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Business United Arab Emirates

  • FRANKFURT, March 1- Saudi Arabia's main sovereign wealth fund Public Investment Fund is looking at taking minority stakes in German technology and financial companies, although any deal is unlikely before 2018, the kingdom's ambassador to Germany said. Such a move would mirror other Gulf state funds from Dubai, Qatar and Kuwait, which have taken minority...

  • DUBAI/ LONDON, Feb 28- Saudi Arabia wants crude oil prices to rise to around $60 a barrel this year, five sources from OPEC countries and the oil industry said. This is the level the OPEC heavyweight and its Gulf allies- the United Arab Emirates, Kuwait and Qatar- believe would encourage investment in new fields but not lead to a jump in U.S. shale output, the sources said.

  • *HKEX hopes to leverage deep-pocketed China investors to woo Riyadh. HONG KONG, Feb 27- Hong Kong's stock exchange will bank on its role as a gateway to mainland China's deep-pocketed investors to take on other leading venues and win the coveted $100 billion listing of Saudi Arabia's giant state oil company, Aramco, it said on Monday. Charles Li, the CEO of Hong Kong...

  • *Month-long tour includes Indonesia, China, Japan and others. KUALA LUMPUR/ DUBAI, Feb 26- Malaysia welcomed Saudi Arabia's King Salman on Sunday for the start of a rare, month-long Asian tour, where the monarch will build ties and seek to draw more investments to the oil-rich gulf nation. King Salman also plans to visit Indonesia, Brunei, Japan, China, the Maldives and...

  • *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...

  • *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...

  • *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...

  • 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, 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...

  • Tourism in the Middle East

    Haitham Mattar, CEO of the Ras Al Khaimah Tourism Development Authority in the United Arab Emirates, discusses the tourism industry in the Middle East.

  • PARIS, Feb 14- France honoured the A380 superjumbo with a place in its national aerospace museum on Tuesday, granting it equal status with the Boeing 747 even as questions pile up over the future of the industry's biggest jets. The A380 test plane, the fourth to be built and the second to actually fly in 2005, flew to Le Bourget near Paris from Toulouse with 50...