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☆ This Ramadan, queer and transgender Muslims made their own community
▼ + stars: | 2024-04-17 | by ( Shahamat Uddin | ) www.businessinsider.com time to read: +10 min

Queer and transgender Muslims came together to break their Ramadan fasts. But for queer and transgender Muslims, this practice of ummah, or the connectedness Muslims feel while exercising their faith together, has often made them feel excluded from traditional Ramadan celebrations. Courtesy of Dinean RobinsonThe iftar — which included prayers led by a queer Muslim community member named Shiffa, and joyful drag-queen performances — was just one of many ways queer and transgender Muslims fostered community this Ramadan. Dena Igusti celebrated this Ramadan with fellow queer Muslims, saying it helped them get back in touch with their faith. In New York City, queer Muslims joined in song and dance at the LGBT Community Center's iftar to celebrate their layered identities.

Persons: —, affirmations, I've, Armana Khan, Dinean Robinson, Khan, Islam, Reimagining, they'd, Kahani, Dinean Robinson Sophia Uppal, Uppal, wouldn't, Dena Igusti, Ramie Ahmed, Ramadan, Igusti, Imam Daayiee Abdullah, We're, MASGD, Shiffa, Center's iftar, Yaffa Organizations: Service, LGBT Community, The, New York, LGBT Community Center, BI, Mecca Institute, Muslim Alliance, Sexual, Diversity, Queer, Shia, LGBT Locations: New York, queerness, Queens , New York, New, Hajj, Mecca, Palestinian, New York City

☆ IMF's Georgieva Says She's Confident on Economic Outlook Despite Uncertainties
▼ + stars: | 2024-02-11 | by ( Feb. | At A.M. | ) www.usnews.com time to read: 1 min

DUBAI (Reuters) - The managing director of the International Monetary Fund (IMF), Kristalina Georgieva, said on Sunday she was confident about the economic outlook despite uncertainties because the global economy has remained resilient. In a speech at the World Governments Summit in Dubai, Georgieva said the IMF would publish a paper on Monday that shows phasing out explicit energy subsidies could save $336 billion in the Middle East, equivalent to the economies of Iraq and Libya combined. (Reporting by Maha El Dahan and Federico Maccioni; Writing by Rachna Uppal; Editing by William Mallard)War in Israel and Gaza View All 206 Images

Persons: Kristalina Georgieva, Georgieva, Maha El Dahan, Federico Maccioni, Rachna Uppal, William Mallard Organizations: Reuters, International Monetary Fund, World Governments Locations: DUBAI, Dubai, Iraq, Libya, Israel, Gaza

☆ UAE's Masdar to develop 150 MW solar project in Angola
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 2 (Reuters) - Abu Dhabi Future Energy Company, known as Masdar, is planning to develop a 150 megawatt solar power project in Angola to provide renewable energy to 90,000 homes and support economic growth, including jobs, the UAE state news agency WAM said on Saturday. Angola’s Ministry of Energy and Water and Masdar, the Gulf state's clean energy developer, signed a concession agreement to build and operate the ground-mounted solar power project in the Quipungo region of southern Angola, the statement said. The project is part of a wider commitment made by Masdar this year to develop 5 gigawatts (GW) of renewable energy projects across Angola, Uganda and Zambia. "Africa has what it takes to become the world’s renewable energy powerhouse," Sultan Al Jaber, COP28 president, said in the statement. Angola wants to increase its national electrification to around 60% by 2025; less than half of the population has access to electricity at present, the statement said.

Persons: WAM, Sultan Al Jaber, Rachna Uppal, Kevin Liffey Organizations: Abu Dhabi Future Energy Company, United, United Arab Emirates, Angola’s Ministry of Energy, Thomson Locations: DUBAI, Abu Dhabi, Angola, UAE, United Arab, Quipungo, Uganda, Zambia, Africa

☆ Leaked email shows the top executives leading VMware's edge unit after Broadcom's $69 billion acquisition
▼ + stars: | 2023-11-29 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +1 min

After Broadcom acquisition, VMware will operate with four divisions. A leaked email shows the top executives who will lead one of these divisions, Software-Defined Edge. Broadcom laid off VMware employees this week after closing the deal November 22. After Broadcom closed its $69 billion acquisition of VMware on November 22, it also did some reorganization. Tan also named other top executives who will report to Uppal and help lead the division, according to an email that was viewed by Business Insider.

Persons: Hock Tan, Sanjay Uppal, Tan Organizations: Broadcom, VMware, VMware Cloud Foundation, Business

☆ Leaked email: Broadcom CEO says the company is reviewing 'strategic alternatives' for two of VMware's businesses
▼ + stars: | 2023-11-29 | by ( Rosalie Chan | ) www.businessinsider.com time to read: +5 min

Broadcom CEO Hock Tan told employees he's reviewing strategic alternatives for two parts of VMware following the acquisition of the cloud software company. Most recently, VMware president Sumit Dhawan became CEO of cybersecurity company Proofpoint. I am very pleased to welcome VMware employees to Broadcom and bring together our engineering-first, innovation-centric teams. We will also continue to support VMware's End-User Computing, led by Shankar Iyer, VP and General Manager, and Carbon Black, led by Jason Rolleston, VP and General Manager, as we review strategic alternatives for these two businesses. As we move forward, we expect there will be growth opportunities for VMware employees within the larger combined company.

Persons: Hock Tan, Tan, CRN, Raghu Raghuram, Krish Prasad, Purnima Padmanabhan, Sanjay Uppal, Umesh Mahajan, Thoma, Sumit Dhawan, •, Shankar Iyer, Jason Rolleston, Mike Gannon, • Regan McGrath, Luigi Freguia, • Sylvain Cazard, Cynthia Loyd, Ricky Cooper, Joan Stone, Mark Nagle, • Bryan Prosek Organizations: Broadcom, VMware, Business, VMware Cloud Foundation, CA Technologies, Thoma Bravo, Symantec, Cyber Security Services, Accenture, HCL Technologies, Broadcom Employees, •, Security, Strategic, Corporate, Asia Pacific, Services

☆ Cruise testing continues in Japan, Dubai, even as vehicles parked in US
▼ + stars: | 2023-11-17 | by ( Greg Bensinger | Thomson Reuters | Greg Bensinger Joined Reuters As A Technology Correspondent In Focusing On The World'S Largest Technology Companies. He Was Previously A Member Of The New York Times Editorial Board | ) www.reuters.com time to read: +4 min

At issue is an Oct. 2 accident in which a Cruise vehicle dragged a pedestrian in San Francisco after striking her. As recently as October, it had hundreds of autos carrying passengers around San Francisco with no drivers and had announced aggressive expansion plans. In Dubai, Cruise vehicles have primarily been seen recently on a couple of islands on the outskirts of the main city. In Japan, Honda (7267.T) and Cruise have jointly been testing self-driving vehicles on public roads in the city of Utsunomiya - a regional hub of about 513,000 people - and the adjacent Haga town. Reporting by Greg Bensinger in San Francisco; Additional reporting by Daniel Leussink in Toyko and Rachna Uppal in Dubai Editing by Ben Klayman and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Elijah Nouvelage, General Motors, Cruise, ”, “, Bryant Walker Smith, Greg Bensinger, Daniel Leussink, Ben Klayman, Matthew Lewis Organizations: GM Bolt, REUTERS, FRANCISCO, General, Reuters, University of South, National, Traffic Safety Administration, California Department of Motor Vehicles, Cruise, Honda, Thomson Locations: San Francisco , California, U.S, Dubai, Japan, University of South Carolina, Arizona, San Francisco, California, Utsunomiya, Haga town, Toyko

☆ Crypto.com wins Dubai licence
▼ + stars: | 2023-11-14 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 14 (Reuters) - Virtual assets exchange Crypto.com's Dubai entity CRO DAX Middle East FZE has received a licence from the city state's regulator, subject to operational approval, the company said in a statement on Tuesday. Once approved, the Virtual Assets Service Provider (VASP) licence will allow Crypto.com to offer various services in-market to retail and institutional investors, including exchange services, broker-dealer services, investment services, and lending and borrowing services, the statement said. “Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation," Kris Marszalek, CEO of Crypto.com said. With more than 80 million customers globally, Crypto.com announced Dubai as its regional hub for the Middle East and North Africa in March 2022, following a trend of other major industry players gravitating towards the Gulf city state. Reporting by Rachna Uppal; Editing by Michael PerryOur Standards: The Thomson Reuters Trust Principles.

Persons: DAX, Kris Marszalek, Crypto.com, Rachna Uppal, Michael Perry Organizations: Virtual Assets Service, Assets Regulatory Authority, Dubai International Financial, Crypto.com, Thomson Locations: DUBAI, Dubai, VARA, East, North Africa, Gulf

☆ New orders lift Saudi non-oil business activity growth to four-month high
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

New business expanded faster with the new orders subindex surging to 66.1 in October, also a four-month high, from 64.2 the previous month. The growth in output and new business was spread across most sectors, including manufacturing and construction, the survey showed. Growth in output remained high although the subindex eased to 60.1, weaker than the long run trend. The employment subindex rose to a nine-year high of 54.5 in October from 52.0 in September. The government estimates non-oil economic growth in 2023 of around 6%, significantly outperforming overall GDP growth.

Persons: Naif Al, Ghaith, Prince Mohammed bin Salman, Rachna Uppal, Hugh Lawson Organizations: Bank Saudi, Riyad Bank, Thomson Locations: DUBAI, Saudi Arabia, Bank Saudi Arabia, Saudi

Saudi Minister of Finance Mohammed al-Jadaan gestures during an interview with Reuters at the Ministry of Finance in Riyadh, Saudi Arabia, December 12, 2021. REUTERS/Ahmed Yosri/File Photo Acquire Licensing RightsRIYADH, Oct 25 (Reuters) - Saudi Arabia will implement its January 2024 deadline requiring international firms that wish to secure government contracts in the kingdom to locate their regional headquarters to Riyadh, the finance minister said on Wednesday. "The deadline is not new, and yes it will be implemented," Mohammed Al Jadaan told Reuters when asked whether the January deadline remained on track. Foreign firms have for years used neighbouring United Arab Emirates as a springboard for their regional operations, including for Saudi Arabia. While the government has given cash injections to the PIF in the past, Jadaan said cash transfers were "very limited" and were disbursed from surplus.

Persons: Mohammed, Ahmed Yosri, Jan, Mohammed Al Jadaan, Jadaan, Pesha Magid, Angus MacSwan, Josie Kao Organizations: Reuters, Ministry of Finance, REUTERS, Rights, United, Future Investment Initiative, Public Investment Fund, Saudi, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, United Arab Emirates, Brazil, Russia, India, China, South Africa

A Saudi man's reflection is seen in mirror glass at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. Geopolitical tensions heightened by the Middle East conflict pose the biggest threat to the world economy, World Bank President Ajay Banga said. The conflict could upset the stability of the Middle East just as regional powerhouse Saudi Arabia pours hundreds of billions of dollars into a vast economic transformation plan. Saudi Arabia is putting U.S.-backed plans to normalise ties with Israel on ice, two sources familiar with Riyadh's thinking said, signalling a rapid rethinking of its foreign policy priorities as war rages between Israel and Hamas. The last year has seen Saudi Arabia spend billions on companies, from sports to gaming to aviation.

Persons: Ahmed Yosri, Ajay Banga, Banga, Laurence Fink, Fink, Goldman Sachs, David Solomon, JPMorgan's, Jamie Dimon, Jane Fraser, Ray Dalio, Dalio, Noel Quinn, Bill Winters, Barack Obama, Yasser al, Salomon, Hess, Stephen Schwarzman, Schwarzman, Prince Mohammed bin Salman, Joe Biden's, Richard Attias, Rosario, Amanda Cooper, Alun John, Michael Georgy, Anousha, John O'Donnell, Susan Fenton Organizations: Future Investment Initiative, REUTERS, Rights, Saudi Arabia's, Hamas, BlackRock, Bridgewater Associates, HSBC, Former U.S, U.S, Saudi Telecom Corp, Telefonica, Investment Fund, Chevron, Blackstone Group, Investment Initiative, Saudi, FII, Reuters, Jorgelina, Thomson Locations: Saudi, Riyadh, Saudi Arabia, Rights RIYADH, Israel, Davos, Swiss, Gaza, Europe, Asia, London

☆ UAE and South Korea complete talks for bilateral trade deal
▼ + stars: | 2023-10-14 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

Trade and investment ties between the Gulf state and South Korea have been steadily advancing; in the first half of 2023, bilateral non-oil trade reached $3 billion, similar to the same period last year, but up 21% over 2021, a statement said. South Korea was one of the first countries with which the Gulf state launched talks for a CEPA in 2021. Three months later however, the Asian state revived dormant Free Trade Agreement (FTA) talks with the six-member Gulf Cooperation Council bloc, of which the UAE is a member. "We resumed talks with Korea earlier this year as we were both keen to conclude a deal and advance our respective economic agendas," Thani Al Zeyoudi, UAE minister of foreign trade, told Reuters, adding the GCC FTA talks remained ongoing. It has said it does not mix politics with trade, when asked whether the Israel-Gaza conflict would have an impact on the Gulf state's trade deal with Israel.

Persons: Yeo Han, koo, Zeyoudi, Rachna Uppal, Sharon Singleton Organizations: South Korean Trade, United Arab Emirates Minister, State for Foreign Trade, United Arab, . Trade, Korea Electric Power Corporation, Gulf Cooperation Council, Reuters, Israel, Thomson Locations: State for Foreign Trade Thani, Dubai, United Arab Emirates, DUBAI, South Korea, Gulf, Abu Dhabi, Korea, UAE, Thani, Zeyoudi, Israel, Turkey, India, Indonesia, Gaza

☆ UAE, after Israel-Gaza conflict, says it does not mix trade with politics
▼ + stars: | 2023-10-10 | by ( Rachna Uppal | ) www.reuters.com time to read: +1 min

DUBAI, Oct 10 (Reuters) - The United Arab Emirates does not mix trade with politics, the country's trade minister said on Tuesday when asked whether the conflict between Israel and Hamas would impact economic agreements. "We don't mix the economy and trade with politics," Thani al Zeyoudi told reporters in Dubai. In March, a Comprehensive Economic Partnership Agreement (CEPA) between the two countries came into effect, Israel’s first free trade agreement with an Arab state. The UAE was the first Gulf country to normalise relations with Israel in 2020, breaking with decades of Arab policy toward the Palestinian cause. The UAE has described the attacks carried out by the Palestinian Islamist faction Hamas against Israel as a "serious and grave escalation".

Persons: Zeyoudi, Israel’s, Rachna Uppal, Maha El, Alison Williams, Christina Fincher Organizations: United, Thomson Locations: DUBAI, United Arab Emirates, Israel, Thani, Dubai, UAE, Georgia, Palestinian

☆ Adaptation Must Be 'Front and Centre' of Climate Agenda, UAE's COP28 President-Designate Says
▼ + stars: | 2023-10-08 | by ( Oct. | At A.M. | ) www.usnews.com time to read: 1 min

RIYADH (Reuters) - The president designate of COP28, to be held in the United Arab Emirates later this year, Sultan Al Jaber, said on Sunday that adaptation must be "front and centre" of the climate agenda. “We live in a region of extreme heat, water scarcity and food insecurity. We are also suffering harsh climate impacts, from droughts to the devastating floods of Derna," Jaber said, speaking at the MENA Climate Week in the Saudi capital Riyadh“To deliver for our region we must put adaptation front and center of the climate agenda.”Jaber also said that donors must double adaptation finance and replenish the green climate fund. (Reporting by Maha El Dahan and Aziz El Yaakoubi; Writing by Rachna Uppal; Editing by Toby Chopra)

Persons: Sultan Al Jaber, Jaber, ” Jaber, Maha El Dahan, Aziz El Yaakoubi, Rachna Uppal, Toby Chopra Organizations: Reuters, United Arab Locations: RIYADH, United Arab Emirates, Derna, MENA, Saudi, Riyadh

☆ First hydrogen train in Middle East to begin trials next week, Saudi energy minister says
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: 1 min

Companies First Hydrogen Corp FollowRIYADH, Oct 8 (Reuters) - Saudi Arabia's Minister for Energy Prince Abdulaziz bin Salman said on Sunday that the first hydrogen train in the Middle East will begin trials next week. "It will be on trial for next week, hopefully for the next few months.. We will have the first hydrogen train in the Middle East," the minister said, speaking at the UN MENA Climate Week in Riyadh. The minister also said that Saudi Arabia will be launching a "credible, transparent and adaptable domestic market mechanism" on Monday, without elaborating. Reporting by Aziz El Yaakoubi; Writing by Rachna Uppal; Editing by Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

Persons: Energy Prince Abdulaziz bin Salman, Aziz El Yaakoubi, Rachna Uppal, Toby Chopra Organizations: First Hydrogen Corp, Saudi Arabia's Minister, Energy, Thomson Locations: RIYADH, UN, Riyadh, Saudi Arabia

☆ Adaptation must be "front and centre" of climate agenda, UAE's COP28 president-designate says
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ueslei Marcelino/File Photo Acquire Licensing RightsRIYADH, Oct 8 (Reuters) - The president designate of COP28, to be held in the United Arab Emirates later this year, Sultan Al Jaber, said on Sunday that adaptation must be "front and centre" of the climate agenda. Adaptation means investing in ways to adapt to climate change like early warning systems, food systems and crop yields. The COP28 summit is scheduled to take place in Dubai between Nov. 30 and Dec. 12. Jaber was a controversial pick to lead the summit because his country is an OPEC member and a major oil exporter. He has argued for a more inclusive COP that brings the oil and gas industry into the climate debate.

Persons: Sultan Ahmed Al Jaber, Luiz Inacio Lula da Silva, Ueslei Marcelino, Sultan Al Jaber, Jaber, ” Jaber, Maha El Dahan, Aziz El Yaakoubi, Rachna Uppal, Toby Chopra Organizations: UAE Industry, Amazon, REUTERS, Rights, United Arab, Thomson Locations: Hangar, Belem , Para State, Brazil, Rights RIYADH, United Arab Emirates, Derna, MENA, Saudi, Riyadh, Dubai, OPEC

☆ Tesla, Saudi Arabia in early talks for EV factory - WSJ
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 min

The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. One of the proposals the kingdom is considering involves extending financing to commodities trader Trafigura for a flailing Congo cobalt and copper project, which could help provide a Tesla factory with supplies, the WSJ report said. Tesla did not immediately respond to Reuters requests for comment, while Saudi Arabia's sovereign fund, the Public Investment Fund, declined to comment. Musk said in May Tesla would probably pick a location for a new factory by the end of 2023. Tesla has a goal to sell 20 million vehicles a year by 2030, up from around 1.3 million in 2022.

Persons: Matthew Childs, Tayyip Erdogan, Tesla, Elon Musk, Benjamin Netanyahu, Musk, Samrhitha Arunasalam, Arpan Varghese, Arun Koyyur Organizations: REUTERS, U.S, Tesla, Wall Street, Democratic, Lucid, Public Investment Fund, Thomson Locations: London, Britain, Saudi Arabia, Turkey, California, Democratic Republic of Congo, Congo, Saudi, Mexico, Nuevo Leon, Bengaluru, Rachna, Dubai

☆ UAE's total revenue rose 32% in 2022
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Sept 18 (Reuters) - The United Arab Emirates (UAE) saw revenue increase 31.8% in revenue in 2022, its finance minister said on Sunday, supporting an overall fiscal surplus last year. One of the Gulf's most diversified economies, the UAE has been developing its non-oil sectors, focusing on areas such as trade, tourism, manufacturing and logistics and financial services. It gave no figure for the full-year fiscal surplus but in May the central bank said the surplus hit $46 billion in the first nine months of 2022, supported by strong oil and non-oil revenue growth as well as high oil prices. Growth in acquisitions of non-financial assets doubled, up 94.5% in 2022 on the year. ($1=3.6726 UAE dirham)Reporting by Rachna Uppal; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

Persons: WAM, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Rachna Uppal, Clarence Fernandez Organizations: United Arab Emirates, Thomson Locations: DUBAI, UAE

FILE PHOTO: An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Riyadh says it aims to stabilise the oil market by extending a voluntary oil output cut of 1 million barrels per day until the end of 2023. Declining oil production and revenue this year could see Saudi Arabia's economy shrink for the first time since 2020 at the height of the COVID-19 pandemic, although a hefty dividend from state oil producer Saudi Aramco (2222.SE) should provide a cushion for public finances. Last year the Saudi economy grew 8.7% and generated a fiscal surplus of 2.5% of GDP, its first surplus in nine years as oil soared to highs near $124. "Certainly, we see no signs that the Public Investment Fund's acquisition streak is cooling," RBC Capital Markets said in a note.

Persons: Ahmed Jadallah, Justin Alexander, Monica Malik, Alexander, James Swanston, PIF, Neil Quilliam, Quilliam, Rachna Uppal, Yousef Saba, Ahmad Ghaddar, Susan Fenton Organizations: REUTERS, Saudi Aramco, OPEC's, Khalij Economics, Abu, Abu Dhabi Commercial Bank, PMI, GlobalSource Partners, Capital Economics, International Monetary Fund, IMF, Public Investment Fund, Saudi, Public Investment, RBC Capital Markets, Reuters, Chatham House, Aramco, Riyadh bourse, Thomson Locations: Aramco, Saudi, Saudi Arabia, DUBAI, Riyadh, Ukraine, Abu Dhabi, Saudi Aramco, London, PIF

A view shows the construction of the King Abdullah Financial District, north of Riyadh, Saudi Arabia April 11, 2016. REUTERS/Faisal Al Nasser/File Photo Acquire Licensing RightsDUBAI, Sept 6 (Reuters) - The International Monetary Fund (IMF) expects GDP growth in Saudi Arabia to slow further from the currently forecast 1.9% to reflect the latest extension of oil production cuts, an IMF official said, even as non-oil growth is seen remaining strong. But cuts to production this year and lower prices have hit oil revenues and will weigh on growth. The IMF forecasts non-oil GDP growth at 4.9% this year. The IMF said the outlook for Saudi Arabia was positive and that risks remained balanced.

Persons: King, Faisal Al Nasser, Mati, Prince Mohammed bin Salman, Rachna Uppal, Yousef Saba, Andrew Cawthorne, Andrea Ricci, Nick Macfie Organizations: King Abdullah Financial District, REUTERS, Rights, Monetary Fund, Reuters, Saudi, IMF, Government, Thomson Locations: Riyadh, Saudi Arabia, Rights DUBAI, Saudi, Aramco, Russia

☆ Kuwait appoints Fahd Al-Jarallah as finance minister
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +1 min

CAIRO, Sept 3 (Reuters) - Kuwait on Sunday appointed Fahd Abdulaziz Al-Jarallah as finance minister, the state news agency said, following the resignation of his predecessor in July. Jarallah takes over from Manaf Abdulaziz Al Hajri who was in the role only since April this year. Oil Minister Saad Al Barrak had been acting finance minister after he resigned. Appointed as assistant undersecretary at the Ministry of Finance in August, Jarallah is a businessman who has served on the boards of the Commercial Bank of Kuwait and Noor Financial Investment Company. Among key reforms which have faced delays is a public debt law which would allow Kuwait to borrow from international markets, but which has faced opposition from members of parliament.

Persons: Fahd Abdulaziz Al, Jarallah, Abdulaziz Al Hajri, Saad Al Barrak, Muhammad Al Gebaly, Omar Abdel, Ahmed Hagagy, Rachna Uppal, Hugh Lawson, Angus MacSwan Organizations: Sunday, Oil, Ministry of Finance, Commercial Bank of Kuwait, Noor Financial Investment Company, Growth, International Monetary Fund, Thomson Locations: CAIRO, Kuwait

☆ Saudi's SABIC to sell steel unit Hadeed to PIF for $3.3 billion
▼ + stars: | 2023-09-03 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Sept 3 (Reuters) - Saudi Basic Industries Corp (2010.SE) said on Sunday it had agreed to sell subsidiary Saudi Iron and Steel Company (Hadeed) to the Public Investment Fund (PIF) for an enterprise value of 12.5 billion riyals ($3.33 billion). SABIC, one of the world's biggest petrochemical companies, reported a massive slump in its second-quarter net profit on lower average sales prices and weaker demand. The fair valuation of Hadeed's net assets is expected to result in a non-cash loss of between 2 to 2.5 billion riyals in Q3 earnings, SABIC said. Separately on Sunday, it was announced the PIF had sold its 10.9% stake in National Gas and Industrialization Company through a private share sale for 491.2 million riyals ($130.96 million). ($1 = 3.7508 riyals)Reporting by Rachna Uppal; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: SABIC, Hadeed, Rachna, David Evans Organizations: Saudi Basic Industries Corp, Saudi Iron and Steel Company, Public Investment Fund, National Gas and Industrialization Company, Jadwa Investment, Thomson Locations: DUBAI, Saudi

☆ Saudi Arabia's Ma'aden to acquire 10% of Brazil base metals firm - statement
▼ + stars: | 2023-07-30 | by ( ) www.reuters.com time to read: +1 min

DUBAI, July 30 (Reuters) - Saudi Arabian Mining Company (1211.SE), known as Ma'aden, has agreed to acquire a 10% stake in Brazil's base metals company Vale, it said in a bourse statement on Sunday, as part of a strategy to invest in global mining assets. Ma'aden, through Manara, its joint venture established with the Public Investment Fund, on Thursday signed a binding agreement to acquire the 10% stake in Vale Base Metals, based on an enterprise value of $26 billion. "Manara’s investment into Vale will play a key role in helping it expand the production of copper and nickel across its asset portfolio, which are critical to the development of new technologies that will benefit the global energy transition," the company statement said. The transaction, which will be financed by Ma'aden's own resources, is subject to regulatory approvals and expected to be completed in the first quarter of 2024. Reporting by Rachna Uppal; Editing by Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

Persons: Rachna Uppal, Angus MacSwan Organizations: Saudi Arabian Mining Company, Public Investment Fund, Vale Base Metals, Vale, Thomson Locations: DUBAI, Saudi, Manara

☆ Turkey's Erdogan ends Gulf tour with Abu Dhabi visit
▼ + stars: | 2023-07-19 | by ( Rachna Uppal | ) www.reuters.com time to read: +2 min

Abu Dhabi is Erdogan's last stop in a Gulf tour that included the Saudi Red Sea city of Jeddah and Doha. Reaping the benefits of his diplomatic efforts, Saudi Arabia agreed on Tuesday to buy Turkish drones in the biggest defence contract in Turkey's history. Turkey also sent troops to Doha when Saudi Arabia and the UAE imposed a blockade on Qatar in 2017. Abu Dhabi agreed last year to a $5-billion swap deal in local currencies with Ankara to help its struggling lira. Reporting by Rachna Uppal in Abu Dhabi and Yousef Saba in Dubai, writing by Aziz El Yaakoubi; Editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Tayyip Erdogan, Abu Dhabi, Cevdet Yilmaz, Mehmet Simsek, Sheikh Mohammed bin Zayed, Rachna Uppal, Yousef Saba, Aziz El Yaakoubi, Bernadette Baum Organizations: United Arab Emirates, Turkish, Thomson Locations: ABU DHABI, Abu Dhabi, Saudi Red Sea, Jeddah, Doha, Saudi Arabia, Riyadh, Turkey, UAE, Qatar, Ankara, Nahyan, Gulf, Dubai

☆ Japan and UAE agree innovation, climate change cooperation
▼ + stars: | 2023-07-17 | by ( Rachna Uppal | ) www.reuters.com time to read: +4 min

State news agency WAM also said the two leaders discussed a comprehensive strategic partnership between the UAE and Japan. Japan is actively developing greener and renewable energy technologies and aims to be carbon neutral by 2050. Kishida will also try to promote Japanese know-how as energy-producing countries have pledged to achieve a net zero transition, especially ahead of the COP28 climate summit to be held in Dubai in November. The GCC is a six-nation regional union that comprises Saudi Arabia, UAE, Qatar, Kuwait, Oman and Bahrain. "The secure energy supply from the UAE has supported Japan's economic growth for many years," Kishida wrote in a piece published by UAE state news agency WAM on Sunday.

Persons: Mohamed bin Zayed Al Nahyan, Kishida, Ryan Carter, Fumio Kishida's, Sheikh Mohammed bin Zayed Al Nahyan, WAM, Saudi Crown Prince Mohammed bin Salman, Hikariko Ono, Rachna Uppal, Sakura Murakami, Andrew Mills, Aziz El Yaakoubi, Conor Humphries, David Evans, Alex Richardson, Jacqueline Wong Organizations: United Arab Emirates, United, UAE, United Arab, Japan, Qatar, Saudi Crown, Cooperation Council, GCC, Abu Dhabi National Oil Company, Thomson Locations: Japan, Qasr Al Watan, Abu Dhabi, United Arab, ABU DHABI, United Arab Emirates, UAE, State, Dubai, Saudi Arabia, Riyadh, Tokyo, Saudi, Qatar, Kuwait, Oman, Bahrain

☆ Saudi National Bank was denied taking 40% Credit Suisse stake, Blick reports
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

VIENNA, July 9 (Reuters) - Saudi National Bank wanted to increase its stake in Credit Suisse to around 40% from 9.88%, but was prevented from doing so by Swiss regulator FINMA, Blick newspaper reported on Sunday. FINMA must give its approval for a foreign investor to take a stake of more than 10% in a major Swiss bank. Credit Suisse declined to comment. FINMA and Saudi National Bank (1180.SE) were not immediately available for comment. The deal converted Saudi National Bank's stake in Credit Suisse into just 0.5% of UBS.

Persons: FINMA, Blick, Francois Murphy, Rachna Uppal, Alexander Smith Organizations: Saudi National Bank, Credit, UBS, Credit Suisse, Swiss, Saudi National, Thomson Locations: VIENNA, Credit Suisse, Swiss, Saudi, Dubai

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