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Saudi Arabia has unveiled Tourism Development Fund with $4 billion as initial capital in line with kingdom’s plan to boost its tourism industry as a way to ease its dependence on oil revenues. The fund in a statement said it Read more
Saudi Arabia’s national oil giant has begun cutting hundreds of jobs across various sectors amid slump in oil demand due to covid-19 pandemic, Bloomberg reports citing anonymous sources. The cuts concern mostly positions held by expats the sources aware of Read more
The Iraqi foreign ministry Thursday summoned Iran’s envoy and warn the Islamic Republic to respect its sovereignty after Iranian forces launched artillery strikes into its territory, Anadolu news agency reports. Ambassador Iraj Masjedi was handed a protest note over artillery Read more
Qatar’s national carrier, Qatar Airway, Wednesday it will not acquire new aircrafts this and next and has informed Airbus and Boeing to defer the delivery as result of fallout from covid-19, reports say. The airline’s Chief Executive Akbar al-Baker in Read more
British conglomerate McLaren Group is mulling plans to sell around 20 to 30 per cent of shares in its F1 team as it struggles financially, reports say. The plans according to Sky News are in the making and also considers Read more
Saudi Basic Industries Corporation (SABIC) has named a new chairman in line with the company’s takeover by the kingdom’s oil giant Aramco. Khalid Hashim Al Dabbagh will succeed Abdulaziz Saleh Aljarbou, following an approval on June 16, Zawya reports citing Read more
Microsoft Corporation will collaborate with Oman’s National Youth Council (NYC) to upgrade Omani youth’s skill in emerging technologies, Trade Arabia reports. The Washington-based tech giant will organize Youth Tech Bootcamp during which students and working professionals will have the opportunity Read more
Turkey Wealth Fund, TWF, is in advanced negotiations with Sweden’s Telia to acquire shares in Turkcell for an investment of $530 million. “Negotiations are still ongoing and are in an advanced stage, but no agreement has yet been reached,” Telia Read more
Three Kuwaiti officials have been nabbed over allegations that they caused the loss of $25 million for the civil aviation industry. The officials, whose identity has not been revealed, were arrested following a complaint by the Minister of State for Read more
A group of Egyptian nationals who were stranded in Qatar amid the covid-19 pandemic have returned home after both countries, mired in a diplomatic row, agreed to coordinate the repatriation operation. A group of 174 Egyptians arrived in Egypt on Read more