Local News

ABU DHABI / WAM Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry, has underscored the need to extend the crude oil production cut deal to ensure market stability and reasonable prices, noting that reaching an agreement by OPEC and non-OPEC countries towards this end is possible and is likely to reduce the current supply glut. “International …

DUBAI/ WAM The Dubai Chamber of Commerce and Industry (DCCI) received a high-level delegation from the Riyadh Chamber of Commerce and Industry on its premises as part of efforts to promote and facilitate knowledge sharing and cooperation between the two organisations. During the meeting, Hamad Buamim, President and CEO of Dubai Chamber, said, Saudi Arabia remains the top destination for …

ABU DHABI / WAM Masdar City has been named “Best Free Zone for Start Up Support” by the Financial Times and has collected three other prestigious global awards. The Global Free Zone of the Year Awards, hosted by the FT’s fDi Magazine, are among the most high-profile awards in the free zone sector, with approximately 65 free zones entering this …

ABU DHABI / Emirates Business Agility, UPAC, and NREC, the consortium behind Abu Dhabi’s Reem Mall, a retail, leisure and entertainment destination, announced that financing for the $1.2 billion project is now complete, by signing the largest real estate asset based facility in the United Arab Emirates in 2017. “The business climate in Abu Dhabi is one of the things …

ABU DHABI / Reuters Abu Dhabi National Oil Company (ADNOC) has embarked on a major shake-up plan to priv- atise its services businesses, venture into oil trading and expa- nd partnerships with strategic investors, its chief executive said on Monday. The partial privatisation plan marks a major shift by the state energy company that was founded in 1971. It aims …

ABU DHABI / WAM The Central Bank’s gross bank assets, including bankers’ acceptances amounted to around AED2.639 trillion during the month of October against AED2.643 trillion that was recorded in September. According to the CB statistics released on Monday, gross credit increased to as much as AED 1.584 trillion during October, two percent up from AED1.58 trillion in September. The …

DUBAI / WAM HH Sheikh Mansour bin Mohammed bin Rashid Al Maktoum inaugurated on Monday the new “Marinas” at the Mina Rashid Marina, which will harbour 5,000 yachts and boats and will accommodate 20,000 in the next few years. It is expected to be a new world-class touristic maritime and entertainment attraction. The project, carried out by P&O, part of …

DUBAI / WAM The Ministry of Finance (MoF) organised a workshop titled ‘Practical Application for the Avoidance of Double Taxation Agreements’, in cooperation with Organisation for Economic Cooperation and Development (OECD). The workshop was held in the presence of Yousuf Mohammed bin Hajar, Deputy Director of International Financial Relations Department at MoF, and more than 60 representatives from the MENA …

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, on Monday received Dmitry Rogozin, Deputy Prime Minister of Russia, at Qasr Al Bahr in Abu Dhabi. Sheikh Mohamed welcomed the visiting Russian Deputy Prime Minister and discussed bilateral relations and ways to enhance …

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received on Monday at Al Shai Palace, Somali President Mohamed Abdullahi Mohamed, who is currently in a visit to the UAE. Sheikh Mohamed welcomed the Somali President and his accompanying delegation and discussed fraternal …