Emirates Employees Get Smaller Salary Bump After Record Year
Employees across its businesses in Dubai, including Emirates' namesake carrier and the Dnata airport services unit, were granted a 3% increase to their basic salaries, one percentage point less than what was handed out last year, according to documents seen by Bloomberg News.
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New York Times
4 hours ago
- New York Times
Saudi Arabia Pledges to Invest More Than $6 Billion in Syria
Saudi Arabia announced on Thursday $6.4 billion worth of investments in Syria, the latest sign of the two countries' deepening relationship under the new Syrian government led by President Ahmed al-Shara. The investment deals were unveiled by the Saudi investment minister, Khalid Al-Falih, at a forum involving more than 100 Saudi investors in Damascus, the Syrian capital. Mr. al-Falih said that Prince Mohammed bin Salman, the de facto Saudi ruler, had ordered up the visit to signal 'confirmation of the kingdom's firm and supportive stance towards sisterly Syria.' The investments, involving 47 agreements and more than 100 companies, would be an economic boon for Mr. al-Shara's nascent government. It faces the daunting task of rebuilding a country that was devastated by a nearly 14-year civil war and whose economy has been stifled by corruption and sanctions. The deals include nearly $3 billion for infrastructure projects as well as around $1 billion for the telecommunications sector, according to Mr. Al-Falih. They also underscore the shifting geopolitical landscape across the Middle East. Under the dictator Bashar al-Assad, who was ousted in December, Syria was closely allied with Iran, a Shiite theocracy often at odds with Saudi Arabia's Sunni monarchy. But under Mr. al-Shara, a former rebel leader with roots in a Sunni jihadist movement, Syria has pivoted away from Tehran and aligned closely with Gulf States. As part of those shifts, the Saudi government has emerged as a key backer of Syria's new leadership. President al-Shara, who was born in Saudi Arabia and spent part of his childhood in Riyadh, the Saudi capital, made the city the site of his first official foreign visit in February. 'We have been waiting for this moment with the Kingdom of Saudi Arabia for decades — a moment we were unfortunately deprived of for 60 years due to personal reasons tied to the former regime,' said Syria's minister of economy and industry, Dr. Mohammad Nidal al-Shaar, at the Syrian-Saudi Investment Forum. 'Today, we move forward in building the new Syria,' he added. The announcement comes during a broader wave of regional investment in Syria and follows President Trump's order last month lifting most U.S. sanctions against the country. The new Syrian government signed a $7 billion electricity-sector deal with Qatar in May. In July, Syrian authorities signed an $800 million agreement with DP World, a global port operator owned by the Gulf emirate of Dubai, to develop the strategically located Mediterranean port of Tartus, formerly home to a major Russian naval base. Saudi Arabia and Qatar have also jointly repaid Syria's $15.5 million debt to the World Bank, enabling it to qualify for new loans for badly needed reconstruction. Reham Mourshed contributed reporting.
Bloomberg
5 hours ago
- Bloomberg
Saudi Football Club Acquired by Harburg in First Foreign Deal
A Saudi Pro League football club has been acquired by Harburg Group, the global sports firm founded by foreign investor Ben Harburg, in the first deal of its kind for the kingdom. Harburg Group completed the outright acquisition of Al-Kholood Club in a transaction led by the Saudi Ministry of Sport and the Saudi National Center for Privatization, according to statements on Thursday. Financial terms were not disclosed.
Yahoo
7 hours ago
- Yahoo
Zvilo boosts working capital lending capacity to €75m with Fasanara Capital
Fintech lender Zvilo has expanded its debt facility with Fasanara Capital, a capital partner with whom it has a longstanding relationship. The facility's capacity has been raised to up to €75m ($88m) from the €50m initially pledged by Fasanara in 2022. Zvilo chairman Admir Imami said: 'Fasanara has been an avid and early supporter of Zvilo. This expanded facility is a strong endorsement of our performance and vision to close the $2.5tn global trade finance gap. 'As we strengthen our presence in emerging markets, we are excited to continue scaling alongside a partner that shares our mission.' Zvilo has already tapped into the initial capital to enhance its presence and deliver services to clients in over 39 different markets. Zvilo expects the new facility to catalyse its growth strategies, especially in regions such as Africa, Turkey, and the Middle East. The company plans to utilise the funding to grow its portfolio, improve its operational hubs, and provide analytics-based trade finance solutions to an expanded client base of MSMEs [micro, small and medium enterprises]. Fasanara Capital CEO Francesco Filia stated: 'We back fintech platforms that are reshaping the SME lending landscape. Zvilo's use of technology, disciplined underwriting, and regional expertise align well with our vision for next-generation credit. We are proud to continue supporting their growth and impact.' Co-founded by Francesco Filia in 2011, Fasanara Capital operates independently and is regulated by the UK's Financial Conduct Authority. Headquartered in London and with additional offices in Milan, the company specialises in private credit within the fintech sector. "Zvilo boosts working capital lending capacity to €75m with Fasanara Capital" was originally created and published by Leasing Life, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
