×

Business United Arab Emirates

  • TORONTO, May 26- The Toronto Stock Exchange's efforts to win a slice of the massive Saudi Aramco public listing plays up the country's deep experience in natural resources as part of a broader offer to help the kingdom with its shift away from oil dependence. One source directly involved in the Canadian pitch told Reuters they are focused on convincing the...

  • TORONTO, May 26- The Toronto Stock Exchange's efforts to win a slice of the massive Saudi Aramco public listing plays up the country's deep experience in natural resources as part of a broader offer to help the kingdom with its shift away from oil dependence. One source directly involved in the Canadian pitch told Reuters they are focused on convincing the...

  • RIYADH, May 25- Saudi Telecom Co's new $500 million venture capital fund expects to complete its first transaction by the fourth quarter of this year, the fund's chief executive said on Thursday at its launch in Riyadh. It would aim to spend its $500 million over the next four to five years in $100 million tranches. Biyari said the $100 million Careem stake would be...

  • DUBAI, May 25- Shares of Qatar's largest property developer plunged 10 percent on Thursday after its shareholders gave preliminary approval to take the company private, while a dip in crude oil took the Saudi equity index lower in its final hour of trade. Ezdan Holding Group, with majority ownership by the ruling al Thani family, said shareholders who are against...

  • DUBAI, United Arab Emirates— Bahrain and Egypt on Thursday apparently joined Saudi Arabia and the United Arab Emirates in blocking access to websites run by the pan-Arab satellite network Al-Jazeera, part of a growing regional dispute with Qatar after an alleged hack of its state-run news agency. The alleged hack— and a purported fake news report that was...

  • *Qatar First Bank bounces from record lows. RIYADH, May 24- Major Gulf stock markets weakened on Wednesday, with amusement park operator DXB Entertainments continuing to drag down Dubai while banking shares lifted Egypt in the wake of Sunday's interest rate hike. Emaar Malls fell 1.9 percent after the retail arm of Emaar Properties said it would spend $151...

  • LONDON/ DUBAI, May 24- Dubai is looking into creating a $1 billion investment fund focused on shipping to develop the Gulf city's maritime sector and ride out a global industry downturn, three finance sources familiar with the plans say. The sources said the Dubai Maritime City Authority, the government entity responsible for developing the maritime industry...

  • DUBAI, United Arab Emirates— A court in the United Arab Emirates sentenced a businessman accused of stealing $1.5 billion while working for one of its sheikhdoms to 15 years in prison over one alleged scam, authorities said Wednesday. Businessman Khater Massaad maintained his innocence and told The Associated Press from Saudi Arabia that the charges were...

  • Mediclinic, which has stakes in Britain's Spire Healthcare and Switzerland's Hirslanden, extended its reach into the United Arab Emirates when it bought Al Noor last year. Underlying earnings per share came in at 29.8 pence per share for the year to the end of March compared with 36.7 pence a year earlier, largely impacted by shares issued to acquire Al Noor and...

  • *Dubai's DFM, DXBE hit by Q2 revenue worries. DUBAI, May 23- Egypt's stock market on Tuesday recovered some of the previous day's heavy losses while Gulf bourses were weaker as investors booked profits ahead of the holy month of Ramadan, when trading volumes and liquidity often decrease. Importers may benefit from lower input costs if the rate hike strengthens the...

  • *Real estate shares hit hardest in Egypt. DUBAI, May 22- Egypt's stock market tumbled in heavy trade on Monday after the central bank unexpectedly raised key interest rates overnight, while Qatar outperformed in an otherwise quiet Gulf. The motive for the hike was to combat Cairo's hyperinflation and it came at the recommendation of the International Monetary...

  • *Riyadh may need to loosen purse strings to boost economy. RIYADH, May 22- Pressure on Saudi Arabia's finances will make it eager to secure a deal on oil output cuts at this week's talks among global producers, even if Riyadh has to shoulder the lion's share of the reductions. The result, oil analysts and economists say, is that Saudi Arabia will go into the meeting of...

  • Barclays will now seek to bolster staff in its private banking hubs of London, Dublin, Geneva, Monaco, India, Dubai, Jersey, Guernsey and the Isle of Man, the source said. "In line with Barclays International's overall strategy we are positively investing in Private Bank& Overseas Services," a spokesman for Barclays said. Banks worldwide are pushing into private...

  • *Arabtec soars in Dubai after it wins big order for tower. RIYADH, May 21- Saudi Arabia's stock market outperformed a sluggish region on Sunday after U.S. and Saudi companies signed over $200 billion of deals during the visit to Riyadh by President Donald Trump. "Sentiment is high because of the deals," said Talal Samhouri, head of asset management at Qatar's Amwal,...

  • *Energy minister says deals worth over $200 billion signed. President Donald Trump, as Riyadh seeks help to develop its economy beyond oil. Energy minister Khalid al-Falih said deals involving all companies totalled over $200 billion, many of them designed to produce things in Saudi Arabia that had previously been imported.

  • *Announced during Donald Trump's visit to Riyadh. RIYADH, May 20- The world's largest private equity fund, backed by Japan's Softbank Group and Saudi Arabia's main sovereign wealth fund, said on Saturday it had raised over $93 billion to invest in technology sectors such as artificial intelligence and robotics. In addition to Softbank and Saudi Arabia's Public...

  • *Follows similar slew of deals signed in Asia. RIYADH, May 20- U.S. and Saudi Arabian companies signed business deals worth tens of billions of dollars on Saturday during a visit by President Donald Trump, as Riyadh seeks help to develop its economy beyond oil. Energy minister Khalid al-Falih said deals involving all companies totalled over $200 billion, many of...

  • RIYADH, May 20- National oil giant Saudi Aramco expects to sign $50 billion of deals with U.S. companies on Saturday, part of a drive to diversify the kingdom's economy beyond oil exports, Aramco's chief executive Amin Nasser said. Among the deals, executives said, were a plan by Jacobs Engineering Group Inc for a joint venture with Aramco to manage business...

  • *Russia, China worst affected by WannaCry attack. FRANKFURT, May 19- French researchers said on Friday they had found a last-chance way for technicians to save Windows files encrypted by WannaCry, racing against a deadline as the ransomware threatens to start locking up victims' computers first infected a week ago. The group includes Adrien Guinet, who works as a...

  • *Russia, China worst affected by WannaCry attack. The group includes Adrien Guinet, who works as a security expert, Matthieu Suiche, who is an internationally known hacker, and Benjamin Delpy, who helped out by night, in his spare time, outside his day job at the Banque de France. "We knew we must go fast because, as time passes, there is less chance to recover," Delpy said...