DUBAI/ DAKAR / WAM Trade enabler DP World, and the Government of Senegal, have signed agreements for the development of a deepwater port at Ndayane, approximately 50 kilometres (km) from the existing port and near the Blaise Diagne international airport. The new port will further reinforce Dakar’s role as a major logistics hub and gateway to West and North-West Africa. …
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NEW YORK / WAM The United Nations General Assembly has adopted by consensus a resolution proclaiming February 4 as “International Day for Human Fraternity.†The initiative was introduced by the United Arab Emirates, Bahrain, Egypt and Saudi Arabia, and as a result the international community will observe International Day for Human Fraternity annually beginning in 2021. Prior to the adoption …
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Bloomberg Oil extended this week’s slump on fears that rising virus infections and a faster-spreading strain will inflict a new blow on fuel consumption. Futures are down more than 3% in New York. Many countries have suspended travel with the UK, where a new Covid-19 variant is forcing more than 16 million people to stay at home. A resurgence of …
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ABU DHABI / WAM The UAE has welcomed the implementation of the Riyadh Agreement between the legitimate Yemeni government and the Southern Transitional Council. It further welcomed the formation of a government of political competencies in Yemen, and expressed its hope that this will be a step towards a political solution and an accelerated end to the Yemeni crisis. In …
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Bloomberg Dubai’s Damac Properties PJSC surged to a two-year high on Sunday after saying its board will consider an acquisition within days. The Dubai-based property developer didn’t provide further information in a regulatory filing, but said its board will meet on December 23. Its shares climbed as much as 14.3%, the most in two months, to their highest levels since …
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Bloomberg Oil rose for a seventh straight week as efforts to pass another US virus relief package added to optimism that the vaccine’s rollout will provide a long-awaited boost to demand. Futures rose 1.5% in New York, extending this week’s rally to over 5%. Talks on a relief package have made some headway, with Senate Majority Leader Mitch McConnell saying …
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Bloomberg Asian buyers are snapping up oil at higher prices than last month, helping to bolster physical crude markets across the world and underpin a rally in futures. Driven by a slew of purchases from Indian and Chinese refiners, crude values everywhere from Russia to the Middle East and Latin America have surged so far. Spot trading activity has been …
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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, on Wednesday discussed the prospects of further consolidating the strong cooperation ties between the UAE and Egypt. This came as President el-Sisi received His Highness Sheikh Mohamed bin …
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Bloomberg The president of Opec reiterated that the oil producers’ cartel shouldn’t rush to increase output early next year and said energy demand was still fragile with the coronavirus raging across parts of the world. Algeria’s Energy Minister Abdelmajid Attar, who holds Opec’s rotating presidency, said there was no guarantee the group and its allies would raise crude production by …
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Bloomberg Oil came off session highs as the Organisation of Petroleum Exporting Countries (Opec) cut forecasts for oil demand again, pointing to uncertainties around the pandemic and the rollout of vaccines. Futures were little changed after rising as much as 1.9% in New York. The Opec in a monthly report reduced projections for global fuel consumption in the first quarter …
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