Complex Made Simple

Daily brief: China refiners pull US supply to Asia, Zain Saudi earns licence

Chinese independent refiners are bringing in cargoes of North American heavy crude in a new, long-distance flow traders say will only be made possible by OPEC’s output cuts. Here are the top seven business stories you need to know today.


Brand Dubai, Meraas partner to enhance art landscape in Dubai

Brand Dubai, the creative arm of the Government of Dubai Media Office, GDMO, and Meraas, one of Dubai’s leading holding companies, have joined hands to create a platform for some of the world’s leading 3D artists who will showcase their unique creations at the Dubai Canvas 3D Art Festival.

UAE, Russia sign co-operation agreement in defence industries

The UAE and the Russian Federation today signed an agreement for co-operation in defence industries, which relates to discussing specifications and capabilities of Russian fighter jets, including Sukhoi 35.


After OPEC cuts heavy oil, China teapot refiners pull US supply to Asia

Chinese independent, or teapot, refiners are bringing in rare cargoes of North American heavy crude in a new long-distance flow that traders say has only been made possible by OPEC’s output cuts and ample supplies in Canada and the United States.


(Abu Dhabi awards China’s CEFC 4 per cent of oil concession for $900)


Zain Saudi gets licence to provide all telecommunication services

The Saudi Communication and Information Technology Commission issued a unified licence to Zain Saudi entitling the company to provide telecommunication services including fixed communication services.


UAE sets 2017-2021 royalty fees for telco Etisalat

Abu Dhabi-listed Etisalat will pay the federal government a royalty fee of 30 per cent on the company’s profit for 2017-2021, according to a bourse statement on Tuesday.


(Why is UAE’s telecom regulator funding universities?)


Ooredoo Kuwait swings to profit in Q4, cuts dividend

Mobile communications operator Ooredoo Kuwait swung to a fourth-quarter net profit on Tuesday. Net profit reached 14.47 million dinars ($47.4 million) in the three months to December 31, according to Reuters calculations.


Bahrain Kuwait Insurance to buy Bahrain Islamic Bank’s stake in Takaful International

Bahrain Kuwait Insurance signed an MOU with Bahrain Islamic Bank to buy its stake in Takaful International. The agreement is yet to be approved by authorities in Bahrain.