Abu Dhabi / WAM The Department of Culture and Tourism – Abu Dhabi (DCT) is leading a tourism delegation to Shanghai this month as part of a new initiative to encourage even more visitors from China to explore the emirate. China is currently the largest international source market for hotel guests staying in Abu Dhabi, with more than 242,000 Chinese ...

AJMAN / WAM Abdullah Saeed Al Nuaimi, Ajman Chamber of Commerce and Industry Board of Directors Member, met with Fernando Luis Lemos Igreja, Ambassador of Brazil to the UAE, where they discussed ways to enhance and consolidate economic relations between the two sides. Al Nuaimi praised the economic cooperation between the UAE and Brazil, pointing out that the growth of ...

DUBAI / WAM The Dubai Free Zones Council and the Federal Tax Authority have organised an informative workshop on Value-Added Tax (VAT) that will be implemented in the UAE starting from 2018. The event drew the participation of more than 70 representatives of companies operating across Dubai’s various free zones. With the aim of helping free zone entities fulfil their ...

DUBAI / WAM Foreign direct investment (FDI) inflows to West African countries increased 12 percent to $11.4 billion in 2016, supported by recovering investment in Nigeria, a recent analysis conducted by the Dubai Chamber of Commerce and Industry revealed. The analysis, based on data from United Nations Conference on Trade and Development, UNCTAD, was released by the Chamber as it ...

MOSCOW / LONDON / Reuters Russia’s biggest oil company, Rosneft, has agreed to take control of Iraqi Kurdistan’s main oil pipeline, boosting its investment in the autonomous region to $3.5 billion despite Baghdad’s military action sparked by a Kurdish vote for independence. The move appears to be part of a strategy by President Vladimir Putin to boost Moscow’s Middle Eastern ...

BAGHDAD / Reuters The global oil market is improving and stabilising, Saudi Oil Minister Khalid al-Falih said in Baghdad on Saturday. In a speech at the opening of the Baghdad International Exhibition, Falih praised the cooperation between Iraq and Saudi Arabia, which he said had helped to boost global oil prices. Speaking later to reporters, he said Saudi Arabia and ...

LONDON / Reuters Oil producers are working to build consensus on extending their deal to reduce supplies, OPEC’s secretary general said, with the potential for continuat- ion throughout 2018 forming a basis for talks. The Organization of the Petroleum Exporting Countries, plus Russia and nine other producers, are cutting oil output by about 1.8 million barrels per day (bpd) until ...

KHOBAR / Reuters National oil firm Saudi Aramco plans to set up a construction company with local and international partners to build non-oil infrastructure in Saudi Arabia, industry sources familiar with the plan said. Saudi and foreign companies have expressed interest in the project, and will form consortiums which apply to take part at a later date, one of the ...

Bloomberg US shale drillers are tapping on the brakes in the wake of a growing investor revolt that’s held down company values, even as they’ve scored historic production numbers. The evidence is stacking up: The latest rig count showed the biggest one-week drop in the Permian Basin in 19 months, while Schlumberger Ltd. and Baker Hughes, the two largest oil ...

Bloomberg Investors are getting plenty of chances this month to tap one of the best-performing segments of the year’s initial public offerings: Asia-based companies listing in the US. Fifteen Asian companies have raised $3.2 billion in US-listed IPOs and seen their shares climb 46 percent since their listings this year, according to weighted-average share price data compiled by Bloomberg. That ...