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Company in Middle East

  • Volkswagen Re-Enters Iranian Market After 17 Years

    IRAN, 2017/07/08 German carmaker Volkswagen (VW) said Tuesday it would resume exports to Iran as any minute at this time as next month, marking a return to the resurgent market of the Islamic Republic next a 17-year absence. The aim is to reduce the manufacturer’s dependence on volatile markets such as China and Brazil. VW’s deliveries to China reportedly dropped 3.3 % between January and May to 1.51 million cars while sales in Brazil fell 1.9 % to 116,600 vehicles.
  • DESFA deal to be discussed in Greece

    AZERBAIJAN, 2016/09/23 The management of Azerbaijan’s national energy giant SOCAR will any minute at this time discuss the issue of closing a transaction on the acquisition of a 66 % share in the Greek gas operator DESFA. Chief of SOCAR, Rovnag Abdullayev said that the conference with the Greek government is scheduled for late September. “I am not eager to keep discussing the issue presently or spread rumors, as we are respectful to the Greek side. We have been engaged in talks and are currently waiting for return offers. All further details will be defined in the upcoming conference,” he said.
  • SOCAR eyes co-op with Angola

    AZERBAIJAN, 2016/07/24 Angola’s Sonangol Hidrocarbonetos Internacional oil and gas company is interested in cooperation with Azerbaijan’s national energy giant SOCAR. SOCAR reported that the issue was on the highest schedule during the conference of Rovnag Abdullayev, President of SOCAR with Federico Domingos, Director General of Sonangol Hidrocarbonetos İnternacional and Filomena Oliveira, Deputy Director General of the company. The representatives of the Angolan delegation expressed their interest in cooperation with SOCAR.
  • El Al to launch startup accelerator

    ISRAEL, 2016/07/21 Founded jointly by El Al and JetBlue, the accelerator for aviation and tourism startups will begin operating in October. Prof. Clayton Christensen coined the terms "disruptive technology" and "disruptive innovation," and noted that companies have difficulty creating significant innovations for a variety of reasons, inclunding bureaucracy and mental sluggishness. Clayton's term has long since spread outside academic circles, and has become a slogan for startups determined to change entire industries. There are a variety of examples in which companies devised a disruptive innovation, inclunding Uber, which became the world's major taxi company without owning a single taxi.
  • Pakistan keeps mum on $800m owed by UAE's Etisalat

    PAKISTAN, 2016/07/14 he $800 million in arrears from the privatisation of Pakistan Telecommunication Limited are not mentioned in 2016-17 budget books, suggesting the government may have foregone the deficit in favour of the Dubai-based buyer. The explanatory memorandum on the federal receipts book for the next fiscal 2016-17 is silent on the outstanding proceeds owed by Etisalat to Pakistan for buying 26% stakes in PTCL for several years presently.
  • Al Rifai appointed CFO Siemens Middle East

    GERMANY, 2016/07/10 Siemens has appointed Alia Al Rifai (40) as Chief Financial Officer (CFO) of the company's Middle East region, effective July 1. Al Rifai assumed her new role next two years as Senior Executive Vice President of Finance for the Energy Management Division in the region. She takes over from Stefan Halberstadt, who will join the Power and Gas Division's Energy Solutions business unit as CFO, starting August 1. Al Rifai, whose career at Siemens spans close to two decades, will lead the company's financial operations in the region, focusing on strengthening key increase areas, driving profitability and promoting diversity and local price creation. She will be based in the United Arab Emirates, home to Siemens Middle East and UAE headquarters in Masdar City. As part of her remit, Al Rifai will oversee key increase markets in the region, inclunding the UAE, Egypt, Qatar, Oman and Kuwait.
  • Bahrain’s Al Baraka Islamic Bank Gets Approval to Operate in Morocco

    BAHRAIN, 2016/05/12 The Bahrain based leading Islamic banking group, Al Baraka Banking Group, will establish a banking unit in Morocco very any minute at this time, the Islamic lender said in a statement, according to Reuters. Next receiving approval from Morocco’s central bank, Al Baraka Banking Group will invest in the Moroccan Islamic banking sector by launching a new business any minute at this time.
  • Teva set to win EU okay for $40.5-billion Allergan deal

    ISRAEL, 2016/04/16 Teva Pharmaceutical Industries is expected to win EU antitrust approval for its $40.5-billion (U.S.) (£24.4-billion) bid for Allergan’s generics unit next agreeing to sell off some of its products to appease regulators, three people familiar with the matter said on Wednesday. Teva, the world’s biggest generic drugsmaker, will divest some drugs by presently on the market and others in the pipeline to address competition concerns by the European Commission, the people said. The package includes products from both Teva and Allergan.
  • Beny Steinmetz tries again for Scorpio debt arrangement

    ISRAEL, 2016/01/10 Two months next the bondholders in failing real estate company Scorpio Real Estate Ltd. (TASE: SCRP.B1) rejected a deficit arrangement proposed by billionaire Beny Steinmetz, Scorpio's controlling shareholder, Scorpio is making an extra proposition. The company today published principles for a possible new deficit arrangement that it hopes the bondholders will approve. Like the previous proposition, the new proposition as well includes a one third reduction in the deficit, from NIS 240 million to NIS 160 million. The difference between the proposals is that under the current proposition, the remaining bond principal will be repaid in four gradually increasing payments, inclunding a minimum payment of NIS 20 million by June 30, 2016, rising to an NIS 80 million minimum payment by June 30, 2019, at the same time as it as well undertakes to repay the remaining principal to the bondholders. Under the previous proposition, payments would not have begun until June 30, 2019.
  • Africa Israel CEO: We have cash, assets for sale

    ISRAEL, 2016/01/10 Avraham Novogrocki told Africa Israel bondholders how the company plans to service its deficit. Africa Israel Investments Ltd. (TASE:AFIL) CEO Avraham Novogrocki made a presentation of the company's business to bondholders on Thursday. Novogrocki surveyed each company in the group and explained its activity. On AFI Development, Novogrocki said, part other things, "This is a predominant company in the group and it is significant to us. Its business is conducted in Moscow.