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Kuwait City, April 1st 2017: KAMCO Investment Company, a leading investment company with one of the largest AUMs in the region, acted as the acquisition advisor to Qurain Petrochemical Industries Company KSCP (“QPIC”) on the acquisition of 20.5% of National Petroleum Services Company KSCP (“NAPESCO”). The transaction has been successfully completed throughout multiple stages that was initiated in the third quarter of 2016 and finalized in March […]

The value of personal loans in the UAE increased to AED349.9 billion ($95.2 billion) in February, up by three percent compared to the previous month, according to the country’s central bank. The UAE Central Bank said that by providing personal and corporate finance facilities, UAE banks “continue to play a dynamic role in establishing a robust economic development process”. It also said in a report cited by […]

NEW YORK U.S. mortgage finance giants Fannie Mae (FNMA.PK) and Freddie Mac (FMCC.PK) may write down $21 billion of tax-related assets if there is a deep cut in the federal corporate tax rate as promised by President Donald Trump, according to an analyst at BMO Capital Markets on Friday. These assets, known as deferred tax assets, are items such as tax credits that may be used to […]

DUBAI // The price of items such as cars, televisions and restaurant bills will rise once value-added tax is introduced in the region early next year. But as the tax will be at a modest 5 per cent, experts say it is unlikely to affect overall spending. Details about goods and services to be subject to VAT will probably be released over the next few months, and […]

Didi Chuxing may have defeated Uber, but China’s dominant ride-hailing platform is no match for the country’s local governments after being forced to gut its urban fleet to comply with regulations. Didi’s core business of cheap ride-hailing now faces a tough fight in the big urban markets, which it built after a bruising battle with local and foreign rivals. Uber ceded the Chinese market — its largest — […]

Ecommerce platform MallfortheWorld has announced that consumers in the UAE, Saudi Arabia and Qatar will now have access to more than 150 of US retailers through its app, marking its first foray into the Middle East.  MallfortheWorld said in a statement that its cross platform app, with both desktop and mobile versions available, will launch in other Gulf countries by the end of the year. The website […]

By Rodrigo Campos | NEW YORK NEW YORK Forget the jobs report. The most interesting bit of U.S. economic data next week is Monday’s auto sales release, which will offer a measure of the middle-class consumer and a sector of the stock market that has had a rough ride so far in 2017. Economists are looking for another solid month of sales north of 17 million new […]

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Asian football chief Sheikh Salman bin Ebrahim Al Khalifa has hailed the continent’s proposed allocation for the expanded 48-team 2026 World Cup. FIFA recommendations released on Thursday revealed that Asia will see its allocation doubled from a guaranteed four spots to eight. Asian Football Confederation president Sheikh Salman said the allocation was “a fair distribution”. All regions will see an increase in their allocation for the 2026 […]

Good morning. Here’s our morning roundup of all the media news you need to know. Want to get this briefing in your inbox every morning? Subscribe here. There is dumb provocative, which we can associate with talk radio and President Trump’s tweets, and there is smart provocative. Nieman Lab offers the latter as it wonders if the media and American banking are soulmates when it comes to […]

01 April 2017 Orange Jordan recently signed an agreement with the King Abdullah II Center for Excellence (KACE), under which Orange Jordan will be sponsoring the ceremony of the King Abdullah II Award for Excellence along with providing the center with telecommunications services. The agreement was signed by Orange Jordan CEO Jérôme Hénique and Executive Director of KACE Dr. Ibrahim Rawabdeh.  The King Abdullah II Award for […]

Abu Dhabi Music & Arts Foundation (ADMAF) has signed a letter of cooperation with Southbank Centre, the world’s largest festival site, home to the Royal festival Hall, Queen Elizabeth Hall, Purcell Room and Hayward Gallery, and four world-class orchestras. The agreement covers common principles, goals and areas of common interest for joint collaboration in culture and education, a statement said. It added that the letter was signed […]

NEW YORK Ford Motor Co (F.N) is recalling about 52,600 F-250 pickup trucks sold in the United States and Canada because the vehicles could roll after the driver moves the automatic transmission lever into park position, the company said on Saturday. The recall, the third announced by Ford this week, affects 2017 model year F-250 vehicles powered by 6.2-liter gasoline engines and built in its Louisville, Kentucky, […]

DUBAI // Easy recovery of VAT for tourists is required to ensure they continue to come and spend. A tourist refund scheme is provided for in the GCC agreement and is being considered by the UAE, said David Stevens of accountancy firm E Y. He said such a scheme would encourage tourist spending. Marie-Claire Accordino, founder of the The Accounts Dept, which provides bookkeeping services for small and […]

Paraguay was plunged into a constitutional crisis after congress was stormed and set on fire by protesters, enraged by attempts by President Horacio Cartes to amend the constitution to allow his re-election. Furious protesters, one of whom was killed by police, accused Mr Cartes of engineering a coup, echoing similar cries elsewhere in the region after Venezuela’s government-controlled Supreme Court dissolved congress on Thursday.  What is going […]

Saudi Arabia’s gross domestic product, adjusted for inflation, grew 1.2 percent from a year earlier in the fourth quarter of 2016, official data has showed. The rate of growth increased compared with 0.9 percent in the third quarter, which was the slowest rate in over three years, according to preliminary data from the country’s Central Department of Statistics showed. They also showed that the Q4 GDP growth […]

FRANKFURT German prosecutors expect the first rulings this year in legal cases resulting from the Volkswagen (VOWG_p.DE) emissions scandal, Automobilwoche magazine reported on Saturday. “We hope to conclude lawsuits … this year,” Klaus Ziehe, spokesman for the Braunschweig state prosecutors office in Lower Saxony state, where Volkswagen is headquartered, was quoted as saying by the magazine. Ziehe said there were four lawsuits with 47 persons indicted, although […]

Event will gather together CEOs, CMOs, Presidents and VPs from across the region and beyond Riyadh KSA, April 1 2017: For the first time, Saudi Arabia will host the ‘Top CEO Conference and Awards’ – an event which will see CEOs, CMOs, Presidents and VPs from across the Arabian Gulf region and beyond gather together on 10th and 11th April 2017 at Bay La Sun Hotel & […]

South Africa’s new finance minister, Malusi Gigaba, that said that he would pursue radical transformation of its economy while defending the country’s investment-grade credit rating in his first comments after the divisive firing of his predecessor by President Jacob Zuma. Mr Gigaba, formerly home affairs minister and a close ally of Mr Zuma, became the fourth Treasury chief in two years this week after the president used […]

The basic format of political fact-checking is identical the world over: Start from a widely circulated claim by a public figure, then rate the truthfulness of its objectively verifiable components. Tom Rosenstiel, executive director at the American Press Institute, thinks it may be time to rethink this model. Local newsrooms especially, he suggests, should make “the key unit of fact-checking not a claim or a fact, but […]

Abu Dhabi’s advanced composite aerostructures manufacturing company has unveiled plans for a second facility at Nibras Al Ain Aerospace Park. Strata Manufacturing, owned by Mubadala Development Company, said the Strata 2.0 facility will more than double its capacity and will add about 60,000 sq m. The company said in a statement that construction on the Strata facility is expected to start in 2018, and will become fully […]

Chat is nothing new in business (or even new to Microsoft), but it’s heading out of the technical department and the personal chat clients, and into the wider workforce. Microsoft Teams has some obvious similarities to Slack and HipChat and the other business chat services, but it has a different focus. This is chat for teams of people in your business who already use Office 365 tools […]

TOKYO Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O) and Google have joined bidding for Toshiba’s (6502.T) NAND flash memory unit, vying with others for the Japanese firm’s prized semiconductor operation, the Yomiuri Shimbun daily reported on Saturday. Toshiba shareholders on Thursday agreed to split off its NAND flash memory business, paving the way for a sale to raise at least $9 billion to cover U.S. nuclear unit charges […]

Damac Properties has announced that its in-house mortgage department has so far facilitated home financing worth AED600 million ($163 million) for hundreds of units across the UAE.  Damac Properties said in a statement that it is the only luxury developer in the Middle East that has a dedicated one-stop-shop to provide direct support for existing and new customers. The developer said this is done by evaluating customers’ […]

Those risks have been amplified by President Trump, whose administration has said it is “putting Iran on notice.” The tough talk from Washington has given early movers like Total pause, raising concerns as to whether long-awaited opportunities will materialize, or if the Trump administration will take a harder line and tighten already-complex rules on doing business with Tehran. Continue reading the main story Some major global companies […]

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