Daily brief: Amazon to buy Souq, Fitch downgrades Saudi Arabia

March 23, 2017 10:21 am

Daily brief. (Image: Alamy)

International e-commerce website, Amazon.com, has agreed in principle to buy Dubai-based retailer Souq.com, a household name in the region’s online shopping market. Here are the top seven business stories you need to know today.

Drake and Scull International sells its ownership share in ONE PALM Development

The firm signed off a sale deal of its ownership share in ONE PALM Development. Omniyat Properies, the developer of the project, has agreed to purchase the stake.


Amazon to buy online retailer Souq.com, sources say

Amazon.com Inc has agreed in principle to buy Dubai-based internet retailer Souq.com, one of the best-known names in the Middle East’s online shopping market, sources familiar with the deal said on Wednesday.


Libyan oil output rises to 700,000 bpd after port fighting ends – NOC

Libya’s oil production has reached 700,000 barrels per day (bpd), the National Oil Corporation (NOC) said on Wednesday, recovering from a drop earlier this month caused by fighting at two key oil ports.


Fitch downgrades Saudi Arabia, doubts prospects of reform

Fitch Ratings cut its assessment of Saudi Arabia’s credit quality on Wednesday, citing deterioration of state finances due to low oil prices and doubts over whether Riyadh can achieve its economic reform plans.


(Moody’s lifts Saudi banking system outlook as funding pressures ease)


Saudi retail property developer shows faith in Egypt

Saudi-owned retail property developer Marakez is investing 15 billion Egyptian pounds ($829 million) in Egypt and could double that within five years as the country pushes through economic reforms.


(Egypt extends capital gains tax freeze, approves stamp duty on stocks)


Barclays aims for bigger share of euro clearing business in Middle East

Barclays aims to increase its share of the euro clearing business in the Middle East and North Africa region (MENA) from low double-digits to 25 per cent in the next three years, a senior Barclays executive said, capitalising on growing demand from companies for transactions in euros.


Dubai Silicon Oasis opens electric vehicle charging stations for free public use

Dubai Silicon Oasis Authority, DSOA, the regulatory body for Dubai Silicon Oasis, DSO, the integrated free zone technology park, launched a new initiative that allows electric vehicle owners to use charging stations on its premises free of charge from 22nd March until the end of the year.


AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.