When discussing countries that have undergone astonishing economic transformations — as, most notably, China has over the past few decades — observers usually credit success to industrialization. After all, that’s the visible consequence of rapid growth: Where sleepy fishing villages once lay, ports and factories and high-speed rail networks spring up. The people who lived in those villages are in ...

Sour grapes. That’s a two-word description for the Singapore sovereign fund’s decision to slash its shareholding in UBS Group AG at a loss after nursing the investment for nearly a decade. But is the sale also a flashing neon ‘buyer beware’ sign for HNA Group Co., the Chinese aviation-to-hotels conglomerate that recently boosted its stake in another European lender, Deutsche ...

The never-ending race to stay ahead of the terrorists and their obsession with aviation has turned to laptops and other electronic devices. First it was shoes, after a failed attempt to blow up a jetliner in 2001 with explosives-laden black hightops. Then liquids were banned in 2006 following the discovery of a U.K.-based plot. The nearly successful detonation of a ...

Doha / Emirates Business DAMAC Properties, a leading luxury real estate developer in the region, is set to launch Burj DAMAC Seaviews in Qatar next week. The 31-storey tower, featuring luxury furnished and serviced apartments and townhouses ideally located at the beachfront in Lusail City, is set to raise the standards of hospitality in the city and beyond. Burj DAMAC ...

Dubai / WAM The Mohammed bin Rashid Al Maktoum Foundation (MBRF), distributed 360 tonnes of basic food supplies to vulnerable people in Somalia, benefitting a total of 4,600 families. This act is an implementation of the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, supported by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and ...

Ras Al Khaimah / Emirates Business Saqr Port Authority, which manages the largest bulk-handling port in the middle East, has taken a further step in its planned capacity expansion by signing a deal with Dutch Shipbuilding and Engineering Conglomerate Damen Group for the delivery of a new ASD 2913 tug. The announcement comes in quick succession of Saqr Port’s recently ...

Dubai / Emirates Business Etihad Museum announced that it will be launching a special Family Pack in celebration of International Museum Day on May 18, providing children with a range of fun and educational activities to complete as they discover the museum. The Family Pack is the latest in a series of educational programmes that have been launched by Dubai ...

Bloomberg OPEC impressed oil traders this year by making almost all the supply cuts it promised. Keeping output down will only get harder. The Organization of Petroleum Exporting Countries and its partners are expected to extend output curbs into early 2018 when they meet next week, in an ongoing bid to clear a global surplus. Yet the tailwinds that made ...

LONDON / Reuters Swiss trading giant Glencore and US private equity investor Carlyle Group have teamed up in an attempt to buy Morocco’s only oil refinery, hoping to recoup about $600 million in loans they issued to the plant before it went bankrupt, industry sources said. Two sources close to the process said the Moroccan government wanted at least $2 ...

NEW DELHI / Reuters Iraq replaced Saudi Arabia as top crude supplier to India in April as refiners moved to boost their processing margins by purchasing the cheaper Basra Heavy oil grade, ship tracking and Thomson Reuters trade flow data showed. India’s April imports from Iraq topped 1 million barrels per day (bpd) for the first time, up by about ...