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Pakistan economy set to record fastest growth in 13 years

Thursday, 26 April 2018

Pakistan’s economy is set to record its fastest growth since 2005 during the current fiscal year, authorities said on Thursday. But the projected 5.8 percent growth rate means the government will still miss its six percent target. “We would have achieved 6.1 percent without political turmoil,” Minister for Planning and Development Ahsan Iqbal said while launching the Pakistan Economic Survey 2017-2018. The country was rocked last July when Nawaz Sharif was ousted from the ...

Germany sees US imposing tariffs on EU from May 1

Thursday, 26 April 2018

Germany expects Washington to impose punitive tariffs on EU aluminium and steel imports from May 1, a government source said Thursday, hours before Chancellor Angela Merkel was to head for the United States.“From today’s perspective, we must assume that the tariffs will come on May 1,” when an exemption period ends, said a German government source on the eve of Washington talks between US President Donald Trump and Merkel.“And then we will see how we will handle it.&rdquo ...

Carrefour strikes deal to become biggest buyer in French retail

Wednesday, 25 April 2018

French retailer Carrefour has struck a five-year purchasing alliance with peer Systeme-U, stealing a march over rivals in a deal that will make Carrefour the biggest buyer in its competitive home market. The companies said on Wednesday they were in talks to jointly negotiate purchases with their main, multi-national food and non-food suppliers, in a partnership that is also intended to favor French agricultural producers. The deal is the latest alliance within the ...

Schools, water are priorities as Saudi launches privatization plan

Wednesday, 25 April 2018

School buildings and desalination facilities producing fresh water will feature in some of the first deals as Saudi Arabia transfers a quarter of its economy to private hands, an official overseeing the process said on Wednesday. Turki A. Al Hokail, chief executive of the National Centre for Privatization and Public-Private Partnerships, was speaking as the government formally launched a vast privatization program focusing on 10 sectors of the economy. Riyadh is working on new rules to attract ...

Saudi Arabia’s Lubna Olayan: IPO depends on market conditions

Wednesday, 25 April 2018

Saudi Arabian billionaire Lubna Olayan said on Wednesday that the timing for floating parts of her family’s business, one of the kingdom’s largest conglomerates, depends on market conditions and the economic situation. “We had four quarters of negative GDP growth which impacted many private businesses,” Olayan told a business conference in Riyadh. Reuters reported last year that the Olayan family was considering listing at least 30 percent of its Saudi business in a ...

Saudi economic council adopts Delivery Plan 2020 privatization program

Tuesday, 24 April 2018

Saudi Arabia’s Council of Economic Affairs and Development, chaired by Crown Prince Mohammed bin Salman approved Tuesday the implementation of a “Privatization Program”. The Privatization Program has been named Delivery Plan 2020 and is part of the wider Saudi Vision 2030 Realization Program. The program aims to build on the country’s national economy and improvement of services provided and made available to as many as possible. The program aims at increasing the ...

Number of tourists to Bahrain reaches 3.1 million during 2018 first quarter

Tuesday, 24 April 2018

Executive Director of Bahrain Tourism and Exhibition Authority Sheikh Khaled bin Hamoud Al Khalifa told Al Arabiya that the tourism sector in Bahrain is showing strong positive numbers echoed in the number of tourists which reached 3.1 million in the first quarter of this year; an increase of 11.4% compared to the same period last year.On the sidelines of the 2018 Arabian Travel exhibition taking place in Dubai, the head of the Bahrain Tourism and exhibition Authority told Al Arabiya that the ...

Thirsty to thriving? Parched Pakistani port aims to become a new Dubai

Tuesday, 24 April 2018

For over a decade, Pakistani officials have dreamed of transforming the small but strategically located fishing port of Gwadar into a duty-free port and free economic zone - Pakistan’s answer to Dubai.The aim is for Gwadar - located on the Arabian Sea near Iran and the mouth of the Gulf - to become a regional commercial, industrial and shipping hub, as part of the ambitious China Pakistan Economic Corridor (CPEC) project.The corridor is designed to give China a shorter, more secure trading ...

Careem hit by cyber-attack affecting 14 million users

Tuesday, 24 April 2018

Careem, a ride-hailing app and rival of Uber in the Middle East, said Monday it was the victim of a cyber-attack that compromised the data of its clients and employees. The company said in a message to customers that the attack was detected on January 14, at a time when the app had 14 million users in the Middle East, North Africa, Pakistan and Turkey, according to the economic news website Arabian Business. “We became aware that online criminals gained access to our computer systems which ...

Saudi King Salman to patronize Qiddiya Project on April 25

Monday, 23 April 2018

Saudi Arabia’s King Salman bin Abdulaziz Al Saud will patronize on Wednesday the much-anticipated Qiddiya Project which is the new entertainment, sports and cultural destination being built in the kingdom. The project will be built in al-Giddiya area, some 40 km west of Saudi Arabia’s capital Riyadh. The ceremony of laying the foundation stone will be attended by a host of local and international officials and a number of decision-makers, major investors and representatives of the ...

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