News

  Bloomberg Carro, one of Southeast Asia’s biggest online marketplaces for used cars, has agreed to buy a 50% stake in Indonesian automotive financing and rental company MPM Rent for S$75 million ($54.5 million) to expand in the world’s fourth most populous country. The deal will lead to a strategic partnership between Carro and PT Mitra Pinasthika Mustika Tbk, which ...

  Bloomberg Ample rice reserves in India, the world’s biggest exporter of the food staple, and expectations for bountiful monsoon rains should allay concerns about the possibility of any “drastic” measures to curb exports, according to National Commodities Management Services Ltd. Global markets are fretting that rice may be next on the agenda after India restricted wheat and sugar exports. ...

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to King Carl XVI Gustaf of Sweden on his country’s National Day, which is celebrated on June 6. HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also dispatched similar ...

  Bloomberg Saudi Arabia’s sovereign wealth fund will take a $185 million stake in Capital Bank of Jordan as part of deal to help the lender expand. The Public Investment Fund (PIF) signed a subscription agreement that would involve it buying 63 million newly issued shares to give it a 23.97% stake in the Jordanian bank, according to a statement. The ...

  Dubai / WAM Emirates Development Bank (EDB), the financial engine of the UAE’s economic diversification and industrial transformation agenda, has announced its participation in Bonds, Loans & Sukuk Middle East, the region’s largest gathering for the corporate and investment banking industry. EDB is a Gold Sponsor of the event, which is taking place on 7th-8th June in Madinat Jumeirah, ...

  DUBAI / WAM Governments around the world have a “golden opportunity” to create new jobs in the aftermath of Covid-19, which has driven profound changes in businesses, working patterns and accelerated the emergence and development of new economic sectors. That is according to a new report published by the World Government Summit Organisation (WGS) in partnership with PwC Middle ...

  Sharjah / WAM The Sharjah Entrepreneurship Foundation (Ruwad), affiliated to the Department of Economic Development in Sharjah, announced the launch of the Ruwad virtual incubator, which targets students in the last two years before graduation, university and college graduates, and those wishing to enter the world of entrepreneurship. Sultan Abdullah bin Hadda Al Suwaidi, Chairman of the Department of ...

Dubai / WAM As part of his field tours in various emirates, President His Highness Sheikh Mohamed bin Zayed Al Nahyan visited the International Centre for Biosaline Agriculture (ICBA) in Dubai, which specialises in agricultural research aimed at enhancing agricultural productivity and sustainability in saline and marginal environments. Upon his arrival, His Highness Sheikh Mohamed bin Zayed was received by ...

  Abu Dhabi / WAM Masdar, one of the world’s leading renewable energy companies, signed implementation agreements with the Ministry of Energy of the Republic of Azerbaijan to develop clean and renewable energy projects in the country with a combined confirmed capacity of 4,000 megawatts (MW) — as an exclusive concession. Under the agreements, Masdar also has the right to ...

  Dubai / WAM Emirates Development Bank (EDB), the financial engine of the UAE’s economic diversification and industrial transformation agenda, has announced its participation in Bonds, Loans & Sukuk Middle East, the region’s largest gathering for the corporate and investment banking industry. EDB is a Gold Sponsor of the event, which is taking place on 7th-8th June in Madinat Jumeirah, ...