News

  DUBAI / Reuters Saudi Arabia’s government has made payments of 40 billion riyals ($10.7 billion) that it owed to private sector companies, the kingdom’s Arab News newspaper quoted a senior construction industry executive as saying. With its oil revenues slashed by low crude prices, the government of the world’s largest oil exporter has cut spending sharply this year and ...

  Dubai / Emirates Business USGBORAL ME, the renowned manufacturer of interior finishing products, has begun production of metal ceiling panels from its Dammam factory in Saudi Arabia, the newest and latest plant for metal ceiling in the region for the past 5 years. The move marks a major expansion of the company’s product portfolio, which comprises plasterboard, ceiling lining ...

  ABU DHABI / WAM Abu Dhabi Fund for Development (ADFD), signed a concessionary loan agreement to the tune of AED147 million with the Office Nationale des Chemins de Fer du Maroc, (ONCFM), Morocco’s national railway operator, to finance the construction of a high-speed train to reduce the distance between the cities of Tangier and Kenitra. Complementing ADFD’s first instalment ...

  Dubai / WAM Members of Dubai SME, the agency of the Department of Economic Development (DED), mandated to develop the small and medium enterprise (SME) sector, won contracts worth AED17 million during the first half of 2016 under a partnership between the agency and Dubai Holding, a global investment holding company. This partnership aims to support competitive entrepreneurs in ...

  ABU DHABI / WAM As part of the UAE’s policy to build trade and economic relations with other countries of the world, Sultan bin Saeed Al Mansouri, Minister of Economy, will embark on a six-day tour of Cuba and Mexico on Sunday. During the visit, Al Mansouri will hold talks with senior Cuban and Mexican officials on ways to ...

  Dubai / WAM The UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC), has, in co-operation with Expo 2020 Dubai, celebrated the cultural collaboration with sub-Saharan Africa at the launch of the book ‘Shared Vision, Shared Voices’ in the presence of HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation. Reem bint Ibrahim Al Hashemi, ...

  Bloomberg China pledges to boost global trade and cooperation by opening up further and giving greater access to foreign investors, President Xi Jinping said on Saturday. China wants to create a level playing field for foreign and local companies so that they can share in the Asian country’s growth, Xi said in a speech at the Asia-Pacific Economic Cooperation ...

  Bloomberg Samsung Electronics Co.’s $8 billion deal to buy Harman International Industries Inc. helped breathe some life into a few moribund auto stocks, especially Visteon Corp., as investors speculate that there could be a buying spree of companies that make technology for self-driving cars. Visteon’s shares have surged about 16 percent this week after falling 39 percent this year ...

  Bloomberg The earthquake that struck New Zealand this week could cost the insurance industry as much as NZ$5.3 billion ($3.7 billion), according to catastrophe modeler AIR Worldwide. The insured losses will be at least NZ$1.15 billion, the unit of Verisk Analytics Inc. said in a statement on its website. Most damage to residences will be covered by the Earthquake ...

  Colombo / AFP Sri Lanka’s economy has begun to stabilise after securing a $1.5 billion bailout earlier this year, but the island needs to build its dwindling foreign reserves, the IMF said on Saturday. The Washington-based International Monetary Fund said it had just concluded its first review of Sri Lanka’s economy after announcing the bailout in June and labelled ...