Business

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 …

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 …

UAE entities are expected to invest up to US$7 billion in India’s food sector in the next three years as part of the UAE-India food corridor project that aims to secure the UAE’s food security, an Indian minister told Emirates News Agency, WAM. These entities, coordinated by Dubai-based Emaar Group, …

Saudi Arabia has waived fees on expatriate workers employed in the industrial sector, one of the main economic segments eyed for development, for five years, a cabinet statement said on Tuesday. “The government will bear the cost of fees for expatriate workers on behalf of licensed industrial institutions as of …

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 …

Dubai Aerospace Enterprise, DAE, today announced that it had been mandated by one of the world’s largest fund managers to source and manage aircraft valued at approximately US$1.4 billion. Dubai Aerospace Enterprise will acquire the assets, and its best-in-class Aircraft Investor Services, AIS, platform will manage the assets on behalf …

The Khalifa Fund for Enterprise Development, KFED, has announced that 12 Emirati-led technology-driven projects reached the final round of the third edition of the Pitch@Palace UAE competition. It aims to provide a platform to showcase Emirati Entrepreneurs, connecting them to local and international networks and help amplify their businesses. The …

Mubadala Investment Co said on Monday it will invest up to $500 million in Cologix, a U.S. data business company. Abu Dhabi fund Mubadala’s investment is in partnership with Stonepeak Infrastructure Partners, the majority shareholder in Cologix, Mubadala said. Source: Reuters

The seventh meeting of the UAE-India High Level Joint Task Force on Investments,Task Force, was held on Sunday in Abu Dhabi to review and maintain the significant progress made in enhancing bilateral trade and investment between the two countries. The meeting was co-chaired by H.H. Sheikh Hamed bin Zayed Al …

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 …

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 …

Prime Minister Saad al-Hariri spoke to the Saudi finance minister on Saturday about support for the Lebanese economy and preparations for the first meeting of a bilateral council, his media office said. Saudi Finance Minister Mohammed al-Jadaan said on Wednesday that Riyadh was in discussions with the Lebanese government about …

Iran’s foreign minister on Saturday denounced renewed U.S. sanctions against its central bank as an attempt to deny ordinary Iranians access to food and medicine, and said the move was a sign of U.S. desperation. The United States on Friday imposed a new round of sanctions on Iran, some aimed …

Nakheel welcomed His Majesty King Tupou VI of Tonga, to its Dubai headquarters on Thursday for discussions on how the master developer’s expertise in waterfront development could be applied in Tonga. King Tupou VI and his delegation were greeted by Nakheel Chief Executive Officer, Sanjay Manchanda, before receiving a presentation …

Lebanon’s Jammal Trust Bank said on Thursday it was forced to disolve itself after it was hit by U.S. sanctions last month. “Despite its sound financial situation…and its full compliance with banking regulations, the (bank) was forced to take the decision to liquidate itself in full coordination with the central …

The Central Bank of the UAE (CBUAE) announced that effective Thursday 19 September 2019, it will lower interest rates applied to the issuance of its Certificates of Deposits in line with the decrease in interest rates on US Dollar, following the Federal Reserve Board’s decision to decrease the Federal Funds …

Developing and maintaining a sustainable, reliable and high-quality infrastructure is the key to the success of any city, according to Abdulrahman Saleh Al Saleh, Director-General of Dubai’s Department of Finance, DoF. “We are continuously aspiring to enhance the financial sustainability of the public sector and provide a stimulus for economic …

Saudi Arabia is in discussions with the Lebanese government about providing financial support, Saudi Finance Minister Mohammed al-Jadaan said on Wednesday. “We continue to believe and put our money and commitment in Lebanon, we’ll continue to support Lebanon and we are working with its government,” Jadaan said in an interview …

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 …

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 …

The Sharjah Chamber of Commerce and Industry, SCCI, underlined the importance of the GCC HR & Labour Market Conference, stating that it is a good opportunity to learn about the requirements of the Gulf labour market. The conference will also explore the reality of human resources in the GCC countries …

The UAE-Poland Business Forum, organised by the Sharjah Chamber of Commerce and Industry, SCCI, at its headquarters today, discussed enhancing cooperation in medical products, healthcare and the wood industries, in addition to logistical support in the hotel and tourism sectors, professional lighting and furniture. The forum was aimed at introducing …

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 …

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 …

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 …

Dubai FDI, the investment development agency of the Department of Economic Development (DED) in Dubai, held a seminar to showcase investment opportunities and facilities provided in Dubai to US investors. The mission comes in line with Dubai Government’s Global Investment Mission Programme, following the steady growth of FDI inflows from …

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 …

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 …

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 …

Turkish President Tayyip Erdogan said he will discuss buying U.S. Patriot missiles with President Donald Trump this month, saying his personal bond with the U.S. leader could overcome a crisis caused by Ankara buying Russian air defense systems. Turkey’s purchase of the Russian S-400 missile system in July raised the …

Hessa Essa Buhumaid, Minister of Community Development, began her day yesterday morning by receiving the public at the customers’ services centre in Oud Al Mateena in Dubai as part of the ministry’s initiative called “Maydan” (field) to fulfil the requests of all the members of the community, and improve and …

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 …

The Sharjah Research, Technology and Innovation Park, SRTI, has participated in the 4th Summit of the Belt and Road Initiative in Hong Kong. Government delegations representing 80 countries are taking part in the event.t delegations from 80 countries. In a keynote speech at the event, Hussain Al Mahmoudi, CEO of …

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 …

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 …

We are a young country, but we have a very ancient history. There have been people in Uzbekistan since the start of civilisation. Uzbekistan was a crossroads of empires and different religions. In those ancient days Zoroastrianism was the dominant religion, but to here Alexander brought the Hellenistic pantheon of …

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 …

Saudi Aramco has hired nine banks as joint global coordinators to lead its planned initial public offering (IPO), slated to be the world’s largest, two sources familiar with the matter told Reuters on Wednesday. The mandates have been heavily sought by the world’s biggest investment banks for a transaction which, …

The Sharjah Chamber of Commerce and Industry, SCCI, has announced that registration is now open for the institutions and companies working in the field of training, qualification, employment, and management consultancy in the GCC countries to participate in the 6th Edition of GCC HR and Labour Market Conference, under the …

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 …

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 …

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 …

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 …

Dubai Mercantile Exchange (DME) today announced the approval of Macquarie Futures USA LLC as a Clearing Member, to clear and settle trades carried out by its regional and international customers on DME. Macquarie Group’s Futures Division is a specialist institutional futures broker with operations in Australia, Asia, the United Kingdom, …