Economy

Egypt's capital, Cairo, is home to hundreds of bridges and bridge extensions scattered all over the metropolis. For long, under bridges were a place for the homeless, renegades and illicit activities but the scene is rapidly changing now as underbridges turn into cafes and social corners. 

Oil prices jumped to a new high after a disagreement between Saudi Arabia and the UAE about oil production quotas. West Texas Intermediate crude advanced to $76.98 a barrel, the highest since November 2014, as the OPEC+ talks are postponed indefinitely. Meanwhile, Brent crude, the global benchmark, maintained its three-year high of about $77 a barrel. 

On Tuesday, Saudi Arabia announced the launch of the country’s National Transport and Logistics Strategy. The comprehensive programme serves to make the Kingdom a global logistics hub connecting Africa, Asia and Europe, and improve all transport services as part of Saudi Vision 2030.

China was on everyone's lips at numerous summits and international gatherings in the last days and weeks, writes Benyamin Poghosyan in this op-ed for commonspace.eu. "China will be among the key world players throughout the 21st century; it will be the number one economic power, and all have to accept and adapt to this reality. No one has the necessary capacity to contain China, despite the fact that many want to, for the moment for doing that has passed." 

The GCC- UK Trade Summit 2021 will be held in Riyadh tomorrow (29 June) to discuss ways to boost bilateral trade and investment between the bloc and the UK. 

The government of Kazakhstan, in a statement issued on Saturday (5 June) rebuffed the idea of such a joint response raised last week by Russian deputy foreign minister Alexander Pankin who said that the Eurasian Economic Union (EAEU), which brings together Belarus, Kazakhstan, Russia, Armenia and Kyrgyzstan, was working on a “consolidated response” to Western sanctions against some of its members.