News

BELGRADR / WAM Financing for one of the largest wind power projects in mainland Europe has been agreed by the project’s shareholders and lenders at a ceremony in the Serbian capital of Belgrade. Due for completion in the first half of 2019, the 158 megawatt (MW) capacity Cibuk 1 wind farm will be the largest utility-scale commercial wind project in ...

ABU DHABI / WAM Creative strategic partnerships hold the key to the continuing success and resilience of the oil and gas industry, Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State, CEO of the ADNOC Group, told the 38th annual Oil and Money Conference, in London on Tuesday. Delivering the ministerial keynote address, on the opening day of the ...

DUBAI / WAM Expo 2020 Dubai this week launches its search for more than 30,000 volunteers who will be the ‘face’ of the largest global gathering ever to be staged in the Middle East, Africa and South Asia. Expo 2020 promises to be a transformative and lasting landmark in the history of the UAE, as well as the wider region. ...

ABU DHABI / WAM Abu Dhabi Securities Exchange (ADX) on Tuesday announced the launch of its latest investment service ‘Technical Short Selling’ (TSS), an addition to the existing suite of services and products provided by ADX to investors through brokerage firms. The launch of this new service falls in line with ADX’s strategy to increase liquidity levels as well as ...

JAPAN / WAM Round one of a tour promoting investment in the UAE has kicked off in Japan, with the participation and organisation of the UAE Ministry of Foreign Affairs and International Cooperation. During the tour, which visited the Japanese cities of Osaka, Fukuoka and Tokyo between October 11 and 13, UAE delegation, which was represented by UAE Embassy in ...

ABU DHABI / WAM Leading companies from the largest oil producing region outside OPEC, the Commonwealth of Independent States (CIS) will be increasing their presence at this year’s Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) targeting the event as a hub for global deal-makers. Two of Russia’s biggest oil and gas companies, Lukoil and Gazprom, have each confirmed substantial ...

DUBAI / LONDON / Reuters China is offering to buy up to 5 percent of Saudi Aramco directly, sources said, a move that could give Saudi Arabia the flexibility to consider various options for its plan to float the world’s biggest oil producer on the stock market. Chinese state-owned oil companies PetroChina and Sinopec have written to Saudi Aramco in ...

TUNIS / Reuters Tunisia will raise VAT and other taxes and lay off about 3,000 public sector workers next year in a bid to cut the budget deficit, an economic adviser to the prime minister said. Tunisia will also seek to raise 7.4 billion Tunisian dinars ($3 billion) from foreign loans including 1.4 billion dinars from the sale of bonds, ...

Bloomberg The latest battle for Iraq’s future is unfolding around the country’s oldest oil field. Federal government troops pushed back forces from the semi-autonomous Kurdish region with a rapid thrust into Kirkuk province in northern Iraq, breaking a stand-off over the long-disputed area. Baghdad wants to reassert control of the area’s oil deposits from Kurdish fighters, who seized the territory ...

Bloomberg Egypt plans to renew a $2 billion financing deal with international banks while also developing alternative sources of funding such as issuing dollar-denominated Eurobonds, Finance Minister Amr El-Garhy said. The repurchase transaction, which international banks offered to increase to $5 billion upon its extension, will remain unchanged in size and probably in duration, El-Garhy said, adding the final details ...