Noon, the e-commerce venture of Dubai businessman Mohamed Alabbar partly funded by Saudi Arabia’s Public Investment Fund, let go of dozens of staffers in Dubai amid delays to rolling out the app, according to four people familiar with the matter, says Bloomberg.
Saudi Aramco is seeking to boost its fuel-trading volume by more than a third as the world’s biggest crude exporter expands its capacity to refine oil to grab a bigger share of growing markets in Asia and Africa, reports Bloomberg.
Investors who bought contracts that entitle them to participate in Dubai construction company Arabtec Holding PJSC’s rights issue were left with a 33 percent loss at the end of the security’s single week of trading, reports Bloomberg.
In its bid to make the United Arab Emirates city the “safest electronic city in the world,” the Dubai Electronic Security Center (DESC) is looking to expand its Emirati-only workforce by 50 percent this year, reports Bloomberg.
ACWA Power International will bid to build a solar energy project in Saudi Arabia, part of the kingdom’s $50 billion push to temper domestic oil use, according to Bloomberg.
Blackstone Group LP and CVC Capital Partners are among buyout firms weighing a bid for as much as a 40 percent stake in Emaar Properties PJSC’s entertainment division, according to people familiar with the matter, reports Bloomberg.
Dubai’s gross domestic product will likely accelerate this year at a faster pace than most Arab economies, bolstered by local spending and a pick-up in global trade, the International Monetary Fund said on Tuesday, according to Bloomberg.
Aircraft-leasing company Dubai Aerospace Enterprise Ltd. said it sees scope for the purchase of its first new-generation Airbus SE A320 and Boeing Co. 737 short-haul jets as the takeover of AWAS Aviation Capital Ltd. propels it into the top ranks of global players, according to Bloomberg
Barclays Plc plans to recruit 100 staff for its private bank as Chief Executive Officer Jes Staley pushes to expand wealth management in key global hubs, according to a person familiar with the strategy, reports Bloomberg.
Samena Capital, an investment firm managing about $650 million, plans to raise as much as $700 million for a special situations fund to invest in the Indian subcontinent and Asia, says Bloomberg.