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US President Joe Biden said democracy needed “champions”, including in the United States, as he opened a virtual summit of some 100 countries on Thursday, the choice of which has provoked much debate. He said from the White House that Read more
UAE and Abu Dhabi investment fund, Mubadala Investment Company has acquired 1.9 per cent of Sibur; Russia’s largest integrated petrochemicals company, Zawya reports. The fund did not provide details on the operation, but the investment is the fund’s largest in Read more
The Royal Saudi Air Force (RSAF) and the US Air Force launched a bilateral exercise, Arab News reports, citing the Saudi Defense Ministry. The exercise dubbed ACE, was launched at King Faisal Air Base in the Northern Sector and King Read more
Munich-headquartered Kempinski Hotels will open in Dubai in 2023, the world’s first floating hotel complex with 12 luxury villas grouped with the possibility to sail to other anchorages at times, Trade Arabia reports. Dubbed Kempinski Floating Palace will be established Read more
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF) is selling a 5.01 percent stake–amounting to 100.2 million shares–in Saudi Telecom Co. in a secondary share offering, Zawya reports. The final offer price will be announced on December 10, Read more
Europe’s biggest gas pipeline group Snam has acquired a 25% stake in East Mediterranean Gas Company (EMG), which owns a pipeline between Israel and Egypt, marking its entrance into a high gas demand area, Reuters reports. Snam will invest $50 Read more
General Motors Co and its Egypt dealer Al Mansour Automotive Co ink have signed to study joint manufacturing of electric vehicles in Egypt and, once finished, ask the government for support, Zawya reports citing Mansour Automotive Chairman Mohamed Mansour. Both Read more
Turkey’s national carrier, Turkish Airways has branded rubbish media that reports that it is planning to acquire controlling shares in Portugal’s ailing flag carrier TAP, Daily Sabah reports. The action came after Portuguese newspaper Negocios reported Monday citing diplomatic sources Read more
Bahrain’s Economic Development Board (EDB) launched invest.bh; an investment platform that allows investors to access investment opportunities in the Kingdom’s strategic projects, Trade Arabia reports. The platform enables, the board said in the statement, investors to explore current investable and Read more
Egyptian Minister of Military Production Mohamed Ahmed Morsi and the president of the Saudi General Organization for Military Industries Mohammed bin Hamad Al-Mady discussed Monday the possibility of exchanging experiences and manufacturing technology, Arab News reports. They met on the Read more