SABIC

The project is to be set up as a JV between SABIC Industrial Investments and Fujian Fuhua Guli Petrochemical Co., on a 51:49 equity stake basis

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UAE Moments

an hour ago

• UAE Moments

From Dubai to Anywhere—It's Now a Pricier Ride

If your summer travel plans suddenly feel too expensive, you're not alone. Airline ticket prices from the UAE to popular destinations have jumped significantly since June 13, as escalating tensions between Israel and Iran force carriers to reroute flights, adding time and fuel costs. Destinations in Asia, Africa, Europe, and North America are seeing increases of 15% to 60%, according to fare trackers like Google Flights and Skyscanner. These price hikes are directly tied to airspace restrictions over the conflict zone and rising demand during peak travel season. UAE to India: Summer ritual gets pricey For many Indian expats in the UAE, flying home during summer is a yearly routine. But this year, fares to Mumbai and Delhi have seen a steep surge. One-way tickets that typically cost Dh380 to Dh440 are now reaching Dh800, depending on the airline and date—marking a 50–60% increase. For families, the price gap adds up fast. US routes rerouted, fares soar Flights from the UAE to major US cities like New York and Chicago have also become more expensive. Tickets to New York now average Dh1,210 to Dh1,325, compared to Dh1,030 before June 13. Round-trip fares are crossing Dh2,475, up 15–20%, as airlines take longer routes to avoid Iranian airspace. Africa-bound flights not spared Flights to Nairobi are also affected. One-way tickets have jumped from Dh550 to Dh750, while round-trip prices are now hovering around Dh1,195, up 25% in just a week. Some carriers are adding stopovers to safely navigate around restricted zones, leading to longer travel times and higher costs. Europe, Israel routes feel ripple effects Even European destinations not directly over the conflict area are seeing price increases. Flights to Frankfurt, for example, have gone from Dh750 to Dh950 —a 25% rise —due to congestion on alternate routes. As for Israel, direct flights from Dubai to Tel Aviv have become more expensive and less available. Fares are now around Dh1,080, up 70%, with fewer daily departures and longer layovers. Why flight prices are rising fast With portions of Iranian and Israeli airspace restricted, airlines are rerouting over longer paths—through the Gulf, Central Asia, or Northern Africa. This means longer flight times, higher fuel usage, and fewer available aircraft, all of which drive prices up. The summer travel rush is making it worse. What UAE travelers can do If you're planning to fly soon, book early and track fare trends through platforms like Google Flights or Skyscanner. Try to travel midweek or during off-peak hours for possible savings. Also, consider flexible or refundable options, as more changes in flight paths or schedules may occur if regional tensions escalate. Bottom line

Gulf Today

2 hours ago

• Gulf Today

China-UAE relations continue to open new horizons for development

Staff Reporter, Gulf Today The China Pavilion at Expo Dubai hosted the China-Arab Media Salon, coinciding with the official inauguration of the Middle East Communication centre of Hainan Media Group, which has chosen Dubai as its regional hub. The event aimed to highlight the role of media in deepening the strategic partnership between China and Arab countries—particularly the UAE, which enjoys strong economic, social, and trade ties with China, ties that media has significantly helped foster. Xian Yi, Deputy Consul General of Consulate General of the People's Republic of China in Dubai, emphasized that as the Belt and Road Initiative (BRI) advances, China-UAE relations continue to open new horizons for development. He noted Hainan's pivotal role in this collaboration, describing the new centre as a milestone in strengthening the friendly ties between the two nations. He also highlighted the importance of deepening media cooperation and cultural exchanges, expressing hope that the centre will serve as a vital bridge fostering mutual understanding and people-to-people friendship between China and the UAE. Shahab Shayan, Regional Director, Asia Pacific at Dubai Department of Economy and Tourism, stressed that China remains one of Dubai's top source markets. He noted that the direct air routes between Dubai and Hainan have significantly facilitated cultural, tourism, and trade exchanges. He added that the new media centre will become a platform for bilateral cultural dialogue and content collaboration, predicting deeper future cooperation in tourism, business, and investment under the BRI framework. Wang Lie, Deputy director of Hainan Broadcast station, stated that the group is committed to fostering a more open China that creates broader development opportunities for the world. He called for innovative efforts to deepen cooperation, enhance mutual understanding, and promote intercultural learning. Hainan Media Group, he said, will invest fully in developing the centre to meet the expectations of both Chinese and Arab audiences, using its media capabilities to bridge cultural differences and facilitate meaningful bilateral communication across various fields. During the inauguration, Hainan Media Group signed a cooperation agreement with China Arab TV. The initial phase of the collaboration focuses on showcasing Hainan's Free Trade Port achievements in institutional innovation, industrial openness, trade facilitation, and cooperation with the UAE. The partnership includes programme exchange and joint content production targeting audiences in 22 Arab countries, aiming to strengthen regional understanding of the Free Trade Port's development and to contribute new 'touchpoints' in China-Arab friendship and shared future narratives. The event concluded with a dialogue session featuring Chinese and Arab media figures, including Wang Lie, Deputy director of Hainan Broadcast Station; Mohamed Beiji, Deputy Editor-in-Chief of China Arab TV; Prof. Amer Fakhoury, Professor of International Law at the American University in the Emirates; and Prof. Mohamad AlNaeb, President of Strategia centre for Studies. The discussion focused on mechanisms for enhancing media cooperation, leveraging the development experiences of both the UAE and China, and showcasing success stories in the media to deepen bilateral partnership. Dr. Amer Fakhoury emphasized that the UAE is not only a major commercial and financial hub in the Gulf and the Middle East, but also a vital partner along the Belt and Road. He pointed out the alignment between Hainan's strategy of continuous openness and the UAE's development vision, stressing the media's responsibility in telling the evolving story of China-UAE friendship. He called for enhanced cooperation in producing high-quality media content that resonates with both Chinese and Arab audiences. Prof. Mohamad AlNaeb noted that the BRI, initiated by President Xi Jinping, offers a roadmap for stable and sustainable cooperation between China and the UAE. He highlighted the similar regional dynamics of Hainan and Dubai, both positioned as high-quality development zones. He suggested practical cooperation in sectors such as trade, investment, green economy, and tourism, with media playing a key role in building stronger connections between the two peoples. Since 2023, delegations from Hainan Province have paid frequent visits to the UAE, bolstering industrial cooperation in energy, digital economy, healthcare, tourism, and beyond. Investment collaboration between Hainan and Arab countries continues to expand, with bilateral trade in goods growing at an annual average of over 30% in the past three years. In 2024 alone, trade volume is expected to exceed 24 billion yuan. Notably, direct flights now connect Haikou with both Abu Dhabi and Dubai, forming an 'aerial Silk Road.' Coupled with visa-free travel policies, these routes have significantly boosted tourism flows from the Arab world to Hainan. Agricultural and environmental cooperation has also flourished, exemplified by the successful cultivation of 25,000 date palm seedlings donated by the UAE, now thriving in Wenchang. Meanwhile, Hainan's local produce such as Danzhou eggplants and Sanya okra have made their way onto Middle Eastern tables, marking a symbolic leap from 'seed to supply chain.' Beyond trade, port partnerships between Yangpu Port and Abu Dhabi Port have been established, laying the foundation for deeper cooperation in emerging areas like digital commerce and maritime finance. This reflects a transition from 'hard connectivity' in infrastructure to 'soft connectivity' across institutions and industries—advancing the vision of a shared free trade network between Hainan and the Arab world.

Zawya

10 hours ago

• Zawya

Octa's oil outlook: Middle East tensions threaten global supply

KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 21 June 2025 - Crude oil, which is arguably the world's most important commodity, is on everybody's mind right now. The flared up conflict in the Middle East is increasing risks of a major oil supply shock, potentially pushing the price of 'black gold' into the stratosphere and completely derailing the global economy. In this article, Octa, a global retail broker, shares its expert opinion on the unfolding situation and outlines possible scenarios for the global oil market. As it often happens, the market started to price in the possibility of a new conflict in the Middle East well in advance. On 11 June, oil prices rose more than 4% after reports surfaced that the U.S. was preparing to evacuate its Iraqi embassy due to heightened security concerns in the region. Two days later, Israel and Iran exchanged airstrikes, pushing both Brent and West Texas Intermediate (WTI), the world's two major oil benchmarks, to five-month highs as investors anticipated potential supply disruptions from an open conflict. To this day, the conflict continues without resolution and oil prices remain elevated even as there are some telltale signs that the parties may be willing to negotiate. 'This burgeoning unrest introduces an unprecedented degree of volatility, significantly amplifying the specter of a catastrophic oil supply shock', argues Kar Yong Ang, a financial market analyst at Octa broker, adding that the conflict between Israel and Iran 'carries ominous potential to propel crude prices to unprecedented levels, thereby unleashing a cascade of detrimental effects that could, in the most dire of scenarios, cause a major global economic crisis'. Indeed, the Middle East in general and Iran in particular play a pivotal role in global energy markets. A substantial portion of the world's crude oil and liquified natural gas (LNG) is produced and exported in this region. Iran itself, despite the existing sanctions on exports, remains an important supplier of oil—notably, for China. Furthermore, a vast number of ships carrying crude oil and LNG transit through the Strait of Hormuz, a narrow yet vital chokepoint that Iran has repeatedly threatened to close. Should Iran act on this threat and block the strait, the repercussions would be quite severe, likely pushing global crude oil prices well above $100 per barrel, or even higher, due to the significant disruption of supply. Technically, if we look at a broader, long-term picture, WTI crude oil seems to be moving sideways with a minor bearish tilt. On a daily chart (see below), the price still has not escaped from the bearish parallel channel. However, due to the latest geopolitical news, the price has managed to rise above the 200-day moving average (MA) and seems poised to break above the critically important 77.60-78.00 area. 'Breaching the $80 handle should not be difficult if the current situation deteriorates sharply', says Kar Yong Ang. 'Continuing destruction of oil infrastructure in Iran, potential U.S. involvement in the war, countries' unwillingness to negotiate and, above all else, Iran's attempts to block the Strait of Hormuz, all of this will have a bullish impact on prices'. Indeed, a break above 80 level, would open the way towards 83.40, 85.20, 87.30, and 90.00 area. Alternatively, in case the hostilities moderate somewhat, other countries—particularly the U.S.—refrain from directly participating in the conflict, and both Israel and Iran express willingness to negotiate, bearish sentiment will immediately kick in. 'I think WTI oil may lose as much as 5 dollars per barrel in the blink of an eye should we see some progress in nuclear negotiations between Europeans and Iranians, which are due to commence in Geneva this Friday', concludes Kar Yong Ang. In this scenario, a break below 71.50 level would allow bears to target 67.80, 64.80 and 61.70. Overall, WTI crude price is now stuck in a broad range between $70 and $80. The move above and below these two levels will essentially indicate if the situation in the region is getting worse or is getting better. The chart below shows potential bullish and bearish targets, marked in green and red, respectively. NYMEX light sweet crude oil (WTI) daily chart ___ Disclaimer: This press release does not contain or constitute investment advice or recommendations and does not consider your investment objectives, financial situation, or needs. Any actions taken based on this content are at your sole discretion and risk—Octa does not accept any liability for any resulting losses or consequences. Hashtag: #Octa The issuer is solely responsible for the content of this announcement. Octa Octa is an international CFD broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and various services used by clients from 180 countries who have opened more than 52 million trading accounts. To help its clients reach their investment goals, Octa offers free educational webinars, articles, and analytical tools. The company is involved in a comprehensive network of charitable and humanitarian initiatives, including improving educational infrastructure and funding short-notice relief projects to support local communities. In Southeast Asia, Octa received the 'Best Trading Platform Malaysia 2024' and the 'Most Reliable Broker Asia 2023' awards from Brands and Business Magazine and International Global Forex Awards, respectively. Octa