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Tie, Accessories, Accessory

Ukraine receives first funds through IMF account

Ukraine has received a loan of one billion Canadian dollars ($770 million) on concessional terms, its first funds through an “administered account” set up by the International Monetary Fund, Prime Minister Denys Shmygal said on Friday. “Grateful to…(Canadian Deputy Prime Minister Chrystia Freeland) for support & comprehensive assistance to Ukraine in the fight against the […]

IPO expected for Dubai road toll operator

Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum on Wednesday issued a new law establishing road toll operator Salik as a public joint stock company (PJSC), paving the way for a potential initial public offering (IPO).  According to the law, Salik Company PJSC will have a term of 99 years, starting from the date of […]

EU official concerned about Russia flying Western-made planes

European’s top aviation safety regulator said on Tuesday that he is “very worried” about the safety of Western-made aircraft continuing to fly in Russia without access to spare parts and proper maintenance. The European Union and the United States have moved to restrict Russia’s access to spare parts following its invasion of Ukraine. “This is […]

Narendra Modi in Israel

Israel and India set to restart free trade talks

Israel and India are preparing to resume talks on a free trade agreement, Israel’s economy ministry said on Monday, adding that an Indian delegation had arrived in Jerusalem to discuss framework rules and coordinate expectations for negotiations. Last October, India and Israel agreed to resume free trade talks with an aim of signing a deal […]

Canada cracks down on $314m of Russian assets

Canadian police said on Thursday they had cracked down on more than C$400 million ($314.81 million) in Russian assets and transactions involving people sanctioned as a result of Moscow’s war on Ukraine. The Royal Canadian Mounted Police said in a statement that from Feb. 24 to June 7, C$123 million of Russian assets in Canada […]

Saudi wealth fund takes 8% stake in Tomb Raider developer

Saudi Arabia’s sovereign wealth fund is taking an 8.1 percent stake in gaming group Embracer via a direct share issue as part of a push into the games and esports industry. Sweden’s Embracer said in a statement it was issuing 99.9 million shares at a price of 103.47 per share to Savvy Gaming Group which […]

Dubai business park operator TECOM plans July listing

Dubai plans to sell a 12.5 percent stake in business park operator TECOM Group in an initial public offering that will list its shares on the emirate’s exchange, the company said in a statement on Thursday. It is the second offering from the emirate this year after Dubai Electricity and Water Authority (DEWA) raised $6.1 […]

Person, Human, Judge

Canada and Dubai grow closer with every deal struck

A Canadian pension fund company’s decision to invest $5 billion in UAE multinational logistics company DP World’s assets is a striking example of the deepening commercial ties between the two countries.   Caisse de Depot et Placement du Quebec’s (CPDQ) announced the deal on Monday. It will see CPDQ take a 22 percent stake in DP World’s prized assets in […]

President Jacob Zuma

UAE arrests Gupta brothers, wanted in South Africa

The United Arab Emirates has arrested Rajesh and Atul Gupta, brothers who face charges of corruption in South Africa. Dubai Police confirmed the arrest on Twitter, posting on Tuesday that it had received an Interpol red notice for the brothers and was coordinating with the South African authorities “regarding the extradition file to complete the legal procedures”. South Africa’s Ministry of Justice and Correctional Services said […]

Envirotainer products are used to deliver Covid vaccines from Australia to Jakarta, Indonesia

Mubadala and EQT fund to buy Sweden’s Envirotainer

Abu Dhabi state fund Mubadala and a fund managed by European buyout firm EQT have agreed to buy Envirotainer, a Swedish company that makes and leases cold containers for transporting temperature-sensitive healthcare products. Mubadala and the EQT X fund are buying the company from European buyout firm Cinven and Danish life-sciences investor Novo Holdings, Mubadala […]

A Starbucks coffee shop. Kuwait's Alshaya Group is reportedly selling up to 30 percent of its Starbucks franchise

Saudi PIF ‘shortlisted as bidder for stake in Starbucks MENA’

Saudi Arabia’s Public Investment Fund (PIF) has been shortlisted to buy a stake in the Middle East, North Africa and central Asia Starbucks franchise held by Alshaya Group, according to two sources. The franchise has several hundred coffee shops in 14 countries across the Middle East, Russia and central Asia. Kuwait-based Alshaya Group, the region’s […]

Remote working

Perimeter 81 joins the unicorns after $100m funding round

Perimeter 81 is now valued at $1 billion, the Israeli cybersecurity startup has revealed, gaining unicorn status after it raised $100 million to fund product development. The fundraising, led by B Capital, marked a jump in valuation from its last round in August 2020, when the company was valued at $200 million. ION Crossover Ventures […]

Oil price fall dents Gulf stock markets

Most Gulf markets ended lower on Thursday on growing concerns over inflation and recession and as oil prices slumped following speculation that Saudi Arabia would boost production. Saudi Arabia’s benchmark index finished 1.3 percent lower, hurt by a 2.1 percent fall in oil giant Saudi Aramco and a 1.2 percent decline in country’s biggest Islamic […]

China ‘firmly’ opposes US-Taiwan trade initiative

China “firmly” opposes a new trade initiative between Taiwan and the United States, the Commerce Ministry said on Thursday, a plan the government in Taipei says is a recognition of the key position the island plays in global supply chains. The United States and Taiwan announced the US-Taiwan Initiative on 21st Century Trade on Wednesday, […]

Formula One appoints Shaila-Ann Rao as new interim head

Shaila-Ann Rao, who was previously a special advisor to Mercedes team boss Toto Wolff, took over as interim head of Formula One at the governing FIA on Wednesday in place of departed Peter Bayer. The Paris-based FIA, which voted in Emirati Mohammed Ben Sulayem as president last December to succeed departing Frenchman Jean Todt, thanked […]

How London became the Islamic finance capital of the West

London has in recent years cemented its position as a vital hub for Islamic finance thanks to history, circumstance and a concerted effort by the government to support the sector. With its strong financial infrastructure and burgeoning fintech space, the UK capital is primed to dominate Western Islamic finance for the foreseeable future. “London and […]

Amazon.com says it is being unfairly targeted by US Congress bill

By David Shepardson and Diane Bartz Amazon.com Inc on Wednesday lambasted a bill in Congress barring tech giants from giving preference to their own businesses on their websites, saying it unfairly singles the retailer out while not subjecting rivals to similar regulations. The Senate could vote on the bill as early as this month, media […]

Person, Human, Suit

UK manufacturing growth hits 16-month low in May

British manufacturing activity expanded in May at the weakest rate since January 2021, as producers of consumer goods struggled against a worsening cost-of-living crunch, a survey showed on Wednesday. The final estimate of the S&P Global UK Manufacturing Purchasing Managers’ Index (PMI) fell to 54.6 in May from 55.8 in April, unchanged from a preliminary […]

Cinemark subscription surge hails post-pandemic cinema rebound

Cinemark Holdings Inc has signed up 1 million paying subscribers to its Movie Club monthly subscription plan, the company said on Wednesday, hailing a rebound in moviegoing after disruptions from the coronavirus pandemic. The third-largest movie theater chain in the United States said it was the first cinema operator to cross the 1 million milestone […]

Abu Dhabi leads $725m fundraising by US insurance broker

Acrisure said on Tuesday it had raised $725 million in a fresh funding round led by a wholly owned subsidiary of Abu Dhabi Investment Authority, valuing the insurance brokerage at $23 billion. The company has benefited from a jump in global commercial insurance premiums that rose 11 percent on average in the first quarter, according […]