UAE

US Imposes Sanctions on 4 Entities for Carrying Russian Oil Priced Above the Western Price Cap

US Imposes Sanctions on 4 Entities for Carrying Russian Oil Priced Above the Western Price Cap

The US Treasury Department has imposed sanctions on three UAE-based entities and a Liberian tanker for violating the price cap on Russian oil.

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France Commits $30 Million Fund For Protection Of Cultural Heritage Sites

France spearheads the efforts to prevent the destruction of cultural heritage sites by establishing a fund committed for the cause. France has allocated $30 million for the protection of historical sites endangered by militant attacks and wars. Supporters of the initiative plan to establish $100 million.

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On Gender Equality: UAE Promotes Participation of Women In All Sectors

Enhancement of the country's educational system will be the top priority of UAE that will be beneficial for both genders, that was the words of Shaikha Manal bint Mohammed bin Rashid Al Maktoum, wife of Shaikh Mansour bin Zayed Al Nahyan who is the Deputy Prime Minister and Minister of Presidential Affairs.

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UAE’s Beco Capital Projects Tech Startups to Boom in The Region Amid Low Oil Prices

UAE venture capital firm BECO Capital expects that the tech sector will spur amid the slowdown in the economy due to low oil prices. Especially in the region, the firm projects that tech startups will face a significant growth as the government seek to achieve diversification to non-oil sectors.

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Sultan Al Jaber to lead Adnoc

UAE Minister of State Sultan Al Jaber has assumed the charge as Director General at Abu Dhabi National Oil Company (Adnoc). Al Jaber has to overcome turbulent conditions in the oil industry as the lower oil prices, oversupply and consumption are the major challenges ahead of him.

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Gulf investors to acquire stake from Kuwait’s Americana at $1.7 bln

The Gulf establishment, Adeptio LLC has approached Kuwait's fast-food chain, Americana, for buying out the 66.8% controlling stake held by the Al Kharafi family valued at $1.7 billion. Currently, the investor is conducting the due diligence but the final outcome will be based on the approval of the Americana franchisers.

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Fiat Chrysler CEO skips auto show, continues talks with UAW

Sergio Marchionne, Chief Executive of Fiat Chrysler Automobiles (FCA), has decided to drop his participation in the Frankfurt auto show as FCA is leading the labor talks with United Auto Workers (UAW). Marchionne was scheduled to address the media at the auto show on Tuesday.

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Saudi Arabia outpaces India to become top defense importer: IHS

Saudi Arabia overtook India to become the world's biggest weapons importer in 2014, a year when global defense trade rose for the sixth straight year to a record $64.4 billion, research company IHS said on Sunday.

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Kellogg and Abraaj up bids in battle for Egypt's Bisco Misr

Kellogg Co K.N., the world's largest breakfast cereal maker, once again raised its bid for Egyptian snackmaker Bisco Misr (BISM.CA) on Wednesday, topping a rival offer from the UAE's Abraaj in an intensifying $144 million takeover battle.

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Saudi Arabia says won't cut oil output

Saudi Arabia said on Sunday it would not cut output to prop up oil markets even if non-OPEC nations did so, in one of the toughest signals yet that the world's top petroleum exporter plans to ride out the market's biggest slump in years.

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Kellogg raises stakes in bidding war over Egypt's Bisco Misr

Kellogg Co raised its bid on Sunday for Egyptian cake and biscuit maker Bisco Misr, intensifying a bidding war with the UAE's Abraaj Investment Management that has pushed up the offer price by more than 12 percent.

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Dubai's Souq.com plans "Black Friday" equivalent to help boost sales growth

Dubai-based Souq.com, one of the Middle East's largest e-commerce businesses, aims for high double-digit revenue growth as it introduces "Black Friday"-type discount events to help lure shoppers from the city's retail malls.

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Gulf states need to reform spending as oil price slips: Kuwait

Gulf Arab oil exporters will have to reform their state spending and make cuts in some areas because of weak oil prices, Kuwaiti Finance Minister Anas al-Saleh said on Saturday.

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Standard Chartered readies to close thousands of UAE accounts as U.S. deadline looms

Standard Chartered (STAN.L) has notified thousands of UAE small and medium enterprise customers it is closing their accounts as it responds to pressure from US regulators to cut its risks following an anti-money laundering settlement.

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Abraaj picks up stake in Moroccan chocolate maker Kool Food

Dubai, United Arab Emirates (UAE)-based firm Abraaj Group picked up a stake in Casablanca, Morocco-based chocolate manufacturer Kool Food for an undisclosed amount to back the latter's international distribution plans.

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