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MoU Signed for $631mn Power Transmission Project and Sheewa Dam

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The Afghan government signed a Memorandum of Understanding (MoU) for the implementation of a power transmission project and construction of Sheewa Dam in Badakhshan province in Char chinar Palace. Funded by Aga Khan Fund, the USD 631 million contracts are going to fulfill the electricity needs of the province for the next 30 years. The MoU was signed by the ... Read More »

Non-Jordanian ownership at the ASE reaches 51.6%

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AMMAN: The total value of shares bought by non-Jordanian investors in January was JD26.3 million, representing 29 per cent of the overall trading value, while the value of shares sold by the same bracket amounted to JD 26.1 million, according to the ASE website. Subsequently, net non-Jordanian investment in January reflected an increase by JD0.2 million, compared with a decrease ... Read More »

Iraq gets new Sanctions Waiver to buy Iranian Energy

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The Trump administration has reportedly granted Iraq a further 90-day extension to the waiver exempting it from US sanctions on Iran. CNBC quotes a senior State Department official as saying on condition of anonymity: “While this waiver is intended to help Iraq mitigate energy shortages, we continue to discuss our Iran-related sanctions with our partners in Iraq.” According to some ... Read More »

Ethiopia PM seeks Qatari investment

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Ethiopia’s prime minister Abiy Ahmed visited his Qatari counterpart, seeking to enhance bilateral relations and strengthen efforts to attract investment from the gas rich nation. Abiy, who announced plans to liberalise the economy last year, hopes to attract foreign direct investment into several sectors that have been previously state-controlled. While in Doha, Abiy visited the Museum of Islamic Art, where ... Read More »

Kuwait-Saudi consortium wins $400m Oman solar power station bid

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A Kuwait-Saudi Arabia consortium has won a $400m bid to build a solar power station for the Oman Power and Water Procurement Company (OPWP), according to a report by Kuwait’s state news agency KUNA. The consortium includes Saudi Arabia’s ACWA Power and Kuwait’s Gulf Investment Corporation and Alternative Energy Projects Company. The project includes the construction, ownership, and operation of ... Read More »

Nepal seeks investment from Malaysia, Singapore

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The Nepal government and private sector representatives visited Malaysia and Singapore this week to learn about reforms, investments, and growth in those countries, and to highlight foreign investment opportunities in Nepal ahead of the Nepal Investment Summit on March 29 and 30. The delegation, hosted by the Malaysia and Singapore offices of World Bank Group, met with Malaysian Finance Minister ... Read More »

Oman’s share index closes higher marginally

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Muscat: The MSM30 index stood higher and closed at 4,156.49 points, up by 0.69 per cent. The MSM Sharia Index closed at 553.51 points, down by 0.49 per cent. Bank Nizwa was the most active in terms of volume and in terms of turnover. Taageer Finance, up 5.15 per cent, was the top gainer while the top loser was Oman ... Read More »

Business counts cost as Eskom battles power shortages

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State utility Eskom will make more power cuts this week as it struggles with capacity shortages that threaten to stymie President Cyril Ramaphosa’s efforts to boost investments and economic growth. Eskom supplies more than 90% of the power in SA but has suffered repeated faults at its coal-fired power stations, along with low water levels at hydroelectric plants and diesel ... Read More »

Iberdrola starts work on $340 million Spanish solar plant

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Spanish utility Iberdrola has commenced work on a 500-megawatt (MW) solar photovoltaic power plant in Badajoz, Spain. The facility, Iberdrola’s first photovoltaic plant in Europe, will use 1.5 million panels spread across a 1,000-hectare site. The company will invest around 300 million ($340 million) euros in the development. Set to be fully operational by 2020, the Núñez de Balboa plant ... Read More »

Poland’s largest port sold to Singapore-led consortium

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Singapore’s PSA International, the Polish Development Fund (PFR) and the IFM Global Infrastructure Fund (GIF) managed by IFM Investors, have signed an agreement worth over one billion euros to jointly acquire Deepwater Container Terminal Gdańsk (DCT Gdańsk), Poland’s largest container terminal. The Gdańsk port is the fastest growing container port in Europe and is ranked amongst the 15 largest container ... Read More »

Eight Portuguese bankers earn a million or more

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According to figures released by the European Banking Authority relating to figures for 2017, the number of millionaire bankers in Portugal remained unchanged in relation to the previous year. On a European level, the number of bankers earning a million euros rose to just under 4,900, with the UK being the largest recipient. The European Banking Authority (EBA) data shows ... Read More »

Tuesday March 19 — Monday Mar 25, 2019

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Greece’s financial crisis still evokes pain and fear on the streets of Athens: ‘We just have to smile, pretend’

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Greece’s financial crisis is still hurting the hopes and dreams of the people that live in the Mediterranean nation. The country has been in economic turmoil for most of the last decade. Years of financial mismanagement alongside a culture of clientelistic politics, where goods and services were exchanged for political support, culminated in a long-term recession. “I still think the ... Read More »

Ukraine ramps up trade ties with the GCC

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Trade between Ukraine and the rest of the world is set to boom in the coming years, despite ongoing political strife in the former Soviet state. That’s according to Daniel Bilak, chairman of UkraineInvest and chief investment adviser to the Ukrainian Prime Minister. The national spokesperson told Arabian Business the Ukraine-EU Association Agreement has been a ‘game changer’ for the ... Read More »

VN stocks to keep rising this week

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HÀ NỘI: Investors may keep betting on bank stocks this week, securities firms said, but selling pressure may weigh on the market’s overall performance as local stocks are considered as being overbought in recent days. The benchmark VN Index on the Hồ Chí Minh Stock Exchange climbed 1.91 per cent last week to end at 1,004.12 points, the highest level ... Read More »

Italy’s foreign minister defends MOU agreements with China

FILE PHOTO: Italian Foreign Minister Enzo Moavero Milanesi attends the World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 24, 2019. REUTERS/Arnd Wiegmann

ROME: Italian Foreign Minister Enzo Moavero defended the commercial accords Italy is poised to sign with China as part of its “Belt and Road” initiative and said they had the backing of President Sergio Mattarella. “My understanding is that a balance has been found” between the interests of promoting trade and defending national security, Moavero said in answer to questions ... Read More »

Norwegian Air grounds its Boeing 737 MAX 8 jets

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OSLO: Norwegian Air will temporarily ground its Boeing 737 MAX 8 passenger jets at the advice of European regulators, it said. “Following the decision by the relevant aviation regulatory bodies to temporarily suspend operations of Boeing 737 MAX, Norwegian will not operate any flights with this aircraft type until further notice,” the company said in a statement. The company operates ... Read More »

Indonesia nets $931.6m for cigarette exports

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Industry Minister Airlangga Hartanto has said Indonesia exported cigarettes worth US$931.6 million last year, up 2.98 percent from $904.7 million in 2017. He added that the cigarette excise was recorded at Rp 153 trillion last year, up 3.9 percent from Rp 147 trillion in 2017. “Cigarette excise tax revenue contributed 95.8 percent of the national excise tax revenue,” Airlangga said ... Read More »

PIRC advises investors to oppose split of Danske Bank

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Leading proxy voting adviser Pensions & Investment Research Consultants (PIRC) recommended that investors in scandal-hit Danske Bank oppose a resolution planning a break-up of the lender at its annual general meeting this month. Danske is under investigation in the United States, Denmark, Estonia, France and Britain over some 200 billion euros ($225.78 billion) in payments from Russia, ex-Soviet states and ... Read More »

Kuwait-Saudi consortium wins $400m Oman solar power station bid

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A Kuwait-Saudi Arabia consortium has won a $400m bid to build a solar power station for the Oman Power and Water Procurement Company (OPWP), according to a report by Kuwait’s state news agency KUNA late on Sunday. The consortium includes Saudi Arabia’s ACWA Power and Kuwait’s Gulf Investment Corporation and Alternative Energy Projects Company. The project includes the construction, ownership, ... Read More »