Leading News Source For Middle East
North Carolina-based Bank of America Corp. (BofA) has acquired about 1.51 per cent of Dubai largest bank Emirates NBD for an investment of AED900 million, Arabian Business reports citing an anonymous source. The operation takes as the UAE banking sector Read more
Abu Dhabi state fund Mubadala Investment Co has acquired 1.85 per cent of Jio Platforms, Reliance Industries Ltd’s technology platform for an investment of $1.21 billion. The operation brings the total Jio Platforms’ shares sold to 19 per cent after Read more
Abu Dhabi Islamic Bank PJSC has announced the resignation of its Chief Executive Officer has resigned adding that Chief Operation Officer (COO) will take over as caretaker, Bloomberg reports. The bank did not provide reasons for Mazin Manna’s resignation. Manna. Read more
Saudi Arabia’s Agricultural and Livestock Investment Company, Salic, has acquired 29.81 per cent of Daawat Foods Ltd (DFL) from the India Agri Business Fund. The acquisition is in line with the Saudi investment company’s strategy to invest in rice, the Read more
The director of monetary operations at the central bank, Mazen Hamdane has been charged with manipulating exchange after he was arrested last week, reports say. Financial prosecutor Ali Ibrahim, AFP reports citing a judicial source, found Hamdane of the manipulating Read more
Chairman of the Dubai-based Emirates Fly has projected it will take at least 18 months for the travel demands returns to a semblance of normality, Arabia Business reports. Sheikh Ahmed bin Saeed Al-Maktoum issued the warning amid the airline’s report Read more
Saudi finance ministry announced Monday the kingdom the value added tax (VAT) rate will increase from 5 % to 15 % from July 1 as part of austerity measures taken to prop up the economy hit by the impacts of Read more
The World Bank has rubber-stamped a $100 million-loan to assist Turkey in the fight against covid-19 which has infected 112,261 according to health ministry figures. “The project is part of the World Bank’s $14 billion global Fast Track Facility announced Read more
The International Air Transport Association (IATA) has forecast $3.1bn-loss for Algerian aviation industry as the result of all of grounding of all commercial passenger jets owing to covid-19 pandemic, reports say. The trade association of world’s airlines in a report Read more
Jordan’s national flag airline has enough cash to keep head over water until June but will apply for government tax break to address adverse effects of the lockdown imposed by authorities to curb the spread of the novel covid-19 disease, Read more