News

  ABU DHABI / WAM The United Arab Emirates welcomed a US initiative to establish a fund to meet the needs of the Afghan people and contribute to strengthening economic stability in the country. The Ministry of Foreign Affairs and International Cooperation (MoFAIC) stated that the UAE welcomes the announcement by the United States and a number of international partners ...

  Bloomberg US railroads and unions reached a tentative deal on Thursday, a breakthrough that looks to avert a labour disruption that risked adding supply-chain strains to the world’s largest economy. After 20 straight hours in the latest round of talks — which included President Joe Biden and other administration officials — the companies and union negotiators reached a preliminary ...

  Bloomberg Microsoft Corp’s planned $69 billion purchase of computer games developer Activision Blizzard Inc faces an in-depth probe in the UK after regulators said the deal could hamper competition. The Competition and Markets Authority (CMA) said it decided to kickstart a longer review after Microsoft turned down the chance to offer remedies to address its concerns. “Microsoft informed the ...

Bloomberg McDonald’s Corp is moving its innovation centre and about 100 jobs into central Chicago — a big bet on the city that comes as other high-profile companies flee the area’s high taxes and crime. The world’s biggest restaurant company by sales said it’s relocating the workers from Romeoville, a Chicago suburb, to the company’s headquarters in the city. The ...

  DUBAI / WAM The Federal Tax Authority (FTA), in partnership with Planet Tax Free,on Wednesday launched a 100 percent digital VAT-refund scheme for tourists. The announcement was made at a joint press conference in presence of Khalid Ali Al Bustani, FTA Director-General, and Eyad Al Kourdi, General Manager of Planet Tax Free, the operator of the tax refund system ...

  ABU DHABI / WAM AD Ports Group completed the acquisition of a 70 percent equity stake in Transmar International Shipping Company (Transmar) and Transcargo International S.A.E. (TCI). The total purchase consideration (Enterprise Value) for 70% shareholding amounts to AED514 million (US$140 million). It is the first international acquisition realised by AD Ports Group. The value-accretive acquisitions of the two ...

  ABU DHABI / WAM The Abu Dhabi Awards has launched the ‘Abu Dhabi Awards Young Ambassadors’ programme, in collaboration with the Emirati Children’s Parliament and the Children Advisory Council of the Supreme Council of Motherhood and Childhood. Running its first edition, the programme aligns with the Abu Dhabi Awards’ core value of inclusion by engaging all members of the ...

  THESSALONIKI / WAM Abdullah bin Touq Al Marri, Minister of Economy, held bilateral meetings with several Greek ministers and government officials at the UAE pavilion in the ongoing 86th Thessaloniki International Trade Fair (TIF). The meetings focused on promoting collaboration and bilateral relations between the two countries and highlighting the key economic sectors for investments in the UAE, including ...

Abu Dhabi / WAM Adnoc Refining, a joint venture company between the Abu Dhabi National Oil Company (Adnoc), Eni, and OMV, is set to complete the first phase of its innovative Waste Heat Recovery project at the General Utilities Plant in Ruwais, Abu Dhabi. Adnoc produces some of the world’s least-carbon intensive crude and the company is further reducing its ...

  Abu Dhabi / WAM The Ministry of Economy, represented by The Entrepreneurial Nation, has launched a new initiative to attract Small and Medium Enterprises (SMEs) to the UAE and help promote their growth and local and global expansion. The initiative has been launched in collaboration with Flat6labs, a leading seed and early stage venture capital firm based in Abu ...