DUBAI / WAM Joint task forces comprising representatives of the governments of the UAE and Uzbekistan held a four-day series of meetings and workshops to discuss 17 areas of cooperation in modernising government work. The workshops’ agenda falls within the framework of an official visit of a high-level Uzbek government delegation to the UAE, aimed at activating a strategic partnership …
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Bloomberg Bahrain is planning to return to international bond markets this year for first time since the kingdom’s Gulf allies pledged a $10 billion package to help repair its finances and support its currency, according to people familiar with the matter. Government officials are in talks with banks for a possible issuance in the second half of the year and …
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Bloomberg How bad is the trade war for materials investors? How about nearly $21 billion lost in two days. The S&P 500 Materials Index fell about 3.2 percent against the close after President Trump threatened to raise tariffs on billions of dollars of imports from China. The total value lost for the index totalled about $21 billion, according to Bloomberg …
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Bloomberg Dubai-based Arqaam Capital Ltd. and Abu Dhabi’s The National Investor are weighing a possible merger, according to people with knowledge of the matter. The investment banks are in talks about a combination that would create an entity with an equity value of about $250 million, according to one of the people, who asked not to be identified because the …
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Bloomberg Saudi Arabia is set to supply more crude to oil-starved Asian refiners, and extract a heavy price for it. State-run producer Saudi Aramco will sell additional cargoes to customers in the world’s biggest oil-consuming region for June loading, according to people with knowledge of the matter. The shipments will be on top of those scheduled under long-term crude contracts, …
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DUBAI / WAM The UAE and Saudi Arabia have reviewed the latest prospects of cooperation in the field of infrastructure development. This came during the five-day meetings held by the joint project teams of the Emirati-Saudi Coordination Council in Riyadh where a summary of the projects charted by the Saudi Ministry of Infrastructure Development, and the efforts of both countries …
Read More »Bloomberg The US said it’s sending an aircraft carrier strike group and bomber force to Middle East to send an “unmistakable message†to Iranian regime, citing “a number of troubling and escalatory indications and warnings†it suggested were linked to Tehran. “The US is not seeking war with the Iranian regime, but we are fully prepared to respond to any …
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SHARJAH / WAM Dana Gas announced its financial results for the first quarter that ended on March 31, declaring that net profit was up 150% in Q1 2019, reaching $35 million (AED128 million) as compared to $14 million (AED51 million) in Q1 2018. The higher net profit was principally due to an increase in Kurdistan Region of Iraq (KRI) production …
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DUBAI / Emirates Business Islamic Banks in the Gulf Cooperation Council (GCC) are expected to show resilience over the next two years after weathering tough market conditions in 2018, said S&P Global Ratings in a report published on Monday. “In 2018, GCC Islamic banks expanded slower than conventional peers for the first time in five years,” said S&P Global Ratings …
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Bloomberg Oil tumbled towards $60 a barrel as President Donald Trump threw trade talks between the world’s two largest economies into disarray with a threat to raise tariffs on Chinese imports, roiling global markets. US crude pared losses after plunging as much as 3.1 percent in New York to the lowest level in five weeks. China was said to be …
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