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Iraqi Prime Minister Mohammed Shia Al-Sudani has launched an ambitious project to develop a $17bn transport network linking the north and south of Iraq. The Development Road Initiative will start at the under-construction Grand Faw port in the south and travel northwards via 1,200km of rail lines and roads.

Iraq
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Germany’s largest bank Deutsche Bank has been pursuing bankruptcy proceedings against entities in Sweden and the Cayman Islands connected to Saudi-Ethiopian businessman Sheikh Mohammed Hussein Al-Amoudi. The Grand Court of the Cayman Islands had ordered the winding-up of Amoudi Aviation, following a petition submitted one month earlier by Deutsche Bank Luxembourg.

Saudi Arabia
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Dubai-based Emirates group reported record results, with an 81% increase in revenues to AED119.8bn ($32.6bn) for the 12 months to end-March 2023 and a record annual profit of AED10.9bn. The airline contributed almost all of the group’s profits.

United Arab Emirates (UAE)
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Rashed Al-Makhawi, a former UAE ambassador to Germany, has lost a case in London's High Court in which Emirates NBD bank was seeking to enforce a $57.5m judgement against him made by the Dubai courts.

United Arab Emirates (UAE)
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Qatar General Insurance and Reinsurance Company is seeking compensation from former chairman Sheikh Nasser Bin Ali Bin Saud Al-Thani "for his responsibility for the mistakes he made" while in charge of the business.

Qatar
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UAE state-owned defence group Edge is to push for defence export orders in Latin America, after announcing it is to open an office in Brazil’s federal capital Brasilia in the near future.

United Arab Emirates (UAE)
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MBC Group Holdings, a British Virgin Islands-registered company connected to Saudi Arabia’s Al-Ibrahim family, has submitted a petition to a Cayman Islands court to wind up its partnership with a son of Saudi Arabia's late King Abdullah Bin Abdelaziz. The move offers an insight into how lucrative deals were awarded in the later years of Abdullah’s reign and how those deals were treated when King Salman Bin Abdelaziz took over in 2015.

Saudi Arabia
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The UK's Financial Conduct Authority (FCA) has fined Luxembourg-based Banque Havilland and a number of its executives and employees for trying to devalue the Qatari riyal in 2017, at a time when Qatar was facing a boycott by Bahrain, the UAE, Saudi Arabia and some allied countries.

Qatar
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Alpha Dhabi Holding – the Abu Dhabi Securities Exchange (ADX)-listed investment firm linked to national security advisor Sheikh Tahnoun Bin Zayed Al-Nahyan – said it had bought a 36.4% stake in National Corporation for Tourism and Hotels (NCTH) for AED730m ($199m), becoming the largest shareholder in the local hotel owner and operator.

United Arab Emirates (UAE)
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The High Court in London has issued a summary judgement against Prince Fahd Bin Sultan Bin Abdelaziz in his dispute with Credit Suisse over a loan for his yacht Sarafsa. Mr Justice Bright ruled in favour of the Swiss bank on 31 March and set out his reasoning in a full statement on 5 April, saying the prince had no real prospect of succeeding in defending his position if the case went to trial.

Saudi Arabia
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Sheikh Hamdan Bin Mohammed Al-Nahyan, one of the lower-profile sons of UAE President Sheikh Mohammed Bin Zayed Al-Nahyan (MBZ), was due to list his company Ethmar International Holding on the Abu Dhabi Securities Exchange (ADX) as GSN was going to press.

United Arab Emirates (UAE)
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Abu Dhabi National Energy Company (Taqa) is to invest £25m ($31m) in Xlinks, which is developing an ambitious project to lay the world's longest high-voltage direct current (HVDC) subsea cable, from Morocco to the UK.

United Arab Emirates (UAE)
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Saudi Aramco announced late April that a first shipment of low-carbon ammonia had arrived in Japan, where it will be used for power generation. The ammonia was produced by Sabic Agri-Nutrients, with feedstock from Aramco, and was sold to Fuji Oil Company for use at its Sodegaura refinery in Chiba, east of Tokyo.

Saudi Arabia
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UAE relations with South Africa have soured after a Dubai court rejected a request from Pretoria to extradite Atul and Rajesh Gupta to face charges of money laundering, fraud and corruption.

United Arab Emirates (UAE)
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Manama is offering a 'golden licence' to companies that invest in large projects and create hundreds of jobs for locals, in the latest sign of increasingly stiff competition among Gulf economies for international capital

Bahrain