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Business United Arab Emirates

  • DUBAI, July 23- A proposed reshuffle of state assets would allow Saudi Arabia to delay the listing of national oil giant Aramco until 2020 or beyond while still spending on economic development projects, according to three sources familiar with the matter. Late last week Aramco confirmed a Reuters report that it was working on a possible purchase of a "strategic...

  • ABU DHABI, July 20- China and the United Arab Emirates signed a raft of financial, business and trade agreements on Friday during a visit by President Xi Jinping to the UAE, underscoring energy-hungry Beijing's rapidly growing interest in the Middle East. As both a major energy exporter and a hub for international trade, the UAE is an important part of Xi's "Belt and...

  • RIYADH, July 20- China and the United Arab Emirates signed a raft of financial, business and trade agreements on Friday during a visit by President Xi Jinping to the UAE that signalled energy-hungry Beijing's rapidly growing interest in the Middle East. As both a major energy exporter and a hub for international trade, the UAE is an important part of Xi's "Belt and...

  • RIYADH, July 20- China and the United Arab Emirates signed a raft of financial, business and trade agreements on Friday during a visit by President Xi Jinping to the UAE that signalled energy-hungry Beijing's rapidly growing interest in the Middle East. As both a major energy exporter and a hub for international trade, the UAE is an important part of Xi's "Belt and...

  • *Dubai's competitive advantage may be shrinking. *Graphic: Dubai stock market https://tmsnrt.rs/2L2RLUd. For over two decades, Dubai prospered as one of the world's most international cities, attracting people and capital from across the globe.

  • DUBAI, United Arab Emirates— The Abu Dhabi National Oil Company says it has awarded contracts worth AED 5.88 billion to China's largest state-owned oil company to conduct what is says is the world's largest continuous 3 D offshore and onshore seismic survey. ADNOC said in a statement Thursday that BGP Inc., a subsidiary of China National Petroleum Company, will...

  • DUBAI, July 19- Saudi Aramco said on Thursday it is looking to buy a strategic stake in Saudi petrochemical maker SABIC, a move that could boost the state oil giant's market valuation ahead of a planned initial public offering. Aramco said in a statement that it was in "very early-stage discussions" with the kingdom's Public Investment Fund to acquire the stake in...

  • DUBAI, United Arab Emirates— Saudi Arabia's state-owned oil company Saudi Aramco says it is evaluating whether to purchase a stake in the Saudi petrochemical maker SABIC, a move that could increase its value ahead of an initial public offering. Aramco confirmed media reports on Thursday it was in "very early-stage discussions" on acquiring a strategic...

  • DUBAI, United Arab Emirates— Chinese President Xi Jinping arrived in Abu Dhabi on Thursday on his first trip to the United Arab Emirates as the leader of China at a time when the two countries look to strengthen trade ties and expand investment. China and the UAE conduct some $50 billion in annual trade and ahead of the trip, the UAE's ambassador to China said the...

  • State-controlled Saudi Electricity Co has qualified at least two companies- Power Systems Mfg LLC and Combustion Parts Inc- to provide service or parts for some of SEC's more than 50 GE-made F-class turbines, and is in talks with two others over investments to set up facilities to service the SEC plants over many years, according to sources with direct...

  • DUBAI, July 18- Several potential buyers have emerged for Middle East buyout firm Abraaj's investment management business as a revised offer from previous frontrunner Colony Capital was rejected, say sources familiar with the matter. The bids by Cerberus Capital Management, York Capital Management and Abu Dhabi Financial Group will be considered by Dubai-...

  • *Ahli United Bank lifts Bahrain index. Apart from exchanges in Bahrain and Qatar, all the Gulf markets closed in negative territory. In Bahrain, the index was up 0.5 percent as Ahli United Bank climbed 2.3 percent, after Kuwaits largest Islamic bank, Kuwait Finance House, said it was interested in a merger with Ahli United.

  • LONDON, July 17- Russian and Middle Eastern markets bore the brunt of a sell-off in emerging equities on Tuesday after oil prices tumbled over 4 percent the day before, while oil producers' currencies also suffered. Brent crude oil futures extended Monday's losses in early trade, touching a new three-month low of $71.35 a barrel, as Libyan ports reopened and...

  • SHARJAH/ DUBAI, July 15- A United Arab Emirates court on Sunday dismissed a criminal case against the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a check without sufficient funds, after the claimant dropped the complaint. At a court in Sharjah, Judge Natheer al-Sousi said the case had been dismissed after the claimant had...

  • SHARJAH, July 15- A criminal case against private equity firm Abraaj founder Arif Naqvi and another executive for issuing a cheque without sufficient funds has been dismissed, the presiding judge said on Sunday. The court case relates to a cheque for 177.1 million dirhams, signed by Naqvi and a fellow executive, and written to Hamid Jafar, another founding...

  • DUBAI, July 14- Iranian President Hassan Rouhani said on Saturday the United States was more isolated than ever over sanctions against Iran, even among its allies. President Donald Trump's decision to withdraw from world powers' 2015 deal with Iran on its nuclear programme. Separately, a clerical body tasked with vetting legislation rejected legal reforms...

  • DUBAI, July 12- Some investors in funds managed by Dubai- based Abraaj want to block the sale of assets to Colony Capital pending a review of Abraaj's handling of funds, according to a report seen by Reuters, potentially delaying a deal key to the survival of the investment management business. United States- based Colony offered last month to buy the fund...

  • DUBAI, July 12- Some investors in funds managed by Dubai- based Abraaj want to block the sale of assets to Colony Capital pending a review of Abraaj's handling of funds, according to a report seen by Reuters, potentially delaying a deal key to the survival of the investment management business. United States- based Colony offered last month to buy the fund...

  • DUBAI, July 12- The United States and the United Arab Emirates have broken up a network funnelling illicit funds to Iran as Washington steps up a drive to restrict Iranian trade and access to hard currency in the region, a senior U.S. official said on Thursday. Currency exchanges had used the UAE financial system to transfer cash out of Iran and convert it into U.S....

  • LONDON/ ABU DHABI, July 11- The initial public offering of Blackstone-backed, Middle East- focused education company GEMS has been shelved, three sources familiar with the matter said. Sources familiar with the deal had said the London listing was delayed after authorities in Dubai unexpectedly decided to freeze tuition fees, meaning the company's financial...