Egypt puts on hold stake sales in government-owned businesses

Cairo: Egypt has put on hold its plans to offer stakes in state-run companies due to “unfavorable” market conditions created by the coronavirus pandemic, dealing a setback to the country’s programme to strengthen the economy. The Public Enterprise Minister Hisham Tawfik didn’t say when the programme could be resumed. Investors are returning to the local […]

DP World launches shortsea, feedering services for its network of ports

Dubai: DP World has launched a shortsea and feedering service to serve a network of ports by integrating Unifeeder and Feedertech, two of its acqusitions. The services have now been integrated onto one platform building a “strong” network across a vast expanse of trading hubs worldwide. Unifeeder, which recently acquired Feedertech, operates feeder and shortsea […]

What happened to health insurers in UAE? Did COVID-19 wipe them out?

Dubai: UAE’s medical insurers are finding themselves in the best possible state of health – despite COVID-19. In fact, insurers’ improved health has a lot to do with how the healthcare sector and UAE residents tackled the pandemic. Clear directions were issued by the authorities that residents should stop making trips to hospitals or clinics unless […]

Saudi Arabia sees a 3b riyal rise in net foreign assets during May

Riyadh: Saudi Arabia’s net foreign assets rose in May, reversing three months of declines. The stockpile climbed by about 3 billion riyals ($800 million), to $445 billion, according to a monthly report from the Saudi Arabian Monetary Authority. Officials have said a record cumulative decline of more than $47 billion in March and April was mainly […]

UAE to say goodbye to 2G telecom network from end 2022

Dubai: The UAE will bid goodbye to the 2G telecom network, which is based on the GSM platform. The shutdown will start from end 2022, according to the Telecommunications Regulatory Authority (TRA). In its stead, more resources will be allocated to state-of-the-art 5G networks and bring them up to speed. The UAE was the fourth country […]