Middle East Business News Review – 5 June

Spread the love

business newspapers review

A look at today’s important financial news and business updates from the Middle East region:

Etihad secures 4% stake in Virgin Australia; Eyes further expansion

Abu Dhabi’s flagship carrier announced on Tuesday it has acquired a 4% stake in Virgin Australia Holdings in a stock market transaction, strengthening its stake in the Australian airline. Etihad said in a statement the stake was bought through market purchases in recent weeks without giving any details about the money involved and whether it has plans to expand its stake. Click here to read more…

Qatar Telecom doubles stake in Iraq’s 2nd biggest mobile network

Qtel said it has doubled its stake in Asiacell to 60% at a price of $1.47bn as part of its bid to capitalise on rising demand for mobile broadband in the country. The Qatari company said in an emailed statement it will initially raise the stake to 53.9% from 30%. It is also awaiting an approval from the Iraqi government and telecoms regulator, the statement added. Click here to read more…

Qatar among top spenders on environmental research, development

Qatar is one of the biggest countries in the world in terms of investment in environmental research and development, spending around 2.8% of GDP. The tiny gas-rich nation said it will be participating in the United Nations Conference on Sustainable Development, also known as Rio +20, and project its developments in this area. Click here to read more…

GCC Growth Confidence on Surge says FCI Survey

GCC business leaders are more confident of growth than their global peers and this is reflected in their rise in investment, according to the result of a survey conducted by Full Circle Investments (FCI), an independent and dynamic strategy consulting and corporate finance advisory firm based in Dubai. Click here to read more…

Turkey making steep Iran oil import cuts to avoid Western sanctions

Reports coming from Turkey suggest it has steeply cut oil imports from Iran in May and June in order to avoid US sanctions. The Anatolian nation’s official trade data showed stubbornly high imports in April. Analysts believe Ankara’s decision to reduce imports from its eastern neighbour will add pressure on Tehran which is seeking new markets to sell oil as US-led sanctions bite its hydrocarbon industry. Click here to read more…

Dubai JAFZA to raise $1.85 bln for redemption – source

Dubai’s Jebel Ali Free Zone (JAFZA) plans to raise $1.85 billion towards the redemption of its $2-billion Islamic bond this year by issuing another sukuk and obtaining an Islamic financing facility, a source familiar with the plan said on Tuesday. The source, who declined to be named ahead of any official announcement, said JAFZA aimed to raise $650 million from the new sukuk and $1.2 billion from the Islamic facility. Click here to read more. (Source – Reuters via Maktoob Yahoo!)

Metito to invest $133m in Saudi water ops

Metito, the water management solutions provider, said on Tuesday it plans to invest SR500m ($133m) in Saudi Arabia over the next three years. The company held a press conference to formally relaunch its operations in the Gulf kingdom, a market it first entered in the late 1960s. Metito Saudi’s project portfolio now holds projects worth in excess of SR60m, it said in a statement. Click here to read more. (Source – ArabianBusiness.com)

Oil prices pose a threat despite drop: IEA chief

The head of the International Energy Agency warned Tuesday the recent moderation in world oil prices remained fragile and that high prices still poised a threat to world economies. Brent oil prices sank under $100 a barrel on Friday for the first time in eight months, hit by weak Chinese data and eurozone debt worries, but the IEA’s executive director Maria van der Hoeven said it was too soon to celebrate. Click here to read more. (Source – AFP via Zawya.com)

Saudi Arabia among ME countries targeted by new ‘Flame’ cyber virus

Saudi Arabia has been named as one of a number of Middle Eastern countries that has been targeted by a newly discovered, highly sophisticated virus that has affected as many as 10 computer systems in the Kingdom, according to experts at Russian-based Internet security firm Kaspersky Labs. Click here to read more. (Source – Arab News via Zawya.com)

Standard Chartered sees more Middle East yuan debt

Standard Chartered, the UK’s second-biggest bank by market value, expects more companies in the Middle East to raise funds in yuan, a senior executive said. Emirates NBD sold 1 billion yuan (Dh578 million) of so-called dim sum bonds in March, the first sale of such securities in the Middle East, as the company sought to draw funds from China. Click here to read more. (Source – Bloomberg)

Facebook Comments