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IMF says Jordan must push reforms to drive growth

The International Monetary Fund said on Wednesday Jordan needed to accelerate structural economic reforms to push growth beyond the average two-to-three percent it has struck in recent years to help it generate more jobs to reduce high unemployment. “With unemployment still high, and particularly among the youth and women, structural reforms are essential for achieving […]

Bahrain digital

Bahrain’s Beyon puts $250m into digital infrastructure 

Tech company Beyon Group is investing more than $250 million in new infrastructure to support Bahrain’s digital transformation. The parent company of telecoms operator Batelco said it has joined the Southeast Asia-Middle East-Western Europe 6 (SEA-ME-WE 6) consortium, which is building a 21,700km-long undersea telecommunications cable from Marseille in France to Singapore. The cable will […]

Habtoor Dubai

Al Habtoor forced to look overseas for contractor

Billionaire Khalaf Al Habtoor had to look to China and India for a contractor for his latest Dubai development as experts say Saudi Arabia’s construction boom is impacting UAE projects. The founding chairman of the Al Habtoor Group (AHG) broke ground on the Habtoor Tower building earlier this month. AHG was previously involved in building […]

Vietnam approves $135bn power plan for 2030

Vietnam’s prime minister approved a long-awaited power plan for this decade that needs $134.7 billion of funding for new power plants and grids, the government said, in a move that may help unlock billions of dollars of foreign investment. The plan, known as PDP8, is aimed at ensuring energy security for the southeast Asian country […]

Ahmed Bin Sulayem DMCC Dubai Multi Commodities Centre

DMCC opens Mumbai office as trade grows

A Dubai-based free zone has opened a new representative office in Mumbai. Dubai Multi-Commodities Centre (DMCC) is host to 3,700 Indian businesses and is seeking to capitalise on a rise of trade between the UAE and India since the signing of a bilateral agreement last year. It announced the opening on Monday after concluding its […]

Thai economy beats GDP forecast as tourism grows

Thailand’s economy expanded faster than expected in the first quarter, official data showed. It was boosted by a rebound in private consumption and tourism, which will help to counter a slowdown in exports. South-east Asia’s second-largest economy grew 2.7 percent in the January-to-March period from a year earlier, data from the National Economic and Social […]

Electricity prices for Egyptian households were raised by between 7.8 and 20.8 percent, depending on the usage bracket

South Korea lifts power prices despite public outcry

South Korea will raise electricity prices by 5.3 percent to partly reflect increased generation costs, a move delayed more than a month because of the likely effect on already high inflation and the cost of living. It is the second increase in power prices this year after a sharper 9.5 percent hike that took effect […]

Iraqi Kurdish losses reach $2bn amid oil export halt

Pakistan plans to blend Saudi and Russian oil to cut cost

Pakistan is planning to blend newly purchased Russian crude with Arabian light crude in order to create a mixture that will be more easily processed by the nation’s oil refineries, Pakistan’s energy minister said. The country is planning to purchase Russian crude oil at a discount as high prices caused by geopolitical tensions have caused […]

Battle for China’s electric SUV market heats up  

China is ground zero for the price war in electric vehicles (EVs) and the battleground is shifting to SUV-styled EVs, the largest segment of the market, dominated by Tesla Inc and BYD . The market, crowded with more than 90 models, is about to get even tighter with at least 20 new models of both […]

Abu Dhabi wealth fund Mubadala has $276bn in assets under management

US private equity firm nears final close of $6bn Asia fund

US private equity firm Bain Capital is nearing the final close of its fifth and biggest Asia-focused fund after having raised around $6 billion from global investors, said two people with knowledge of the situation. The committed capital to the fund has exceeded the firm’s initial target of $5 billion, said one of the two […]

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IMF working with Pakistan on $1.1bn bailout review

The International Monetary Fund (IMF) is working with Pakistani authorities to conclude a ninth review of a bailout programme that will release $1.1 billion to the cash-strapped country, the lender’s mission chief said. “The IMF continues to work with the Pakistani authorities to bring the ninth review to conclusion once the necessary financing is in […]

Thailand’s inflation drops to its lowest in 16 months

Thailand’s headline inflation dropped to its lowest in 16 months in April, coming in close to expectations owing to lower energy and food prices and a high base in 2022, the commerce ministry said on Wednesday. The headline consumer price index (CPI) rose 2.67 percent in April from a year earlier, compared with a forecast […]

Lootah Biofuels CEO Yousif bin Saeed Lootah and Ahmed Saeed, CEO of Fenaka, at the deal signing

Lootah Biofuels turns gaze to Asia after Maldives deal

Lootah Biofuels has signed an agreement with state-owned Fenaka Corporation, a company serving the island communities of the Maldives, to establish its first biofuel plant outside the UAE. Lootah, which is based in Dubai, said the deal underscored its commitment to expand its reach internationally to meet long-term energy needs through clean alternatives. For the […]

Netflix to invest $2.5bn in Korea to make TV shows

Netflix Inc said on Tuesday it plans to invest $2.5 billion in South Korea over the next four years to produce Korean TV series, movies and unscripted shows, doubling the amount the company has invested in the market since 2016. The US streaming service made the announcement after a meeting between South Korean President Yoon […]

Koreans tap cash-giving apps to help beat rising inflation

Throngs of people have been milling seemingly aimlessly around the forecourt of a museum in central Seoul, brushing silently past each other with heads bent toward smartphones while fingers frantically tap screens – in the latest money-making trend. Walking 10,000 steps, completing tasks such as subscribing to social media, or just tapping the screen when […]

China’s BYD to build $290m EV battery plant in Chile

China’s BYD Co Ltd , the world’s largest electric vehicle (EV) maker, plans to build a $290 million lithium cathode factory in Chile’s northern Antofagasta region, said Chilean economic development agency Corfo. The South American country’s government has named BYD Chile a qualified lithium producer, Corfo said, giving it access to preferential prices for lithium […]

Chinese stock listings in Europe face liquidity hurdle

China’s ambitious plan to get its companies listed in London and Zurich stock markets needs fine-tuning, analysts say, as the sparse liquidity in traded Chinese companies there has created market arbitrage opportunities for investors. The Shanghai-London Stock Connect has seen only five Chinese companies issue global depository receipts (GDRs) in London in its four years […]

Russia's Yamal LNG project attracted interest from Gulf investors – and may do so again

Ukraine ceasefire will unlock billions in Gulf-Russia deals

GCC investors shelved a potential $15 billion of investments in Russia when Moscow invaded Ukraine, but companies are said to be quietly resuming due diligence in the hope of tying up deals when a peace accord is reached.   These possible Gulf-Russia deals are mainly in the oil and gas, transport, logistics and agricultural sectors, according […]

Indian Premier League Sunrisers Hyderabad vs Mumbai Indians

Saudi Arabia in talks with Indian Premier League

Reports linking Saudi Arabia with an Indian Premier League-style cricket tournament are both “unsurprising” and a “logical next step” in the continued growth of the sport across the region, according to a leading industry analyst. Saudi Arabia is in discussions with the owners of the IPL to establish a new T20 competition, according to a […]

5G UAE

Malaysia to launch new 5G network next year

Malaysia plans to introduce a second 5G network from next year, four sources told Reuters. It is the latest policy shake-up aimed at dismantling monopolies and promoting competition from Prime Minister Anwar Ibrahim’s six-month-old administration. Malaysia’s 5G roll-out by state agency Digital Nasional Berhad (DNB) has experienced repeated delays since its launch in December 2021 because of industry concerns over […]