Middle East

Dubai/Abu Dhabi, Nov 27: The sovereign wealth funds of Abu Dhabi and Kuwait plan to invest in the initial public offering (IPO) of Saudi Aramco, which is relying mainly on Saudi and Gulf investors to raise up to $25.6 billion, sources familiar with the matter said. Abu Dhabi Investment Authority (ADIA) is weighing an investment of at least $1 billion, five sources familiar with the matter told

Dubai, Nov 23: Domestic helps aged over 60 can now get their labour contracts renewed under certain conditions, the Ministry of Human Resources and Emiratisation (MoHRE) has announced. Spelling out the three conditions for this, Khalil Al Khouri, assistant undersecretary, MoHRE, said: "They should be medically fit, all charges need to be paid by the employer and all the entities concerned must

Nov 21: Saudi Arabia's King Salman urged arch-rival Iran on Wednesday to abandon an expansionist ideology that has "harmed" its own people, following violent street protests in the Islamic republic. A wave of demonstrations erupted in the sanctions-hit country on Friday after an announcement that petrol prices would be raised by as much as 200 per cent with immediate effect. "We hope the Iranian

Dubai, Nov 20: After long summer months of dry spells, the Gulf region now faces unstable weather, with rain storms predicted this week. Schools in the United Arab Emirates were to be shut on Wednesday due to bad weather and poor road conditions, the UAE Ministry of Education earlier announced on Tuesday. Images of flooded roads and lighting bloats were shared on social media by affected residents

Riyadh, Nov 17: Saudi Arabia on Sunday put a value of up to $1.71 trillion on energy giant Aramco in what could be the world's biggest IPO, but missed Crown Prince Mohammed bin Salman's initial target of $2 trillion. Aramco said it would sell 1.5 percent of the company in a blockbuster initial public offering worth at least $24 billion. "The base offer size will be 1.5 percent of the company's

Dubai, Nov 15: Iran introduced gasoline rationing and price hikes on Friday with an official saying that the revenue would be used for subsidies for 18 million needy families, state television reported. Iran, which has some of the world’s cheapest fuel prices due to heavy subsidies and the fall of its currency, has been fighting rampant fuel smuggling to neighbouring countries. State TV said the

Saudi, Nov 13: A 2-year-old passenger on a Saudi Arabian Airlines plane that made an emergency landing in eastern Canada on Tuesday was pronounced dead on arriving in a hospital, a provincial police official said. Flight 35, which left Jeddah, Saudi Arabia, at 6:45 am local time on Tuesday and was bound for Washington, DC, landed shortly before 12 pm ET at the St. John's International Airport, in

Saudi, Nov 13: Saudi Aramco, the world's top oil exporter, has appointed its first woman head of an overseas office, sources with knowledge of the matter said on Wednesday. Marwa Al Khuzaim will helm Aramco Asia Singapore from December, taking over from Nader Al Arfaj, they said. Al Khuzaim is currently a supply chain director at Aramco Chemicals Company, a unit of Aramco, according to her

New Delhi, Nov 12: An Air India Boeing 787 Dreamliner aircraft operating from Dubai to Mumbai returned to Dubai airport after an hour due to technical reasons and was grounded on Tuesday. "There is a minor technical issue and it will only take one to two hours to rectify the issue. But since safety is our first priority, the flight has returned to Dubai. Necessary material and technical team has

Riyadh, Nov 11: Saudi Aramco launched has its prospectus for the worlds biggest IPO with a potential largest ever company valuation of estimates ranging wildly from $1.2-2.3 trillion, with an India angle-acquiring 20 per cent in Reliance Industries Limited (RIL) oil to chemicals business and an expansion of its upstream business in high growth markets. In the 658 page prospectus launched on Sunday