Bloomberg Oil-producing nations are moving closer toward ending a global glut and re-balancing the crude market, and OPEC will decide next month whether to extend its cuts in output beyond June, the group’s Secretary-General Mohammad Barkindo said. The Organization of Petroleum Exporting Countries and other major producers are committed to reducing oil stockpiles, and all countries participating in a ...

  ABU DHABI / WAM The National Bank of Abu Dhabi and First Gulf Bank reported AED2.93 billion in net profits for the 1st quarter of 2017, a 12.4 percent growth from AED 2.60 billion over the same period last year. The positive results are attributed to a robust operational performance and increasing investments yields in addition to a successful ...

  ABU DHABI / WAM Etihad Airways Engineering signed an agreement with Diehl Aerosystems to jointly design, manufacture and install the first serial produced 3D-printed cabin plastic part on an aircraft for one of its customers. Additive manufacturing, commonly referred to as 3D-printing, reduces lead time in design, decreases production costs and enables speedier manufacturing. Etihad Airways Engineering and Diehl ...

  DUBAI / AP Emirates, the Middle East’s biggest airline, said on Wednesday it is cutting flights to the United States because of a drop in demand caused by tougher US security measures and Trump administration attempts to ban travellers from Muslim-majority nations. The decision by the Dubai government-owned carrier is the strongest sign yet that the new measures imposed ...

  DUBAI / WAM Emirates Central Cooling Systems Corporation, Empower, has announced that it has awarded contracts valued at AED62million in the first quarter of the year. According to Empower, the main reason behind the increase in the number and value of contracts is the customers’ growing trust in the district cooling service in terms of its efficiency compared to ...

  Dubai / WAM The United Arab Emirates and Saudi Arabia have the main bulk of private equity (PE) investments in the Middle East and North Africa (MENA) in 2014 at more than 75 percent by value, according to an international report. Emerging only in the late 1990s, MENA’s PE market is still at its infancy compared to other well-established ones, ...

  Sharjah / WAM His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, on Wednesday opened the ninth Sharjah Children’s Reading Festival, SCRF 2017, the region’s largest children’s reading event, at Expo Centre Sharjah. Running until April 29, this year’s festival has the theme ‘Discover Beyond’ and features 2,093 cultural, artistic and entertainment activities, ...

  Rabat / WAM A proposal from the UAE to develop innovative plans to help other Arab countries in addressing current economic and financial problems, while boosting economic development, was presented to Arab finance ministers at the eighth ordinary session of the Council of Arab Ministers of Finance, being held in Rabat, Morocco. The proposal can help achieve significant progress in ...

  Dubai / WAM The first branch of the UAE Foodbank opened on Wednesday in the Al Quoz area in Dubai. During the opening ceremony, HH Sheikha Hind bint Maktoum bin Juma Al Maktoum, Chairperson of the UAE Foodbank Board of Trustees said, “I am extremely proud to see the first branch open only three months after the announcement of the ...

  ISTANBUL / AP Turkey’s electoral board on Wednesday rejected petitions by opposition parties to annul the outcome of a recent referendum on expanding presidential powers because of voting irregularities. The High Electoral Board announced in a written statement its decision to reject three requests by the opposition following a 10-1 vote. Mehmet Hadimi Yakupoglu, the main opposition Republican People’s ...