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DUBAI­­­­ / Reuters Global index compiler MSCI said it would consider upgrading Saudi Arabia to emerging market status, a move that would attract tens of billions of dollars of fresh foreign money as the country seeks to diversify its economy beyond oil. MSCI will announce its decision in June 2018, and any move to upgrade would take effect in two ...

Bloomberg Saudi Arabia’s new Crown Prince Mohammed bin Salman will need higher crude prices to push ahead with his plans to reform the kingdom’s economy, making an about-face in oil policy unlikely in the short term. Yet, oil markets will be braced for an even more assertive Saudi Arabia in foreign policy. MbS, as the 31-year-old prince is known, has ...

Bloomberg China’s Sinochem Group is considering listing its oil-related business in Hong Kong, according to people with knowledge of the plan. The state-owned chemicals conglomerate is making ini- tial evaluations of its oil assets, which have a combined va- lue of around 100 billion yuan ($14.6 billion), said the people, who asked not to be identified as the information is ...

Bloomberg Oil slid further into a bear market as rising global supply is countering efforts by OPEC and its allies to drain a glut. Futures fell as much as 1.1 percent in New York after front-month prices closed on Tuesday more than 20 percent below their February peak. Libya, exempt from the OPEC-led output cuts, is pumping the most in ...

Bloomberg Apple Inc. said in a legal filing that there is “mounting evidence” Qualcomm Inc. is operating an “illegal business model” designed to extract high patent royalties on every wireless device sold. The iPhone maker said it was adding more allegations to a complaint filed in January that accuses Qualcomm of trying to monopolize the chip market for wireless devices. ...

Bloomberg TPG, an investor in Uber Technologies Inc. and Airbnb Inc., is seeking $3 billion for its fourth growth-equity fund, according to people with knowledge of the matter. The private equity firm plans to start raising money for the pool this year and is targeting the same amount it got for its third fund, which finished collecting $3 billion in ...

Bloomberg Uber Technologies Inc. Chief Executive Officer Travis Kalanick has resigned after a series of controversies that rocked the world’s largest technology startup and exposed deep problems with its male-dominated culture. The man most closely identified with the ride-hailing giant’s meteoric global ascent said he was ceding to investors’ wishes that he step aside, in part to avoid yet another ...

DUBAI / Emirates Business Middle East medium and smaller businesses will drive the region’s USD 12 billion business intelligence mar- ket, according to the ne- wly appointed channel head at digital transformation enabler SAP. While small- and medium-sized enterprises comprise the majority of Middle East enterprises, they lag in digital technology adoption. Among SMEs in the region, only 18 percent ...

DUBAI / Emirates Business Chief Happiness and Positivity Officers from various government agencies launched the ‘Happiness without Borders’ initiative in an effort to establish happiness and positivity as a lifestyle and a cultural trait in the UAE. The idea is for Chief Happiness and Positivity Officers to offer free counsel to government and private institutions, where they share the experience ...

Abu Dhabi / Reuters Abu Dhabi Ports has signed a 35-year concession to develop and manage the Port of Fujairah, the state-owned company said on Tuesday, two months after Dubai-owned DP World’s contract ended there. Fujairah, located on the United Arab Emirates’ east coast, is the country’s only multi-purpose port outside the Strait of Hormuz, giving it direct access to ...