News

  Jeddah / TNS A total of 14,062 establishments have showed compliance to the directive that aims to employ Saudi males and females in the telecom sector, a recent statistic showed in the second month of ongoing inspection campaigns. As various ministries take part in implementing the 50-percent nationalization of the telecom sector, the Eastern Province registered the highest number ...

  Bloomberg Ahmad Hamad Algosaibi & Brothers Co. signed a deal with a majority of its creditor banks to restructure about $6 billion of debt, taking the Saudi conglomerate one step closer to ending a seven-year impasse over the Middle East’s biggest default. The agreement with a five-member committee representing about 80 banks, which include BNP Paribas SA and Standard ...

  Emirates Business Egypt will “soon” receive the first tranche of a $1.5 billion loan from Saudi Arabia, an Egyptian minister said, a cash injection that could help to ease a dollar shortage that has weighed on economic growth. The first payment will be about $500 million, Egypt’s Minister of International Cooperation Sahar Nasr said. The loan is one of ...

  ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, has issued a resolution naming the committee members of the International Defence Exhibition (IDEX 2017), under the chairmanship of Major General Faris Khalaf Al Mazrouei. The ...

  Chengdu / AFP Increasingly frequent terrorist attacks are becoming a growing threat to the global economy, finance chiefs from the world’s leading economies said on Sunday. Earlier this month 84 people were killed in Nice when a Tunisian truck driver—suspected to be inspired by the IS extremist group—ploughed a 19-tonne vehicle through a holiday crowd. That followed Paris attacks ...

  Abu Dhabi / WAM The Emirates Nuclear Energy Corporation (ENEC) and Korea Hydro & Nuclear Power (KHNP) have signed an Operating Support Services Agreement (OSSA) at a ceremony held at ENEC’s headquarters in Abu Dhabi in the presence of senior management representatives from both companies. Under the agreement, KHNP will dispatch experienced and qualified nuclear plant personnel to the ...

  SHARJAH / WAM The Bank of Sharjah on Sunday announced its financial results for the six months ended June 30, 2016. During the period, the bank continued to adopt a very conservative credit policy and reduced expensive deposits while maintaining high levels of liquidity and a considerably low loan to deposit ratio. Net profit for the first half of 2016 ...

  ABU DHABI / WAM Emirates Global Aluminium (EGA), one of the world’s leading aluminium producers, has been named one of the top rapidly globalising companies in the Boston Consulting Group (BCG) 2016 Global Challengers report. This is EGA’s second citing, having also been included in the 2014 edition of the BCG Global Challengers report which focuses on the innovative business ...

  Abu Dhabi / WAM Solar Impulse 2 (Si2), the solar-powered plane attempting to become the first aircraft in the world to circumnavigate the Earth without using a drop of fossil fuel, will complete its epic journey in the early hours of Tuesday morning, returning to the city where its adventure began in March last year. The iconic aircraft’s arrival in ...

  ABU DHABI / WAM Abu Dhabi Securities Market (ADX) and Abu Dhabi Global Market (ADGM) have entered into an agreement to foster bilateral cooperation. Chairman of ADX, Hamad Abdullah Al Shamsi, and Chairman of ADGM, Ahmed Al Sayegh signed the memorandum of understanding (MoU) at ADGM Office in the presence of senior officials from both organisations. The agreement supports ...