million Keralites, various Middle Eastern countries rely heavily on air connectivity with Kerala. Popular magician Gopinath Muthukad, who was at Doha airport on Monday night when the disruption occurred, shared his experience. He said, 'I was informed of the sudden closure after reaching the airport. Now I've been issued a boarding pass for Tuesday night. Things appear to be returning to normal in Qatar, and I've been told that, apart from some delays, flight operations should resume soon.' More than two dozen international flights from Kerala were cancelled from Monday night. A passenger heading to Saudi Arabia said he was offered an alternative route via Oman, which had not closed its airspace. 'I was told I could fly to Oman and take a connecting flight to Saudi Arabia. I'm now waiting for that option,' he said. Another passenger scheduled to fly to Qatar said, 'My flight was cancelled, but I've been rebooked for Wednesday or later this week.' At Kochi airport, a group of stranded passengers said airline staff had advised them to keep checking their phones for updates. 'Some of us who live nearby have gone home, but many are still waiting here at the airport,' they said. The disruption has not only impacted international travellers but also affected domestic passengers. Several Middle East-bound flights also have domestic legs, and the cancellations have left many such passengers stranded across India. Airlines, including Air India, IndiGo, and several Gulf-based carriers, were among those that cancelled flights.
Gulf Today
20-06-2025
- Business
- Gulf Today
How outsourcing to the gulf region can benefit European and North American companies
The IT outsourcing world is growing fast and is expected to generate an impressive $591.24 billion in revenue by 2025. Most of the industry's revenue came from the Americas. Europe, the Middle East, and Africa are close behind as big players in this booming market. While India and Eastern Europe still lead the pack in outsourcing with their solid setup and skilled workers, the Gulf is becoming a tech powerhouse. More and more European and North American IT firms are looking to this region. The Gulf Region as an Emerging Tech Hub Countries in the Gulf Cooperation Council, particularly the UAE, Saudi Arabia, Qatar, and Bahrain, are rapidly accelerating their technological advancement initiatives. Governments in the region are putting big money into wide-ranging digital overhaul programs in both public and private areas. These key efforts aim to build up local innovation skills, create appealing settings for global tech firms, and set up lasting digital systems that can hold their own on the world stage. Main Benefits of Outsourcing to the Gulf for European and North American Companies Outsourcing IT operations to the Gulf region influences companies looking to improve their performance. This region reduces expenses through lower overhead and offers access to skilled tech professionals. Because of this, businesses can increase their productivity and edge out competitors. Cost Efficiency The Gulf region may not offer the lowest labor costs compared to India or the Philippines, but it delivers competitively high-quality services. Many Gulf nations give tax exemptions, lower business taxes, and set up free zones where businesses can work without paying VAT or income tax. Businesses that outsource to the Gulf can cut down on spending for buildings, staff training, and hiring. Skilled Workforce The Gulf region boasts a large and diverse talent pool with expertise in software development, AI, and more. Many professionals in the area have international certifications and experience working with Western companies. Time Zone Benefit One of the biggest advantages of outsourcing to the Gulf is that it sits on the clock. Overlapping business hours with countries like the U.K., Germany, and France makes it easier to manage outsourced teams without delays. Companies can have live meetings, and reviews, and get updates from Gulf-based teams during their normal work hours. Business-Friendly Environment The Gulf region stands out as a prime outsourcing spot for European and North American firms due to its political stability, business-friendly policies, and solid legal systems. Advanced Digital Infrastructure The Gulf region boasts good digital infrastructure, providing fast internet, cutting-edge data centers, and reliable cloud computing options—essential for companies to outsource IT services. Big tech firms like Microsoft, AWS, and Google Cloud operate data centers in the Gulf, offering secure and effective cloud solutions. Saudi Arabia and the UAE have put tough cybersecurity rules in place that line up with worldwide standards. 'Ideally, IT processes are running unnoticed in the background of your business because everything functions flawlessly and supports your work routine, not complicates it. As your IT outsourcing partner, we will strive for the ideal.' Andy Lipnitski - IT Director at ScienceSoft Challenges of Gulf Outsourcing and How to Overcome Them Cultural and Business Differences The Gulf region has a business culture all its own shaped by local customs, religious beliefs, and top-down company structures. Some nations operate from Sunday to Thursday, which might lead to scheduling challenges for firms in Europe and North America. Solutions: Train your teams to understand the Gulf's cultural norms and business etiquette. Set up structured communication channels to cut down on misunderstandings. Legal and CompliancenConsiderations Each Gulf country has its own rules for how businesses should operate, handle workers, pay taxes, and protect data. The Gulf region has multiple countries with their own regulatory systems. Solutions: Team up with firms that specialize in Gulf business regulations. Outsourcing contracts should line up with local labor laws. Data Security The region is currently developing into a technology and digital services hub, this growth will also present increasing threats to cybersecurity that could affect businesses. Solutions: Pick secure cloud solutions. Businesses should put worldwide cybersecurity plans into action to ensure their outsourced work meets industry standards. Case Studies: Companies Successfully Outsourcing BPC offers SaaS and on-site banking, payment, and e-commerce solutions. BPC partnered with ScienceSoft, an IT services provider with more than 13 years of experience. ScienceSoft took charge of providing L2–L3 infrastructure support, which covered network management, Microsoft and Atlassian systems support, and SharePoint optimization. Through this collaboration, BPC successfully optimized its in-house workload, improved issue resolution speed, and enhanced system performance through strategic infrastructure upgrades. Conclusion The Gulf area is a viable place for the European and North American companies to outsource IT services. Outsourcing to the Gulf indicates productivity and innovation improvement.
Ya Biladi
15-06-2025
- Business
- Ya Biladi
Royal Air Maroc's CEO on competing beyond low-cost carriers and expanding globally
In a recent interview with CNN, the CEO of Morocco's national carrier Royal Air Maroc (RAM) highlighted the airline's strategic shift to differentiate itself from low-cost carriers and Gulf-based competitors. «We have over 40 competitors in our country, so we had to create a new model and a new market», Abdelhamid Addou said, noting that RAM's strength lies in its south-north connections between Africa and Europe. Asked about competing with giants like Ryanair and EasyJet, he said: «First, we are developing a different market, which is the African market, rather than just the point-to-point». «When you put a first step in an airline like ours, you feel the atmosphere of the country, the culture… so you have a different experience», he explained, insisting that RAM offers a «completely different» product compared to low-cost airline companies. Insightful interview of the CEO of @RAM_Maroc on @CNN, outlining the airline's bold ambitions. With growing demand for air connectivity, RAM is expanding across the South–North and South–West axes, especially in the #US and the #Americas offering passengers a unique flying… — Youssef Amrani (@youamrani) June 14, 2025 On the long-haul front, the CEO pointed to growth toward the Americas: «North America, southern America. That's where we can have a real added value, bringing diasporas together… This is our added value. We are in the centre geographically, and we can capitalise on these diasporas to transport them». He also confirmed plans to retrofit the airline's Boeing 737s with flat beds: «That will help us keep the same experience between the long haul and the short haul». Addressing global supply chain delays, he admitted: «When you have 15 to 18 months late deliveries, then you get frustrated, but we are all facing the same issue». He remained optimistic: «We just received three MAXs (Boeing 737 MAX) this week. We should receive seven other MAXs by the end of December… We want to trust our partners». For the record, RAM is reportedly preparing to place its largest aircraft order ever, purchasing around two dozen Boeing 787 Dreamliners for long-haul routes and as many as 50 Boeing 737s for short-haul operations. It is also in talks to acquire about 20 Airbus A220s for regional travel.
