Local News

DUBAI / WAM Mubadala Investment Company announced the signing of an agreement with the UAE Disabled Sports Federation (UAEDSF) to sponsor the UAE Paralympian team until 2021. Eighteen Paralympians represented the UAE at Rio 2016 Paralympian Games and won a total of seven medals, beating their previous record of four medals in Athens. As part of the sponsorship, Mubadala and ...

FUJAIRAH / WAM Oil product stocks at the Middle East’s key oil hub of Fujairah fell another 3.3 percent in the week, a new seven-week low, as light distillate inventories slipped to their lowest level of the year. Total oil stocks were 18.114 million barrels, down 625,000 barrels from a week earlier, according to the Fujairah Energy Data Committee. Light ...

Abu Dhabi / WAM The Abu Dhabi based Borouge and the Ministry of Climate Change and Environment (MOCCAE) sealed an MOU to enhance plastics innovation and increase their efforts to protect the UAE climate and environment. In the presence of Dr Thani bin Ahmed Al-Zeyoudi, Minister of Climate Change and Environment, as well as Abdulaziz Alhajri, Chairman of Borouge and ...

DUBAI / WAM DP World on Tuesday announced the signing of the acquisition of 100 percent of the Unifeeder Group for euros 660 million (AED2.8 billion) from Nordic Capital Fund VIII and certain minority shareholders. Based in Aarhus, Denmark, Unifeeder operates the largest and most densely connected common user container feeder and an important and growing shortsea network in Europe, ...

CAIRO / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Abdel Fattah el-Sisi, President of Egypt, have discussed the relations between the UAE and Egypt and means of strengthening them, as well as regional and international issues of mutual interest. The discussion, which took ...

ABU DHABI / WAM Dr. Al Hassan Al Taher, Governor of Hodeidah, has warned of an Iranian plan to create a maritime crisis in the Strait of Hormuz and Bab Al Mandeb, in order to avoid an internal crisis and halt the re-imposition of sanctions. In his statement to the Emirates News Agency (WAM), Al Taher stressed that the end ...

DUBAI / WAM The Dubai Financial Services Authority (DFSA), in collaboration with 11 other financial regulators and associated organisations from around the world, on Tuesday, issued a discussion paper announcing the establishment of a Global Financial Innovation Network (GFIN) and consulting on its proposed functions. The GFIN is a network of leading global regulators, which will seek to conduct joint ...

Abu Dhabi / Emirates Business Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is inviting the FinTech and RegTech companies and community in Abu Dhabi and the Mena region to participate and comment on a joint consultation proposing the role and details of a Global Financial Innovation Network (GFIN) initiated by the UK Financial Conduct Authority ...

DUBAI / WAM The Dubai Chamber of Commerce and Industry recently participated in the 4th Global Agribusiness Forum in Sao Paulo where it highlighted strengthening agricultural trade links between Dubai and Latin America, as well as key areas where bilateral trade can be increased in the future. The forum was attended by more than 1,500 key stakeholders ranging from businesspeople, ...

DUBAI / Emirates Business In recent years, since the oil price slump, plans have emerged across the Gulf to curb fiscal deficits and diversify economies, most notably through the development of national infrastructure, highlights a new report by Oliver Wyman. Titled “How Public-Private Partnerships can support the Gulf’s Economic development,” the report highlights the significance of the private sector’s contribution ...