RIYADH / Reuters State-owned Saudi Arabian Airlines (Saudia) has started the sale of its medical services business in Jeddah, valued at around $500 million, as part of a drive to reduce non-core assets, sources familiar with the matter said. The medical business, which is called Saudia Medical Services and owns a major hospital, could be attractive for investors as ...

  Bloomberg J Sainsbury Plc is struggling to keep up with supermarket rivals and discounters in a UK grocery market under pressure from a Brexit-induced fall in the pound. Data from researcher Kantar Worldpanel showed on Wednesday that as well as lagging the growth of cut-price grocers Aldi and Lidl, Sainsbury’s food sales are also trailing rivals Tesco Plc and ...

  Bloomberg HNA Group Co., the Chinese aviation-to-hotels conglomerate, increased its stake in Deutsche Bank AG to almost 10 percent to become the top shareholder in Europe’s largest investment bank. HNA’s holding in Germany’s biggest bank rose to 9.92 percent, according to a regulatory filing Tuesday by investment entities acting on HNA’s behalf. The conglomerate initially reported a 3 percent ...

  Bloomberg JPMorgan Chase & Co. plans to move hundreds of London-based bankers to expanded offices in Dublin, Frankfurt and Luxembourg as it prepares for the UK to lose easy access to the European Union’s single market after Brexit, the firm’s head of investment banking said. “We are going to use the three banks we already have in Europe as ...

  Dubai / Emirates Business Ahli United Bank (AUB) reported a net profit attributable to its equity shareholders of US$159.4 million for the quarter ended March 31. The net profit reflected an increase of 3.1% in the first quarter of this year as compared to the comparative net profit figure of US$ 154.6 million achieved in Q1 2016. The first ...

  Bloomberg BNP Paribas SA posted trading revenue that trounced its European rivals, helping drive a surprise increase in first-quarter profit. Revenue at the global-markets division climbed 33 percent from a year earlier to 1.75 billion euros ($1.9 billion), the Paris-based bank said Wednesday. Net income rose 4.4 percent to 1.89 billion euros, topping the 1.5 billion-euro average estimate of ...

  ABU DHABI / Agencies In a new report from Ericsson, ICT players who leverage 5G to digitalize industries can capture business worth 6.5 billion US dollars by 2026 in UAE. The report is titled “The 5G business potential – Industry digitalization and the untapped oppor- tunities for operators” and it analyzes the 5G business opportunity that comes from industrial ...

  ABU DHABI / WAM The Follow up Committee of the Initiatives of the UAE President has approved a number of projects totalling AED410 million in implementation of the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and the follow-up of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme ...

  ABU DHABI / WAM First Abu Dhabi bank’s liquidity surged to AED 134.4 billion during the Q1 2017 from AED130 billion by the end of 2016 as per the financial statements released by the new banking entity created after the merger of the National Bank of Abu Dhabi and First Gulf Bank. The considerable cash level reflects the high ...

  Dubai / Emirates Business Mergermarket, the leading provider of M&A data and intelligence, has published its Q1 2017 M&A Brief for the Middle East. The report shows that the Middle East has benefitted from foreign and domestic investment in Industrials & Chemicals, with the sector driving Q1 M&A to reach its highest value in eight years (16 deals, worth ...