Business & Management

Egypt seeks US$3bn to finance budget deficit

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.

Tyco completes KEF acquisition

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.

Nokia Siemens Networks signs Saudi joint-venture agreement

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.

S&P rates DEWA and sees outlook stable

Standard & Poors 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.

Etihad Rail and du sign MoU

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.