News

Dubai / Emirates Business Azizi Developments, a fast growing real estate developer operating in the UAE for over a decade, has announced that following the success of Phase 1 and 2 sales of the its AED12billion waterfront project — Azizi Riviera — at Cityscape Global 2017, it will announce 2 new mega developments at Meydan One in the last quarter ...

Dubai / Emirates Business The Intelak Incubator – founded by the Emirates Group, GE and Etisalat Digital – has on Wednesday signed a Memorandum of Understanding (MoU) with Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, to host and foster ‘Intelak Idea Lab,’ a three-week training program focused on giving entrepreneurial-minded ...

LONDON / Reuters The global oil surplus is beginning to shrink due to stronger-than-expected European and US demand growth, as well as production declines in OPEC and non-OPEC countries, the International Energy Agency said on Wednesday. The agency, which coordinates energy policies of industrial nations, raised its 2017 global oil demand growth estimate to 1.6 million barrels per day (bpd) ...

KUWAIT / Reuters Kuwait’s Oil Minister Essam al-Marzouq said on Wednesday that OPEC could hold an extraordinary meeting in mid-March if oil producers did not reach a decision to extend their supply cut pact when it next meets in November. “In the coming November meeting, we may not reach a decision to extend… the agreement and we could hold an ...

DUBAI / Reuters Saudi Arabian food maker Savola Group, the country’s largest food products company, said on Wednesday that it is selling a 2 percent stake in Almarai, the Gulf’s largest dairy company for 1.12 billion riyals ($307.6 million). The sale was conducted through an accelerated bookbuilding process, which will cut Savola’s stake in Almarai to 34.52 percent from 36.52 ...

Bloomberg Mexico will most likely expand its oil hedge marginally for 2018 as it liberalizes gasoline prices, while the cost for the government to protect crude exports against a drastic drop in prices will be about the same as for this year, Finance Minister Jose Antonio Meade said. The earthquake off Mexico’s coast last week should trigger a portion of ...

BAGHDAD / Reuters Royal Dutch Shell is seeking to sell Iraq’s Majnoon oilfield and the oil ministry has started preparations to finalise its exit, according to an oil ministry letter and oil officials. A letter signed by Iraqi oil minister Jabar al-Luaibi and dated Aug. 23 and directed to Shell Iraq Petroleum Development gave approval for Shell to quit Majnoon, ...

Bloomberg Shares of Apple Inc.’s suppliers across Greater China greeted the company’s latest product line-up, including its most-expensive ever iPhone, with losses. While there were a few exceptions, the lack of any major surprises in Tim Cook’s much-anticipated unveiling weighed on stocks from Taiwan’s Pegatron Corp., an iPhone assembler, to South Korean screen-maker LG Display Co. Hong Kong-listed Cowell e ...

Bloomberg India’s biggest online matchmaker opened its initial public offering, selling shares in Matrimony.com Ltd. for about $15 a piece. Backed by Silicon Valley investor Bessemer Venture Partners, Matrimony.com expects to raise as much as $78 million with the IPO closing. The startup has already raised funds from Goldman Sachs India Ltd., BNP Paribas Arbitrage and Baring Private Equity India ...

Bloomberg WeWork Cos. is escalating a legal fight against UrWork with a US lawsuit, accusing the rapidly expanding Chinese rival of infringing on its trademarks. The US startup, which has been valued at about $20 billion, filed a lawsuit against UrWork in New York, saying it copied parts of its name and logo. That follows a separate legal action taken ...