News

Dubai / Emirates Business MAG PD, the property development division of the MAG Group, rebranded itself as MAG Lifestyle Development as part of the evolution of the company’s long-term strategic vision and roadmap for the future. The strategic rebrand focuses MAG Lifestyle Development on building environments that enhance the lifestyles of residents. Talal Al Gaddah, CEO of MAG Lifestyle Development, ...

Dubai / Emirates Business Dubai Land Department (DLD) announced that it signed a strategic partnership agreement with Q4 Consultants. The agreement was signed by His Excellency Sultan Butti bin Mejren, Director General of DLD, and Deepak Batra on behalf of Q4 Consultants. Under the terms of the agreement, the Indian company will act as a ‘Real Estate Promotion Trustee’, supporting ...

Bloomberg Crude’s rally fizzled out for a third week, with prices stalled near $57 a barrel as concerns over excess supplies next year temper enthusiasm for OPEC’s extended production curbs. Futures in New York closed just about where they started, with small gains over the past two days merely offsetting losses in previous sessions. While the halt of the Forties ...

Bloomberg A week ago, Cameroon was getting ready to jostle for space in a global liquefied natural gas market already crowded with new supplies from the US and Russia. Now the extra output couldn’t come at a better time. France’s Perenco SA and US-traded Golar LNG Ltd. will start shipments from their $1.2 billion LNG project off Cameroon in February, ...

Bloomberg Lebanon granted its first offshore energy rights to a group comprising Total SA, Eni SpA and Novatek PJSC, joining a regional race to find and develop oil and natural gas wealth in the eastern Mediterranean after years of delay. The cabinet awarded two licenses in its first offshore bidding round, allowing the companies to jointly explore blocks 4 and ...

Bloomberg Hong Kong’s stock exchange proposed to let “innovative” companies list in the Chinese enclave with dual-class share structures to avoid losing out on more initial public offerings by technology giants like Alibaba Group Holding Ltd. Allowing shares with extra voting power is part of a package of measures that may be the biggest change to the exchange’s listing rules ...

Bloomberg Go-Jek, Indonesia’s biggest ride-hailing service, agreed to acquire three local financial-technology companies, underscoring its ambition to become the dominant player in the country’s nascent digital-payments industry. The deals bring together Kartuku, Indonesia’s largest offline payments-processing company; Midtrans, the nation’s top online-payment gateway; and Mapan, a local community-based saving and lending network, Go-Jek said. Go-Jek and the three companies now ...

Bloomberg Tencent Holdings Ltd. agreed to buy a 5 percent stake in China’s Yonghui Superstores Co. for about $639 million, joining rival Alibaba Group Holding Ltd. in teaming up with a bricks-and-mortar retailer. Shenzhen-based Tencent is buying about 478.5 million shares from existing shareholders at 8.81 yuan apiece, Yonghui said in a filing to the Shanghai stock exchange. The price ...

Bloomberg The first phase of Brexit talks is done. Now comes the hard part. UK Prime Minister Theresa May has secured agreement from the European Union to move on from discussing the divorce terms to mapping out a plan for the future trade relationship. Before that, she wants to nail down a transition deal as soon as possible. This is ...

Bloomberg BMW AG’s needs for car-battery raw materials such as cobalt and lithium will surge 10-fold by the middle of the next decade, pushing the German carmaker increasingly to forge long-term deals as shortages loom. Purchase contracts with five- to 10-year time frames are close to being completed, the manufacturer’s head of procurement told reporters in Munich. Concerns about supply ...