Energy UAE eyes renewables partnerships with India, says Al-Jaber The UAE will explore all partnership opportunities with India to help the south Asian country’s growth and low carbon plans, the Gulf country’s climate envoy and designated president of the Cop28 summit said on Wednesday. “India’s goal of adding 500 gigawatts of clean energy in the next seven years is a powerful statement of intent,” […] February 23, 2023
Banking and Finance Iraq’s central bank to allow trade with China in yuan Iraq’s central bank has said it plans to allow trade from China to be settled directly in yuan for the first time, in an attempt to improve access to foreign currency. The central bank has been taking urgent steps to compensate for a dollar shortage in local markets, which prompted the cabinet to approve a […] February 23, 2023
Business of Sport Qatar Airways to become Formula One’s main airline sponsor Qatar Airways will become the main airline sponsor of Formula One motor racing, the carrier said, replacing regional rival Emirates as the organisation’s official airline. The sponsorship announcement comes ahead of the 2023 season, which kicks off next month and will also see Qatar begin a 10-year run as host of a Grand Prix, to […] February 23, 2023
Banking and Finance Egyptians lean on instalment payments to cope with inflation Ahmed Ramadan, a 44-year-old father of three, started using instalment payment services eight months ago after feeling the sting of high prices that have squeezed Egyptians’ pockets over the last year. He used the services to buy a television, a mobile phone for his daughter and even clothes for his family. “It might be more […] February 23, 2023
Markets Adnoc looks to raise up to $2bn from IPO of gas unit State oil giant Abu Dhabi National Oil Co (Adnoc) has set a price range for an initial public offering (IPO) of its gas unit that could raise up to $2 billion and give Adnoc Gas an equity valuation of $47 billion to $50.8 billion. The price range for the unit it created in November by […] February 23, 2023
Banking and Finance Taliban targets foreign funding for projects up to $1bn Afghanistan’s Taliban-led administration has set up a consortium of companies, including some in Russia, Iran and Pakistan, to create an investment plan focusing on power, mining and infrastructure, the acting commerce minister said. The consortium included 14 Afghan businessmen and his ministry had signed a memorandum of understanding with the foreign companies who would send […] February 23, 2023
Banking and Finance Manchester United bids draw interest from US financier Buyout financier Ares Management Corp has been offering funds to support a takeover of Manchester United, three sources familiar with the matter told Reuters. It is the latest US asset manager to seek a financing role in the battle for the English football club. Hedge fund Elliot Management is also looking to finance a bid, […] February 23, 2023
Banking and Finance Israel central bank in focus as judicial reform plan hits shekel Israel’s shekel was largely unchanged against the dollar late on Wednesday, recovering from further falls in the currency that some say could spark central bank intervention, as investors fret over a plan to overhaul the country’s judiciary. The shekel stood at 3.633 per US currency at 1515 GMT, after softening more than 1.5 percent at […] February 23, 2023
Economy Turkey supports jobs and wages in earthquake-ravaged south Turkey has launched a temporary wage support scheme and banned layoffs in 10 cities to protect workers and businesses from the financial impact of the massive earthquake that hit the south of the country. A 7.8 magnitude earthquake on February 6 killed more than 47,000 people in Turkey and Syria, damaged or destroyed hundreds of […] February 23, 2023
Banking and Finance Saudi Arabia pauses wealth fund plan to acquire Egyptian bank Saudi Arabia has put a plan by its sovereign wealth fund to acquire the United Bank of Egypt on hold because of a disagreement with the Egyptian authorities over its valuation, two sources familiar with the matter told Reuters. The pause is the most recent stumble in a vast investment programme promised by Gulf states […] February 23, 2023
Economy G20 finance chiefs to discuss debt, crypto and inflation G20 finance ministers and central bank governors will discuss debt troubles in developing economies, cryptocurrencies and global inflationary pressures at a meeting later this week, Indian officials said on Tuesday. The February 22-25 meeting in the Nandi Hills summer retreat near Bengaluru is the first major event of India’s G20 presidency. The meeting straddles the […] February 22, 2023
Markets Indian jeweller Joyalukkas withdraws $278m IPO India’s Joyalukkas has withdrawn its 23 billion rupee ($278 million) initial public offering (IPO), with the jewellery retailer saying it needed more time to incorporate substantial changes to its financial results. The company plans to refile its IPO documents “at the earliest, subject to market conditions,” CEO Baby George told Reuters on Tuesday, without elaborating […] February 22, 2023
Manufacturing UAE signs over $2bn defence deals with state-owned firms The United Arab Emirates (UAE) signed defence deals worth AED8.14 billion ($2.22 billion) on the second day of a major industry expo in Abu Dhabi, with the bulk of the business signed with a state-owned firm, a state defence acquisitions agency said. Abu Dhabi defence firm Edge, whose book value last year was roughly $5 […] February 22, 2023
Tourism Dubai airport annual passenger traffic soars 127% in 2022 Dubai’s main airport registered a 127 percent jump in annual passenger traffic to 66.1 million last year, it said on Tuesday, beating its own forecast. Dubai International Airport (DXB), a major international hub, is forecast to welcome 78 million passengers this year as the United Arab Emirates prepares to host major international events including the […] February 22, 2023
Banking and Finance Serbia to buy loitering munitions from UAE Serbia said on Tuesday it would buy loitering munitions, a type of drone that flies to a target and detonates, from the United Arab Emirates (UAE), signalling a further distancing from longtime ally and arms supplier Russia. “Within the next 48 hours, we will sign the contract (for the munitions),” President Aleksandar Vucic said on […] February 22, 2023
Banking and Finance Turkey dug deep into reserves to keep lira stable through quake Turkey’s central bank used $7 billion of reserves in the last two weeks to help steady the lira in the aftermath of devastating earthquakes, and reserves could remain under pressure in the weeks ahead, bankers said. The worst disaster in Turkey’s modern history killed tens of thousands and levelled areas of the south, temporarily closing […] February 22, 2023
Banking and Finance Israel shekel nears 3-year low as judicial overhaul spooks investors The shekel slid as much as two percent versus the dollar to a near three-year low on Tuesday after Israel pressed ahead with a plan to overhaul its judiciary that the government says is designed to end overreach into politics by the Supreme Court. At the same time, both Prime Minister Benjamin Netanyahu and finance […] February 22, 2023
Egypt to raise $1.5bn with debut sukuk at 11% yield Egypt is to raise $1.5 billion from its debut sale of Islamic bonds known as sukuk at a yield of 11 percent, a document on the deal showed. The three-year sukuk had initial guidance of around 11.625 percent and tightened after books closed with demand over $5.35 billion, the document reviewed by Reuters showed. Egypt’s […] February 22, 2023
Banking and Finance Saudi Arabia to deposit $1bn in Yemen’s central bank Saudi Arabia will make a $1 billion deposit in Yemen’s Aden-based central bank, Saudi Arabia’s state news agency SPA said, as the government there struggles with a weak currency and high fuel and commodity prices. Riyadh leads a military coalition in Yemen that has been fighting the Iran-aligned Houthis since 2015 after the movement ousted […] February 22, 2023
Manufacturing Russian firms showcase guns and missiles at UAE defence expo A major defence expo kicked off in the UAE on Monday with Russian firms participating in the maritime section and a strong showing by Israeli companies. Russian firms, including Kalashnikov and Rosoboronexport, displayed assault rifles, missiles and drones at the Naval Defence & Maritime Security Exhibition (Navdex), part of the biennial International Defence Exhibition event […] February 21, 2023
Tech Chinese EV maker to build 1,000 battery-swap stations in 2023 Chinese electric vehicle (EV) startup Nio Inc plans to build 1,000 battery-swapping stations in China in 2023 to bring the total number of such facilities to 2,300 by year-end, its founder and chairman William Li said on Tuesday. Nio will build 400 battery-swapping stations along highways and 600 in urban areas with a focus on […] February 21, 2023
Banking and Finance Bank of Israel battle against ‘sticky’ inflation rages on The Bank of Israel on Monday raised its benchmark interest rate by another half a percentage point, and a senior official said more increases were likely needed to rein in inflation that remains above a five percent rate. The central bank lifted its key rate to 4.25 percent – its highest level since late 2008 […] February 21, 2023
