Energy Adnoc to acquire chemical company Covestro for $16bn Abu Dhabi National Oil Company (Adnoc) is expected to make a formal offer to buy German chemical company Covestro AG. The Financial Times reported that the 14.4 billion euros ($15.90 billion) offer will set up the state-owned energy producer to expand its overseas holdings. The companies have been in talks since Adnoc made an initial informal […] September 11, 2024
Economy Iranian and Saudi envoys meet in China as ties resume The foreign ministers of Iran and Saudi Arabia met in Beijing on Thursday for the first formal gathering of their top diplomats in more than seven years. The meeting was ahead of moves to resume travel, official and economic ties between the Middle East’s top powers. China brokered a deal last month to restore relations […] April 6, 2023
Infrastructure Oman to spend $2.6bn to build road infrastructure The estimated cost of road projects in Oman stands at OR1 billion ($2.6 billion) for 2023, its minister of transport, communications and information technology Said bin Hamoud Al Maawali has said. The ministry will focus on completing and constructing strategic road projects, boosting road efficiency and rehabilitation. Khamis bin Mohammed Al Shamakhi, under-secretary for transport, […] March 6, 2023
Banking & Finance Turkey’s lira hits record low but rebounds after earthquake Turkey’s lira briefly dipped to a record low and its main stock market fell 1.35 percent on Monday as the major earthquake added to pressures from a strong dollar and the war in Ukraine, as well as a surprise inflation reading. The lira slipped to 18.85 in early trade before retracing its losses to end […] February 7, 2023
World Cup 2022 Uefa welcomes Fifa pledge to tackle Qatar labour issues A group of 11 European football associations welcomed promises from Fifa of support for migrant labourers in Qatar and the creation of a legacy fund from 2022 World Cup proceeds. The Uefa Working Group on Human and Labour Rights, made up of representatives from the football associations of Belgium, Denmark, England, Finland, Germany, Netherlands, Norway, […] November 21, 2022
Sustainability Time ‘not on our side,’ warns Cop27 chief as draft deal released The president of the Cop27 climate summit, Egypt’s Sameh Shoukry, has urged delegates in Sharm El Sheikh to come to a deal by Friday, warning them about the amount of work still needed to reach agreement. “Time is not on our side, let us come together now and deliver by Friday,” he wrote in a […] November 17, 2022
Banking & Finance Omantel to buy back over $350m of its bonds Oman Telecommunications, majority owned by the state, said in a bourse filing it has accepted to buy more than $350 million of its existing bonds for cash. Omantel earlier this month made a tender offer to holders of its $600 million bonds due in 2023 and $900 million bonds maturing in 2028. It will buy […] October 21, 2022
