Porsche warns of Brexit price hike on UK cars

FRANKFURT AM MAIN: Porsche customers in the UK should brace for a price hike of up to 10 per cent in case of a hard Brexit, the luxury German carmaker warned Monday. The company said it had taken the “precautionary step” of informing customers whose cars are due to be delivered after March 29, the […]

Lebanon nominates World Bank candidate, challenging Trump’s pick

Lebanon has nominated investment banker Ziad Hayek to be head of the World Bank, the first challenge to President Donald Trump’s pick to lead the development lender. The Middle Eastern nation submitted the nomination in a letter to the bank’s executive board, Hayek said on Twitter, also posting a copy of the document. He is […]

Tawazun acquires 30% stake in Al Marakeb Boats

Abu Dhabi: The Defence and Security Development Fund of Tawazun Economic Council announced investment into Al Marakeb Boats Manufacturing, in return for 30 per cent ownership. The two parties signed the agreement during the International Defence Exhibition (Idex 2019) in Abu Dhabi on Tuesday. Al Marakeb is the builder of boats, both manned and unmanned […]

UAE’s Majid Al Futtaim announces new wholesale division of Carrefour

Dubai: Hypermarket chain operator Majid Al Futtaim has said it will launch Carrefour Business, a new wholesale grocery service targeting restaurants and hotels, by June 2019. The wholly-owned subsidiary of supermarket chain Carrefour will offer businesses over 4,000 products on a new website as it seeks a slice of a $57 billion (Dh209 billion) regional […]

Raytheon sees growing opportunities in the region

Abu Dhabi: Raytheon, one of the top defence firms in the world sees growing opportunities in the region and has opened its new office in Abu Dhabi to cater to the demand. “We continue to see growing opportunities, certainly with the regional instability and things that are happening in the area,” said Alan Davis, chief […]

UAE signs deals worth Dh7b on the second day of Idex

Abu Dhabi: UAE Armed Forces signed deals worth Dh7 billion with various international and local companies to purchase arms and other equipment to boost the country’s defence capabilities, organisers announced on the second day of the International Defence Exhibition on Monday. International as well as local companies won some of the biggest deals announced, including […]