OPEC may cut oil output for first time in five years

Source: Saudi Gazette (Read full story)

The Organization of Petroleum Exporting Countries (OPEC) may move to slash its oil production for the first time in five years when it meets in December, responding to the surge in US shale oil. According to The Wall Street Journal, OPEC could reduce production by half a million barrels a day. The group’s latest report signaled that the US shale oil boom will cut into its share of the world market in 2014 even as world demand grows at its fastest clip in four years. The International Energy Agency also released a report last week that showed demand for OPEC oil next year will fail to meet its current production of around 30 million barrels a day.

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Kuwait delivers free oil to Egypt – Gulf welcomes fall of Morsi

Source: Kuwait Times (Read full story)

Kuwait has sent two oil tankers carrying crude and diesel worth $200 million to Egypt, a Kuwaiti newspaper said yesterday – part of a $4 billion aid package pledged by the Gulf Arab state last week after the ouster of Islamist President Mohamed Morsi. Kuwait last week joined other oil-producing Gulf states in pledging a massive aid package worth $12 billion to Egypt in a show of support after the army toppled the Muslim Brotherhood government. Most US-allied Gulf monarchies regard the Brotherhood as a threat.

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Railway along King Fahd Causeway under study

Source: Arab News (Read full story)

 The governments of Saudi Arabia and Bahrain are studying the possibility of building a railway line parallel to King Fahd Causeway to ease the flow of goods between the two countries. This is part of a larger 2,177 km Gulf Cooperation Council (GCC) railway project that will connect Kuwait, Qatar, the United Arab Emirates and Oman. Bahraini Transport Minister Kamal Ahmad said studies are under way to determine the project’s feasibility. “The Saudi and Bahraini governments have charged five organizations to study the possibility of building a bridge that will hold railway tracks parallel to King Fahd Causeway,” said Ahmad. The five organizations are the two countries’ ministries of finance and transportation and the King Fahd Causeway Authority.

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Egypt wins $ 8 bn Saudi and UAE aid, names PM

Source: Arab News (Read full story)

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Former UN diplomat Mohamed ElBaradei was named deputy president for foreign affairs. News quickly followed of $ 8 billion in grants, loans and fuel from Saudi Arabia and the UAE. Saudi Arabia approved $ 5 billion in aid to Egypt and the UAE has offered $ 3 billion in desperately needed support for the economy . The Saudi funds comprise a $ 2 billion central bank deposit, $ 2 billion in energy products, and $ 1 billion in cash, Finance Minister Ibrahim Al-Assaf said.The UAE will make a $ 1 billion grant to Egypt and a $ 2 billion loan, state news agency WAM said. The $ 2 billion loan would take the form of an interest-free deposit with Egypt’s central bank, WAM said.

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The 4th Gulf Research Meeting Held in Cambridge

Source: Emirates News Agency (Read full story)

In his keynote address, Dr. Abdulaziz Sager welcomed the participants and highlighted the importance of this event which has become an annual gathering to discuss different Gulf-related issues with a variety of strategic political and economic themes. Dr. Sager also pointed out that this edition of the GRM is being held amidst regional and international turmoil stemming from the developments taking place in the Arab Spring countries, especially countries such as Syria, Yemen and Egypt. As a result, the GCC countries face a number of challenges that require in-depth analysis in the search for policy solutions. Issues such as Saudi Arabia and the Arab Spring, Sustainable Development Challenges in the Gulf Region, GCC-Iraq Relations, and Boundaries and Territories in the Gulf were among the pertinent topics covered.

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Foreign stake rise works well for IQ stocks

Source: The Peninsula (Read full story)

Increase in foreign ownership limit (FOL) worked well for the price and trade volumes of Industries Qatar’s (IQ) stocks. After raising its foreign ownership cap to 12.25 percent from 7.5 percent in October 2012, IQ’s stock price fell immediately, but picked up later. The stock price picked up and gathered almost 17 percent before the announcement of the full year 2012 results. Average daily share trade volume of the 90 days before the announcement were 115.175 while for the same number of days after the announcement were 228.125, an increase of almost cent percent.

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EU-Gulf free trade deal edges closer

Source: Arabian Business (Read full story)

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In comments that appeared to show the GCC’s reinvigorated desire to seal a FTA between the two major blocs in the free world, Bahrain’s Foreign Minister Sheikh Khalid bin Ahmed Al Khalifa said negotiators should now “strive harder to overcome the remaining obstacles to finalize signing”. However, the GCC’s insistence that it retain the right to impose duties on its exports remains the one major stumbling block. “I can say that almost 99 per cent of the items have being agreed and only one issue related to export duties is currently being reviewed before any decision is reached,” Sheikh Khalid told media following a meeting with EU officials in Manama, according to Gulf Daily News.

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Emir receives greetings from world leaders

Source: The Peninsula (Read full story)

The Emir H H Sheikh Tamim bin Hamad Al Thani received congratulations from several world leaders on assuming power. The cables of congratulations were received from Britain’s Queen Elizabeth II, Egyptian President Mohammed Mursi, Russian President Vladimir Putin, Comoros President Ikililou Dhoinine, Georgian President Mikheil Saakashvili, Djibouti’s President Ismail Omar Guelleh, Mauritanian President Mohammed Ould Abdel Aziz, Chinese President Xi Jinping, Nepalese President Ram Baran Yadav, and Bangladesh President Abdul Hamid.  The Emir received similar cables from Tunisia’s Constituent Assembly President Mustapha Ben Jaafar, Bangladesh Prime Minister Sheikh Hasina, Arab League Secretary General Nabil El Araby, Member of the UAE Supreme Council and Ruler of Fujairah Sheikh Hamad bin Mohammed Al Sharqi.

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