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Business United Arab Emirates

  • *Many Saudis support oil firm Aramco's share offer. KHOBAR, Saudi Arabia/ DUBAI, Feb 24- Jamil Farsi, a prominent Saudi Arabian jewelry tycoon, made an impassioned plea to the investment minister at a meeting of the Jeddah Chamber of Commerce this month. Investment minister Majed al-Qasabi replied the economy would benefit from the sale of shares in national oil...

  • The Aramco oil refinery in Dahran, Saudi Arabia.

    Aramco IPO might set a precedent for listing oil assets managed by state enterprises.

  • *Listing of Aramco could raise up to $100 billion. Industrial and Commercial Bank of China International Holdings, a wholly-owned Hong Kong- based subsidiary of Industrial and Commercial Bank of China, and China International Capital Corporation are among the Chinese banks pitching for the deal, two other sources familiar with the matter said.

  • *Listing of Aramco could raise up to $100 billion. The U.S. banks have joined boutique investment bank Moelis& Co in being tapped for coveted roles in what is expected to be the world's biggest intial public offering worth some $100 billion. Up to 5 percent of the world's largest oil producer is likely to be listed on both the Saudi stock exchange in Riyadh and on one...

  • DUBAI, United Arab Emirates— Dubai's government says an arbitration tribunal has cleared port operator DP World of allegations of wrongdoing over its operation of an East African port. The government of Djibouti brought a legal challenge against Dubai's state-backed DP World in 2014 over its 50- year deal to operate the Doraleh Container Terminal, accusing...

  • *Middle East is its largest market after US sanctions. *JV in India to make assault rifles in 2017. ABU DHABI, Feb 21- Russian weapons maker Kalashnikov Group's sales doubled last year, helped by demand in the Middle East for its drones, missiles, rifles and military vehicles, making up for US sanctions that cost it its largest market, its chief executive said.

  • SAO PAULO, Feb 21- Paulo Castellari, who was named chief financial officer of Brazilian power utility Cia Energética de Minas Gerais SA only two months ago, is joining Mubadala Development Co PJSC, a source told Reuters on Tuesday. Mubadala opened an office in Rio de Janeiro early last year to spot potential opportunities in Brazil and manage local investments...

  • DUBAI, United Arab Emirates— The United Arab Emirates' main state oil company has agreed to give CEFC China Energy a 4 percent stake in a major onshore oil project a day after awarding a minority stake to another Chinese company. The Abu Dhabi National Oil Company said Monday that CEFC is paying an entry fee of $888 million for the concession operated by the Abu...

  • ABU DHABI, Feb 20- Russia hopes to get around European Union sanctions by reaching a deal with Iran for the supply of gas turbine equipment for two power plants in Crimea, the head of Russian state defence conglomerate Rostec said on Monday. EU sanctions bar European individuals and companies from providing energy technology to Crimea, which was annexed by...

  • Australia's Defence Industry Minister Christopher Pyne and Sheikh Mohammed, who is also Deputy Supreme Commander of the UAE Armed Forces, met on the sidelines of the biennial International Defence Exhibition and Conference in Abu Dhabi. The two agreed to consider a 10- year defence plan that could include more than 1 billion Australian dollars in sales to...

  • Australia's Defence Industry Minister Christopher Pyne and Sheikh Mohammed, who is also Deputy Supreme Commander of the UAE Armed Forces, met on the sidelines of the biennial International Defence Exhibition and Conference in Abu Dhabi. The two agreed to consider a 10- year defense plan that could include more than 1 billion Australian dollars in sales to...

  • DUBAI, United Arab Emirates— The United Arab Emirates' main state oil company has signed a deal giving China National Petroleum Company an 8 percent stake in a major onshore oil project. The Abu Dhabi National Oil Company says CNPC will pay an initial $1.77 billion for the concession operated by the Abu Dhabi Company for Onshore Petroleum Operations, also known...

  • DUBAI, United Arab Emirates— Saudi oil giant Saudi Aramco says one person has been killed and three others injured as a result of an oil pipeline leak in the east of the kingdom. The company said in a statement Sunday that an emergency response team managed to contain the leak Saturday in Abqaiq. It did not provide details on how the contractor was killed.

  • ABU DHABI, United Arab Emirates— Fighter jets screaming overhead and theatrical explosions marked the opening of an arms show Sunday in Abu Dhabi, as a bullet-scarred Emirati armored personnel carrier served as a reminder of the country's ongoing military campaign in Yemen. The Emirates announced over $1.2 billion in arms deals at the opening of the biennial...

  • DUBAI, Feb 18- Iran expects its oil production to reach 4 million barrels per day by mid-April, and plans to drill 500 new wells over the next five years to raise output to 4.7 million bpd, a senior oil official was quoted as saying on Saturday. This will be realized with a one-month delay, "said Ali Kardor, head of the state-run National Iranian Oil Company, quoted by the...

  • DUBAI, Feb 18- Iran expects its oil production to reach 4 million barrels per day by mid-April, a month later than planned, the head of the state-run National Iranian Oil Company was quoted as saying on Saturday. Iran said in January its daily output was close to 3.9 million barrels. Under a deal agreed to cut production by the Organization of the Petroleum Producing...

  • Saudi Arabia's total defense budget is forecast at $82 billion in 2016, steadily rising to $87 billion in 2020 while that of UAE is put at $15.1 billion in 2016 reaching $17.0 billion in 2020, according to Teal Group, a U.S-based defense analysis firm which has also forecast increased spending by Kuwait, Qatar, Oman and Bahrain. "Defense spending is linked to...

  • Saudi Arabia's total defence budget is forecast at $82 billion in 2016, steadily rising to $87 billion in 2020 while that of UAE is put at $15.1 billion in 2016 reaching $17.0 billion in 2020, according to Teal Group, a U.S-based defence analysis firm which has also forecast increased spending by Kuwait, Qatar, Oman and Bahrain. "Defence spending is linked to...

  • *Says Dubai crude supply tightened following OPEC output cuts. SEOUL, Feb 17- SK Energy has bought Russian Urals crude for the first time in 10 years, a spokeswoman for the parent company of South Korea's top refiner said on Friday. "Dubai crude supply is tight in Asia after the OPEC cut deal, making other crude outside the region more economical," she said, adding that...

  • ABU DHABI/ KUALA LUMPUR, Feb 15- Private talks in which Abu Dhabi state fund International Petroleum Investment Co is seeking $6.5 billion from Malaysia's troubled 1 MDB fund have reached deadlock, sources familiar with the negotiations told Reuters. IPIC took its case to the London Court of International Arbitration last June but the two state-owned...