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Oil prices steady as investors weigh duller market outlook and tariffs’ impact

The IEA on Friday boosted its forecast for supply growth this year, while also trimming its outlook for growth in demand

Reuters
Reuters

11 July, 2025

Oil prices steady as investors weigh duller market outlook and tariffs’ impact
Image: Getty Images

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Oil prices were stable on Friday, as investors weighed a weaker market outlook for this year by the International Energy Agency (IEA) despite tightness in the prompt market, in addition to tariff concerns and possible further sanctions on Russia.

Brent crude futures were up 19 cents, or 0.28 per cent, at $68.83 a barrel as of 0807 GMT US West Texas Intermediate crude ticked up 25 cents, or 0.38 per cent, to $66.82 a barrel.

Both contracts were little changed on the week, with Brent headed for a 0.8 per cent gain against last Friday’s close, and WTI for a 0.3 per cent loss against last Thursday’s close as markets were closed on July 4.

The IEA on Friday boosted its forecast for supply growth this year, while also trimming its outlook for growth in demand.

That notwithstanding, the IEA said peak summer refinery runs to meet travel and power-generation demand were keeping the market tight for now.

Front-month September Brent contracts were trading at a $1.11 premium to October futures at 0807 GMT.

“Despite a market-wide expectation of an oil glut at the back end of this year, the current spate of drivers is lacking anything that might send prices back to the lows seen in April and May. Civilians, be they in the air on the road, are showing a healthy willingness to travel,” PVM analyst John Evans said.

One other sign of robust prompt oil demand was the prospect of Saudi Arabia shipping about 51 million barrels of crude oil in August to China, the biggest such shipment in over two years.

Longer term, however, rival forecasting agency OPEC cut its forecasts for global oil demand in 2026 to 2029 because of slowing Chinese demand, the group said in its 2025 World Oil Outlook published on Thursday.

Both benchmark futures contracts lost more than 2 per cent on Thursday as investors worried about the impact of Trump’s evolving tariff policy on global economic growth and oil demand.

“Prices have recouped some of this decline after President Trump said he plans to make a ‘major’ statement on Russia on Monday. This could leave the market nervous over the potential for further sanctions on Russia,” ING analysts wrote in a client note.

Trump has expressed frustration with Russian President Vladimir Putin due to the lack of progress on peace with Ukraine and Russia’s intensifying bombardment of Ukrainian cities.

The European Commission is set to propose a floating Russian oil price cap this week as part of a new draft sanctions package.

Sharjah landlords, tenants alert: New way to attest lease contracts

Sharjah’s digital initiatives are part of a broader strategy to make government services more accessible and reduce the need for in-person visits

Gulf Business
Gulf Business

11 July, 2025

Sharjah landlords, tenants alert: New way to attest lease contracts

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In a major step toward digital transformation, Sharjah Municipality (SM), in collaboration with the Sharjah Electricity, Water and Gas Authority (SEWA), has launched a new service that automatically attests lease contracts—eliminating the need for tenants to visit government offices or pay electricity deposits in advance.

Read-Community living in Sharjah: Inside Alef’s next-gen developments

The initiative is part of SM’s broader digital integration with government entities, aiming to streamline processes and enhance customer experience, a WAM report said.

Faster processing through unified digital system

Abdullah Al Shehhi, Director of the Rental Regulation Department, described the system as a “significant improvement” that simplifies procedures and reduces the time required to attest residential, commercial, and other types of lease agreements.

According to Al Shehhi, lease contracts are now automatically attested based on data already available in the municipality’s database. Once the attestation is complete, the contract is sent to SEWA. Tenants then receive a text message with payment details for the electricity deposit, and utility services are activated upon payment.

“This initiative reflects our commitment to providing fast, efficient services in line with Sharjah’s digital vision,” Al Shehhi said. “The unified electronic system linking government departments has led to faster transactions and improved satisfaction among residents.”

‘Aqari’ platform at the core of real estate services

The entire process is available via the ‘Aqari’ digital platform, which SM has positioned as a model for innovation in real estate services.

Al Shehhi credited the achievement to strong cooperation with the Sharjah Digital Office and SEWA, as part of continued efforts to fully digitise municipal services across the emirate.

Sharjah’s digital initiatives are part of a broader strategy to make government services more accessible and reduce the need for in-person visits, aligning with the UAE’s vision for smart governance.

Ericsson Gulf chief outlines strategy for standalone 5G and AI integration

Ericsson is working closely with CSPs and ministries to bridge the digital divide

Rajiv Pillai
Rajiv Pillai

11 July, 2025

Ericsson Gulf chief outlines strategy for standalone 5G and AI integration
Petra Schirren, president of Ericsson Gulf at Ericsson Europe, Middle East and Africa. Image: Supplied.

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Ericsson’s Gulf operations are doubling down on advanced 5G deployments, Fixed Wireless Access (FWA), and sustainability-driven network innovation as the region accelerates its digital transformation agenda, according to Petra Schirren, president of Ericsson Gulf at Ericsson Europe, Middle East and Africa.

Marking her first 100 days in the role, Schirren told Gulf Business that she has focused on meeting customers, stakeholders and regulatory bodies across the region to better understand the opportunities and challenges shaping the GCC’s fast-evolving telecom landscape. “Even though I’ve been in the industry for 25 years, every region has its own flavour. What’s really exciting to see here… is the unison that operators, industries, and the government have around digitalisation, inclusion, and sustainability,” she said.

One of the most defining characteristics of the Gulf, she noted, is the speed and scale of 5G rollout. “They’ve taken a leap to really be at the forefront. They want to drive change—they don’t just want to sit around and wait for it to happen,” said Schirren. According to Ericsson’s Mobility Report, the Gulf is on track to achieve 90 per cent 5G adoption by 2030. With most Gulf countries already among the top five globally in 5G network performance, Schirren attributes the rapid advancement to three factors: proactive government agendas, operator ambition, and the tech-savvy nature of the population. “Every single strategy I’ve seen from our customers is about being number one in performance,” she says.

Schirren pointed out that several operators in the region have already deployed 5G standalone (SA) networks, unlike many global peers. “Only about 30 per cent of the world outside of China has built standalone 5G. That’s really where the capabilities of 5G get exposed—whether it’s slicing, APIs or differentiated connectivity,” she said.

Beyond consumer use cases, enterprises are playing a growing role in the 5G monetisation story. “With 5G, we’re moving away from just pure volume of data. It’s now about differentiated connectivity—what can we do with the network, how can we prioritise traffic for emergency services, or design offerings for gamers, or set up a dedicated slice for a Formula 1 race or a concert,” she added.

Schirren also highlighted FWA as a game-changing technology, especially for enterprise, logistics and port infrastructure in the GCC. “If deployed with large spectrum, it can be better than fixed broadband in some cases. The performance of 5G now, especially with SA, allows us to do slicing for differentiated connectivity,” she said.

From a policy perspective, the Gulf’s regulatory environment has been key to enabling this momentum. “Governments here have been very pragmatic. They’ve delivered spectrum early, avoided charging high upfront fees, and been clear that digital infrastructure is foundational to national visions. They’re more leading than learning at this point,” she said.

The region’s telecom ambitions are also being supported by local talent development. In 2024, Ericsson launched initiatives such as the Gen-E Graduate Program in Bahrain and Oman, as well as Excelerate&, a 12-month programme in collaboration with e&, focused on 5G, cloud and data science for young Emiratis.

Schirren confirmed that Ericsson is working closely with CSPs (Communications Service Providers) and ministries to bridge the digital divide. “We always do audits and analysis of the network’s performance to identify coverage holes and direct investments. It’s not just about monetisation—it’s about service for the nation,” she said.

The push for AI-led networks is gaining traction too. “We’ve built AI into most of our offerings—from self-learning algorithms in network products to automated business support tools and customer interaction models. The vision is to have an autonomous, programmable network that is faster, better, and more efficient,” she said.

Sustainability

On sustainability, Ericsson has committed to halving total value chain emissions by 2030 and achieving net zero by 2040. “We’ve always strived for every generation of products to deliver more with less,” said Schirren. “We work closely with partners, and sustainability is now embedded in how we evaluate vendors and shape our business model.”

Initiatives like the energy-saving software deployed with Batelco in Bahrain have already cut energy consumption by 30 per cent. Ericsson’s product take-back programmes and monthly knowledge-sharing sessions further embed sustainability into its operations and partnerships. The company has also been recognised by Corporate Knights as one of the world’s most sustainable large corporations in 2024.

Looking ahead, Schirren believes the region is well-positioned to become a global digital leader. “We’re extremely proud to play such a critical role when it comes to the vision of digitisation,” she said. “We’re already seeing real-world use cases like traffic management, connected recycling, and defence connectivity. Now it’s about working with stakeholders to turn this vision into reality.”

Zain Iraq CEO Emre Gurkan on empowering Iraq’s digital future

The CEO of Zain Iraq outlines the company’s strategic roadmap, the role of innovation and inclusion, and how public-private collaboration is shaping a digitally empowered Iraq

Neesha Salian
Neesha Salian

11 July, 2025

Zain Iraq CEO Emre Gurkan on empowering Iraq’s digital future
Image: Supplied

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As Iraq accelerates its digital transformation, Zain Iraq is emerging as a key architect of this new future. From pioneering 5G readiness and network modernization to investing in youth empowerment, tech entrepreneurship, and eSports, the telecom giant is leveraging its capabilities and partnerships to redefine connectivity and innovation in the country.

In this exclusive interview, Emre Gurkan, CEO of Zain Iraq, outlines the company’s strategic roadmap, the role of innovation and inclusion, and how public-private collaboration is shaping a digitally empowered Iraq.

Iraq’s digital transformation is gaining momentum. How is Zain Iraq driving this journey forward?

Iraq’s digital transformation presents significant opportunities, and at Zain Iraq, we are committed to playing a pivotal role in its advancement. We are investing in network modernisation, with a focus on 5G readiness and expanded fiber deployment. Additionally, we are forging partnerships with global technology leaders like Ericsson, Nokia, and Huawei to bring advanced solutions to Iraq.

Beyond connectivity, our ecosystem companies such as Horizon Scope and Next Generation are delivering ICT services, cloud and data center solutions, cybersecurity, and distribution. These efforts, combined with government collaboration, are reshaping Iraq’s telecom experience and enabling a digitally inclusive future.

What challenges does Iraq’s digital ecosystem face, and how is Zain Iraq addressing them?

Zain Iraq plays a strategic role in Iraq’s public-private partnership framework. We leverage regional expertise and our ecosystem of sister companies to bridge infrastructure gaps and support the digital economy. We also advocate for forward-looking policies and introduce digital tools that benefit sectors like education and healthcare.

A major priority is youth skills development. Through our Zain Youth programme and partnerships with organisations like The Station, we offer mentorship, digital literacy training, and innovation platforms to prepare young Iraqis for future careers in tech.

Tell us what initiatives you have launched to empower youth and foster innovation?

Iraqi youth are at the heart of our transformation strategy. Under our Zain Youth program, we have launched coding bootcamps, innovation labs, and entrepreneurship competitions in partnership with The Station, Google Developers, and others. We also support digital literacy initiatives in schools and universities to build a more inclusive, future-ready society.

How is Zain Iraq using innovation to ensure digital inclusion across sectors?

Innovation is embedded in everything we do. Whether it’s data analytics for public service improvement or tailored telecom products like the Kafoo plan, our approach is to adapt global tech to local needs. We are enabling smart cities, supporting SMEs, and delivering customer-centric platforms to ensure no one is left behind in Iraq’s digital journey.

How is the company supporting Iraq’s growing entrepreneurial ecosystem?

We are deeply invested in fostering tech entrepreneurship. Zain Iraq supports incubation programs, co-working spaces, and mentorship platforms in partnership with educational institutions and government bodies. We also back events like ITEX Iraq and the Baghdad International Fair, in collaboration with Horizon Scope.

Additionally, our tailored connectivity and cloud solutions help startups scale their operations, with the goal of expanding their reach regionally and globally.

How is Zain Iraq collaborating with the government and global tech firms to support 5G and broader digital expansion?

Public-private collaboration is central to our strategy. We work with regulators to shape digital policy and partner with global tech leaders such as Huawei, Nokia, and Ericsson. We are technically ready to launch 5G services across all Iraqi governorates and are focused on initiatives that unlock digital value across sectors like healthcare, education, and fintech.

With eSports on the rise in Iraq, how is the company nurturing this space?

eSports is one of Iraq’s fastest-growing sectors, and we are supporting it with low-latency connectivity, local tournament sponsorships, and dedicated gaming platforms. Through our Zain eSports arm, we are bringing Iraqi talent to regional and global platforms.

In 2024 alone, Zain eSports held 50 activations across our operations, reflecting our commitment to building a vibrant gaming ecosystem.

Abu Dhabi: New paid parking zones announced

The expansion of paid parking zones is part of the emirate’s broader strategy to streamline traffic flow and enhance parking accessibility

Nida Sohail
Nida Sohail

10 July, 2025

Abu Dhabi: New paid parking zones announced
Image credit: WAM/Website

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Q Mobility has announced the activation of new paid parking (MAWAQiF) zones across several sectors on Abu Dhabi Island. The new zones come into effect today, July 10.

Read-Paid parking in Dubai: Authorities sign MoU to enhance efficiency

The affected areas include Dolphin Park, Eastern Mangroves, Al Khaleej Al Arabi Park 1, 2, 4, and 5, as well as Al Gurm Plaza. The announcement was made on Q Mobility’s official Instagram account.

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A post shared by Q Mobility (@q.mobility)

The expansion of MAWAQiF zones is part of the emirate’s broader strategy to streamline traffic flow and enhance parking accessibility in high-demand locations.

The announcement follows the completion of infrastructure works, including curb painting, installation of directional signage, and distribution of awareness signs to the public. Q Mobility confirmed that this step is part of its broader strategy to enhance the parking experience, provide effective solutions to regulate public parking use, and improve traffic flow, a WAM report said.

The company urged all users to follow the instructions displayed on the signs and to use the available digital channels, such as the Darb app, to facilitate the payment process.

Image credit: q.mobility/Instagram

Higher event-time parking fees introduced in Dubai

In a related development, Dubai’s public parking operator Parkin had introduced variable parking fees near major event venues, effective February 17, 2025.

Parking fees will increase to Dh25 per hour during events in designated “Grand Event Zones,” including areas around the Dubai World Trade Centre (DWTC). The higher charges will apply in zones 335X, 336X, and 337X.

Parkin, in a post on X (formerly Twitter), advised residents and visitors to use public transportation to avoid expected congestion during event periods.

Citywide tariff adjustments reflect growing demand

These new event-based fees come in the wake of earlier parking tariff changes rolled out across Dubai. In early February, rates were raised in Zone F, covering areas such as Al Sufouh 2, The Knowledge Village, Dubai Media City, and Dubai Internet City. The revised fees took effect on February 1, 2025.

Officials say the updates are necessary as Dubai continues to host an increasing number of international exhibitions, concerts, and conferences, driving demand for smarter parking solutions across the city.

Traffic relief in Dubai: Al Wasl–Al Manara intersection gets upgraded

The enhancements are part of RTA’s broader initiative to support Dubai’s growing population and expanding urban footprint

Gulf Business
Gulf Business

10 July, 2025

Traffic relief in Dubai: Al Wasl–Al Manara intersection gets upgraded
Image credit: Dubai Media Office/Website

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Dubai’s Roads and Transport Authority (RTA) has completed a key traffic improvement project at the intersection of Al Wasl Street and Al Manara Street. The upgrade adds a new lane for vehicles heading from Al Manara Street toward Sheikh Zayed Road, along with a dedicated U-turn lane for the same direction.

Read-Dubai’s smart commute: How RTA’s AI is changing the city’s roads

The enhancements are part of RTA’s broader initiative to support Dubai’s growing population and expanding urban footprint. By upgrading roads in residential areas, RTA aims to improve quality of life, enhance traffic flow, and boost resident satisfaction, a Dubai Media Office report said.

Image credit: Dubai Media Office/Website

Part of 2025 Traffic Improvement Plan

The intersection upgrade falls under RTA’s 2025 Traffic Improvement Plan, which focuses on increasing network capacity, reducing congestion, and strengthening connectivity in major areas such as Jumeirah, Umm Suqeim, and Al Safa. The plan aims to improve road safety and streamline travel along key corridors parallel to Sheikh Zayed Road.

Reduced waiting times

With the addition of a third lane, the intersection’s capacity has increased by 50 per cent. The upgrade has also reduced traffic waiting times by up to 30 per cent. The new U-turn lane further eases traffic flow for vehicles moving from Sheikh Zayed Road toward Al Wasl and Al Manara Streets, cutting wait times by up to 35 per cent.

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