Bloomberg A rate used to price loans in Saudi Arabia climbed to the highest level since the financial crisis. But unlike 2016, it’s the race to stay ahead of Libor, and not a liquidity squeeze, that’s raising borrowing costs. The three-month Saudi interbank offered rate advanced on Tuesday to 2.38625 percent, two basis points above the London interbank offered rate ...

Bloomberg Australia’s beleaguered banks are facing up to a bleaker future. In another bad day for the industry, a scathing report released on Tuesday into the nation’s largest lender found a “widespread sense of complacency” from the top down blinded it to risks that led to a massive breach of anti-money laundering laws. And in a stark warning the good ...

DUBAI / WAM Emaar Malls recorded a net profit of AED548 million ($149 million) during the first quarter of 2018, similar to the net profit of AED539 million ($147 million) in Q1 2017. Revenue for first three months of 2018 was AED1.038 billion ($283 million), 24 percent higher than Q1 2017 revenue of AED836 million ($228 million), primarily due to ...

ABU DHABI / WAM Mubadala Investment Company of Abu Dhabi on Sunday announced its full-year 2017 financial and operational highlights. According to a statement, revenue totalled AED165.6 billion compared to AED145.4 billion in 2016, driven by the strong performance of all four global platforms, with major contributions from upstream and integrated, petrochemicals and the semiconductor business sectors. Group Chief Executive ...

ABU DHABI / WAM Emirates Global Aluminium (EGA) signed a 15-year agreement with LD Ports and Logistics on Sunday, a subsidiary of Louis Dreyfus Armateurs, for the trans-shipment of bauxite in the Republic of Guinea. Also, Louis Dreyfus Armateurs and Abu Dhabi Ports separately signed an agreement to form a joint venture company to work together to carry out the ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has discussed developing bilateral ties between the UAE and Austria with the Austrian Chancellor, Sebastian Kurz. During official talks held at the Presidential Palace in Abu Dhabi on Sunday, the two sides reviewed cooperation ...

Hanover / WAM Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, met Li Yong, Director-General of the United Nations Industrial Development Organisation (UNIDO), on the sidelines of Hannover MESSE 2018 exhibition. During the meeting, the two sides, who chaired together the Global Manufacturing and Industrialisation Summit (GMIS), signed a joint communique on the summit’s strategies and ...

Abu Dhabi / WAM The Government of Abu Dhabi and the State of Queensland, Australia, signed on Sunday a cooperation agreement with the ultimate objective of reinforcing the strategic partnership between them in a number of economic and developmental areas. Khalifa Bin Salem Al Mansouri, the DED’s Undersecretary, and Jackie Trad, MP for the South Brisbane Seat and Queensland Deputy ...

Dubai / WAM Saeed Mohammed Al Tayer, Managing Director and CEO of the Dubai Electricity and Water Authority (DEWA), received a delegation from Cisco Systems, and IT and networking company. The visit underpins DEWA’s collaboration with international companies to share best practices and share knowledge in the information technology sector. The delegation included Chris Dedicoat, Executive Vice President, Worldwide Sales, ...

Sharjah / Emirates Business The Sharjah Children’s Reading Festival (SCRF) drew the curtain on its 10th edition on Saturday, with the event attracting 247,000 visitors over its 11-day run, more than 52,000 of which were school students. Organised by Sharjah Book Authority (SBA), SCRF 2018 was held under the theme ‘Your Future… Just a Book Away’ at Expo Centre Sharjah ...