UAE's Thuraya is After Saudi Satellite Communication Market

The security and defense sectors depend on satellite communications solutions to maintain information security and quality of service (Asharq Al-Awsat)
The security and defense sectors depend on satellite communications solutions to maintain information security and quality of service (Asharq Al-Awsat)
TT

UAE's Thuraya is After Saudi Satellite Communication Market

The security and defense sectors depend on satellite communications solutions to maintain information security and quality of service (Asharq Al-Awsat)
The security and defense sectors depend on satellite communications solutions to maintain information security and quality of service (Asharq Al-Awsat)

Thuraya, UAE's mobile satellite services company, is looking to seize new opportunities and expand its activities in the Saudi market.

Thuraya has been operating in the Saudi market for more than 20 years and provides the Kingdom's military sectors with all services related to mobile satellite communications.

Thuraya's Chief Executive Officer (CEO), Sulaiman Al Ali, told Asharq Al-Awsat that the company wants to boost its partnership with the Saudi government and defense sectors.

The current communications developments seek to provide services that include capabilities, information security, and equipment development, said Al Ali.

He noted the importance of the Kingdom's orientation to localize the military sectors after years of experience during the past years.

The CEO stated that the current generation is familiar with technology and capable of taking the next step, stressing that his company is working with its Saudi partners to localize specific areas to support local industries, especially since investors are interested in the local market.

The company continues to look for new investment opportunities in the Kingdom and other countries, especially in communication services and solutions, according to Al Ali.

He pointed out that the company is engaged in promising discussions with several Saudi institutions to achieve its goals.

Al Ali said that the World Defense Show, recently held in Riyadh, constitutes an important platform that brings regional and international operators together to create significant opportunities for dialogue.

Several new devices that serve the military and defense sectors are being developed, said Al Ali, noting that the company primarily focuses on helping government agencies and international relief organizations.

He indicated that satellite communication devices are widely used, noting that they are also required in the commercial sector that suffers from poor communication networks.

Defense institutions are always looking for reliable partners to obtain comprehensive solutions based on interoperability, said Al Ali, stressing that Thuraya provides safety, security, and flexibility.

It can add a variety of solutions and applications that meet customer needs, including voice and data communications and push-to-talk (PTT), remote monitoring and disaster recovery, and border control.

Thuraya expanded its current commercial activities regionally and globally and provided new services.

It is preparing to launch top solutions, including next-generation satellite internet devices, said Al Ali, adding that it is cooperating with new distributors, such as Cobham, to provide satellite internet services in Libya, the Philippines, and Sudan.

He touched on Thuraya's new PTT radio communications over the Internet, indicating that it will interest the Saudi market as it supports many in need sectors.

Al Ali added that the service would achieve a fundamental transformation in the sector and enable users to extend their voice communications to wherever their equipment or teams are.



Oil Rises as US-Iran Peace Talks Stall, Hormuz Shipping Slows

WINK, TEXAS - AUGUST 13: In an aerial view, oil storage tanks are seen at the rail-fed diesel base, Exxon/Mobil Wink Transloading facility on August 13, 2026 in Wink, Texas. Brandon Bell/Getty Images/AFP
WINK, TEXAS - AUGUST 13: In an aerial view, oil storage tanks are seen at the rail-fed diesel base, Exxon/Mobil Wink Transloading facility on August 13, 2026 in Wink, Texas. Brandon Bell/Getty Images/AFP
TT

Oil Rises as US-Iran Peace Talks Stall, Hormuz Shipping Slows

WINK, TEXAS - AUGUST 13: In an aerial view, oil storage tanks are seen at the rail-fed diesel base, Exxon/Mobil Wink Transloading facility on August 13, 2026 in Wink, Texas. Brandon Bell/Getty Images/AFP
WINK, TEXAS - AUGUST 13: In an aerial view, oil storage tanks are seen at the rail-fed diesel base, Exxon/Mobil Wink Transloading facility on August 13, 2026 in Wink, Texas. Brandon Bell/Getty Images/AFP

Oil prices rose on Monday as fading expectations of a US-Iran peace breakthrough and slower tanker traffic through the Strait of Hormuz reinforced geopolitical risk concerns in the market.

Brent crude futures rose as much as 1% to $89.40 per barrel and were last trading up 72 cents at $89.20 by 0229 GMT. The US West Texas Intermediate crude ⁠futures rose 44 cents ⁠to $82.83 a barrel, Reuters reported.

Both contracts gained more than 5% last week following attacks on tankers operated by Abu Dhabi National Oil Company in the Hormuz strait and on a Saudi Aramco refinery.

Over the weekend, Iranian Foreign Minister Abbas Araghchi said Iran had not decided to resume talks with the US ⁠while US President Donald Trump urged Americans to accept slightly higher gasoline prices while the conflict continues.

"Oil prices have now rebounded almost completely from the lows seen in early August, as hopes for a more permanent resolution between the US and Iran have faded and geopolitical risk premiums have returned to the market," said Priyanka Sachdeva, head of market insights for Phillip Nova in Singapore.

"However, I see limited upside from here unless we get clear evidence of renewed aggression in the ⁠Strait of ⁠Hormuz, particularly material damage to tankers or oil infrastructure," she said.

Shipping through the Strait of Hormuz slowed over the weekend, data showed on Monday, following attacks on tankers.

Five commodity vessels transited the strait on Saturday, with none registered for Sunday, ship-tracking data from Kpler showed, versus 31 for the prior weekend.

The United Arab Emirates accused Iran of attacking a third vessel operated by ADNOC that was transiting the strait on Friday, the Emirati state news agency WAM reported, after blaming it for two other incidents involving ADNOC vessels in the strait on Thursday evening.


S&P Affirms IsDB’s 'AAA' Rating

S&P Affirms IsDB’s 'AAA' Rating
TT

S&P Affirms IsDB’s 'AAA' Rating

S&P Affirms IsDB’s 'AAA' Rating

Standard & Poor’s (S&P) has affirmed the Islamic Development Bank’s (IsDB) long-term issuer credit rating at “AAA,” with a stable outlook, and its short-term issuer credit rating at “A-1.”

The ratings reflect S&P’s assessment of IsDB’s strong financial position, supported by high levels of capital and liquidity, as well as continued support from its shareholders.

S&P highlighted IsDB’s vital policy role in advancing economic development and social progress in its member countries.

It noted the targeted growth in financing under IsDB’s strategy for the next decade, which focuses on promoting inclusive growth, climate action, and strengthening partnerships among member countries.

Despite geopolitical tensions, IsDB has demonstrated a strong capacity to fulfill its mandate, reflecting the shareholders’ ability and commitment to providing the necessary support.

S&P expected any potential risks to be contained through the diversification of IsDB’s portfolio, prudent capitalization policies, and the strength of its financial position.


Chinese Ship Sets off for Europe Through Arctic, Halving Travel Time

This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the Dubai Tower container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)
This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the Dubai Tower container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)
TT

Chinese Ship Sets off for Europe Through Arctic, Halving Travel Time

This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the Dubai Tower container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)
This handout photo taken and released on August 15, 2026 by the Ningbo Zhoushan Port Group shows the Dubai Tower container ship, operated by Chinese shipowner Sea Legend, setting sail from the port of Ningbo headed to the port of Felixstow, England. (Handout / Ningbo Zhoushan Port Group / AFP)

A Chinese container vessel has set sail for Europe through the Arctic, part of new weekly service on a route that cuts shipment times in half but which environmental groups warn could speed up the melting of polar ice.

The "Dubai Tower" left the eastern port city of Ningbo on Saturday evening heading north, where it will pass through the Bering Strait, then turn west through the frigid waters along Russia's northern coast.

It is expected to reach Felixstowe in the United Kingdom on September 7, followed by stops in Hamburg, Germany and Gdynia, Poland later that week, according to a timetable published by Sea Legend.

The Northern Sea Route (NSR) from China to Europe is significantly faster than that through the Suez Canal and allows vessels to avoid the Red Sea, where shipping has been targeted by Iran-backed Houthis in Yemen.

But the route is only accessible during the time of the year when the ice is melted enough to allow transits without icebreakers.

Global shipping is heavily disrupted by war in the Middle East, sparked by US-Israeli strikes on Iran in late February.

Other shipping companies have transited the Arctic passage before, with Denmark's Maersk the first to do so in 2018.

Last year, 23 container ships transited through, up from 15 in 2024, according to shipping analysis from business insurer Allianz Commercial.

Environmental groups warn that increasing numbers of ships transiting the shorter NSR could accelerate loss of Arctic sea ice -- already made vulnerable by rising global temperatures.

Major shipping companies including France's CMA CGM, Switzerland-headquartered MSC and Germany-based Hapag-Lloyd have pledged to "avoid Arctic trans-shipment routes".

But analysts say the Arctic could serve as an important future trade route, particularly for China, which has outlined plans for greater access to the region through a "Polar Silk Road".