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New York / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has said that the UAE believes in tolerance, openness and coexistence with all peoples, highlighting that the model that the UAE adopts in terms of human diversity is similar to that of the United Nations, where the …

Bloomberg Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African nation after its civil war all but shut down the energy industry at the start of the year. The Opec member, which owns Africa’s largest crude reserves, has been ramping up production since a truce took hold last month between rival …

Vienna / WAM A balanced and stable oil market is a prerequisite for post-pandemic recovery, adequate investments and future prosperity for consumers and producers alike, affirmed seventh high-level meeting of the Opec-Russia Energy Dialogue, hosted by Opec, which took place via videoconference. The meeting was co-chaired by Mohammad Sanusi Barkindo, Secretary General of Opec, and Alexander Novak, Minister of Energy …

LAAYOUNE / WAM The United Arab Emirates on Wednesday opened its consulate general in Laayoune, southern Morocco. This followed a recent telephone conversation between His Majesty King Mohammed VI of the Kingdom of Morocco and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, in which His …

Bloomberg Oil rises as broader markets rallied and Opec+ inched closer to delaying a planned easing of output cuts. Futures in New York traded near $38 a barrel after climbing 3.3%, extending gains from the previous session. Equities strengthened ahead of the US election, while the dollar lost 0.5%, adding to positive sentiment in crude. Russian oil companies met Energy …

Bloomberg Oil kicked off what promises to be a turbulent week of trading by plunging to a five-month low as a continued increase in Libyan crude production coincided with a wave of new virus-lockdown measures in Europe. The double whammy of falling demand and growing supply pushed futures in New York down as much as 6% in Asian trading. That …

Emirates Business Agthia Group, a leading food and beverages company in the region, and part of ADQ, one of the region’s largest holding companies with a broad portfolio of major enterprises spanning key sectors of Abu Dhabi’s diversified economy, announced the group’s net revenue reached AED 492.1 million for the third quarter, a 1.2 growth verses Q3 2019. The increase …

Abu Dhabi / WAM The UAE has expressed its strong condemnation and denunciation of the Iranian-backed Houthi terrorist militias’ attempt to target civilian areas in the Kingdom of Saudi Arabia with six bomb-laden UAVs that were intercepted by the Coalition Forces. In a statement, the UAE Ministry of Foreign Affairs and International Cooperation emphasised that the recent increase in Houthi …

Bloomberg Saudi Arabia’s Red Sea Development Co plans to close on a 14-billion riyal ($3.7 billion) loan from five domestic banks by the end of the year as it steps up construction on a luxury tourism project about the size of Belgium, its chief executive said. The developer has been seeking financing since last year for the project, which stretches …

Bloomberg Australia’s economy could contract by 6% over the next five decades if climate change goes unchecked, according to Deloitte Access Economics. That’s equivalent to a A$3.4 trillion ($2.4 trillion) loss in gross domestic product and 880,000 fewer jobs, Deloitte said in a report. The group said its modeling differs from others in setting a benchmark for growth which incorporates …