Local News

Abu Dhabi / WAM Mubadala Investment Company, one of the world’s largest global investors, and Silver Lake, the global leader in technology investing, on Wednesday announced they are building on their existing relationship by establishing a long-term investment strategy led by Silver Lake and supported by a $2 billion investment from Mubadala. The new strategy has a unique 25-year deployment ...

ABU DHABI / WAM Expats’ remittances from the UAE amounted to AED79.6 billion in H1-2020, according to figures released by the central bank of the United Arab Emirates. These account for 48.2 percent of the total money transferred by foreign residents in the country during 2019, which totaled AED165 billion. India took home the crown as the top-receiving country for ...

Abu Dhabi / WAM The Abu Dhabi National Oil Company (Adnoc), announced on Wednesday that one of its new trading entities, Adnoc Trading, has started derivatives trading as a direct market participant. This represents a major milestone for the company, as it moves from being a traditional marketer of its products to a more sophisticated global trader. Adnoc has incorporated ...

DUBAI / WAM Statistics released by Dubai Customs have revealed that Dubai’s external trade in coffee generated AED3.5 billion in the last ten years. Dubai acts as a central logistic hub linking markets in the Middle East and Europe with coffee manufacturing countries such as Ethiopia, India, Indonesia, Uganda, and Vietnam. The statistics are released to coincide with International Coffee ...

Dubai / WAM Emirates Airlines has announced it introduced self check-in and bag drop kiosks for a more seamless airport experience at Terminal 3, Dubai International Airport. According to Emirates, the service is now available to customers travelling to all destinations except to the US, Canada, China, India and Hong Kong due to additional requirements from these destinations. The 16 ...

Abu Dhabi / WAM Adnoc Distribution announced the approval of an interim dividend payment to its shareholders for the first six months of 2020 of AED1.285 billion (10.285 fils per share), equivalent to $350 million. This is the first payment in what is expected to be a full-year 2020 dividend payment of AED2.57 billion (AED20.57 fils per share), reflecting a ...

Abu Dhabi / WAM The UAE has condemned an attempt by a terrorist cell linked to Iran’s Revolutionary Guard who wanted to launch sabotage operations in the Kingdom of Saudi Arabia. In a statement, the Ministry of Foreign Affairs and International Cooperation hailed the “vigilance, sophistication and efficiency” of the security apparatus in Saudi Arabia and its response to these ...

Dubai / WAM Drydocks World held a steel-cutting ceremony to mark the start of production on Jotun FPSO Fabrication of Turntable Project for Bluewater Energy Services B.V. for end client, Var Energi. According to Drydocks, this Turntable is part of a Turret Mooring System for the Jotun A Floating, Production, Storage and Offloading vessel to be permanently moored and operated ...

Abu Dhabi / WAM The Sheikh Zayed Book Award announced that it has so far received 1,616 submissions for its 15th edition since the call for submissions commenced on June 1 this year. The ‘Young Author’ category has seen the highest number of submissions, with a rate of 29.34 percent, while ‘Literature’ has received 27.02 percent of the submissions. Submissions ...

ABU DHABI / WAM Spending on six sectors listed in the General Consumer Price Index (CPI) which aims to track consumer price movements in the UAE, witnessed a surge in August 2020 compared to July 2020, according to recent statistics issued by the Federal Competitiveness and Statistics Authority (FCSA). During the same reporting period, spending on six other sectors included ...