DUBAI / WAM Dubai Airports on Monday confirmed plans to close Dubai International’s (DXB) southern runway for a 45-day period in 2019 to conduct a comprehensive upgrade designed to boost safety, service and capacity levels. DXB operates 24/7, 365 days per year with over 1,100 aircraft movements per day featuring predominantly wide-body aircraft. While ongoing runway maintenance is scheduled on ...

Abu Dhabi / WAM The UAE Central Bank has signed a Memorandum of Understanding (MoU), with the Federal Tax Authority (FTA), to facilitate tax collection through the UAE Funds Transfer System (UAEFTS), that offers a timely processing of fund transfers between bank accounts. Mohammed Ali bin Zayed Al Falasi, Deputy Governor of the UAE Central Bank, and Khalid Ali Al ...

Dubai / WAM Dubai Airport Freezone Authority (DAFZA), announced the launch of Goodforce Labs, an innovative start-up incubator focused on transforming ethical startups in the fields of Islamic economy and Halal industries into global success stories. The incubator will work to revitalise the Islamic ethical economy utilising a deep venture building platform. This will be achieved by selecting a group ...

Dubai / WAM Emirates Central Cooling Systems Corporation (EMPOWER), announced expansion of its network of district cooling transmission pipelines, which has crossed 263 kilometres in 2017, an increase of 12% compared to 2016. The company attributed this to its ambitious strategy to enhance its operations in Dubai, given the steady growth of its business, with new projects added to its ...

Bloomberg Big oil tankers sailing from the US are set to bring along some benefits for refiners in Asia while allowing them to sidestep traders serving the world’s top crude-buying region. The new option to load oil into very large crude carriers at the US Gulf Coast terminal operated by the Louisiana Offshore Oil Port, or LOOP, will reduce costs ...

Bloomberg Oil steadied as Libya’s crude exports from a key terminal were disrupted and Saudi Arabia pledged that global producers will ease their output curbs without shocking the market. Futures in New York were little changed, after rising 3 percent the previous two sessions. Libya’s crude loadings from the Mellitah terminal will be “modified” after protests impeded output at the ...

Bloomberg China’s natural gas imports from Central Asia, a long-time source of the fuel via pipeline, slipped last month, worsening a winter shortage and increasing the world’s biggest energy user’s reliance on seaborne supplies. Imports during January from Turkmenistan, China’s biggest overseas source of gas last year, dropped 14 percent from a year earlier, and 4 percent from December, data ...

Bloomberg Ghana may start locking in future prices for oil and petroleum imports from the end of March as it seeks to contain inflation, said Finance Minister Ken Ofori-Atta. A net exporter of crude oil, Ghana could benefit from rising prices while continuing to keep domestic costs in check by agreeing to buy fuel at pre-set prices, Ofori-Atta said in ...

Bloomberg The outlook for declining oil production in Venezuela may get grimmer if the US bans supply of a key commodity used to help Venezuelan crude flow from oilfields to the coast. Production in the Orinoco oil belt, which accounts for half of the country’s output, depends on heavy naphtha imported from the US to reach global markets. Naphtha is ...

Bloomberg Exxon Mobil Corp. has shut production platforms and a processing plant in the highlands of natural gas exp-orter Papua New Guinea after an earthquake struck the Pacific nation. The US oil giant closed the facilities to assess damage from a magnitude 7.5 earthquake early on Monday morning, it said in a statement. Administrative buildings, living quarters and a mess ...