Chinese technology giant Huawei is reportedly seeking to export microchips to the Middle East, with Saudi Arabia signalling an openness to imports. Huawei has approached the UAE and Saudi Arabia about exporting older-generation Ascend 910B processors, according to Bloomberg sources. Huawei’s approaches have not produced any deals, but discussions with Saudi Arabia are at an […]

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Saudi Arabia’s Capital Market Authority (CMA) has introduced a package of reforms to ease procedures for foreign investors and clarify regulations for investment funds working in the kingdom. The CMA certified the changes in two announcements this week, approving amendments that have been under consultation since last year, part of wider efforts to facilitate more […]

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Egypt needs to speed up privatisation and reform of public enterprises to ensure continued support by the International Monetary Fund and Gulf oil producers, a US-based global association of financial institutions believes. The conflict between Israel and Iran has again demonstrated that Egypt continues to be heavily susceptible to external shocks impacting the region, the […]

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The Jordan Phosphate Mines Company (JPMC), one of the world’s 10 largest phosphates producers, is planning to invest nearly JD1.27 billion ($1.8 billion) in new projects as part of its short-term expansion strategy, its chairman has said. Mohammad Thneibat said large spending cuts and a switch to gas in operations over the past years had allowed […]

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The Turkish competition authority has fined Google’s parent company Alphabet $9 million for abusing its search dominance. The fine relates to a previous decision by the Turkish competition body that found that Google had abused its market position in accommodation price comparison, as well as in search, over local providers, according to an announcement. Google […]

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The UAE could further boost its oil capacity after 2027 if that is what markets require, its energy minister said on Thursday, implying the country had the potential to become one of the world’s five biggest producers. Capacity is often hotly debated inside the Opec+ grouping of the Organization of the Petroleum Exporting Countries and […]

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Factory activity in Turkey’s automotive industry has shifted down a gear so far this year, with production lines slowing as domestic demand wanes. Capacity utilisation fell below 70 percent over the five months to the end of May across all segments. Passenger vehicle lines saw utilisation fall 4.3 percent, with 375,000 units rolling out of […]

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Telecommunications operators in Oman and the UAE have begun operating a submarine fibre optic cable connecting the two Gulf states, providing a gateway to the broader GCC network. In 2023 state-run Omantel and Dubai’s Du started the installation of the 275km undersea cable to provide a data communication link between the two countries as a […]

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Credit rating agency Moody’s expects Oman’s debt burden will continue to ease, albeit at a more modest pace than over the past four years, even if oil prices rise less steeply or fall. “The government debt metrics will remain robust even if oil prices moderate below our medium-term assumption of $65 per barrel in the […]

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Hydra Properties, a once-prominent Abu Dhabi developer whose stalled projects led to a series of investor lawsuits after the 2008 crash, is in liquidation. Parts of its real estate portfolio are being acquired by companies linked to the emirate’s largest listed company, International Holding Company. Emirates Stallions Group, a subsidiary of IHC, agreed to acquire […]

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