Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has hired HSBC to advise it on a potential purchase of a stake in ACWA Power, a developer and operator of power and water plants, sources close to the matter said. Riyadh-based ACWA Power has chosen JP Morgan to advise it on the process, the sources, who spoke on condition of anonymity as the information is not […]
By Henning Gloystein | SINGAPORE SINGAPORE Oil prices fell over 1 percent on Friday, dragged by a strong dollar, rising Saudi supplies to Asian clients, and a fall in Chinese imports. Brent crude futures were trading at $48.42 at 0753 GMT, down 58 cents, or 1.2 percent, from their last close, although overall activity was thin after the U.S. Thanksgiving holiday and ahead of the weekend. U.S. […]
Amazon.com Inc is reportedly in talks to acquire Dubai-based online retailer Souq.com for about $1 billion, it was reported on Thursday. Bloomberg reported that the deal will give the US-based e-commerce giant a footprint in the high-growth Middle East market, citing people familiar with the matter. It said Amazon is considering a bid for all of the site, which had initially planned to sell a stake of […]
Gulf governments are increasingly turning to export credit agencies (ECAs) to finance billions of dollars of infrastructure projects as low oil prices squeeze liquidity in the region. Bankers say that since oil prices fell more than two years ago, eroding state revenues and drying up funding from local and international banks, borrowers are considering ECA finance for everything from airports to oil refinery expansion. The extent of […]
Video Suicide Bomber Kills Dozens in Iraq At least 80 people, many of them Shiite pilgrims visiting from Iran, were killed when a suicide bomber detonated a truck packed with explosives at a service in the southern city of Hilla on Thursday. Publish Date November 24, 2016. Photo by Alaa Al-Marjani/Reuters. Watch in Times Video » ERBIL, Iraq — At least 80 people, many of them Shiite […]
Saudi Hollandi Bank on Thursday said it would change its name to Alawwal Bank as part of a new corporate identity that will be rolled out over the next three months. Alawwal, meaning “The First” in Arabic, references the bank’s status as the first bank to launch in the country in 1926. The name change coincides with Royal Bank of Scotland seeking a buyer for its 40 […]
|ARABIAN POST SPECIAL|By K Raveendran| As predicted, Emaar chairman Mohammed Alabbar’s foray into e-commerce has already started creating waves in the regional and global online retailing market. In an apparent move to retain its clout, global e-commerce leader Amazon.com is reportedly in talks to acquire Dubai-based online retailer Souq.com. Amazon is reportedly considering a bid for all of souq.com, which had initially planned to sell a minority stake. […]
Saudi Arabia’s 30-year bonds are outperforming other Gulf debt during volatility triggered by Donald Trump’s election as US president, a sign of unsatisfied demand for Saudi debt and a good omen for issuance expected from Riyadh next year. The week to Nov. 16 saw the largest outflows from emerging market debt on record, according to Bank of America Merrill Lynch, partly because Trump’s election fuelled expectations of […]
Dream on – vibrant homes inspiring creativity and attractively priced; payable over 3 years Dubai, United Arab Emirates – 24 November 2016 DAMAC Properties today announced the launch of AKOYA Manarola, a unique collection of colourful villas directly facing the international golf course and nestled within AKOYA Oxygen. Inspired by the charming village of Manarola on the Italian Riviera, this vibrant community is where creative and passionate […]
Dubai, 23 November Today, The Big 5 2016’s Gaia Awards elected SageGlass as the most innovative product in the Middle East, which will help moving towards a more sustainable built environment. SageGlass is an electronically tintable, dynamic glass that prevents heat and glare, increases occupants’ comfort, optimizes daylight while maintaining the view to the outdoor. Awarded by a panel of industry experts headed by Dr. Alaa K. […]
Iraq, the second-largest oil producer in OPEC, will shoulder part of the burden of output cuts outlined by the group in September, Prime Minister Haider Al-Abadi said. “Iraq will cut its output to preserve prices,” Al-Abadi told reporters in Baghdad on Wednesday. The country wants OPEC to reduce production by a total of 900,000 barrels a day when it meets next week in Vienna because the crude-market […]
The facility is Hempel’s second largest decorative factory in the world, and the largest in the Middle East Kingdom of Saudi Arabia – 23 November 2016 Hempel Paints, a global supplier of marine, protective and decorative coatings, announced plans to move its entire production in Saudi Arabia to its new plant in Jeddah’s Second Industrial City as part of a strategy aimed at meeting the needs of its […]
Saudi Arabia’s government approved plans on Monday to turn state-owned sports clubs into private companies, part of a drive to promote physical exercise in a society that mostly avoids it. The cabinet endorsed the privatisation of state-owned soccer clubs in the Saudi Professional League and directed the General Sports Authority to facilitate licensing and legal procedures, it said in a statement carried on the state news agency […]
Four suspected al Qaeda members have gone on trial accused of plotting to assassinate the late King Abdullah of Saudi Arabia, newspapers in the kingdom reported on Tuesday. The reports provided no details on the alleged assassination plot or when it may have occurred, but said the defendants were also charged with belonging to an extremist group, communicating with an al Qaeda leader and attempting to recruit […]
Saudi Arabian construction firm Abdullah Abdul Mohsin al-Khodari and Sons said on Tuesday that projects worth 362.2 million riyals ($97 million) had been delayed due to factors ranging from clients’ funding shortages to slow visa issuance. The pace of construction in Saudi Arabia has cooled in the past two years as lower oil prices stall project funding and slow government payments, tightening banking liquidity and squeezing contractors. […]
Jeddah, Kingdom of Saudi Arabia, 22 November 2016 President of the Republic of Benin, H.E. Patrice Talon, paid an official visit to the Islamic Development Bank (IsDB) Group headquarters in Jeddah today. He was officially welcomed by IsDB President, Dr. Bandar Hajjar, as well as Vice Presidents and heads of the Bank’s entities. President Talon expressed his country’s willingness to scale up ongoing cooperation with the IsDB […]
A two-day ceasefire after nearly two years of war in Yemen expired at midday (0900 GMT) on Monday and would not be renewed, a spokesman for a Saudi-led military coalition told al-Arabiya TV, with each side blaming the other for violations. The 48-hour truce, announced unilaterally by the Saudi coalition on Friday, failed to halt fighting across the country between the Iran-aligned Houthis and Saudi-led forces, which […]
22 November 2016 Dubai – ICT spending in the Middle East, Turkey, and Africa (META) is forecast to total $243 billion in 2017, according to the latest insights presented today by International Data Corporation (IDC). Hosting its annual ‘IDC Predictions’ event at Dubai’s Burj Al Arab hotel, the global technology research and consulting services firm said it expects the region’s ICT market to grow 3.6% year on […]
By Henning Gloystein | SINGAPORE SINGAPORE Oil prices rose to their highest level since October on Tuesday as the market priced in an expected output cut led by producer cartel OPEC, but analysts warned that a failure to agree on a cut could lead to a deepening supply glut by early 2017. International Brent crude oil futures rose as high as $49.63 a barrel on Tuesday, up […]
Riyadh, 22 November 2016 Investcorp, a global provider and manager of alternative investment products, today announced that an entity managed by it has invested in a stake in the leading private medical laboratory chain in the GCC, Al Borg Medical Laboratories (“Al Borg” or the “Company”). Established in 1999 in Jeddah, Al Borg has 53 laboratories across eight countries in the GCC and Africa, with a clear […]
Torture and other forms of ill-treatment persist in Bahrain despite reforms introduced by the Gulf Arab kingdom to address alleged human rights abuses after a 2011 uprising, Amnesty International said on Monday. An Amnesty report assessing the work of oversight bodies set up to deal with grievances or guard against further abuses said it had found “serious shortcomings” in the work of two British-supported institutions whose work […]
RIYADH: The 48-hour cease-fire in Yemen, which ended on Monday, will not be extended because of repeated violations by the Houthi militias and their supporters, said the spokesman of the Saudi-led Arab coalition fighting terrorism.“The conditions and requirements to extend the truce were not met, and cease-fire rules were repeatedly violated by the Houthi militias and their allies, therefore it was called off,” Maj. Gen. Ahmed Al-Asiri […]
The United Arab Emirates could refer the United States to the World Trade Organisation over anti-dumping charges levied on steel pipes, a senior official said on Monday. The US International Trade Commission announced on Friday it was taking measures against UAE, Oman and Pakistan in relation to circular welded carbon-quality steel pipes, after a Department of Commerce investigation found them to be sold in the United States […]
Rowan Companies Plc (RDC.N) said it was forming a joint venture with Saudi Arabian state oil giant Saudi Aramco to operate offshore drilling rigs in the country. Rowan said it would provide three jack-up rigs and Saudi Aramco two when the joint venture begins operations in the second quarter of 2017. Both companies would contribute $25 million as working capital, Rowan said in a regulatory filing on […]
