Regional News

  Reuters Gulf investment firm Adeptio has chosen Kuwait’s National Investment Company (NIC) to manage a mandatory tender offer to remaining Kuwait Food Co (Americana) shareholders, the advisor said in a bourse filing on Sunday. NIC did not provide a timeframe for when the offer process would happen. The disclosure comes after Adeptio, led by prominent Dubai businessman Mohamed Alabbar, …

  Bloomberg Egypt’s prime minister tried to reassure an anxious public as Egyptians expressed alarm and anger over prices that swiftly soared a day after the nation’s currency was floated, sending its value tumbling as fuel subsidies were cut. In the capital’s working class district of Imbaba, residents spoke of a sudden spike in transportation and food prices, mainly because …

  AFP Kuwait will issue billions of dollars worth of bonds in international markets to finance a budget deficit resulting from low oil prices, a report said Saturday. Finance Minister Anas al-Saleh said Kuwait will issue US dollar-denominated sovereign bonds of up to $9.6 billion during the 2016/2017 fiscal year which ends March 31, Al-Qabas newspaper reported. This comes on …

  Bloomberg The Libyan Investment Authority tried to resurrect its lawsuit against Goldman Sachs Group Inc. by adding new accusations of bribery, less than a month after a crushing courtroom defeat in London. But Judge Vivien Rose said at a hearing that the appeal had no chance of success and ordered the sovereign wealth fund to pay Goldman at least …

  Bloomberg Business activity in Egypt hit its lowest level in more than three years in October, shrinking for a 13th month amid a foreign currency shortage, the pound’s weakness in the black market and accelerating inflation. The Emirates NBD Purchasing Managers Index for non-oil activity fell to 42 from 46.3 the month before, the weakest since July 2013, according …

  Reuters Egypt’s Supreme Investment Council approved a host of measures to boost investment that included an extended suspension of capital gains tax on shares and tax exemptions for producers in strategic sectors. Egypt has been trying to attract investment to restore growth since an uprising in 2011, which ushered in protracted political turmoil and scared away tourists and foreign …

  Doha / AFP Qatar’s population has passed the 2.6 million mark as the emirate draws in thousands of workers to build the infrastructure for the 2022 football World Cup, official figures showed Wednesday. The tiny Gulf state has seen a more than four-fold increase in its population since 2000 as oil and gas revenues have fuelled a rapid economic …

  Reuters Iran’s carpet makers are distancing themselves from their government in promoting their handmade work as they seek to regain valuable US sales and protect jobs following the removal of economic sanctions. “Iranian carpets are produced by female and male weavers who are managed by the private sector, so the government does not have a big influence,” Hamid Kargar, …

  Bloomberg Egypt delayed the introduction of a capital gains tax on equities for three more years, as it tries to attract investors to help ease a hard currency crunch that’s hurting growth. Stocks rose. The postponement was included in a group of tax exemptions decreed by the Supreme Investment Council, the Presidency said in an e-mailed statement late on …

  AFP Qatar said it expects “100 percent compliance” from businesses by the end of 2016 on a labour reform introduced to ensure the country’s vast migrant workforce receive their salaries on time. Government figures released in Doha on Wednesday to mark the one-year anniversary of the introduction of the Wage Protection System (WPS) show that 1.8 million — around …