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Azizi’s Al Furjan project set to complete by 2018 end

DUBAI / Emirates Business Azizi Developments, one of the leading private developers in the UAE, is set to complete Shaista Azizi, one of their five projects in Al Furjan due for completion, at the end of the year. The project is advancing at a fast pace with elevation works, mechanical and electrical installations progressing to the eighth floor and upwards. ...

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OPEC producer taps lenders for $1.1bn loan in shale push

Bloomberg Kuwait Foreign Petroleum Exploration Co. (Kufpec) is borrowing $1.1 billion to spend on oil and natural gas projects as the company plans to expand its shale operations, Chief Executive Officer Sheikh Nawaf Saud Al-Sabah said. Sumitomo Mitsui Banking Corp. and Societe Generale SA were the joint lead arrangers of the five-year loan for Kufpec, a unit of state-run Kuwait ...

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Planned $500 billion Saudi Robotic City hosts cabinet meeting

Bloomberg Saudi Arabia’s King Salman held his first-ever cabinet meeting in Neom, a planned $500 billion futuristic city that will host more robots than people in a desolate peninsula in the kingdom’s northwest. The sci-fi city on the Red Sea coast is designed to represent Saudi Arabia’s efforts to transform itself away from oil. The 82-year-old monarch’s visit there for ...

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Tesla plans to invest $5 billion building its factory in China

Bloomberg Tesla Inc. plans to invest $5 billion building a factory in China as the trade war with the US makes establishing production in the world’s fastest-growing auto market more imperative for the electric-car pioneer, a person familiar with the matter said. The company is considering raising funds in China to finance at least a portion of the investment for ...

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China Tower raises $6.9 billion in IPO

Bloomberg China Tower Corp., the state-owned wireless infrastructure owner, raised $6.9 billion after pricing its Hong Kong initial public offering at the low end of a marketed range, people with knowledge of the matter said. The Beijing-based company sold 43.1 billion shares at HK$1.26 apiece in the IPO, the people said, asking not to be identified because the information is ...

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Germany blocks China deal

Bloomberg Chancellor Angela Merkel’s government for the first time vetoed a possible Chinese takeover of a German company, signalling a toughening stance toward investments from the country. Merkel’s Cabinet voted to block the potential purchase of German machine tool manufacturer Leifeld Metal Spinning AG Chinese company Yantai Taihai Group, according to person familiar with the matter who declined to be ...

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Huawei passes Apple in smartphone share for the first time

Bloomberg Huawei Technologies Co. pulled ahead of Apple Inc. to claim the No. 2 position in global smartphone shipments in the second quarter just behind Samsung Electronics Co., solidifying the rise of Chinese competitors. Huawei shipped 54.2 million phones in the quarter, 41 percent more than a year earlier, to jump ahead of the iPhone maker for the first time, ...

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Apple shares surge 3.5% on iPhone sales projection

Bloomberg Apple Inc. shares jumped 3.5 percent in pre-market trading after the company projected sales that suggest consumers are still snapping up the company’s high-end iPhones even as updated models are on the horizon. The Cupertino, California-based technology giant said it expects fiscal fourth-quarter revenue between $60 billion and $62 billion. Analysts were looking for $59.4 billion, according to Bloomberg ...

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VW warns of ‘Titanic’ effort to meet trade and emissions goals

Bloomberg Volkswagen AG warned that it will take a huge effort to meet its profit goals this year, as the world’s largest automaker battles trade tensions and stricter emissions rules. Tougher pollution-testing procedures, aimed at preventing a repeat of Volkswagen’s diesel-cheating scandal, will take effect next month and lead to delivery delays. The German manufacturer is also bracing for higher ...

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UK manufacturing growth ebbs as new orders slow

Bloomberg UK manufacturing growth slowed more than expected last month, casting doubt on the strength of the economy as Bank of England policy makers hold their crunch meeting. IHS Markit’s Purchasing Managers Index for the industry fell to a three-month low of 54 in July, from 54.3 in June, the firm said in a report. The reading was below economists’ ...

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