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  • DUBAI, United Arab Emirates— Already home to the world's biggest skyscraper, Dubai has another tall order to fill: By 2030, its leader wants 25 percent of all trips on its roads to be done by driverless vehicles. And Dubai already is home to a driverless Metro rail system, which carried 178 million riders in 2015.. "Today, we lay down a clear strategy with specific goals...

  • RIYADH, Saudi Arabia— Saudi Arabia unveiled a bold reform plan on Monday aimed at weaning the country off its "addiction" to oil in a bid to prepare the next generation of Saudi leaders for the domestic pressures of youth unemployment and revenues eroded by lower oil prices. The project, which includes plans to float a stake in the world's largest oil company, Aramco,...

  • DUBAI, April 25- Gulf shares edged lower, giving up recent gains, while the Saudi market fell ahead of the expected announcement of a major reform plan later on Monday. Bellwether Saudi Basic Industries fell 0.9 percent, erasing some of Sunday's 3.8 percent gain. BUPA Arabia jumped 2.5 percent after the medical insurer announced its board recommended a cash...

  • DUBAI, United Arab Emirates— Oil exporting countries in the Middle East lost a staggering $390 billion in revenue due to lower oil prices last year, and should brace for even deeper losses of more than $500 billion this year, the International Monetary Fund said Monday. IMF Director for Middle East and Central Asia Masood Ahmed said these losses translate into...

  • DUBAI, United Arab Emirates— Dubai will soon have a one-stop destination for families whose tastes run from Spider-Man to velociraptors to the Powerpuff Girls. Local developer Ilyas and Mustafa Galadari Group said Sunday its new 1.5 million square-foot indoor amusement park on the city's desert outskirts will open on August 15. Dubai is increasingly...

  • MONTREAL/ TORONTO April 22- Canadian pension fund Caisse de depot et placement du Quebec said on Friday that it would invest C $3 billion in a new public transport network in Montreal, the third-largest of its kind in the world. The C $5.5 billion project, a public-private partnership, would require C $2.5 billion from the province of Quebec and Canada.

  • FRANKFURT, April 21- German container shipping group Hapag-Lloyd is in talks to merge with United Arab Shipping Company in what would be the latest tie-up in an industry hammered by overcapacity and a faltering global economy. France's CMA CGM is in the midst of buying Singapore's Neptune Orient Lines to cement its position as number three behind...

  • DUBAI, April 19- Kuwaiti oil and gas workers have ended a three-day strike that had temporarily cut the OPEC member's crude production by nearly half, the trade union said in a statement posted on its Twitter account. First, the cancellation of the general strike and the attendance of all oil sector workers at their places of work beginning at seven in the morning...

  • But as President Barack Obama makes his final visit to Riyadh this week, Saudi Arabia's military capabilities remain a work in progress- and the gap in perceptions between Washington and Riyadh has widened dramatically. Frustrated by Obama's nuclear deal with Iran and the U.S. pullback from the region, Riyadh launched an Arab military intervention last year...

  • LONDON, April 19- Iran faces a struggle to increase oil exports because many of its tankers are tied up storing crude, some are not seaworthy, and foreign shipowners remain reluctant to carry its cargoes. Tehran is seeking to make up for lost trade to Europe following the lifting of EU sanctions imposed in 2011 and 2012, which deprived it of a market that accounted...

  • DUBAI, United Arab Emirates— The United Arab Emirates has announced plans for a $1 billion Warner Bros. theme park in Abu Dhabi, which will bring to the Middle East the studio's popular superheroes and cartoon characters ranging from Bugs Bunny and Scooby-Doo to Batman and Superman. The first phase is scheduled to open in 2018 and will include a Warner Bros....

  • *Kuwait oil strike shuts over 60 pct of its production. *Brent ends down 0.4 pct; off 7 pct first on Doha talks collapse. "The material loss in production from the Kuwait strike has helped the oil market forget about the farce from Doha," said Matt Smith, director of commodity research at the New York- headquartered Clipperdata.

  • *Brent up; fell 7 pct earlier on collapse of Doha talks. The producers had gathered in Qatar, Doha at the weekend for what was expected to be the rubber-stamping of a deal to stabilize output at January levels until October. "The material loss in production from the Kuwait strike has helped the oil market forget about the farce from Doha," said Matt Smith, director of...

  • *Oil prices down 7 pct earlier after collapse of Doha freeze plan. The producers had gathered in Qatar, Doha at the weekend for what was expected to be the rubber-stamping of a deal to stabilize output at January levels until October. "The material loss in production from the Kuwait strike has helped the oil market forget about the farce from Doha," said Matt Smith,...

  • DUBAI, United Arab Emirates— A government-backed investment fund in the United Arab Emirates said Monday that heavily indebted Malaysian investment fund 1 MDB and the southeast Asian country's finance ministry have defaulted on more than $1.1 billion they owe. The Abu Dhabi- based International Petroleum Investment Co.' s allegation in a filing to the...

  • Brent crude futures sank as much as 4.5 percent to about $41 a barrel after a deal to freeze output at January levels fell apart when Saudi Arabia demanded that Iran join in. "Reality finally dawned... that the Saudis are the key market setters for the oil price and they prefer it lower rather than higher, given their geopolitical tussle for regional supremacy with...

  • *Cosmetics market worth over $4 billion- parliament report. DUBAI, April 17- When Dubai businesswoman Negin Fattahi-Dasmal opened the first branch of her luxurious nail salon chain in Iran this year, it was met with both excitement and skepticism among image-conscious young Iranians. Despite-- or perhaps partly because of-- strict Islamic dress codes, cosmetics...

  • DOHA, Qatar— A meeting of oil-rich countries in Qatar that had been expected to boost crude prices by freezing production fell apart Sunday as Iran stayed home and vowed to increase its output despite threats by Saudi Arabia. However, he largely dodged the questions about whether another special summit will be called before OPEC's next meeting in June and...

  • DOHA, Qatar— OPEC isn't what it used to be. Ahead of a planned meeting of most of the cartel and other major oil producers in Qatar to approve a freeze on oil production, some OPEC members are pumping record levels of crude even as prices wallow at less than half their level two years ago— a clear sign of the dissention gripping the group. The gathering follows a surprise...

  • *Government-led shake-up to go furthest in kingdom's history. RIYADH/ DUBAI, April 14- In late February, several hundred Saudi officials, company executives and foreign consultants gathered in a luxury Riyadh hotel to discuss how Saudi Arabia's economy could survive an era of cheap oil. The National Transformation Plan, as Riyadh has dubbed the changes, is...