Russia sees the UAE market as a promising hub for conducting trade with Middle Eastern and African countries. Russian businesses view the UAE market as a prospective center for exporting to third countries, establishing local presence, driving collaboration, and engaging in trade with nations in the Middle East and Africa. During a sectoral business mission...
Eswatini’s king professed to have a bold plan for a thriving economic zone. ICIJ uncovered two phantom gold refineries channeling millions of dollars to Dubai through it. Against a backdrop of rolling hills and sugar cane fields, a generous stretch of cleared land borders the small industrial town of Matsapha in central Eswatini, a tiny...
The United States Treasury Department has put three more shipping companies based in the United Arab Emirates under sanction accusing them of carrying Russian oil priced above war-induced ceilings imposed by Washington and its allies. Oil Tankers SCF Mgmt FZCO, Talassa Shipping DMCC and Zeenit Supply and Trading DMCC, as well as Liberia-based NS Leader...
PARIS – French sports retail giant Decathlon has secretly continued selling clothes in Russia despite officially pulling out in protest at Russia’s war in Ukraine, according to a media report on Dec 19. The multinational retailer, which posted sales of €15.4 billion (S$22.4 billion) in 2022, announced within weeks of Russia’s invasion of Ukraine that it...
The UAE’s biggest oil producer is pushing to build its fledgling trading operations into a multibillion-dollar business this decade by bolstering its presence in Europe and Africa, and expanding in other forms of energy. In a bid to catch up with long-established rivals, Abu Dhabi National Oil Co. wants to take advantage of the hole...
Putin’s friends Many governments have slapped punishing sanctions on Russia, stopping or severely limiting trade with the now essentially pariah state. Yet several nations continue to do business with and in Russia, indirectly funding Vladimir Putin’s war in Ukraine. Read on as we reveal the countries carrying on as usual, or even strengthening their ties. All dollar amounts in US...
Dubai has emerged as a major hub for Russian oil trade, taking over from Geneva as the primary location for traders selling Russia’s oil to consumers globally. Since Switzerland joined the embargo on Moscow following the Ukraine invasion, a significant portion of the trade has shifted to Dubai and other cities in the United Arab...