Tourism Korean Air to resume flights to Israel in January Korean Air Lines will resume non-stop flights to Israel in January with a Seoul to Tel Aviv route, Israel’s Tourism Ministry said on Thursday. Korean Air, which stopped its flights to Israel due to the outbreak of the coronavirus pandemic in 2020, will operate three weekly flights on the route, it said. The ministry noted […] August 12, 2022
Real Estate Dubai ruler becomes second-largest investor in Emaar Emaar Properties said on Thursday it was buying out its joint venture partner in a Dubai real estate development, in a AED 7.5 billion ($2 billion) deal that will see Dubai’s ruler become the developer’s second-largest shareholder. Dubai’s Emaar, the emirate’s top developer, said in a statement it had reached a deal with Dubai Holding, […] August 12, 2022
Economy Egypt’s annual urban consumer inflation rises to 13.6% in July Egypt’s annual urban consumer inflation accelerated to a higher-than expected 13.6 percent year-on-year in July from 13.2 percent in June, data from the country’s statistics agency CAPMAS showed on Wednesday. Month-on-month, headline inflation increased by 1.3 percent, compared with a 0.1 percent decrease in June. A Reuters poll of 14 economists had predicted a median […] August 11, 2022
Banking & Finance Kuwait central bank raises discount rate by 25 bps The Central Bank of Kuwait raised its discount rate by 25 basis points to 2.75 percent effective from Thursday, it said in a statement on Wednesday. The decision was in response to inflationary pressures, bank Governor Basel Al-Haroon said in the statement. The bank had also increased the rate by 25 bps on July 27, […] August 11, 2022
Energy Mubadala in bid to buy world’s third-largest sugarcane processor UAE state investor Mubadala Investment Co and energy company Raizen SA are in the final round to acquire Brazilian ethanol joint venture BP Bunge Bioenergia, the world’s third-largest sugarcane processor, one source with knowledge of the matter said on Wednesday. There are no other bidders in the second round and former proposals from other companies […] August 11, 2022
Banking & Finance Saudi Arabia invests $1.3bn in four Egyptian firms The Saudi Egyptian Investment Co (SEIC), owned by Saudi Arabia’s state-owned Public Investment Fund (PIF), has bought minority stakes in four Egyptian companies for $1.3 billion, Egypt’s planning ministry said on Wednesday. The companies are Abu Qir Fertizilers and Chemical Industries, Misr Fertilizers Production Company , Alexandria Container and Cargo Handling, and payments firm E-Finance […] August 11, 2022
Abu Dhabi’s IHC eyes more takeovers in India and Turkey Abu Dhabi conglomerate International Holding Co (IHC) expects to increase its takeover activity, including in India and Turkey, as global market turbulence has created “a buyers’ market,” its chief executive told Reuters on Wednesday. IHC, the most valuable company on the Abu Dhabi bourse with a market capitalisation of around $167 billion, is aiming for […] August 11, 2022
Banking & Finance UAE lifts prison term for American convicted of money laundering A United Arab Emirates court has lifted a prison sentence but upheld a conviction on money laundering charges for US citizen and civil rights attorney Asim Ghafoor, who was detained while transiting through Dubai last month, the Judicial Department and a lawyer for Ghafoor said on Wednesday. The court ordered Ghafoor to pay AED 5 […] August 11, 2022
US officials attended detained American’s UAE hearing US embassy officials attended US citizen and rights lawyer Asim Ghafoor’s hearing in the United Arab Emirates on Tuesday, a State Department official said, adding that his next hearing was scheduled for Wednesday. UAE authorities have said Ghafoor, a US citizen and civil rights attorney based in Virginia, was arrested last month while transiting through […] August 10, 2022
Media & Advertising Former Twitter employee is convicted in Saudi spy case A former Twitter Inc manager accused of spying for Saudi Arabia was convicted on Tuesday on six criminal counts, including acting as an agent for the country and trying to disguise a payment from an official tied to Saudi’s royal family. Ahmad Abouammo, a dual US-Lebanese citizen who at Twitter helped oversee relationships with journalists […] August 10, 2022
Tourism Crushed by war, Syrian tourism eyes expat uptick Somar Hazim had high hopes when he opened a hotel in Damascus in 2009, adding to a growing number of boutique guest houses in the Old City that were proving to be a hit with tourists, before war broke out and forced him to close down. Although security returned to Damascus years ago, big-spending foreign […] August 10, 2022
Banking & Finance Iran makes first import order using cryptocurrency Iran made its first official import order using cryptocurrency this week, the semi-official Tasnim agency reported on Tuesday, a move that could enable the Islamic Republic to circumvent US sanctions that have crippled the economy. The order, worth $10 million, was a first step towards allowing the country to trade through digital assets that bypass […] August 10, 2022
Banking & Finance Abu Dhabi’s Chimera buys 55.9% stake in Egyptian financial firm Abu Dhabi investment firm Chimera Investment LLC said on Tuesday it has acquired a controlling stake in Egypt’s Beltone Financial Holding, part of a strategy to expand in the Middle East and North Africa region. Chimera bought 55.9 percent of Beltone at 1.485 Egyptian pounds a share, valuing the company at 661.8 million pounds ($34.6 […] August 10, 2022
Banking & Finance Dubai’s biggest bank gives staff a pay rise to combat inflation Dubai’s biggest bank Emirates NBD has given most employees a pay rise of up to 8 percent to help cushion against rising costs of living driven by inflation, two sources familiar with the matter said. The increases varied according to seniority and were part of a mid-cycle salary adjustment for inflation, with top executives receiving […] August 10, 2022
Economy VAT contributes $896m to Oman’s state budget Value-added tax contributed nearly 345 million rials ($896 million) to Oman’s state budget, which reported a surplus of 784 million rials in first half of 2022, the Ministry of Finance said in its latest fiscal performance bulletin. Last year, VAT was introduced in Oman at a five percent rate under the GCC framework. Excise tax contributed 48 million rials. […] August 9, 2022
Banking & Finance German insurer Allianz weighs stake sale in Saudi subsidiary German insurer Allianz SE is weighing a sale of its Saudi Arabian unit, Bloomberg reported, citing people familiar with the matter. The German insurer is working with an adviser on the potential disposal of its controlling stake in Allianz Saudi Fransi Cooperative Insurance Co. Other insurers have expressed preliminary interest in acquiring the business. Deliberations […] August 9, 2022
Dubai plans to raise $1bn from IPO of Salik road toll system Dubai is planning to raise about $1 billion by selling shares in the city’s Salik road-toll collection system as early as next month, Bloomberg reported, citing people familiar with the matter. Salik has taken out a $1.1 billion loan from Dubai’s largest bank, Emirates NBD, to pay a special dividend to the government ahead of […] August 9, 2022
Economy Saudi reforms aim to attract $3.79 trillion in investment by 2030 Saudi Arabia has passed over 600 economic reforms designed to attract SAR 12.4 trillion ($3.3 trillion) of cumulative investment and SAR 1.8 trillion in foreign direct investment inflows between 2021 and 2030, Saad Al-Shahrani, acting deputy minister for investment promotion in the Ministry of Investment, told Arab News. The reforms are part of Saudi Vision […] August 9, 2022
Banking & Finance UAE’s Mubadala Capital to acquire Canadian logistics firm Mubadala Capital, the asset management subsidiary of Mubadala Investment Company, entered into an agreement to acquire Canada Cartage, a short-haul trucking and logistics firm, WAM, the UAE state news agency, reported. Canada Cartage currently operates through a network of 33 facilities across Canada. It has two business segments: dedicated transportation and logistics. Scotiabank is acting […] August 9, 2022
Economy Turkey offers ‘a warehouse and bridge’ for metals trade to Russia Western sanctions have given the Turkish metals sector a chance to serve as “warehouse and bridge”, the head of an industry group said, citing increased interest from Russian companies and also from European Union (EU) companies seeking to sell to Russia via Turkey. The West, including Britain and European Union countries, have imposed sanctions on […] August 9, 2022
Tourism Wizz Air Abu Dhabi to resume flights to Russia in October European budget airline Wizz Air will resume flights from Abu Dhabi to Moscow from October, it said on Thursday, more than five months after the carrier suspended all services to Russia following Moscow’s invasion of Ukraine in February. The airline’s Abu Dhabi-based joint venture, Wizz Air Abu Dhabi, will operate the daily flight from October […] August 9, 2022
Economy UAE’s operating surplus doubles thanks to oil price surge The United Arab Emirates government’s net operating surplus more than doubled in the first quarter to 36.4 billion dirhams ($9.9 billion) as surging oil prices boosted public revenue, finance ministry data showed on Monday. High oil prices and increased production have been a boon for the UAE’s economy this year, along with a continued recovery […] August 8, 2022
