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Qatar buys helicopters, missiles in $23bn arms deals

Reuters – Qatar announced contracts worth about $23bn on Thursday to buy attack helicopters, guided missiles, tankers and other weapons from Boeing Co, Airbus and other arms makers as the Gulf state accelerates its military build-up. The world’s top liquefied natural gas (LNG) exporter announced deals with about 20 global companies, including firms from the …

Daily News Egypt

Egypt’s Naeem Holding to cross-list on Abu Dhabi exchange

Reuters – Naeem Holding for Investments has received approval from the United Arab Emirate’s financial regulator to list on the Abu Dhabi exchange, the firm said, a further sign of closer economic ties between Egypt and the Gulf. “Coordination is ongoing with the Abu Dhabi market and the necessary measures for receiving the approval of …

Daily News Egypt

Kuwait moves closer to creating independent telecoms watchdog

Reuters – Kuwait’s parliament has approved the first reading of a bill to create the country’s first independent telecoms watchdog, according to the assembly’s website, a move that could lead to further liberalisation of the sector. The Ministry of Communications is the de facto regulator in the absence of a separate watchdog and also ultimately …

Daily News Egypt

Kuwait’s Zain says finalises $800m, five-year loan facility

Reuters – Kuwait’s Zain has finalised an $800m, five-year loan facility from 11 banks, the telecommunications operator said on Tuesday. Zain, which has operations in eight countries in the Middle East and Africa including Sudan, Iraq and Saudi Arabia, said it originally planned to raise $600m, but increased the facility’s size because of what it …

Daily News Egypt

Kuwait fines Ahli Bank chairman $5.3m over insider trade

Reuters – A Kuwaiti court has fined the chairman of Al Ahli Bank, the country’s eighth largest bank by market capitalisation, KWD 1.5m ($5.3m) over alleged insider trading in the bank’s shares. The Court of First Instance fined Ahmed Yousef Behbehani, a member of a powerful Kuwaiti business family, after a complaint by the Capital …

Daily News Egypt

Dubai’s Arabtec in talks to buy Kuwaiti firm

Reuters – Arabtec Holding, Dubai’s largest listed construction firm, is in the advanced stages of talks to fully acquire a construction company in Kuwait’s Kharafi Group, two sources aware of the discussions said. The Dubai firm is in talks with Kharafi National, a Kuwait-based contractor and facilities management firm which has operations in several Middle …

Daily News Egypt

Kuwait’s takaful firms struggle in crowded market

Reuters – Kuwait’s first Islamic insurer was born 14 years ago, but its takaful firms are still struggling in a crowded market that faces cut-throat competition. This has led to stagnant growth and persistent losses for takaful firms operating in Kuwait, one of the world’s richest countries on a per capita basis, raising doubts about …

Daily News Egypt

Kuwait-Airbus deal on track despite probe

Reuters – A parliamentary investigation into a Kuwait Airways plan to buy and lease aircraft from Airbus will not affect the deal, the state carrier’s chairwoman told a local newspaper in comments published on Sunday. Kuwait’s parliament voted on Wednesday to investigate all contracts signed by state-owned Kuwait Airways, which is attempting its biggest overhaul …

Daily News Egypt

Italian PM says Kuwait to invest 500m euros in Italy

Reuters – Kuwait’s sovereign wealth fund will invest 500m euros ($676m) in Italian companies in coordination with Italy’s own strategic investment fund, Prime Minister Enrico Letta said on Tuesday. The deal follows similar agreements with Qatar’s investment fund last year to invest in Italian companies operating in the fashion, food and tourism sectors and a …

Daily News Egypt

Kuwait PM reshuffles cabinet

The new cabinet line-up includes a new oil minister, Ali al-Omair, a lawmaker who is a senior member of the Islamist Salaf Alliance. He replaced Mustafa al-Shamali, who served in the post for just five months after serving several years as finance minister.

Daily News Egypt