Local News

DUBAI / WAM Dewa plans to build 68 new 132/11 kilovolt (kV) substations over the next three years, at a projected value of AED8 billion. This supports the directives of the wise leadership, and shows Dewa’s commitment to expanding its infrastructure to meet the growing demand for power in Dubai. “We are inspired by the vision of His Highness Sheikh ...

ABU DHABI / WAM The consolidated net profit of the Etisalat Group amounted to AED4.4 billion during the first half of the year ending on June 30, representing a 3.1 percent increase year-on-year. According to financial results, the subscriber base reached 143 million, representing a year-on-year increase of two percent. While the consolidated revenues reached AED25.9 billion, the consolidated EBITDA ...

DUBAI / WAM The Dubai-China bilateral trade hit as much as AED139 billion in 2018, and was valued at AED36 billion in the first quarter of 2019. Telecoms, phones, personal computers, aluminium, gold, automobiles, and engines topped the list of the most traded commodities between Dubai and China. China has been Dubai’s top trading partner since 2014, after the emirate ...

ABU DHABI / WAM Sultan bin Saeed Al Mansouri, Minister of Economy, stated that China is the UAE’s leading trade partner in terms of non-oil commodities, accounting for 9.7 percent of its total non-oil trade in 2018, valued at over $43 billion. The UAE’s non-oil foreign trade with China in 2018 represented 16 percent of its total non-oil foreign trade ...

ABU DHABI / WAM The central bank has announced that the money supply aggregate M1 ascended by 0.1 percent, from AED507.2 billion at the end of May 2019 to AED507.9 billion at the end of June 2019. The money supply aggregate M2 rose by 2.2 percent, from AED1321.3 billion at the end of May 2019 to AED1351 billion at the ...

ABU DHABI / WAM The consortium consisting of EDF Renewables and Abu Dhabi Future Energy Company (Masdar) completed the financing of the Dumat Al Jandal utility-scale wind project in Saudi Arabia, with the backing of Saudi and international banks. The Renewable Energy Project Development Office (REPD) of Saudi Ministry of Energy, Industry and Mineral Resources awarded $500 million Dumat Al ...

DUBAI / WAM Dubai Land Department (DLD) launched Manzili initiative with-in framework of a strategic partnership between public and pri- vate sectors to develop Dubai’s real estate market. Sultan Butti bin Mejren, Director-General of DLD said the initiative will have a positive effect on the real estate sector.

BEIJING / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Xi Jinping, President of the People’s Republic of China, held formal talks on strengthening bilateral comprehensive strategic partnership as well as a nu-mber of regional and internati- onal issues of mutual interest. At the ...

BEIJING / WAM Ahmed Ali Al Sayegh, Minister of State and Chairman of the Abu Dhabi Global Market, has said that the relations between the UAE and China have registered major accomplishments over 35 years in the areas of trade and investment. In an interview with the Emirates News Agency (WAM), he stressed that the visit of His Highness Sheikh ...

BEIJING / WAM The UAE and China have maintained a deep respect and support of each other for decades, said Ahmed Ali Al Sayegh, Minister of State and Chairman of Abu Dhabi Global Market (ADGM). Al Sayegh’s comments were made following the signing of four strategic agreements with key institutions in China to deepen financial collaborations and economic ties. His ...