Business & Management

Egypt seeks US$3bn to finance budget deficit

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Egypt is seeking to raise US$3 billion to finance its budget deficit for the 2011-12 financial year, its Finance Minister Samir Radwan said in Dubai.

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Tyco completes KEF acquisition

Tyco

Tyco International Ltd announced that it has completed its acquisition of a 75 per cent equity stake in United Arab Emirates-based KEF Holdings Ltd. (KEF), an integrated valve manufacturer and provider of steel castings to the oil and gas, chemical, mining and power industries.

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Nokia Siemens Networks signs Saudi joint-venture agreement

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Nokia Siemens Networks signed a strategic partnership agreement with Al Sarya Telecommunications Company and Belal Company, both of Saudi Arabia (members of Ghazzawi Group of Companies) to establish Nokia Siemens Networks al Saudia Ltd as a joint-venture company.

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S&P rates DEWA and sees outlook stable

Dewa-Head-Office

Standard & Poor's Ratings Services assigned a 'BBB-' long-term corporate credit rating to Dubai Electricity and Water Authority (DEWA), the public provider of electricity and water services. S&P set their outlook for DEWA as stable.

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Etihad Rail and du sign MoU

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Etihad Rail signed a strategic 'Memorandum of Understanding' (MoU) with du that will see both companies collaborate on the telecommunications front for the upcoming national freight and passenger railway network.

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