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Saudi Aramco needs $1 billion bank loan

Saudi Aramco has asked banks to submit proposals for a project finance loan of more than $1 billion, two sources with direct knowledge of the matter said. The state oil company’s request for proposals (RFPs) was sent this week, one of the sources said. It was not immediately clear from …

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Dubai Islamic Economy giving lessons to Indonesia

Dubai Islamic Economy Development Centre, DIEDC, has received a senior financial delegation from Indonesia that aimed to learn about the Islamic economy system in the UAE and explore opportunities for cooperation. The delegation comprised senior officials from Bank Indonesia – the central bank of the country – and the Indonesia …

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Soft drinks scandal brewing in Israel

Israel’s securities regulator said on Tuesday it was investigating a senior executive at carbonated drink-machine maker SodaStream on suspicion of insider trading prior to its $3.2 billion acquisition by PepsiCo (PEP.O) last year. The executive, whose name has been placed under a gagging order, was detained on Monday and released …

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Brazilian exports to UAE highlighted

At a seminar in Dubai, as part of her visit to the UAE to attend the Arab-Brazilian Chamber of Commerce, ABCC, meeting, Tereza Cristina Correa Da Costa Dias, Minister of Agriculture, Livestock and Food Supply of Brazil, said that trade between the UAE and Brazil is some US$2.5billion, almost half …

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EuroTier Middle East 2019 concludes in Abu Dhabi

The inaugural edition of the EuroTier Middle East 2019 that concluded at the Abu Dhabi National Exhibition Center recently facilitated trade deals worth AED100 million, and attracted over 10,892 visitors during its three-day run, the event organising committee announced. Held under the patronage of H.H. Sheikh Mansour bin Zayed Al …

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Navoi is waiting for both tourist and investor

Uzbekistan isn’t all cities and historical sights. In fact, much of the country is taken up by mountains and the vast Kyzylkum Desert. While these areas have fewer people, leaving them relatively untouched, they have been inhabited for centuries. Heading out into nature will give you a completely different perspective …

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Emaar to issue $500 million worth of Trust Certificates

Emaar Properties said today it has signed final terms related to the issuance of a AED 1.84 billion ($500 million) Trust Certificates. Emaar said in a statement published on Dubai Financial Market website that the issuance is part of its $2 billion Trust Certificate Issuance Programme. The announcement of the …

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Central Asia: best travel destinations

Visiting the ‘Stans has historically been quite a hassle for Western travelers, both due to proximity and the fact that the region has long had extensive and expensive visa application processes in place for those even willing to make the journey. But, in another real-world exemplar of Bob Dylan’s most …

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Sharjah chamber receives Tajik trade delegation

The Sharjah Chamber of Commerce and Industry, SCCI, has received a high-level delegation from the Republic of Tajikistan to discuss the prospects for joint cooperation and increased trade exchange, and opportunities for economic partnerships with the business communities in Sharjah and Tajikistan. Discussion took place during a meeting hosted by …

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UAE launches second Global Investment in Aviation Summit

The General Civil Aviation Authority (GCAA) announced the launch of the second edition of Global Investment in Aviation Summit (GIAS) under the theme ‘Enabling global aviation growth through fundraising and key partnership’ today. The upcoming summit at Madinat Jumeirah, Dubai, on 27- 29 January 2020 aims at exchanging expertise and …

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Non-profit online platform for SMEs launched in Gulf

The Pearl Initiative, a business-led non-profit organisation promoting corporate accountability in the Gulf Region’s private sector, has taken the next big step in fortifying the governance atmosphere for one of the Gulf’s most prolific economic sectors – micro, small and medium-sized enterprises (MSMEs) – by launching a unique digital platform …

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UAE government evluation identifies strength and weakenesses

After reviewing the results of comprehensive evaluation report of services in 600 service centers of 29 federal government entities, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, reaffirmed that “government services are windows for citizens to their governments. Improving and developing services …

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Commercial court to begin in Abu Dhabi

H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs, and Chairman of the Abu Dhabi Judicial Department, has issued a decision to establish a specialised court dealing with commercial law cases, under the name ‘Abu Dhabi Commercial Court’. The move comes as a bid to …

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UAE’s Safe City Group partners with UK’s AVET Technologies

UAE’s Safe City Group today announced a multi-million dirham partnership with UK-based company, AVET Technologies. The partnership, which was announced during Defence & Security Equipment International, DSEI 2019, in London, will enhance investigation processes, evidence gathering techniques and data interrogation technologies to support international police, security forces, court and judicial …

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Award for Best Financial Innovation Lab goes to Dubai

The Dubai International Financial Centre, DIFC’s FinTech Hive, a “financial revolution accelerator”, was awarded the ‘Best Financial Innovation Lab – Dubai’ by Global Finance magazine. The award, presented during a ceremony on 10th September 2019, in Dubai, recognised the DIFC FinTech Hive for its efforts in enabling start-ups and emerging …

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Lebanon mulling selling debt in dollars

Lebanon is still considering the option of a new dollar debt sale and has not yet announced any issuance, Finance Minister Ali Hassan Khalil told Reuters on Thursday. Last week Khalil said that one option in front of Lebanon for paying its debt obligations for the year would be to …

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Russian energy minister meets with ADNOC officials

Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company,ADNOC, and Mr. Alexander Novak, Minister of Energy of the Russian Federatio, met to explore potential opportunities for collaboration as ADNOC seeks to expand its strategic partnership and investment base across its …

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Dubai exports conference promotes industrialisation

The 4th Future Manufacturing & Trade Summit organised by Dubai Exports – the export promotion agency of Dubai Economy – in collaboration with Expo Trade Middle East, began today at the Intercontinental Festival City. Over 1,000 senior professionals and experts came together to discuss the innovations, priority sectors and challenges …

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Estonia to help UAE become fully digital

President of Estonia Kersti Kaljulaid, has received a delegation from Abu Dhabi Digital Authority, ADDA, headed by Dr. Rauda Saeed Al Saadi, Director-General, during an official visit at the presidential office. The visit is in line with the authority’s commitment to keeping pace with the global technological advances in digital …

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Uzbekistan’s economy has become more open

Uzbekistan is implementing ambitious market-oriented economic reforms. Starting in September 2017, the government unified the exchange rate, liberalized the foreign exchange market, initiated price and trade liberalization and, since January 2019, has made significant cuts to tax rates for both firms and individuals. The country has eliminated the need for …

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ICOMIA World Marina Conference 2020 to be held in Dubai

Dubai will host the prestigious International Council of Marine Industry Associations, ICOMIA, World Marina Conference 2020 in autumn, bringing the international event to the Middle East for the very first time. By winning the bid, the UAE Marine community has reaffirmed the country’s position as the most vibrant market for …

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