Archive - Al Arabiya English

Will Qatar’s billions save the Turkish lira from collapsing?

Thursday, 16 August 2018

Despite the strengthening of the Turkish lira recently, on the heels of the government and central bank measures, experts still consider that this rebound is temporary and the currency will drop to seven or eight lira against one US dollar. Some of these experts are referring to the Qatari direct support extended by Emir Sheikh Tamim bin Hamad al-Thani when he visited Turkey on Wednesday, meeting with Turkish President Recep Tayyip Erdoğan, and pledging to inject 15 billion dollars in direct ...

Saudi-American joint venture to produce energy at SAR 30 billion in Jazan

Thursday, 16 August 2018

Saudi Aramco, Air Products and ACWA Power signed an agreement outlining terms for setting up a gasification/power joint venture in Saudi Arabia with assets bought from the state energy giant. “The JV will purchase the gasification assets, power block and the associated utilities from Saudi Aramco for approximately eight billion dollars,” they said a statement. According to the term sheet, US-based Air Products will own at least 55 percent of the joint venture, to be set up in Jazan ...

DP World announces revenue growth in first half of 2018 financial results

Thursday, 16 August 2018

Dubai-based international port operator DP World has announced its financial results for the first half of 2018 on Thursday with reported revenue growing by 14.4% to $2.6 billion. The company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 7.9% to $1.3 billion and it reached a profit of $593 million, which is an increase by 5.2% on a like-for-like basis. DP World acquired three more assets in complimentary sectors. It also won a 20 year ...

Dubai regulator probes Abraaj Capital, stops it from taking on new work

Thursday, 16 August 2018

Dubai’s financial services regulator has stopped Abraaj Capital from taking on new business or moving money to Abraaj Investment Management (AIML), its related entity, as part of an investigation into the group. “Given the onset of financial difficulties of the wider Abraaj Group, the DFSA has been closely monitoring the activities of its regulated entity ACL,” Dubai Financial Services Authority said in a statement on Thursday. It is the first time that DFSA has said publicly ...

White House condemns Turkey’s tariffs on US imports

Wednesday, 15 August 2018

The White House on Wednesday condemned Turkey’s doubling of tariffs on US imports in response to Washington's moves on imports of Turkish goods. Tensions between the two NATO allies have been strained amid Turkey’s detention of an American pastor and other diplomatic actions. The United States doubled tariffs on Turkish steel and aluminum last week, which contributed to a tumble in the Turkish lira. US vice president Pence said Turkey would do well not to test Trump’s resolve ...

With lira plunge, Iraq puts Turkey bank acquisition plans on hold

Wednesday, 15 August 2018

Trade Bank of Iraq (TBI) has put on hold plans to buy a commercial bank in Turkey because of the plunge in the Turkish lira, its chairman told Reuters in an interview. The bank, owned by the Iraqi government and with assets of around $20 billion, is responsible for helping finance around 80 percent of the trade finance business in Iraq. It is keen to expand its footprint in Turkey, Iraq's largest trading partner, Faisal al-Haimus said. Turkey's currency has lost more than 40 percent against the ...

Spike in Canada’s cheap steel imports following US tariffs

Wednesday, 15 August 2018

Canada’s finance minister warned Tuesday that US tariffs on steel have led to a spike in imports of cheap foreign steel that threaten the local industry.“We’ve seen increases in imports,” Minister Bill Morneau told reporters.“We’re concerned with, as a matter of fact of tariffs that have been imposed in the United States, that there will be producers in other parts of the world that will divert their steel to Canada, causing harm to Canadian producers,” ...

UAE court to issue judgment against Abraaj founder on Aug 26

Tuesday, 14 August 2018

A United Arab Emirates court will issue a judgment on August 26 against the founder of private equity firm Abraaj, Arif Naqvi, and another executive for issuing a cheque without sufficient funds, a lawyer involved in the case said on Tuesday. This comes as Dubai-based Abraaj's provisional liquidators seek to sell its investment management business. The criminal case in the emirate of Sharjah relates to a cheque for Dh798 million ($217.3 million), signed by Naqvi and a fellow executive and ...

World equities slip following Turkey currency woes

Monday, 13 August 2018

Turkey’s worsening currency crisis sent world equities lower and emerging market currencies under selling pressure on Monday, while gains in large US technology companies kept benchmark indexes slightly higher. German bond prices, meanwhile, were boosted by investors seeking stable assets. The MSCI world equity index, which tracks shares in 47 countries, was down 0.3 percent and 1.3 percent since Friday’s open as the Turkish lira plunged to a record low, forcing the country’s ...

Turkey’s central bank pledges financial stability after lira collapse

Monday, 13 August 2018

Turkey's central bank on Monday announced it was ready to take "all necessary measures" to ensure financial stability after the collapse of the lira, promising to provide banks with liquidity. "The central bank will closely monitor the market depth and price formations, and take all necessary measures to maintain financial stability, if deemed necessary," the bank said in a statement, vowing to provide "all the liquidity the banks need". The statement came after the ...