DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, issued Law No (26) of 2023 pertaining to The Executive Council (TEC) of Dubai. The law highlights the TEC’s objectives, which include implementing the leadership’s vision to foster a thriving society, addressing the needs of citizens, ensuring a ...

ABU DHABI/ WAM The Abu Dhabi Securities Exchange (ADX) today saw two large direct deals executed on the stocks of Eshraq Investments and National Bank of Fujairah (NBF). The two large direct deals were executed on 102.3 million shares worth AED104.3 million. According to ADX data, the first trade was executed on NBF on 15.2 million shares worth AED68.7 million ...

SHARJAH/ WAM Expo Centre Sharjah is gearing up to organise the 19th edition of the SteelFab exhibition – the metalworking sector’s biggest event across the Middle East and North Africa. Running from 8th to 11th January, SteelFab 2024 will feature more than 600 major global brands under one roof as over 275 local and international exhibitors representing top industry leaders ...

ABU DHABI/ WAM Abu Dhabi Maritime, part of AD Ports Group, working in cooperation with the Integrated Transport Centre – Department of Municipalities and Transport (DMT), has announced the official launch of Maritime Hub Abu Dhabi, “Maritime Hub Abu Dhabi – Maritime Hub (maritimehub-ad.com)”, a platform to bridge the gap between public and private stakeholders to connect and strengthen the ...

ABU DHABI/ WAM The new Decree Law No.57 of 2023 announced by the General Pension and Social Security Authority (GPSSA) contributes to enhancing an insured Emiratis chance in obtaining a retirement pension by merging employment years at no cost, thereby increasing the possibility in obtaining a pension and/or end-of-service gratuity once ready to retire. Once an insured chooses to merge ...

BLOOMBERG The European Union (EU) and the UK approved a three-year postponement of tariffs on electric vehicles, giving carmakers more time to make necessary changes to comply with local content requirements under a bilateral trade deal. The tariffs that were set to kick in from next year would have charged a 10% duty on vehicles and batteries traded between the ...

BLOOMBERG Thailand will allocate 34 billion baht ($970 million) through to 2027 to fund its ambition of becoming a major production hub for electric vehicles, renewing a flagship incentive program in the Southeast Asian nation. Foreign EV makers will be eligible to receive up to 40% cuts on import duties and a reduced excise tax rate of 2% for their ...

BLOOMBERG Chinese electric carmaker Nio Inc unveiled a flagship sedan at its annual customer event, with the vehicle set to take on Porsche AG’s Panamera series and Mercedes-Benz Group AG’s luxury S range. The four-seater executive sedan dubbed ET9 is expected to start delivery in the first quarter of 2025, with an estimated starting price at around 800,000 yuan ($112,000). ...

BLOOMBERG Party City Holdco Inc’s bankrupt balloon-manufacturing affiliate, Anagram Holdings, is close to striking an agreement with the retail chain and won court permission to sell the unit to lenders. Anagram lawyer Nicholas Baker said during a court hearing that the firm is optimistic it will be able to finalise the settlement with its parent company in the coming days. ...

BLOOMBERG General Mills Inc cut its organic-sales-growth outlook after slower-than-expected volume recovery and cautious consumer behaviour lowered expectations for the full year. “We’re seeing consumers continue to display stronger-than-anticipated value-seeking behaviors across our key markets, and this dynamic is delaying volume recovery in our categories,” Chief Executive Officer Jeff Harmening said in prepared remarks. The company has also faced stiffer ...