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Abu Dhabi / WAM Strategic relations between Abu Dhabi Development Fund for Development (ADFD) and the government of Jordan date to 1974, when ADFD financed the first project in the country. Thereafter, the fund financed hundreds of development projects in vital sectors, whose total value stands at about AED6.5 billion. These projects collectively raised the standard of living in Jordan ...

Bloomberg The US must be “strategic” when it comes to a decision on whether to remove China tariffs, Trade Representative Katherine Tai said a day after President Joe Biden mentioned he would review Trump-era levies as consumer prices surge. “With respect to the tariffs, our approach as with everything in this relationship, is to be strategic,” Tai said in an ...

  Bloomberg Oyo Hotels, the once high-flying Indian startup, is shelving plans for an initial public offering in 2022 after a market downturn that would hurt its valuation, according to people familiar with the matter. The board of Oyo, formally known as Oravel Stays Ltd, talked through a change in the offering’s timing during multiple meetings after consulting with its ...

Bloomberg The Samsung group plans to raise spending by more than 30% to 450 trillion won (about $360 billion) over the half-decade to 2026 to shore up businesses from chips to drugs, as South Korea’s conglomerates grapple with growing economic and supply shocks. The corporate giant — whose units from Samsung Electronics Co to Samsung Biologics Co dominate Korea’s economy ...

  Bloomberg SoftBank-backed Indian logistics firm Delhivery Ltd climbed in early trading as investors brushed off rising global risks to support the nation’s second-largest initial public offering of the year in its market debut. The shares rose as much as 12% to 543.95 rupees in Mumbai, versus the issue price of 487 rupees. The company and its shareholders, including Carlyle’s ...

  Bloomberg India is set to restrict sugar exports as a precautionary measure to safeguard its own food supplies, another act of protectionism after banning wheat sales just over a week ago. Sugar prices jumped. The government is planning to cap sugar exports at 10 million tons for the marketing year that runs through September, according to a person familiar ...

  DUBAI / WAM A UAE high-level delegation, encompassing UAE ministers, government officials and private sector leaders, is attending the World Economic Forum (WEF) annual meeting in Davos, taking place until May 26, to share the UAE’s vision and future directions in vital sectors and draw the features of agile partnerships in line with the new global changes. The meeting ...

  Abu Dhabi / WAM Khalifa Al Qabisi, Deputy Director-General of ADFD, hosted Shaukat Ali Soudhan, Ambassador of Mauritius, at the fund’s headquarters in Abu Dhabi, where the parties explored expansion of cooperation that would bolster crucial sectors in Mauritius. Al Qabisi said that the meeting was part of periodic interactions that are held to discuss cooperation over mutual interests ...

  ABU DHABI / WAM Emirates Global Aluminium (EGA), the largest industrial company in the UAE outside oil and gas, and GE Gas Power signed an agreement to upgrade four existing GE 9F gas turbines at EGA’s Al Taweelah power plant, reduce greenhouse gas emissions intensity, and contribute to the UAE’s Net Zero by 2050 Strategic Initiative. GE’s Advanced Gas ...

  Ajman / WAM Ajman Free Zone signed a memorandum of understanding (MoU) with Zajel- a specialised company in the field of logistics and transport. The agreement was signed by Ali AlSuwaidi, Director-General of Ajman Free Zone and Yousuf Alkhaja, CEO of Zajel. Under the agreement, Zajel will provide smart and efficient delivery services to free zone business partners, including ...