UAE: CEO of Emaar Development steps down for personal reasons

The CEO of Dubai-based Emaar Development has resigned after three years in the role, citing personal reasons, Zawya reports. Bader Hareb’s resignation was announced in a stock market statement on Thursday, but no announcement was made regarding his replacement, the Read more

Turkish lira slides almost 8% after intervention-driven surge

The lira tumbled almost 8% against the dollar on Monday amid persisting investor concern over Turkey’s monetary policy, after the Lira surged more than 50% last week following billions of dollars of state-backed market interventions. The lira was also supported Read more

IFC teams up with Dubai-based Tabreed to invest $400 million in India over next five years

International Finance Corporation (IFC), a member of the World Bank Group, will set up a joint venture with Dubai-headquartered Tabreed to invest $400 million in India over the next five years, Zawya reports. Both sides, media notes, signed partnership agreement Read more

Tunisia signs up for $300m loan from Algeria

Algeria has granted a $300 million credit facility to Tunisia to help the North African country navigate economic distress. The deal for the credit according to Tunisia’s national gazette, was signed on Dec. 09 during the visit of the Algerian Read more

Abu Dhabi-based Mubadala Investment Company acquires 1.9 per cent of Russia’s Sibur

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

Kempinski to open world’s first floating hotel in Dubai in 2023

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