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Bloomberg Despite sitting on top of the world’s largest crude reserves, the reach of Venezuela’s state-owned oil company is receding. In the 1980s Petroleos de Venezuela SA started an international expansion with the objective of finding new outlets for its growing oil production. The company bought Citgo Petroleum Corp. in the US, leased the Isla refinery in Curacao, bought a …

DUBAI / WAM The potential of DP World investing in new infrastructure in Kazakhstan’s ports and logistics sectors was the focus of discussions between global trade enabler DP World’s Chairman and CEO Sultan Ahmed Bin Sulayem and Kazakhstan’s Prime Minister Askar Mamin in Astana on Tuesday. This follows the signing of two framework agreements with the government of Kazakhstan for …

Bloomberg US President Donald Trump’s attempt to pressure India on trade may be intended as a symbolic shot across New Delhi’s bow, but its inopportune timing threatens broader political consequences. The Trump administration notified Congress that it wants to scrap trade concessions for India, the largest beneficiary of the so-called generalised system of preferences that impacts $5.7 billion worth of …

DUBAI / Emirates Business Dubai International Financial Centre (DIFC) has cemented its position as the leading financial hub in the Middle East, Africa, and South Asia region (Measa) with a record-breaking 12 months that saw the centre reach new heights as it enters its 15th year of operations. The centre achieved strong financial performance with net profit increasing by 11% …

Bloomberg Libya’s biggest oil field resumed production. Sharara resumed production and is expected to reach 80,000 barrels in one day, according to people with knowledge of the matter who asked not to be identified because they aren’t authorized to speak to the media. Regular output will be fully restored in the coming days, now that the site has been re-secured …

DUBAI / Emirates Business Middle East and North Africa (Mena) IT spending is projected to reach $160 billion in 2019, a 1.8 percent increase from 2018, according to the latest forecast by Gartner Inc. “In 2019, businesses in Mena are set to increase their IT spending in all segments except for the devices segment,” said John Lovelock, distinguished research vice …

ABU DHABI / WAM AbdulAziz Al-Ghurair, Chairman of UAE Banks Federation, together with CEOs of leading UAE banks, received Sigal Mandelker, the US Under Secretary of the Treasury, and Paul Khuri, the recently-appointed US Treasury Attache to the UAE and the Sultanate of Oman, along with other high-level delegates from the US Treasury. The meeting addressed ways of increasing consultations, …

Bloomberg Oil climbed as the US and China were said to near a deal on trade that would underpin the outlook for crude demand, while supplies around the world showed signs of tightening. Futures in New York rose as much as 1.1 percent after a drop of 2.6 percent last week. The world’s two biggest economies are approaching an accord …

ABU DHABI / WAM A total of AED18.7 billion of dividends have been proposed by as many as 18 listed UAE national banks for 2018, 12.2 percent up from AED16.66 billion in 2017. The growth in dividend distribution reflects robust solvency position of UAE banking sector, reckoned among Mena’s most resilient with estimated AED2.9 trillion of assets by 2018-end. The …

Bloomberg Uber Technologies Inc. is in advanced discussions to buy Dubai-based Careem Networks FZ, a deal that would expand the ride-hailing giant’s operations in the Middle East, according to people familiar with the matter. The companies may announce a cash-and-sh-ares transaction that values Careem at about $3 billion in the coming weeks, the people said, asking not to be identified …