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Sawiris eyeing stake in Telecom Italia

Sawiris eyeing stake in Telecom Italia

In an emailed statement to Reuters, Naguib Sawiris the former owner of Mobinil telecom in Egypt, said he was considering a “potential investment in Telecom Italia” but might not submit a proposal “in view of (Italy’s)… alleged preference for Telefonica reported in the Italian press.” Telecom Italia is Italy’s largest fixed-line operator however is has […]

Kuwait eyes oil purchases overseas

Kuwait eyes oil purchases overseas

Kuwait is seeking to make oil acquisitions in regions including south-east Asia as part of plans to meet output targets, according to a senior industry executive in the Gulf state. Sheikh Nawaf Saudi Al-Sabah, CEO of Kuwait Foreign Petroleum Exploration (KUFPEC), told Bloomberg that he was “looking very seriously” at overseas assets. The state-owned firm […]

HSBC halting wealth management business in Jordan, Bahrain and Lebanon

HSBC halting wealth management business in Jordan, Bahrain and Lebanon

HSBC Holdings is halting its wealth management division in Bahrain, Jordan and Lebanon as it continues to exit small or insufficiently profitable global operations. This recent move follows a global initiative to increase profitability by scaling back on private banking and Islamic banking operations in the Middle East. “After a detailed review of our MENA […]