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Bloomberg Saudi Arabia’s sovereign wealth fund set up a defense company to help reduce the kingdom’s reliance on foreign purchases and to diversify the economy away from oil ahead of a visit by US President Donald Trump. The Saudi Arabian Military Industries, or SAMI, will manufacture products and provide maintenance services across units, including air and land systems, weapons and ...

Bloomberg Iraq is on track for what may be the country’s highest monthly crude exports even as the Middle East nation supports moves to extend OPEC-led production cuts aimed at trimming bloated global inventories. Vessels hauling 62 million barrels of the nation’s crude departed ports in the Persian Gulf and Mediterranean Sea in the first half of May, according to ...

Bloomberg Algeria, the African oil producer that was instrumental in crafting OPEC’s historic output deal last year, said most participating nations back a nine-month extension of the cuts. “Most of the countries support the proposition of Russia and Saudi Arabia to extend,” Algerian Energy Minister Noureddine Boutarfa said in Moscow after talks with his Russian counterpart, Alexander Novak. Algeria also ...

Bloomberg Brazilian equities plunged 10 percent before being halted as political crisis gripped the nation. Losses in US stocks were muted and the dollar rose for the first time in seven days as investors assessed the turmoil in Washington. The S&P 500 Index retreated 0.2 percent, with fresh revelations about undisclosed contacts between Donald Trump’s campaign and the Kremlin adding ...

Reuters Stock markets in the Middle East most exposed to foreign fund flows followed glo- bal shares lower on Thursday, while the Saudi Arabian index, dominated by local investors, outperformed the region for the day and the week. Dubai’s index lost 0.5 percent as most shares that are constituents of the MSCI emerging market index dropped. DXB Entertainments slumped 4.3 ...

Abu Dhabi / Emirates Business The UAE participated in the first trade and investment dialogue between the Gulf Cooperation Council (GCC) and the European Union (EU), which concluded at the headquarters of the Council’s General Secretariat at the Saudi Capital of Riyadh. The Ministry of Economy organized the UAE delegation which was headed by Mohammed Nasser Hamdan Al Zaabi, Director ...

Dubai / WAM Dubai Business Events (DBE), the city’s official convention bureau and a division of Dubai Corporation for Tourism and Commerce Marketing, has been showcasing Dubai’s dynamic business events offering at IMEX, which has been taking place this week in Frankfurt. DBE has brought a total of 27 stakeholders and partners to the global events industry exhibition, which has ...

Dubai / Emirates Business Smart Dubai has won three awards at the annual Government ICT Achievements Awards, organised recently by .Gov magazine – an ITP publication – at The Grosvenor House hotel in Dubai Marina. Attended by more than 200 government official and ICT experts, the event sheds light on the progress and achievements of governments across the GCC in ...

Dubai / Emirates Business A special Liwan Ramadan Majlis in Dubai is setting new standards in luxury and opulence during the Holy Month of Ramadan, making it not only a blessed experience but also offering an exclusive feel with its unique mix of attractions. The Liwan Ramadan Majlis in Jumeirah, Dubai will be truly a one-of-its-kind Ramadan Majlis, unravelling a ...

Bloomberg Tata Steel Ltd. plans to grow “very aggressively” in India, riding on Prime Minister Narendra Modi’s promise of record infrastructure spending, after moving closer to a possible joint venture in Europe that will help stem losses there. “We will be growing very significantly or growing very aggressively as far as India is concerned,” Group Executive Director for Finance Koushik ...