Egypt’s biggest listed bank slumps after chairman steps down

The stock fell as much as 10 per cent to trade at EGP60.10 pounds before paring the decline to 7.2 per cent at close

Samsung Electronics chairman, Lee Kun-hee, dies at 78

The reins are now set to pass to his only son Jay Y. Lee, who’s been the conglomerate’s de facto leader since his father’s hospitalisation in 2014

Dubai’s Emirates to operate A380 to Amman from November 4

Customers can fly the Emirates A380 from Dubai to Amman thrice a week

Radisson hotel group launches new brand; signs 10 new hotels across EMEA in Q3 2020

The new signings build on the 15 hotel signings which were announced in Q2 2020

British Business Group

Lessons learnt: How Covid-19 has impacted the British business ecosystem in the UAE

Gulf Business speaks to John Martin St. Valery, chairman of the British Business Group for Dubai and the Northern Emirates, on coping with the crisis, impact of Brexit and plans ahead

Amazon to let employees work from home through June 2021

The Seattle-based company had previously said workers could stay home until early 2021

Abu Dhabi’s ADQ partners with Lulu International Holdings for Egypt expansion

ADQ and LIHL will work to collectively develop up to 30 hypermarkets and 100 express minimarket stores

World Bank sees 5.2% contraction in MENA, in line with IMF

The dual shock of lower Brent prices and the coronavirus pandemic this year has taken an especially heavy toll on the region

Bahrain, Israel sign historic joint communique to establish diplomatic relations

Bahrain became the second Gulf nation to establish full diplomatic relations with Israel

Boeing Max judged safe to fly by Europe’s aviation regulator

The Max was grounded in March 2019 in the wake of two accidents that took 346 lives

Dubai’s Amanat invests in US-based edtech firm BEGiN

The acquisition is Amanat’s first ever venture capital investment

Abu Dhabi wealth fund ADQ said to pursue Bausch’s Egypt unit

ADQ has been evaluating the Bausch business, known as Amoun Pharmaceutical Co

Talabat to launch operations in Iraq

The company will initially launch operations in Erbil, Iraqi Kurdistan early next year, before expanding into Federal Iraq

Key question: Is gold’s rally far from over?

Gold has had a solid run higher throughout 2020

Abu Dhabi’s Mubadala invests $235m in Germany’s Evotec

The funds will be invested in the upscaling of biologics strategy, data-driven precision medicine processes, and multimodality drug discovery and development platforms, among others

Abu Dhabi’s IHC invests in DNA sequencing tech pioneer Oxford Nanopore

The funds will support Oxford Nanopore as it scales up its rapid Covid-19 testing capability

Israel’s cabinet approves UAE pact as leaders plan meeting

No date or venue was given for the leaders’ meeting

Ericsson R&D hub in Egypt ships first locally-developed AI software

Cognitive software reduces complexity in network operations

Turki Al Malki, Saudi coalition

Saudi intercepts another armed drone attack ‘targeting civilians’

Bomb-laden drones were launched towards the kingdom’s southern region on Saturday and Sunday

ECB takes major step toward introducing a digital Euro

A central-bank digital currency would allow euro-area residents to place deposits with the ECB directly

How airlines can revamp interiors to help passengers evade coronavirus

Airplane cabins could look different the next time you fly

LaLiga TwentyNines

Barceló Hotel Group and La Liga partner for new sports bar concept in MENA

The concept will be a technological integration of gastronomy, entertainment, football, and other sports in an interactive environment

Abu Dhabi’s ADIA to invest $750m in Mukesh Ambani’s retail unit

Reliance Retail runs supermarkets, India’s largest consumer electronics chain, a cash-and-carry wholesaler, fast-fashion outlets and an online grocery store called JioMart

Rolls-Royce preparing announcement on equity issuance

The British maker of aircraft engines said last month it intends to raise as much as GBP2.5bn

UAE exports 24.8% of Japan’s crude oil needs in August

Japan’s total crude oil import in August equalled 73.189 million barrels

Israel seeks 100,000 UAE tourists a year after landmark pact

A record 4.5 million tourists visited Israel in 2019

Egypt prepares to issue region’s first green sovereign bond

Egypt seeks to raise $500m from the offering

Saudi Arabia sends blue ammonia to Japan in world-first shipment

Japan will receive 40 tons of blue ammonia in the first shipment

Turki Al Malki, Saudi coalition

Saudi forces destroy armed drone targeting kingdom

The UAV was destroyed in Yemeni airspace

Mustapha Adib Lebanon

Lebanon PM-designate steps down, unable to form government

Mustapha Adib quit on Saturday after a meeting with President Michel Aoun in Baabda near the capital, Beirut