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Bloomberg Saudi Arabia’s Public Investment Fund will invest $10 billion in Brazil and plans to use the country as a gateway to the rest of Latin America, the Brazilian government said. The investment comes after talks between President Jair Bolsonaro and Crown Prince Mohammed Bin Salman, Brazilian Foreign Affairs Minister Ernesto Araujo said. Bolsonaro met Bin Salman in Riyadh, where …

RIYADH / WAM A senior Russian trade official said that the UAE has demonstrated how a nation can successfully transform its economy, “by expeditiously investing its income from oil.” Speaking on the sidelines of the Future Investment Initiative currently running in Riyadh until October 31, the Head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev told the Russian state …

Bloomberg Saudi Arabia’s Energy Minister Prince Abdulaziz said his country is ready to make deeper cuts in oil output than it agreed to with other global producers, according to Nigerian Minister of State for Petroleum Resources Timipre Sylva. “He assured me that they are very ready to even cut deeper,” Sylva told Bloomberg TV in Riyadh. The Opec minister said …

AL KHOBAR / WAM First Abu Dhabi Bank (FAB), has expanded its operations in Saudi Arabia with the opening of a branch in Al Khobar. The new branch joins one already operating in Riyadh. Abdulhamid Saeed, Group CEO of FAB, said, “It gives me great pleasure to open our second branch in Saudi Arabia. We look forward to providing the …

Bloomberg Airbus SE landed one of its biggest-ever deals with the sale of 300 narrow-body planes to Indian budget carrier IndiGo that’s worth more than $33 billion at sticker prices. The contract for A320neo-series jets includes the latest XLR long-range variant and takes IndiGo’s orders for the re-engined aircraft to 730, the companies said in a statement on Tuesday. That’s …

Abu Dhabi / WAM The total recorded re-exports of the United Arab Emirates amounted to AED 1.046 trillion over the past three years, which accounted for 25 percent of the UAE’s total trade volume during the same period, valued at AED4.141 trillion, according to official statistics revealed by the Federal Competitiveness and Statistics Authority. The FCSA’s figures indicated an upward …

Bloomberg Oil was steady after the biggest weekly advance in more than a month on signs of progress in the prolonged US-China trade spat. Futures were little changed in New York after capping a 5.4% weekly gain. The US said it was close to finalising the first phase of a trade deal with China, while Beijing said parts of the …

Dubai / WAM Gulfood Food Manufacturing 2019, the sixth edition of the Mena region’s largest F&B manufacturing and processing forum, opens on Tuesday, to showcase the latest processing technology, as well as address concerns over food safety and food waste, and the need to drive innovation and transform the industry. As the UAE and other GCC economies seek to further …

Bloomberg Global markets are “awash” in crude thanks to the surge in US oil output, and the boom looks set to continue, US Energy Secretary Rick Perry said in a Bloomberg TV interview. US shale production has turned the world “on its head,” and Goldman Sachs Group Inc. is “off a bit” in a report last week saying that the …

Bloomberg Abu Dhabi Commercial Bank (ADCB), which completed a three-way merger in May, plans to exit its operations in Qatar and Kuwait to focus on its home market. The lender initiated the process of closing operations in both the countries and have informed the authorities, according to a statement. The move comes after the bank sold the majority of its …