Business

BEIRUT: France’s top diplomat wielded the threat of more sanctions in Beirut Friday to prevent what he described as a “collective suicide” organized by members of Lebanon’s ruling political class. Lebanon’s leaders had promised reform in the aftermath of a deadly explosion at Beirut port last year but, nine months …

Qatar Finance Minister Ali Sherif al-Emadi was arrested over embezzlement allegations and stripped of his duties, officials said on Thursday. In a statement carried by state news agency QNA, the public prosecutor said Emadi was being questioned over allegations of embezzlement, abuse of power and crimes related to the public sector. …

An Egyptian court on Tuesday ruled that the container ship which blocked the Suez Canal in March could continue to be held in the waterway, rejecting an appeal by its Japanese owner against its detention, a judicial source said. The Ever Given, one of the world’s largest container ships, got …

The cost of the first toll highway in Uzbekistan, the Tashkent-Andijan with a length of 340 km, will exceed $ 2 billion. The feasibility study of the project was developed by the World Bank consultants and has already been agreed with the ministries and departments of the republic. Work is …

Saudi Arabia’s king appointed Faisal al-Ibrahim as minister of economy and planning, state news agency SPA said on Monday. King Salman in March last year had tasked Minister of Finance Mohammed al-Jadaan with overseeing that ministry, relieving Mohammed al-Tuwaijri from his post and appointing him as adviser to the royal …

Running in the morning made me understand one thing: we start at different points with different paces and finish in different time. Most importantly we have different arrangements physically and emotionally that push us to reach our limits.By Emile FakhouryYou should not compare your position or performance to other runners …

Turkey added cryptocurrency trading platforms to the list of firms covered by anti-money laundering and terrorism financing regulation, it said in a presidential decree published early on Saturday. The Official Gazette said the country’s latest expansion of rules governing cryptocurrency transactions would take immediate effect and cover “crypto asset service …

The Japanese owner of a massive container ship that blocked the Suez Canal for nearly a week, halting billions of dollars in maritime commerce, is asking owners of the freight it is carrying to share the cost of the damages demanded by Egyptian authorities. Shoei Kisen Kaisha Ltd. said on …

Tunisia will seek a $4 billion loan programme from the International Monetary Fund in talks starting next week, Prime Minister Hichem Mechichi told Reuters on Friday, saying politicians faced a “last opportunity” to save the economy. Mechichi said he expected talks to last about two months and had “confidence” Tunisia …

Lebanon’s public prosecutor has launched an investigation into central bank governor Riad Salameh, a judicial source said Friday. The probe follows a Swiss legal request alleging that over $300 million had been embezzled from the bank through a company owned by Salameh’s brother. The senior judicial source said that the …

Major Chinese investors are in talks to buy a stake in Saudi Aramco 2222.SE, several sources told Reuters on Wednesday, as Saudi Arabia’s state oil firm prepares to sell another slice of its business to international investors. Saudi Arabia was in discussions to sell 1% of Aramco to a leading …

Saudi Arabia’s crown prince said in televised remarks on Tuesday that the kingdom was in discussions to sell 1% of state oil firm Saudi Aramco <2222.SE> to a leading global energy company. Crown Prince Mohammed bin Salman said Aramco, the world’s biggest oil company which listed on the Saudi bourse …

Commercial Bank of Dubai (CBD) has launched a robo-advisory investment application, as demand for online trading grows. The bank worked with Belgium-based wealthtech company InvestSuite to develop “CBD Investr,” a mobile application that uses smart algorithms to actively manage investment portfolios. “CBD Investr offers customers convenient access to globally diversified …

Saudi Arabia shipped 80 metric tons of liquid oxygen to India as the country is perilously running low on supplies due to a recent surge in coronavirus cases. The urgent supply shipment is being undertaken in coordination with India’s Adani group and Linde company. India’s number of coronavirus cases surged …

Mining companies awarded blocks in Egypt’s Eastern Desert are set to start exploring for gold under a legislative overhaul that seeks eventually to unlock vast untapped mineral resources. Despite plentiful reserves and a rich mining history that gave rise to elaborate Pharaonic gold jewelry, Egypt has just one commercial gold …

Suzanne Mouawad lived through Lebanon’s civil war and built a successful advertising business in the hopeful days after the fighting ended, but she says her country’s economic collapse is breaking her in a way that even missiles did not. Mouawad, 56, comes from a well-to-do background and previously led a …

President Tayyip Erdogan named a prominent member of Turkey’s ruling AK Party, Mehmet Mus, as trade minister on Wednesday and split another ministry into two, in what officials said was the first move in an expected broader cabinet shuffle. In a presidential decree Ruhsar Pekcan, the cabinet’s highest-profile woman, was …

We’ve all been there … you order a meal in a restaurant, and the waiter arrives with a pasta salad instead of a chicken biryani. There are no such issues at Restaurant Robot in Jazan. As the name suggests, the waiters are not fallible human beings, but robots powered by …

A Lebanese judge who defied a decision dismissing her from an investigation into possible currency export breaches was Tuesday referred to the Judicial Inspection Authority over her actions. Judge Ghada Aoun had been investigating the Mecattaf money exchange company and Societe Generale Bank for allegedly withdrawing US dollars from the …

The leaders of Pakistan and Uzbekistan held a virtual meeting on Wednesday to discuss ways of enhancing bilateral cooperation, with a particular focus on trade, security, and defense. Prime Minister Imran Khan and Uzbekistan’s President Shavkat Mirziyoyev also underscored the importance of countering a rising wave of Islamophobia and promoting …

Saudi public debt issuance increased by nearly 50 percent in 2020 to SR163 billion ($43.4 billion), the Capital Market Authority reported. Non-government debt issuance increased by more than 250 percent reaching SR31 billion compared to SR9 billion in 2019. The market value of stocks and debt instruments reached SR9.8 trillion …

Two senior Democratic senators will introduce legislation on Friday that would reassert Congress’ oversight of international weapons deals, after President Joe Biden’s administration decided to go ahead with a $23 billion sale to the United Arab Emirates that had worried lawmakers, congressional aides said. The bill, seen by Reuters, will …

Suez Canal chiefs on Tuesday implemented an Egyptian court order to seize the giant cargo ship that blocked the waterway for almost a week in March. The Suez Canal Authority (SCA) is claiming $916 million in compensation for lost revenue, damage to the canal, equipment and labor used to free …

A commercial vessel owned by an Israeli firm was attacked off the coast of the United Arab Emirates in Gulf waters, pro-Iran media and an Israeli television channel said on Tuesday. Israel’s top-rated Channel 12 quoted unnamed Israeli officials as blaming arch-foe Iran for the assault, which it described as …

The shipping course of the Suez Canal could be expanded under plans being considered by the waterway’s authority. A shipping course of a vessel is the direction in which it is to be steered. Osama Rabie, head of the Suez Canal Authority, said that the canal’s continuous development operations had helped …

Saudi Arabia supports the International Monetary Fund (IMF) proposal to allocate new special drawing rights worth $650 billion to increase reserves, said Finance Minister Mohammed Al-Jadaan, during his participation in The Spring Meetings 2021, Al Arabiya reported. This would support efforts for economic recovery by providing additional liquidity to the …

French container shipping group CMA CGM is pursuing a plan to rebuild Beirut’s port within three years, despite political deadlock in Lebanon that has prevented decisions on the port since a blast last August, a company executive said. A chemical explosion at the port killed 200 people and destroyed entire …

The Royal Commission for Riyadh City (RCRC) has denied claims it has not paid contractors building the city’s multi-billion dollar metro project. It follows a Bloomberg report published earlier in the week headlined “Saudi Arabia’s Unpaid Tab With Metro Builders Runs Into Billions.” It said that payments had been made …

Iran released on Friday a South Korean ship and its captain detained since January after South Korea promised to try to secure the release of Iranian funds frozen in South Korean banks under U.S. sanctions, a South Korean official said. The Iranian foreign ministry said the chemical tanker, HANKUK CHEMI, …

Lebanon’s President Michel Aoun said on Wednesday the central bank bore responsibility for the country’s financial collapse and for stalling an audit which is a key condition for foreign aid the country badly needs. In a national address, Aoun accused Lebanese banks of squandering people’s savings and the central bank …

It is no surprise that English is the language of the internet, with 60 percent of the top 10 million websites using it. Arabic, on the other hand, ranks 12th, with only 1.1 percent of the top 10 million websites using the language despite the fact that it is spoken …

The head of the Suez Canal Authority on Thursday said that losses and damages resulting from the grounding of the Ever Given container ship could run to more than $1 billion. Osama Rabie told media that investigations into the incident, which resulted in the vital trade waterway being blocked to …

Saudi Arabia’s Crown Prince Mohammed bin Salman and Iraqi Prime Minister Mustafa Al-Kadhimi agreed Wednesday on the need for their countries to continue coordinating in confronting extremism and terrorism.  Meeting at the Yamamah Palace in Riyadh, the two leaders also agreed to boost economic cooperation, starting with the creation of …

A cargo ship owned by an Israeli company was damaged by a missile in the Arabian Sea on Thursday in what was suspected to be an Iranian attack, an Israeli security official said. The official, who spoke on condition of anonymity, said the ship was on its way from Tanzania …

Efforts to dislodge a 400 m (1,312 foot) long container vessel that has choked traffic along the Suez Canal resumed at high tide on Thursday, with five tugs working to drag the vessel to deeper water, according to ship-tracking data. The Ever Given vessel ran aground diagonally across the single-lane …

The Saudi-led coalition has cleared four fuel ships to dock at Yemen’s Red Sea port of Hodeidah, two sources familiar with the matter said, after Yemen’s internationally recognised government said on Wednesday it had approved entry of some vessels. The move came after the Iran-aligned Houthi group, which has been …

The Royal Commission for Makkah City and Holy Sites on Monday signed an agreement with the Saudi Railway Co. (SAR) for the maintenance and operations of the Haramain train in cooperation with the Makkah Region Development Authority and the Ministry of Finance. As per the agreement, SAR will be responsible …

The United States, the European Union, Britain and Canada imposed sanctions on Chinese officials on Monday for human rights abuses in Xinjiang, the first such coordinated Western action against Beijing under new U.S. President Joe Biden. Chinese territory of Xinjiang, Beijing hit back immediately with punitive measures against the EU …

Turkey’s lira briefly fell 15% to near its all-time low on Monday after President Tayyip Erdogan abruptly fired the central bank governor at the weekend and installed a critic of tight policy who is expected to reverse recent rate hikes. Sahap Kavcioglu, a former ruling party lawmaker who shares Erdogan’s …

U.S. prosecutors charged 10 Iranian nationals on Friday over an alleged long-running scheme to dodge U.S. sanctions on Tehran by disguising $300 million in transactions, including the purchase of two oil tankers. The eight men and two women were outside the United States and had not been arrested, a spokesman …

A minimum wage of $275 a month came into force for all workers in Qatar Saturday, official media reported. The minimum became mandatory for all newly signed contracts from August 30, and will now also be compulsory for existing employment agreements. It requires that all workers, including domestic staff, be …

Egypt is racing to prepare a grandiose new capital city in the desert east of Cairo before the first civil servants move in this summer and ahead of the delayed official opening of President Abdel Fattah al-Sisi’s flagship project. At the heart of the city, workers are putting finishing touches …

The United States on Monday revoked a sanctions waiver for Israeli mining magnate Dan Gertler that was issued in the last days of the Trump administration. The Treasury Department said exempting Gertler from sanctions was “inconsistent with America’s strong foreign policy interests in combating corruption around the world,” specifically in …

Prime Minister Bisher al-Khasawneh reshuffled his cabinet on Sunday in a move meant to accelerate IMF-guided reforms seen as crucial to Jordan’s economic recovery from the blow of the coronavirus pandemic, officials said. Six new ministers were named including interior and justice after Khasawneh fired both incumbents last week for …