Dubai completes $2.45 bln project financing for metro extension

Wednesday, 21 March 2018

The government of Dubai has completed a project financing worth about $2.45 billion for the extension of the city's metro rail system, Dubai's Department of Finance said on Wednesday. The project envisages a 15 kilometre (9 mile) extension of the Dubai Metro's Red Line, from Nakheel Harbour and Tower station up to the site of the World Expo, which the city will host in 2020. The metro extension is one of a number of significant infrastructure projects linked to the ...

Saudi Arabia signs Cyber Security MoU with Booz Allen Hamilton

Wednesday, 21 March 2018

During Saudi Crown Prince Mohammed bin Salman’s visit to the US, the Saudi Federation for Cybersecurity and Programming concluded today a memorandum of understanding with Booz Allen Hamilton, a company specialized in Cyber Security. The MoU aims to organize national competitions in cybersecurity judged by international juries, reported Saudi Press Agency. The first competition will be held on April 7, providing educational and training content in cybersecurity and the establishment of a ...

Kuwait plans $6.6 bln industrial city

Wednesday, 21 March 2018

Kuwait’s Public Authority for Industry (PAI) plans to set up a multi-purpose industrial city in the Gulf Arab state with total expected investments of $6.6 billion, an official said on Wednesday.PAI Acting General Manager Abdulkareem Taqi told Reuters that the government would put in place the infrastructure for the city at an estimated cost of $600 million and would target around $6 billion in investments from the private sector to develop the bulk of the project.The industrial city, to ...

US arrests Iranian over alleged $115 mln sanctions evasion scheme

Wednesday, 21 March 2018

An Iranian who chairs a Maltese bank has been arrested on U.S. charges that he participated in a scheme to evade U.S. sanctions and funnel more than $115 million paid under a Venezuelan construction contract through the U.S. financial system, federal prosecutors said on Tuesday.Ali Sadr Hashemi Nejad, 38, was charged in a six-count indictment filed in federal court in Manhattan accusing him of a role in a scheme to evade U.S. economic sanctions against Iran, prosecutors said.Prosecutors said ...

Trump praises US military sales in talks with Saudi crown prince

Wednesday, 21 March 2018

President Donald Trump on Tuesday praised US defense sales to Saudi Arabia as a boost to American jobs.In Oval Office talks, Trump and Saudi Crown Prince Mohammed bin Salman discussed an agreement last year for $200 billion worth of Saudi investments with the United States, including large purchases of US military equipment. Trump said the military sales contributed to the creation of 40,000 American jobs.The talks were part of the first visit by the prince to the United States since he became ...

How Saudi-US trade relations have progressed over 85 years

Wednesday, 21 March 2018

Trade relations between Saudi Arabia and the US are considered a critical component of the relationship between the two countries. These relations date back to 1933 when the American Standard Oil Company of California discovered oil in Saudi Arabia. Since then, leaders of both countries have demonstrated keenness to develop trade and investment relations by establishing joint councils, committees and exchange trade delegation visits. According to preliminary 2017 data released by the General ...

Saudi tycoon auctions off 900 vehicles to clear debt

Tuesday, 20 March 2018

Thousands of people attended the first day of an auction of vehicles owned by indebted Saudi Arabian tycoon Maan al-Sanea and his company, a sale which officials say will go towards repaying about 18 billion riyals (US$4.8 billion) owed to creditors.Authorities say the auction, the subject of huge interest in the Eastern Province where his business is based, reflects their focus on improving corporate governance and by extension Crown Prince Mohammed bin Salman’s commitment to economic ...

First Abu Dhabi Bank responds to Qatar accusations

Monday, 19 March 2018

In response to Qatari accusations, First Abu Dhabi Bank denied that it had conducted transactions to manipulate the Qatari Riyals. The bank said the reports were completely untrue and appalling. The bank added that it adopts the highest professional standards and complies with the laws and principles issued by regulators. FADB stressed the strong working relations with all legislative bodies around the world. It is the largest bank in the UAE in terms of assets, it was established after the ...

Saudi Crown Prince to meet with heads of Apple, Google during US tour

Monday, 19 March 2018

Saudi Crown Prince Mohammed Bin Salman will meet with global executives, including the heads of Apple and Google, during his upcoming trip to the US, a person briefed on the trip’s details told Bloomberg. The prince may also visit movie industry executives in Los Angeles. His visit may also include stops in New York, Boston, San Francisco and Houston, the source added.  

Banque Du Caire among 23 Egyptian state companies set to float stakes

Sunday, 18 March 2018

Egypt announced on Sunday the names of 23 state companies it will offer stakes in beginning this year, part of a plan to raise about 80 billion Egyptian pounds ($4.6 billion) through minority share offerings on the Cairo bourse. They included Banque Du Caire, one of the country’s largest banks, major oil companies Middle East Oil Refining (MIDOR) and Engineering for Petroleum and Process Industries (ENPPI), as well as Misr Insurance Company. The government had said that it intended to ...

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