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He learned Saudi Arabia's largest telecoms operator, STC Group, aimed to be Telefonica's biggest shareholder, with an interest of 9.9%. The move is a vote of confidence in Telefonica, burdened by billions of dollars in debt while STC gains expertise to modernize Saudi telecoms infrastructure. As Telefonica's rivals slashed prices to attract internet users, the Spanish company also borrowed to invest in new mobile and internet networks. STC sought to keep the stake under wraps until it could buy at least 9.9% of Telefonica, the person said. Middle Eastern investors have been taking stakes in Spanish companies for some time.

Persons: Violeta Santos Moura, Jose Maria Alvarez, Pallete, Alvarez, Prince Mohammed bin Salman's, UGT, Morgan Stanley, Linklaters, Motaz Al Angari, Al Angari, pare, EFG Hermes, Inti Landauro, Tomas Cobos, Amy, Jo Crowley, Pablo Mayo, John O'Donnell, Anousha, Elisa Martinuzzi, David Gregorio Our Organizations: Spanish Telecom, REUTERS, Rights, Telefonica, STC Group, STC, Saudi Arabia's Public Investment Fund, Foresight, Saudi, United Arab, Vodafone, Thomson Locations: Madrid, Spain, Rights DUBAI, MADRID, Silicon Valley, Saudi, Riyadh, Telefonica, Saudi Arabia, Spanish, Latin America, theocracies, United Arab Emirates, Iberdrola, Davos, Gulf, London

☆ Oman's OQ Gas Networks plans Muscat's biggest IPO in almost two decades
▼ + stars: | 2023-09-04 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

OQGN is Oman's exclusive gas transportation system operator, supplying natural gas to the country's power plants, freezones, industrial clusters, LNG complexes and other customers. OQ, directly and indirectly through Oman Energy Trading Company Limited and Oman Oil Services Limited, is offering up to 49% of the shares, the document said. The company plans to pay a semi-annual dividend in cash to investors after the offering. A first dividend of 33 million rials for the first nine months of 2023 is estimated to be paid around January next year, and a second dividend of 11 million rials for the last three months of 2023 will be paid around April, 2024. Reuters first reported the IPO plans for the company last May.

Persons: OQGN, Talal Al Awfi, Al Awfi, Hadeel Al Sayegh, Louise Heavens, Sharon Singleton, Ed Osmond Organizations: OQ Gas Networks, Reuters, Oman Telecommunications, Oman Energy Trading Company Limited, Oman Oil Services, OQ, Abraj Energy Services, Oman Investment Authority, OQ's, Thomson Locations: DUBAI, Oman, Abu Dhabi, Saudi Arabia

Saudi Aramco logo and stock graph are seen through a magnifier displayed in this illustration taken September 4, 2022. Saudi Aramco did not immediately respond to a Reuters' request for comment. The company completed the world’s largest initial public offering in late 2019, raising $25.6 billion and later selling more shares to raise the total to $29.4 billion. Saudi Arabia had planned in addition to sell Aramco shares worth up to $50 billion last year, but decided market conditions were unfavourable, the Journal said. It reported a 38% decline in second quarter profit to 112.81 billion riyals from the year earlier period.

Persons: Dado Ruvic, Saudi Arabia’s Crown Prince Mohammed bin Salman, Prince Mohammed, Urvi, Louise Heavens, Barbara Lewis Organizations: Saudi Aramco, REUTERS, Wall Street, Aramco, Saudi, Saudi Arabia’s Crown, Public Investment Fund, Investment Initiative, Thomson Locations: Saudi, Riyadh bourse, Riyadh, Saudi Arabia, Bengaluru

GAZA, Aug 16 (Reuters) - With car tyres, rocks and mounds of sand as seats, Palestinians of all ages have been enjoying a rare trip to the movies at a big-screen event on the Gaza beachfront. Hosted by "The Sea is Ours" cafe, the screenings were designed to promote issues of culture and history approved by the conservative Islamist Hamas government. "We can get movies on mobile phones, but this is something new and is nice," said 15-year-old Hadeel Hejji. Ali Mhana, 35, the cafe owner and local playwright, said he had never been to a regular cinema. People are here all the time, including children, who get attracted by the sound and image and come to watch the movies," Mhana said.

Persons: Ferdinand, Mohammad Zidan, lolled, Hejji, Ali Mhana, Mhana, Nidal Almughrabi, Alison Williams Organizations: Thomson Locations: GAZA, Gaza

The kingdom's sovereign wealth fund reported an AUM of 1.98 trillion riyals for 2021. The PIF said it generated a total shareholders' return of 8% and established 25 companies in 2022, and locally deployed 120 billion riyals in that year in strategic sectors. The PIF said 23% of its AUM were international investments, while 68% were local investments and the remainder were treasury. PIF is the chosen vehicle of Crown Prince Mohammed bin Salman, the kingdom's de facto ruler, to drive an economic agenda aimed at cutting reliance on oil. The fund raised $5.5 billion in February from a green bond sale, following its inaugural green bond that raised $3 billion in October.

Persons: Yasir Othman Al, Mohammed Abdullah Al Jadaan, Ahmed Aqeel Al Khateeb, Ibrahim Abdulaziz Al, Prince Mohammed bin Salman, Majid Abdullah Al Qasabi, Khalid Abdulaziz Al Falih, PIF, Ahmed Elimam, Alex Richardson Organizations: Saudi Public Investment, Saudi Finance, Tourism, Investment, Read, Saudi, Public Investment Fund, Sunday, Aramco, Sanabil Investments, Thomson Locations: Saudi, DUBAI, London , New York, Hong Kong, Saudi Aramco

A panel displaying share prices is seen inside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen October 23, 2009. The Shenzhen Stock Exchange, one of the two major bourses in the Chinese mainland, is in negotiations with the Saudi Tadawul Group (1111.SE), operator of the Saudi Stock Exchange, for ETF Connect, as the programme is called, two of the sources said. The China Securities Regulatory Commission, the Shenzhen Stock Exchange and the Tadawul Group did not respond to Reuters' requests for comment. China has launched 'ETF Connect' projects in recent years with offshore stock exchanges in Hong Kong, Japan, South Korea, and Singapore. Reporting by Xie Yu and Selena Li in Hong Kong; Additional reporting by Hadeel Al Sayegh in Dubai; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bobby Yip, HONG KONG, HKEX, Jackie Choy, Xie Yu, Selena Li, Hadeel Al, Sumeet Chatterjee, Muralikumar Organizations: Shenzhen Stock Exchange, REUTERS, Saudi Tadawul Group, Saudi Stock Exchange, Connect, China's, China Securities Regulatory Commission, Tadawul, Singapore . Industry, Government Bond Index, Management, Saudi, Hong Kong Exchanges, Clearing, Tadawul Group, Hong Kong bourse, Morningstar Asia, Saudi Arabia's Ministry of Investment, Saudi Aramco, Thomson Locations: Shenzhen, HONG, China, Saudi, Beijing, Riyadh, Saudi Arabia, East Asia, Hong Kong, Japan, South Korea, Singapore, HK, Hong, Europe, East, Africa, Hadeel Al Sayegh, Dubai

☆ UAE oil giant raises climate goal ahead of key UN summit
▼ + stars: | 2023-07-31 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

The United Arab Emirates supplies nearly 3% of global oil, which is a major source of greenhouse gases. ADNOC said its upstream carbon intensity was around 7 kilograms of carbon dioxide equivalent per barrel of oil equivalent, which is among the lowest in the world. On Monday, it said it aimed to cut carbon intensity by 25% by 2030. Intensity-based targets measure the amount of GHG emissions per unit of energy or barrel of oil and gas produced. It said on Monday its 2022 methane intensity was about 0.07% and its upstream carbon intensity was around 7 kilograms of carbon dioxide equivalent per barrel of oil equivalent, its first such disclosures.

Persons: Sultan, Jaber, ADNOC, Yousef Saba, Hadeel Al Sayegh, Ron Bousso, Nadine Awadalla, Louise Heavens, Alexander Smith Organizations: Abu Dhabi National Oil Company, United Arab Emirates, Dubai, United, Saudi Aramco, U.S, Exxon, Aramco, Thomson Locations: DUBAI, Abu Dhabi, UAE, United Nations, Saudi

☆ Crypto exchange Rain to target UAE asset managers after winning licence
▼ + stars: | 2023-07-25 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, July 25 (Reuters) - Middle Eastern crypto exchange Rain said on Tuesday its Abu Dhabi unit obtained a license to operate a virtual assets brokerage and custody service for clients in the United Arab Emirates. Local asset managers have been hesitant to work with crypto firms without a domestic licence, he continued, adding they will now feel more comfortable after it obtained regulatory approval. Rain, which has units registered in Bahrain and Turkey, said it would use the proceeds on regional expansion. The UAE has been trying to attract some of the world's biggest crypto firms. It has also been trying to develop virtual asset regulation to attract new forms of business as economic competition heats up in the Gulf region.

Persons: Coinbase, Yehia Badawy, Badawy, Kleiner Perkins, Hadeel Al Sayegh, Emma Rumney Organizations: United, United Arab Emirates, Abu Dhabi Global, Coinbase Ventures, Thomson Locations: DUBAI, Abu, United Arab, The Bahrain, Abu Dhabi, UAE, Silicon Valley, Bahrain, Turkey, Gulf

☆ Dubai invites pitches for IPOs of taxi, parking assets
▼ + stars: | 2023-07-20 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

The RTA is targeting the first of the two potential public share sales, in the Dubai Taxi Corporation, to take place around December or January, said the sources, declining to be named as the matter is not public. It has appointed Rothschild & Co to advise on a strategic review of its assets, which include its taxi and public parking businesses, Reuters reported on July 7, citing sources familiar with the matter. Dubai raised nearly $8.5 billion from five IPOs last year, fuelled by a government privatisation plan to list 10 state-linked companies to boost stock market activity. Companies in the region raised $21.9 billion through IPOs last year, more than half the total for the wider Europe, Middle East and Africa region, Dealogic data shows. Reporting by Hadeel Al Sayegh; Editing by Jan Harvey, John Stonestreet and Emma RumneyOur Standards: The Thomson Reuters Trust Principles.

Persons: Rothschild, Hadeel Al Sayegh, Jan Harvey, John Stonestreet, Emma Rumney Organizations: Transport Authority, Reuters, RTA, Dubai Taxi Corporation, Co, Nol, Dubai, Emirates, Companies, Thomson Locations: DUBAI, Dubai's, Dubai, Europe, Middle East, Africa

☆ Kuwait to set up new sovereign fund to develop mega projects and local economy
▼ + stars: | 2023-07-16 | by ( Ahmed Hagagy | ) www.reuters.com time to read: +2 min

KUWAIT CITY, July 16 (Reuters) - Kuwait plans to establish a new sovereign fund to develop its local economy, spearhead mega projects, and attract funds from foreign investors and the private sector, according to a government plan seen by Reuters on Sunday. The government has tasked the Ministry of Finance and the Kuwait Investment Authority (KIA) with studying plans for the proposed fund, dubbed Ciyada, Arabic for sovereign, the document says. Ciyada Development Fund will be used to spearhead domestic investments, intended to fuel economic development and diversify Kuwait's economy, the document says. Ciyada would accelerate Kuwait's economic growth, promote transformation and progress in various fields of development, through strategic planning and implementation of major development projects, the document says. Abu Dhabi for instance in 2002 created Mubadala Development Co to diversify the emirate's economy and accelerate development.

Persons: Mubadala, Prince Mohammed Bin Salman's, Ahmed Hagagy, Hadeel Al Sayegh, David Holmes Organizations: KUWAIT CITY, Reuters, Sunday, Ministry of Finance, Kuwait Investment Authority, Ciyada, Kuwait Investment Office, Reserve Fund, Fund, Government, International Petroleum Investment Co, Mubadala, Saudi Arabia's Public Investment Fund, Thomson Locations: KUWAIT, Kuwait, Abu Dhabi

☆ Saudi inflation rate ticks down in June - govt data
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: 1 min

DUBAI, July 16 (Reuters) - Saudi Arabia's annual inflation rate eased to 2.7% in June from 2.8% the previous month, government data showed on Sunday. Prices for housing, water, electricity, gas and other fuels rose by 9.1% overall in June compared with the same month last year, while restaurant and hotel prices were up by 4.3% and education up by 3%, the kingdom's General Authority for Statistics data said. On the other hand, prices for clothing and shoes fell 2.9%, communication costs were down by 0.7%, and miscellaneous personal goods and services by 0.1%. Inflation in Saudi Arabia has been on a downward trend since starting the year at a rate of 3.4% in January. Reporting by Hadeel Al Sayegh; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

Persons: Hadeel Al Sayegh, Hugh Lawson Organizations: Saudi, Authority, Statistics, Thomson Locations: DUBAI, Saudi Arabia

DUBAI, July 7 (Reuters) - Dubai's Roads and Transport Authority (RTA) has selected Rothschild & Co (ROTH.PA) to advise on the strategic review of its assets, two sources close to the matter said on Thursday. The transport regulator is considering an initial public offering of Dubai Taxi Corp and its public parking business, said the sources, who declined to be named as the matter is not public. The authority is expected to appoint Emirates NBD for the potential IPOs, two sources with knowledge of the matter said. Dubai raised nearly $8.5 billion from five IPOs last year, fuelled by a government privatisation plan to list 10 state-linked companies to boost stock market activity. The authority was also looking at potential options for its public parking assets and the Nol card, which passengers use to pay for public transport across the emirate.

Persons: Rothschild, Emirates NBD, Nol, Hadeel Al Sayegh, Yousef Saba, Jonathan Oatis, Josie Kao, Louise Heavens Organizations: Transport Authority, Co, Dubai Taxi Corp, RTA, Rothschild, Emirates, dnata, Reuters, Companies, Thomson Locations: DUBAI, Dubai's, Dubai, Europe, Middle East, Africa

☆ Abu Dhabi's ADNOC, AI firm G42 plan IPO of technology joint venture AIQ -sources
▼ + stars: | 2023-06-22 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, June 22 (Reuters) - Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi artificial intelligence company G42 are having early discussions about a possible flotation of their joint venture technology firm AIQ, two sources with knowledge of the matter told Reuters. AIQ, which is 60% owned by ADNOC and 40% by G42, uses artificial intelligence and machine learning to optimise processes, improve planning and increase profitability for ADNOC and the wider oil and gas industry. AIQ recently hired veteran investment banker Youssef Salem as chief financial officer, the sources said. G42, which is backed by Abu Dhabi state fund Mubadala Investment Co, AIQ and Salem did not immediately respond to a request for comment. It listed its gas business in March after raising $2.5 billion from the IPO, which was the world's biggest in the first quarter.

Persons: AIQ, Youssef Salem, Salem, Abu, OpenAI, Sheikh Tahnoon bin Zayed, Nahyan, Sheikh Mohammed bin Zayed, ADNOC, Hadeel Al Sayegh, Stephen Coates Organizations: Abu Dhabi National Oil Company, Reuters, ADNOC, Moelis, Mubadala Investment, U.S, Microsoft Corp, Thomson Locations: DUBAI, Abu Dhabi, U.S, Salem

☆ Bahrain's Investcorp seeks to raise up to $600 mln from investment vehicle IPO
▼ + stars: | 2023-06-20 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, June 20 (Reuters) - Middle East alternative asset manager Investcorp Holding is seeking to raise up to $600 million from the listing of an investment vehicle in Abu Dhabi this year, two sources with knowledge of the matter told Reuters. Bahrain-based Investcorp is making preparations for a potential public share sale of Investcorp Capital, registered in the Abu Dhabi Global Market, the international financial centre in the capital of the United Arab Emirates. Investcorp is working with Goldman Sachs (GS.N), First Abu Dhabi Bank (FAB) (FAB.AD), Emirates NBD (ENBD.DU) and HSBC (HSBA.L) on the plan, the people said. Bloomberg in March reported Investcorp was putting together a plan to list the vehicle. Abu Dhabi state fund Mubadala Investment Company acquired 20% of the firm in 2017.

Persons: Investcorp Holding, Goldman Sachs, Investcorp, Emirates NBD, Gucci, Mohammed Al Ardhi, Hadeel Al Sayegh, Jason Neely Organizations: Reuters, Investcorp, Abu Dhabi Global Market, United, United Arab Emirates, Abu Dhabi Bank, Emirates, HSBC, Moelis, Bloomberg, FAB, Tiffany, Nasdaq, Mubadala Investment Company, Thomson Locations: DUBAI, Abu Dhabi, Bahrain, United Arab, Abu, Emirates, U.S, Europe, India, Singapore, Beijing, Mumbai, Delhi

[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. REUTERS/Christopher Pike/File PhotoJune 20 (Reuters) - Abu Dhabi National Oil Company (ADNOC) has approached German plastics and chemicals maker Covestro AG (1COV.DE) with a takeover proposal worth more than 10 billion euros ($10.9 billion), two people familiar with the matter said on Tuesday. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.

Persons: Christopher Pike, Abu Dhabi's, ADNOC, Sultan, Jaber, Lanxess, SABIC, Ludwig Burger, Patricia Weiss, Christoph Steitz, Hadeel Al, Greg Roumeliotis, Louise Heavens, Sharon Singleton, Elisa Martinuzzi, Alexandra Hudson Organizations: United, United Arab Emirates, REUTERS, Abu Dhabi National Oil Company, Covestro, Alexandra Hudson Our, Thomson Locations: Abu Dhabi, United Arab, Covestro, Europe, Saudi Aramco, Saudi Arabia, Swiss, Frankfurt, Hadeel Al Sayegh, Dubai

[1/2] A general view of ADNOC headquarters in Abu Dhabi, United Arab Emirates May 29, 2019. ADNOC and Covestro declined to comment. The OMV deal would indirectly also increase ADNOC's holding in both European petrochemicals maker Borealis and Abu Dhabi-listed petrochemicals company Borouge (BOROUGE.AD). SABIC (2020.SE), also of Saudi Arabia, in the same year purchased a stake of almost 25% in Swiss chemicals maker Clariant (CLN.S). Thanks to a 2007 deal to buy GE's plastics unit, SABIC competes with Covestro in polycarbonate plastics.

The Qatar Investment Authority (QIA) is in talks with The Sovereign Wealth Fund of Egypt (TSFE) about the deal, said two sources with knowledge of the matter, who declined to be named. The fund is considering acquiring a stake of up to 30% in the hotels, the sources said, without naming them. Relations between Egypt and Qatar soured in the wake of the Arab Spring uprisings that toppled former Egyptian President Hosni Mubarak. Regional heavyweight Saudi Arabia has led efforts to rebuild ties with Qatar and, along with Egypt, re-established diplomatic relations in 2021. Egyptian President Abdel Fattah al-Sisi met with Qatari Emir Sheikh Tamim bin Hamad al-Thani in Baghdad in August 2021 for the first time since ending the dispute.

Persons: Sheikh Hazza bin Zayed Al Nahyan, Abdel Fattah El Sisi, Sheikh Tamim bin Hamad Al Thani, St Regis Saadiyat, Egypt's TSFE, Agatha Christie's, Hosni Mubarak, Abdel Fattah al, Sisi, Sheikh Tamim bin Hamad, Hadeel El, Andrew Mills, Patrick Werr, Louise Heavens, Mark Potter, Kirsten Donovan Organizations: Abu, Abu Dhabi Executive Council, St Regis, United, United Arab Emirates, Read, Qatar Investment Authority, Sovereign Wealth Fund of Egypt, Regional, Qatar, Thomson Locations: Abu Dhabi, Egypt, Qatar, United Arab, DUBAI, Harrods, London, Aswan, Saudi Arabia, Thani, Baghdad, Ukraine, Hadeel El Sayegh, Dubai, Doha, Cairo

After receiving $145 million from Binance.US's operator by 2021, Sigma Chain spent $11 million on buying a yacht, the SEC complaint said, without elaborating. It is unclear from the SEC complaint how much money Zhao is alleged to have drawn from Merit Peak and Sigma Chain. The SEC also said Zhao used Merit Peak to direct more than $16 million to fund Binance's purportedly independent U.S. affiliate Binance.US. Binance used its BUSD holdings to meet customer withdrawals by selling them for dollars as needed, Reuters reported in May. The SEC complaint also identified Binance Labs, a venture capital arm of Binance, as part of the exchange's plan to increase demand for BNB.

Persons: Zhao, Binance, Benoit Tessier LONDON, Changpeng Zhao, John Reed Stark, Stark, Binance's, Angus Berwick, Tom Wilson, Lisa Barrington, Hadeel Al, Elisa Martinuzzi, Alexander Smith Organizations: Viva Technology, Porte de, REUTERS, Binance, Securities and Exchange Commission, SEC, Swiss, Sigma Chain, Reuters, Silicon, Internet, Futures Trading Commission, U.S . Justice, Reuters Graphics, Silvergate Bank, Merit, Sigma, Binance Labs, Thomson Locations: Porte, Paris, France, Binance, U.S, Virgin Islands, Dubai, London, Hadeel Al Sayegh

☆ Saudi Arabia's PIF to acquire 30% of supermarket chain Tamimi Markets
▼ + stars: | 2023-06-01 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, June 1 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) plans to acquire a 30% stake in local supermarket chain Tamimi Markets Company, the kingdom's sovereign wealth fund said on Thursday. PIF, which has more than $620 billion in assets under management, said it signed a share subscription agreement to invest in Tamimi Markets. It said the transaction, which will involve a capital increase and subscription for new shares, aligns with the fund's strategy to enable the private sector and create Saudi national champions. "This investment aims to enable Tamimi Markets to realise its full potential, transforming it from one of the leading national grocery chains to a major regional chain," PIF said in an emailed statement. Reporting by Hadeel Al Sayegh; editing by David Goodman and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: PIF, Hadeel Al Sayegh, David Goodman, Jason Neely Organizations: Saudi, Public Investment Fund, Tamimi Markets Company, Thomson Locations: DUBAI

☆ Saudi Aramco 4% stake transferred to PIF's Sanabil
▼ + stars: | 2023-04-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: 1 min

DUBAI, April 16 (Reuters) - A 4% stake in oil major Saudi Aramco (2222.SE) has been transferred from state ownership to Sanabil Investments, which is wholly owned by the Saudi Arabia's sovereign wealth fund, Crown Prince Mohammed Bin Salman said on Sunday. The state remains Aramco's biggest shareholder, owning 90.18% of the company. Riyadh-based Sanabil is an investment company that commits approximately $3 billion a year to private transactions, its website says. The transfer will solidify PIF’s strong financial position and credit rating, the crown prince's statement said of the fund that is responsible for the bulk of projects aimed at transforming the Saudi economy to reduce its reliance on oil revenue. Reporting by Hadeel Al Sayegh Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ UAE cancels licence for Russia's sanctioned MTS bank
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

DUBAI, March 31 (Reuters) - The United Arab Emirates' central bank on Friday said it will cancel the licence it granted last year to Russia's MTS bank, which was placed under British and U.S. sanctions in February. Operations at the bank's UAE branch, which is licensed in the emirate of Abu Dhabi, will be wound down within six months under central bank supervision. "This decision comes after considering the available options regarding the new status of the MTS Bank and taking into account the sanctions risks associated with the bank," the UAE central bank's statement said. U.S. officials have visited the UAE to discuss with regulators including the central bank the importance of clamping down on sanctions evasion. MTS Bank, a fintech unit of Russia's largest mobile operator Mobile TeleSystems (MTSS.MM), was part of a broader sanctions package against 200 entities and individuals announced in February on the first anniversary of Russia's invasion of Ukraine.

DUBAI, March 28 (Reuters) - Uber Technologies' (UBER.N) Middle East subsidiary Careem is in advanced talks with Emirates Telecommunications Group Company (EAND.AD) to invest in its expansion into services beyond ride-hailing, five sources with knowledge of the matter told Reuters. Careem began seeking outside investors last year to help finance its Super App, which offers services outside its core ride-hailing business such as food delivery, bike rentals, digital payments and courier services. While Uber owns Careem's app and its around 50 million registered users, the newly-created investment vehicle will have a service level agreement with the app and its solutions, the source said. Careem's co-founder and Chief Executive Mudassir Sheikha, a former McKinsey executive, has long been a proponent of the Super App strategy to expand beyond ride-hailing. Uber, which shut down its Uber Eats operations in the Middle East in 2020, is focused on ride-hailing in the UAE.

☆ Saudi National Bank appoints Al Ghamdi as chairman
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 27 (Reuters) - Saudi National Bank Chief Executive Saeed Mohammed Al Ghamdi has been appointed as the bank's chairman after the resignation of Abdul Wahed Al Khudairy for personal reasons, it said on Monday. The bank's board also appointed Talal Ahmed Al Khereiji as acting CEO, with all changes effective March 27. The changes come nearly two weeks after Al Khudairy told Reuters the kingdom's biggest bank by assets would not buy more shares in Credit Suisse (CSGN.S) on regulatory grounds, which sent the Swiss bank's shares to record lows. Saudi National Bank, which acquired almost 9.9% of Credit Suisse for 5.5 billion riyals ($1.46 billion) last November, was sitting on a loss of about 80% on its investment last week in the wake of a forced takeover of the Swiss bank by its domestic rival UBS (UBSG.S) for $3.2 billion. Reporting by Hadeel Al Sayegh Editing by Sherry Jacob-Phillips and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Standard Chartered agrees to sell business in Jordan
▼ + stars: | 2023-03-26 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, March 26 (Reuters) - Standard Chartered (STAN.L) plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB) (AJIB.AM), the two parties said on Sunday, as the emerging markets-focused lender presses ahead with plans to exit seven markets in Africa and the Middle East. All Standard Chartered Bank employees in Jordan will be transferred to AJIB, it said an emailed statement. AJIB said the purchase falls within the Jordanian lender's strategy to grow its market share in the country, which continues to grow after it acquired HSBC's banking business in Jordan in 2014 and National Bank of Kuwait's banking business in Jordan in 2022. Standard Chartered in April 2022 said it plans to leave seven markets, consisting of Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe. Reporting by Hadeel Al Sayegh, Editing by Louise Heavens and Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

☆ Standard Chartered enters agreement to sell business in Jordan - statement
▼ + stars: | 2023-03-26 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: 1 min

DUBAI, March 26 (Reuters) - Standard Chartered (STAN.L) said on Sunday it plans to sell its Jordanian business to Arab Jordan Investment Bank (AJIB) (AJIB.AM), as the emerging markets-focused lender presses ahead with plans to exit seven markets in Africa and the Middle East. The bank entered into an agreement with AJIB, subject to central bank approval, which will see Standard Chartered's corporate, commercial and institutional banking, consumer lending and private banking businesses migrated to AJIB. All Standard Chartered Bank employees in Jordan will be transferred to AJIB, it said an emailed statement. Reporting by Hadeel Al Sayegh, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

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