Monday 27 June 2016

Nestlé Egypt, in e-grocery sales deal

The Egyptian unit of Nestlé has reached a partnership deal with online retailer for sale of its food and beverage products online, said a report. As per the deal, Nestlé will be selling its wide range of products in addition to exclusive products only avail


Five Iranian oil majors eye global tie-up

Iran will finalise five domestic companies to work as partners with international majors in a bid to increase efforts towards raising more foreign investment in the country’s energy sector, said a report. Petroiran Development Company, Petropars and Mapna (an Iranian power


Baosteel, Wuhan Steel announce plan to restructure

China's Baosteel Group and Wuhan Iron and Steel Group, two of the country's largest steelmakers, are together planning to restructure, their listed units said in separate stock exchange filings on Sunday. Baosteel Group is China's second-largest steelmaker, and Wuhan


Enec, Nawah move into new Masdar City HQ

The Emirates Nuclear Energy Corporation (Enec) and its operating subsidiary, Nawah Energy Company (Nawah), have both moved into their new headquarters at Masdar City in Abu Dhabi. The move to Masdar City has a clear synergy for Enec’s mission and vision to deliver safe, cle


Midea Group to buy key stake in Italian AC firm

Midea Group Company, China’s biggest appliance manufacturer, signed an agreement to buy an 80 per cent stake in Clivet SpA, an Italian maker of air conditioners. The deal is expected to be completed by the end of the year, pending anti-monopoly reviews, reported Bloombe


Saudi non-oil GDP growth to slow to 2.8pc

Growth in Saudi Arabia's non-oil gross domestic product is expected to slow to 2.8 per cent this year from 3.4 per cent in 2015, Saudi central bank governor Ahmed Al Kholifey told state television station Ekhbariya. Kholifey, speaking in an interview broadcast late on Saturda


India clears deal to buy 145 BAE artillery guns

India's defence procurement agency has cleared a proposal to buy 145 M777 Ultra Lightweight Howitzer artillery guns from BAE Systems in a deal worth an estimated $750 million, a defence ministry source said on Saturday. Under the deal, 120 of the 145 guns will be assembled in


Saudi, UAE see no big financial impact from Brexit

Major Gulf economies Saudi Arabia and the UAE said on Saturday that they did not anticipate their financial institutions to be greatly affected as a result of Britain's vote to exit the European Union. Saudi Arabia, the world's largest oil exporter and Opec heavyweight, s


Dubai retailers gear up for solid Ramadan sales

Despite slower growth projections for the first half, retailers across Dubai are witnessing steady spend during Ramadan, primarily driven by residents and international visitors, including those from across the GCC proximity markets. Overall, close to 1 million international visi


Bahrain set for debut chocolate & coffee show

There has been an overwhelming response from the chocolate and coffee manufacturers and the dealers from the Middle east region for the inaugural “Chocolate & coffee” exhibition and festival to be held in Bahrain from  September 1 to 3, said the organiser Events Staarts.

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