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RIYADH / WAM The 39th session of the GCC Summit was held on Sunday in Riyadh under the chairmanship of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud with the participation of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, who headed the ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), announced on Sunday, the four percent stake in its onshore concession, previously held by CEFC China Energy Company Limited (CEFC China), has been acquired by North Petroleum International Company Ltd, a subsidiary of China ZhenHua Oil Co. Ltd. The ownership change has been approved by Abu Dhabi’s Supreme Petroleum ...

VIENNA / WAM Abu Dhabi has officially been selected to host the 2019 United Nations Industrial Development Organisation (UNIDO), General Conference, the organisation’s supreme policy-making organ which convenes every two years. The announcement was made following a vote by the 53 member states of the Industrial Development Board (IDB) at their 46th annual meeting in Vienna where they convened to ...

Sharjah / WAM The Emirate of Sharjah has announced a budget with total expenses of AED25.7 billion for 2019, marking a 10 percent growth in comparison to its 2018 budget. His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, approved the spending for 2019, which will see an increase in spending on public ...

Dubai / WAM Dubai remains on track to becoming the most visited city for global travel, business and events, according to the latest visitation figures released by Dubai’s Department of Tourism & Commerce Marketing (Dubai Tourism). The emirate welcomed 11.58 million visitors in the first three quarters of 2018, with India retaining its position as Dubai’s leading source market, followed ...

Bloomberg HCL Technologies Ltd., founded by Indian billionaire Shiv Nadar’s family, was the worst performer among the nation’s top 50 companies after the software maker said it was buying some of International Business Machines Corp.’s software assets for $1.8 billion. The shares slid 5 percent to 961.95 rupees at the close in Mumbai on a day when the S&P BSE ...

Bloomberg The revival of Pininfarina SpA, the iconic coach-builder famous for designing Ferrari sports cars, is ahead of schedule, though the turnaround is an “unfinished story,” said Anand Mahindra, chairman of the group that bought the Italian company three years ago. Pininfarina, founded in 1930 by Battista “Pinin” Farina, is boosting profit and winning orders for clients inside and outside ...

Bloomberg Uber Technologies Inc has joined rival Lyft Inc in filing for an initial public offering (IPO), according to a person familiar with the matter. Like Lyft, Uber this week submitted its IPO filing confidentially to the US Securities and Exchange Commission (SEC), said the person, who asked not to be identified because the matter was private. Unlike Lyft, the ...

Bloomberg A Blackstone Group LP unit that buys stakes in alternative-asset managers is nearing a deal to make a minority investment in GI Partners, according to people familiar with the matter. The size of the stake that Blackstone Strategic Capital Holdings is in talks to acquire couldn’t immediately be learned. The transaction hasn’t been finalised and either side may decide ...

Bloomberg In a few months time, Swedish truck-making giant Volvo AB will deliver its first all-electric model. The battery-powered eight-wheeler will ply the streets of Germany’s northern port city of Hamburg, picking up garbage. While Chief Executive Officer Martin Lundstedt expects to go slow on the initial ramp-up, he sees the project as a harbinger for a rapid proliferation of ...