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Biden administration proceeding with $23 billion weapon sales to UAE
US President Joe Biden’s administration has told Congress it is proceeding with more than $23 billion in weapons sales to the United Arab Emirates, including advanced F-35 aircraft, armed drones and other equipment, congressional aides said…
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Egypt ‘seizes’ Suez megaship, demands nearly $1bn compensation
Suez Canal chiefs on Tuesday implemented an Egyptian court order to seize the giant cargo ship that blocked the waterway for almost a week in March.
The Suez Canal Authority (SCA) is claiming $916 million in compensation for lost…
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Dubai crown prince says FDI highest in region creating 18,000 jobs
Foreign direct investments (FDI) in Dubai amounted to 24.7 billion dirhams ($6.7 billion) in 2020, the highest in the Middle East and North Africa region, creating about 18,000 jobs, the emirate’s crown prince said.
FDI projects in Dubai…
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Oil prices climb on favorable outlook for US fuel demand
Oil rose on Monday amid hopes that fuel demand is picking up in the United States as the summer driving season approaches and the rollout of COVID-19 vaccinations there accelerates, though increasing case numbers in other countries are set…
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Suez Canal receives Middle East’s largest dredger
Egypt has welcomed the largest dredger of its kind in the Middle East, the “Mohab Mamish,” on board the heavy transport vessel Xiang Rui Kou.
Dredgers are advanced drilling equipment used by the Suez Canal to cleanse the waterway of sand…
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Reinsurers set to bear brunt of costs for Suez Canal grounding
Reinsurers are set to foot most of the bill for the grounding of the ship that halted traffic in the Suez Canal, industry sources said, with payouts expected to run into hundreds of millions of dollars.
International supply chains were…
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UAE to invest $3 billion in Iraq
The UAE said it was investing $3 billion in Iraq to explore new partnerships and accelerate the growth of the conflict-ridden country.
Iraqi premier Mustafa Al-Khadimi visited the UAE on Sunday, where he discussed partnership prospects…
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UAE and Netherlands to boost trade ties
The UAE and Netherlands have discussed plans to increase trade between the pair, state news agency WAM reported.
Trade ministers from both countries agreed to strengthen their partnership as they try to bounce back from the impact of the…
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H&M changed online map after criticism, says China
Chinese regulators on Friday said H&M has agreed to change a “problematic map” online following government criticism, adding to pressure on the Swedish retailer amid a conflict with Western governments over China’s policies in its…
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Iraq plans to increase non-oil budget revenues, finance minister
Iraq plans to implement tax reforms to maximize its revenues from non-oil resources, Asharq Business reported, citing Finance Minister Ali Allawi.
Oil revenues currently account for 96 percent of the country’s budget.
The minister…
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