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Qatar-British deal on Typhoon jets may not happen

Tuesday, 18 September 2018

A deal between BAE systems and Qatar to purchase 24 Typhoon jets may never see the light of day as time is running out, according to British daily The Telegraph. The report on the newspaper added that Gavin Williamson, the Defense Secretary, and his Qatari counterpart ­unveiled the £5bn contract for 24 of the jets, together with a package of support and training, in December. But the final terms are yet to be confirmed and the sale has already been pushed back once. Qatar may force BAE ...

King Fahd Industrial Port breaks new record

Tuesday, 18 September 2018

The King Fahad Industrial Port in Yanbu has broken a new record after it managed to receive 16 ships that have docked into the port at the same time, in addition to 10 other vessels awaiting entry. The new record of the number of ships parked at the port is considered a positive indicator affirming the port’s capacity and its operational efficiency to receive the largest number of vessels, according to the Saudi Press Agency. It said the port’s administration was keen on maintaining ...

Here are Qatar Airways’ losses in figures: $69 million in 12 months

Tuesday, 18 September 2018

Qatar Airways has posted a loss of $69 mln (QAR 252 mln) due to the aftermath Doha’s ongoing crisis with neighboring Arab countries since June 2017. Qatar Airways attributed these losses to the regional political crisis, confirming that its failure to register expected earnings represents the losses for the fiscal year ending March 2018, according to financial statements published by the company on Tuesday. The company acknowledged it had suffered its worst year on record after being ...

Bill Gates: to fight poverty, world should invest in Africa’s youth

Tuesday, 18 September 2018

The world should help Africa invest in its people as the continent confronts a demographic boom, said billionaire philanthropist Bill Gates, whose foundation released its annual report on Tuesday.Gates put forward a “simple idea” that investing in the health and education of Africa’s younger generation would help tackle poverty.The Bill and Melinda Gates Foundation released its annual “Goalkeepers” report measuring progress towards achieving UN poverty-reducing ...

Trade war intensifies as US imposes tariffs on $200bn more of Chinese goods

Tuesday, 18 September 2018

The Trump administration will impose tariffs on $200 billion more in Chinese goods starting next week, escalating a trade war between the world's two biggest economies and potentially raising prices on goods ranging from handbags to bicycle tires.The tariffs will start at 10 percent, beginning Monday of next week, and then rise to 25 percent on Jan. 1.President Donald Trump made the announcement Monday in a move that is sure to ratchet up hostilities between Washington and Beijing. Trump has ...

Report: Abu Dhabi to sell over 25 percent of Spain’s Cepsa

Monday, 17 September 2018

Abu Dhabi’s state investor plans to float at least 25 percent of Spain’s Cepsa by the end of 2018, the energy company announced Monday, in what would be the largest listing in a decade on the Madrid stock exchange.Cepsa, which operates across the entire oil and gas value chain, did not say how much the deal would be worth, but market sources said the listing could value the firm at around 10 billion euros ($11.6 billion). Spanish business daily Expansion said the listing, which is ...

A Saad affair: The case of Maan Sanea and Saudi’s biggest bankruptcy

Monday, 17 September 2018

The case of Maan al-Sanea and Ahmed al-Qusaibi remains the largest bankruptcy in the history of Saudi Arabia. The following report sheds light on the most prominent events of the case of Maan al-Sanea, which is approaching its tenth year.A voiced report by Al Arabiya's Shadaan Hammam.

Saudi Arabia’s Red Sea Development Co announces creation of global advisory board

Monday, 17 September 2018

The Red Sea Development Company, owned by Saudi Arabia’s Public Investment Fund, has announced the formation of its “global advisory board” made of 12 international experts in business, tourism, sustainability and environment.The advisory board will help set the agenda and plan for Saudi Arabia’s Red Sea Project, a vast tourist development aimed at opening the economy, off the kingdom’s western coast.The Red Sea Project is part of an ambitious plan to create an ...

UAE announces $536 million increase on this year’s budget

Monday, 17 September 2018

UAE President Sheikh Khalifa bin Zayed Al Nahyan announced on Sunday a 1.97 billion dirham ($536 million) budget increase for the current fiscal year, according to Emirati news agency WAM. The decree-law states that the estimated budget for the financial year 2018 shall be increased by 1.96 billion dirhams, which will be financed directly from the general reserve of the state, as posted on the Federal Gazette of the country. The increased budget will be distributed to the Minister of ...

Elon Musk says Tesla now in ‘delivery logistics hell’

Monday, 17 September 2018

Tesla Inc's Chief Executive Officer Elon Musk on Sunday acknowledged that the electric carmaker's problems have now shifted to delivery logistics from production delays, the latest speed bump in its efforts to achieve profitability."Sorry, we've gone from production hell to delivery logistics hell, but this problem is far more tractable. We're making rapid progress. Should be solved shortly," Musk said in a tweet here in response to a customer complaint on delivery delay.The ...

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