Skip to content Skip to Search
Skip navigation

Asia

Workers are working on the construction of a bridge over the Brahmaputra River in Guwahati, India, on July 23, 2024. Indian Finance Minister Nirmala Sitharaman is presenting her seventh consecutive Budget today. (Photo by Anuwar Hazarika/NurPhoto)NO USE FRANCE

Adia part of fund aiming to raise $4bn for India upgrade

The National Investment & Infrastructure Fund (NIIF) in India, which is backed by Abu Dhabi, is aiming to raise $4 billion, according to reports. The fund, which counts the Abu Dhabi Investment Authority (Adia), the Indian government, AustralianSuper and Singapore’s Temasek Holdings among its investors, is raising the money in the early part of next […]

Workers operate a knitting machine at a factory in Hindupur, Andhra Pradesh. Textiles and yarns have export growth potential, according to Indian officials Video length: 07:05

GCC-India trade tumbles as New Delhi snaps up Russian oil

India’s trade with the GCC countries fell 12 percent to $162 billion in 2023-24, according to its Ministry of Commerce and Industry. The drop from $184 billion in 2022-23 comes as energy-hungry New Delhi snaps up discounted Russian crude and slashes imports of Gulf oil. Ajay Srivastava, founder of the Global Trade Research Initiative think […]

Ooredoo Myanmar Qatar

Myanmar venture proves a big loss for Qatar’s Ooredoo

Qatar’s Ooredoo sold its Myanmar mobile network for even less than it originally agreed, new figures reveal, as one expert suggested its multi-billion-dollar losses may also be higher than previously estimated. The new figures in the telecom operator’s latest financial statement shed further light on a market that was once touted as the last major […]

Japanese bank Nomura opened a new office in Dubai International Financial Centre in July 2023

Japan’s Nomura expands Middle East base in Dubai

Nomura Holdings is planning to expand its wealth management team in Dubai, according to a media report. The Japanese bank may add three or four relationship managers in Dubai by year-end, Reuters reported, citing head of international wealth management Ravi Raju. Currently, Nomura’s Dubai office has 10 employees. “The whole region (Middle East) has seen […]

UAE and Philippines trade

UAE-Philippines trade talks to enter third round

The next round of trade negotiations between the UAE and the Philippines will take place next month, with a final deal expected to be signed in October. Beyond lower tariffs and reduced barriers to trade, the UAE-Philippines comprehensive economic partnership agreement (Cepa) is expected to drive capital flows by opening avenues for new investments and […]

A view from the terrace of Sunset Hospitality Group's Mott 32 in Dubai, which was launched in 2022

Dubai’s Sunset Hospitality expands global portfolio

Sunset Hospitality Group (SHG) has acquired a majority stake in Maximal Concepts Holding, a Hong Kong hospitality company, as part of its strategic expansion plan. The acquisition will diversify Dubai-based SHG’s portfolio and facilitate its expansion into key markets such as the US, Canada, Hong Kong, South Korea, Thailand and Vietnam, the company said. SHG, […]

NEW DELHI, INDIA - MARCH 15: Union Minister of Petroleum and Natural Gas Hardeep Singh Puri addresses during the launch of ëEthanol 100í at Indian Oilís Irwin Road Service Station, on March 15, 2024 in New Delhi, India. According to an official statement, ETHANOL 100 stands as a cleaner, greener alternative to gasoline, boasting lower emissions of greenhouse gases and pollutants, thus aiding in combating climate change and enhancing air quality in our communities. With its high-octane rating, typically between 100-105, ETHANOL 100 proves ideal for high-performance engines, ensuring improved efficiency and power output all while minimizing environmental impact. (Photo by Sonu Mehta/Hindustan Times/Sipa USA )No Use Germany.

India’s Russian oil imports dent Gulf’s market share

Energy-hungry India has overtaken China as the world’s top importer of Russian oil as New Delhi takes advantage of sizeable discounts and shuns Gulf exporters to satisfy growing demand. India’s oil intake from Russia rocketed to record levels of more than 2 million barrels per day in July, from just 88,000 bpd in 2021-22, according […]

Pakistan’s federal government will sell 15 percent from its 25 percent holding in the Reko Diq mining project to Riyadh

Saudi Arabia targets stake in Pakistan’s $6.5bn mining project

Saudi Arabia plans to acquire a 15 percent stake in the Reko Diq mining project in Pakistan, according to a media report. The stake will be purchased through Manara Minerals, a joint venture between Saudi Arabian Mining Co (Maaden) and the sovereign Public Investment Fund (PIF), The Express Tribune, a Karachi-based news outlet, reported. The […]

Jameel Ahmad, governor of the State Bank of Pakistan, said talks to secure an additional $2bn in external financing from the IMF are ongoing

Pakistan targets $4bn from Middle East lenders

Pakistan aims to raise up to $4 billion from commercial lenders in the Middle East by fiscal year 2025, the State Bank of Pakistan governor Jameel Ahmad has said. The country’s gross financing needs would be met over the next fiscal year and in the medium term, he told Reuters. Saudi Arabia, the UAE and […]

The Singapore CBD. Dubai is being viewed as an increasingly important destination by the Bank Of Singapore

Bank of Singapore says Middle East vital to growth

One of Asia’s biggest private banks, the Bank of Singapore, aims to expand its business in the Middle East. Ranjit Khanna, the bank’s head of private banking for Europe and the Middle East, said the region could contribute up to 20% of its overall revenue and private banking assets over the next three to five […]

Architecture, Building, Factory Nissan's car factory in Sunderland in the UK; the company is to invest in manufacturing 10,000 cars for the local market over the next year in Egypt

Nissan to invest $56m in Egyptian car market

Nissan plans to invest $56 million into the Egyptian car market over the next two years and increase exports of locally assembled vehicles, as government officials seek to enhance the homegrown manufacturing sector. A statement released by the government said that Nissan has exported 15,000 locally assembled Sunny models since August 2022. Mohamed Abdel Samad, […]

Uzbekistan government officials with executives of SWS Holding, Uzsuvtaminot, Marubeni and Suez at the signing of the wastewater treatment plant agreement

UAE company involved in $1bn project in Uzbekistan

A consortium, which includes an Abu Dhabi state-owned company, is set to develop a $1 billion wastewater treatment plant in Uzbekistan. The group, comprising Abu Dhabi Sustainable Water Solutions Company, Japan’s Marubeni Corporation and France’s Suez, signed a development agreement with Uzbekistan’s investment, industry and trade ministry and state-run Uzsuvtaminot JSC. The project, located in […]

Executives from Acwa Power and Indonesia's Persero at the PPA signing event

Acwa Power signs deal on Indonesian solar project

Saudi Arabia’s Acwa Power has signed a power purchase agreement (PPA) with Indonesia’s state-owned electricity utility PT Perusahaan Listrik Negara (Persero) for the 60 megawatt (MW) Saguling floating solar PV project. The Saudi-listed renewable major has a 49 percent stake in the project, with the rest being held by Indonesia Power, a subsidiary of PT […]

South Korea's SGC will construct an ethylene-vinyl acetate plant in Saudi Arabia's Jubail Industrial City

Sipchem to build new $189m Saudi petchem facility

Saudi International Petrochemical Company (Sipchem) has awarded a $189 million contract to a South Korean contractor to build a new petrochemicals facility in Saudi Arabia. The project was won by SGC Engineering & Construction, an engineering, procurement and construction contractor, The Korean Economic Daily, a financial news outlet, reported. The deal involves the construction of […]

Aramco will acquire a 22.5% stake in Petro Rabigh from Japan's Sumitomo Chemical for $702 million

Petro Rabigh’s turnaround hinges on Aramco’s support

Saudi Aramco and Japanese company Sumitomo Chemical will inject new funds into Rabigh Refining and Petrochemical Company (Petro Rabigh), as well as waive loans, in a bid to support the Saudi refinery’s turnaround strategy. As part of its plan to strengthen Petro Rabigh’s financial position, Aramco will acquire a 22.5 percent stake in the company from […]

Pakistan finance minister Muhammad Aurangzeb. The IMF's $7bn extended fund facility may be approved next month

Saudi and UAE commit to debt rollover for Pakistan

Saudi Arabia, the UAE and China have confirmed their debt rollover for one year to support Pakistan’s $7 billion bailout package with the International Monetary Fund (IMF), a media report said. The rollover amount will be the same as last year, Bloomberg reported, quoting Pakistan’s finance minister Muhammad Aurangzeb. Islamabad has $12 billion in bilateral […]

As China's economy slows, demand for steel has dropped, forcing producers to sell internationally

Emirates Steel Arkan asks UAE to curb cheap Chinese imports

Emirates Steel Arkan is liaising with the UAE government to explore ways to reduce the impact of China exporting its excess steel at knockdown prices. A slowdown in China’s property sector has led to a sharp decline in domestic demand for steel, forcing Chinese producers to sell surplus stock cheaply to international markets. US president […]

Saudi Arabia imported, on average, 510,000 tonnes per month of Russian fuel oil – equivalent to around 3.4 million barrels – over the last three months

Saudi Arabia cools down by raising imports of Russian oil

An unusually hot summer is forcing Saudi Arabia, the world’s largest crude oil exporter, to increase fuel imports from Russia and Kuwait to meet peak domestic demand for electricity.  The Gulf state is importing thousands of tonnes of discounted Russian oil, while imports from Kuwait also made a strong comeback in July after a two-year […]

The event industry in Dubai was worth over AED165 billion ($45 billion) in 2023 and is forecast to grow at a compound annual growth rate (CAGR) of 25 percent through to 2027

Corporate travel rising as Dubai plays perfect host

Dubai has won 175 deals so far this year that will boost the emirate’s corporate and business travel sector over the next four years. The events, representing an increase of almost a quarter year on year, include international conferences, congresses and meetings. They’re expected to bring more than 92,000 delegates to the city, according to […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]