Business News United Arab Emirates

  • KHARTOUM, April 18- The Sudanese pound strengthened sharply on the black market on Thursday, two traders and a businessman said, as imports dwindled amid the political chaos that led to the overthrow last week of president Omar al-Bashir. One businessman said the pound may have strengthened due to expectations of aid from the United Arab Emirates and Saudi...

  • AL-SUANI, Libya, April 18- Mortars crashed down on a suburb of Tripoli on Thursday, almost hitting a clinic and adding to people's suffering after two weeks of an offensive by eastern troops on the Libyan capital, which is held by an internationally recognized government. The Libyan National Army of Benghazi-based Haftar has become bogged down in the southern...

  • LONDON, April 18- Britain has long been a favored playground for sovereign wealth funds from around the world to snap up glitzy skyscrapers, banking stakes and posh department stores. "A lot of funds are simply not pursuing deals, while they wait for certainty," said Tihir Sarkar, London- based partner at Cleary Gottlieb, which counts several prominent sovereign...

  • April 17- Beleaguered carrier Jet Airways halted all operations on Wednesday after its lenders rejected its plea for emergency funding from the airline that was once India's largest private carrier. The airline, known for its "The Joy of Flying" tagline, has been teetering for weeks, saddled with over $1 billion in debt. Aug 27 Jet posts June-quarter loss, says will...

  • ISLAMABAD, April 17- Pakistani Prime Minister Imran Khan will visit China next week to meet its leaders and deliver a keynote speech at the vast Belt and Road Forum in Beijing, the South Asian nation's foreign ministry said on Wednesday, as economic anxiety grows at home. But Pakistan's economy has hit serious turbulence over the past year and Islamabad is now...

  • DUBAI, April 17- Emirates NBD, Dubai's largest bank, on Wednesday reported a 15 percent rise in first-quarter net profit as loan growth and improved margins offset an increase in provisions and operating costs. The bank made a net profit of 2.7 billion dirhams in the three months ended March 31, it said, compared with 2.39 billion dirhams in the year-ago period.

  • *25 of 30 stocks on Egypt's blue-chip index slide. *Egypt's EKHO falls for 10th session. April 16- Saudi Arabia's stock market rose on Tuesday as most of its banks gained, while a wide sell-off pulled down Egypt's blue-chip share index.

  • *The Very Large Crude Carrier Olympic Lyra changed its destination to Lome in Togo from Southwold in Britain, Refinitiv ship-tracking data showed. *Togo is a hub for ship-to-ship transfers to other destinations in West Africa, such as Nigeria. *The Olympic Lyra, sailing from Asia, was supposed to arrive in Britain around May 7, but the shipping data now shows an...

  • DUBAI, April 15- Dubai's financial services regulator said on Monday that it was in touch with the U.S. Securities and Exchange Commission about the latest case involving collapsed private equity firm Abraaj. The Dubai Financial Services Authority has been investigating Abraaj Capital Ltd, an entity of the collapsed firm, over a range of matters, but has not...

  • DUBAI, April 15- Dubai's financial services authority said on Monday its investigation into collapsed Dubai private equity firm Abraaj Capital Ltd and relevant companies and persons was ongoing. The Dubai regulator added that it was aware of the arrest of two former executives of the Abraaj group, former chief executive, Arif Naqvi, and managing partner,...

  • DUBAI, April 15- The United Arab Emirates' Brooge Petroleum and Gas Investment Co said it would list on the Nasdaq stock exchange after merging with U.S.-based firm Twelve Seas Investment Co.. The $1 billion deal is expected to be finalised before July 1, Brooge said in a statement. The company originally planned to float 40 percent of its capital on the London...

  • DUBAI, April 15- Afghanistan unveiled 43 tenders for natural resource projects on Monday in a drive to attract investment in a country ravaged by decades of war. The tenders, ranging from mineral to oil and gas projects, were announced in Dubai, a major Middle East investment hub, by Afghanistan's acting Minister of Mines and Petroleum Nargis Nehan.

  • NEW YORK/ LONDON, April 12- The chief executive and a managing partner of the collapsed Dubai private equity firm Abraaj Capital Ltd have been arrested on U.S. charges that they defrauded their investors, including the Bill& Melinda Gates Foundation. Abraaj founder and Chief Executive Arif Naqvi was arrested in the United Kingdom last Friday, while managing...

  • NEW YORK, April 11- The chief executive and a managing partner of the collapsed Dubai private equity firm Abraaj Capital Ltd were arrested on U.S. charges that they defrauded their investors, including the Bill& Melinda Gates Foundation, a federal prosecutor said on Thursday. Abraaj founder and Chief Executive Arif Naqvi was arrested in the United Kingdom last...

  • LONDON/ CAIRO, April 11- Eastern-based Libyan forces commanded by Khalifa Haftar launched an offensive last week to take control of Tripoli, the capital, plunging the OPEC country into a new round of armed conflict. Libya began fracturing in 2011 when local groups took up arms against leader Muammar Gaddafi amid the Arab Spring uprisings but also turned against...

  • WASHINGTON, April 10- The U.S. Commerce Department said on Wednesday that is adding 37 Chinese companies and schools to a red-flag list of "unverified" entities that U.S. companies should treat with caution, according to a notice in the Federal Register. The list, which takes effect on Thursday, also includes six organizations in Hong Kong, four in the United Arab...

  • LONDON, April 10- Zinc touched a two-week low on Wednesday on concerns that Chinese smelters will ramp up output, but prices were supported by a shortage of immediately available material on the London Metal Exchange. Benchmark zinc on the LME closed 0.4 percent up at $2,873 a tonne after slipping to $2,842, its lowest since March 26. But the supply situation is...

  • *Saudi Basic Industries drops after going ex-dividend. April 10- Dubai's stock market rose for the tenth straight session on Wednesday, lifted by its financial shares, while Abu Dhabi was pulled lower by its top lender First Abu Dhabi Bank. The Dubai index gained 0.2 percent, hovering around five-month high, with Emaar Properties adding 1.2 percent and Mashreq...

  • Other industrial metals fell after the International Monetary Fund cut its global growth forecasts, pointing to weak future demand, and the United States threatened to impose tariffs on goods from the EU. Benchmark zinc on the London Metal Exchange traded up 0.1 percent at $2,862.50 a tonne in official rings after hitting $2,842, the lowest since March 26.

  • ABU DHABI, April 10- Emirates Global Aluminium said on Wednesday its $3.3 billion Al Taweelah alumina refinery in Abu Dhabi had commenced operations. The refinery is expected to produce 2 million tonnes of alumina a year once fully operational, EGA said in a statement. The facility is located in the Khalifa Industrial Zone Abu Dhabi, which is next to the deepwater...