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China’s Legend strikes $1.8bln deal to buy Luxembourg’s BIL bank from Qatari investors

China’s Legend Holdings struck a deal on Friday to buy a 90 percent stake in Banque Internationale a Luxembourg (BIL) from Qatar’s royal family for 1.48 billion euros ($1.76 billion), marking its biggest overseas acquisition. Legend, owner of computer group Lenovo Group Ltd , is acquiring 161-year-old BIL from Precision Capital, an investment vehicle of Qatar royal family members including …

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Dubai and Siemens agree to develop 3D printing for metro parts

Dubai’s Roads and Transport Authority (RTA) has signed an agreement with Siemens to help develop its ability to produce spare parts for the Dubai Metro using 3D printing technology. A statement by the RTA said the agreement “enhance RTA’s already applied 3D printing initiative”, as well as extending the sourcing, availability and reliability of spare parts for the metro. The …

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China’s ICBC in talks with Gulf governments, firms on yuan bonds

Industrial and Commercial Bank of China is talking to governments and state-linked entities in the Gulf that are interested in issuing yuan-denominated bonds in China, said an executive at ICBC, China’s largest bank. One government entity is in the process of applying to issue such instruments, known as panda bonds, which would make it the first issuer from the Middle …

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Minister of Foreign Affairs of Egypt to visit the Republic of Belarus

On August 27 — 28, 2017 the Minister of Foreign Affairs of the Arab Republic of Egypt, Sameh Shoukri, will pay a visit to the Republic of Belarus. It is the first visit to Belarus of the Head of the Foreign Ministry of Egypt in the course of the history of bilateral relations. The program of the visit includes a …

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U.S., Ministry of Education honor STEM high school graduates

These students are the third cohort to graduate from Egypt’s STEM high schools, launched by the Ministry of Education in 2012 with support from the United States through the U.S. Agency for International Development (USAID) The U.S. government, working in cooperation with the Egyptian Ministry of Education, answered President Sisi’s recent call for a greater focus on science and technology …

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First 11 firms enrolled into DIFC’s fintech accelerator

Dubai International Financial Centre (DIFC) has announced that 11 firms have been chosen to take part in its accelerator programme for new financial technologies, known as FinTech Hive. The programme, which is being launched in partnership with management consultancy Accenture, is a 12-week course that will see the selected firms working closely with financial institutions and other stakeholders to help develop …

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IMF, AMF, AFESD and Government of Morocco to Host Regional Conference

IMF, AMF, AFESD and Government of Morocco to Host Regional Conference: “Opportunity for All—Promoting Growth, Jobs, and Inclusiveness in the Arab World” IMF Managing Director Christine Lagarde, AFESD Director General Chairman of the Board Abdlatif Y. Al-Hamad, and AMF Director General Chairman of the Board Abdulrahman Al Hamidy will be among the conference speakers The International Monetary Fund (IMF), Arab …

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New $136mln Dubai tower aims to target ‘affordable luxury’

Invest Group Overseas (IGO) has launched a new, 40-storey, 195 metre-tall tower on what managing partner and chief executive Anas Kozbari described as “the last off-plan” residential property project available in Dubai’s Jumeirah Lakes Towers. The IGO Tower will cost between 500 million-600 million UAEdirhams ($136-163 million) to build, Kozbari told journalists at a launch event at the company’s headquarters on Monday morning. It will …

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Saudi Arabia issues rules for small-scale solar energy generation

Saudi Arabia has issued a regulatory framework for electricity consumers to operate their own, small-scale solar power generating systems and export unused power to the national grid, the government said on Monday. The rules will come into force next July 1 and cover small photovoltaic facilities with generating capacity of no more than 2 megawatts, the Electricity and Cogeneration Regulatory …

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My Salaam: The issues shaping the lives and lifestyles of young Muslims around the world

My Salaam covers fashion, food, travel, culture, entertainment and personalities that shape and affect the lives and lifestyles of young Muslims around the world. Our stories and videos are produced by some of the top bloggers and writers from the United Kingdom and the United Arab Emirates to India and Indonesia. Some of the most popular stories on the website …

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