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Business United Arab Emirates

  • DUBAI, March 30- Qatar Airways and Etihad Airways are lending some passengers laptop computers and tablets to use on board following the U.S. ban on most electronics devices from being taken into the cabin on United States- bound flights. On March 25 the U.S. authorities banned electronic devices larger than a mobile phone from being taken into cabins on direct...

  • DUBAI, March 30- Qatar Airways and Etihad Airways are lending some passengers laptop computers and tablets to use on their flights following the new U.S. ban on allowing passengers' to take their own devices into the cabin on flights to the United States. Qatar Airways said on Thursday complimentary laptops would be available to business class passengers...

  • ABU DHABI, March 30- Abu Dhabi's state-owned Mubadala Development Co, which is merging with fellow Abu Dhabi- owned International Petroleum Investment Company, said on Thursday its net profit nearly tripled in 2016.. Mubadala, which is focused on developing Abu Dhabi's economy through local companies such as clean energy firm Masdar and stakes in...

  • ABU DHABI, March 30- Abu Dhabi's state-owned Mubadala Development Co, which is merging with fellow Abu Dhabi- owned International Petroleum Investment Company, said on Thursday its net profit nearly tripled in 2016.. The company reported a net profit of 3.3 billion dirhams for 2016, compared to a net profit of 1.2 billion dirhams in 2015, while its total...

  • ABU DHABI, March 30- Abu Dhabi state-owned fund Mubadala Investment Company is lining up new overseas investments in 2017 and may also sell or reduce some of its existing stakes in companies, its chief executive said on Thursday. Mubadala, which is merging with Abu Dhabi- owned International Petroleum Investment Company, will not see any change it its strategy...

  • *Saudi ups supply but stays below its OPEC output target. LONDON/ DUBAI, March 29- OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies while maintenance and unrest cut production in exempt nations Nigeria and Libya. In comments made to Reuters, OPEC...

  • LAGOS, March 29- The Nigerian arm of South Africa's Standard Bank, Stanbic IBTC Bank, has an exposure of $24 million to Etisalat Nigeria, it said on Wednesday, adding restructuring talks were "ongoing". The Nigerian arm of Abu Dhabi- listed telecoms company Etisalat has been discussing with 13 local banks about renegotiating the terms of a $1.2 billion loan after...

  • ABU DHABI, March 29- Dubai- based ride-hailing company Careem is looking for acquisition opportunities and is considering an initial public offering as a possible option but has no timeframe in mind, its founder and CEO said. Careem, which competes with Uber and operates from Pakistan to Egypt, plans to enter second-tier cities in Saudi Arabia, Egypt and Pakistan...

  • *OPEC- led production cut expected to be extended into H2 2017. SINGAPORE, March 29- Oil prices on Wednesday extended gains from the previous session, lifted by supply disruptions in Libya and expectations that an OPEC- led output reduction will be extended into the second half of the year. In the United States, West Texas Intermediate crude futures were up 34 cents,...

  • *Executives see scope to lure Middle East shoppers online. DUBAI, March 28- Souq.com will expand its workforce and operations after Amazon clinched a deal to buy 100 percent of the Middle East online retailer, executives from both firms said. Amazon and Souq.com said earlier on Tuesday they had agreed on the takeover, despite an eleventh-hour bid by Dubai...

  • *Executives see scope to lure Middle East shoppers online. DUBAI, March 28- Souq.com will expand its workforce and operations after Amazon clinched a deal to buy 100 percent of the Middle East online retailer, executives from both firms said. Amazon and Souq.com said earlier on Tuesday they had agreed on the takeover, despite an eleventh-hour bid by Dubai...

  • *Executives see scope to lure Middle East shoppers online. DUBAI, March 28- Souq.com will expand its workforce and operations after Amazon clinched a deal to buy 100 percent of the Middle East online retailer, executives from both firms said. Amazon and Souq.com said earlier on Tuesday they had agreed on the takeover, despite an eleventh-hour bid by Dubai...

  • *Concerns rivals could buy shares if Qatar sells. LONDON/ FRANKFURT, March 28- A merger of Hapag-Lloyd and United Arab Shipping Company has hit a snag, with the German shipping line and some banks seeking assurances that UASC's top shareholder Qatar remain committed to the deal for the long term, sources say. Two finance sources, who declined to be identified citing...

  • DUBAI, March 28- Amazon.com has agreed to buy Middle East online retailer Souq.com, thwarting a last-minute bid by Dubai billionaire Mohamed Alabbar's Emaar Malls. In a deal document seen by Reuters, Goldman said the acquisition would accelerate Amazon's entry into "attractive Middle East countries with significant growth potential given e-commerce only...

  • DUBAI, March 28- Amazon.com has agreed to buy Middle East online retailer Souq.com, thwarting a last minute bid by Dubai billionaire Mohamed Alabbar's Emaar Malls. The deal appeared to get the endorsement of the Dubai government which is increasingly focusing on technology. The Emar offer was not the first online move to be made by Alabbar, who made his name as...

  • KHOBAR/ DUBAI, March 28- Citigroup has formally applied for a license to conduct capital markets business in Saudi Arabia, two sources familiar with the matter said, in a move to return to the country after an absence of nearly 13 years. The application has been made with Saudi Arabia's Capital Market Authority, whose primary role is to regulate and develop the...

  • KHOBAR/ DUBAI, March 28- Citigroup has formally applied for a licence to conduct capital markets business in Saudi Arabia, two sources familiar with the matter said, in a move to return to the country after an absence of nearly 13 years. The application has been made with Saudi Arabia's Capital Market Authority, whose primary role is to regulate and develop the...

  • KHOBAR/ DUBAI, March 28- Citigroup has formally applied for a license to conduct capital markets business in Saudi Arabia, two sources familiar with the matter said, in a major move to return to the country after a roughly thirteen year absence. The application has been made with Saudi Arabia's Capital Market Authority, whose primary role is to regulate and...

  • KHOBAR/ DUBAI, March 28- Citigroup has formally applied for a licence to conduct capital markets business in Saudi Arabia, two sources familiar with the matter said, in a major move to return to the country after a roughly thirteen year absence. The application has been made with Saudi Arabia's Capital Market Authority, whose primary role is to regulate and...

  • DUBAI, March 28- Amazom.com has agreed to acquire Middle East online retailer Souq.com,, the two companies said in a joint statement on Tuesday. "By becoming part of the Amazon family, we'll be able to vastly expand our delivery capabilities and customer selection much faster, as well as continue Amazon's great track record of empowering sellers," said Souq.com' s...