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ABU DHABI / WAM Endowed with abundant cultural resources and a large-scale economy, the UAE will act as a bridge to promote Korean culture to other Middle Eastern countries, according to a top South Korean official. “The UAE is Korea’s first ‘Cultural Dialogue’ partner country in Mideeast and has shown an active interest in Korean culture,” wrote Park Yang-woo, Minister …

Bloomberg Oil extended its rebound above $50 a barrel as tentative signs that Asia’s coronavirus may be easing spurred speculation that the worst of crude’s sell-off could have passed. US futures rallied 2.2% in a second daily gain, having lost about 16% during preceding month amid fears the disease would slash fuel consumption in China. The latest data from the …

LONDON / WAM The 19th UAE-UK Taskforce meeting took place on Tuesday in London, co-hosted by Dr. Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, and Dr Andrew Murrison, UK Minister of State for the Middle East and North Africa. The high-level UAE delegation, which included officials from the Ministries of Foreign Affairs and International Cooperation, Justice, Defence, …

Bloomberg Oil held near $50 a barrel in New York on signs that the Organisation of Petroleum Exporting Countries (Opec) and its allies probably won’t go ahead with an emergency meeting, even as a global oversupply piles up. While the coalition’s technical experts have recommended a production cutback as Asia’s coronavirus batters demand, Azerbaijan’s Energy Minister Parviz Shahbazov told the …

Bloomberg NMC Health Plc, the operator of the biggest network of hospitals in the UAE, said its chairman will be removed from board discussions after he said he may have misreported the size of his stake. Chairman Bavaguthu Raghuram Shetty is conducting a legal review into the size of his stake, NMC said on Monday. The company is asking its …

Abu Dhabi / WAM Etihad Cargo, the cargo and logistics arm of Etihad Aviation Group, on Monday announced inking a new partnership for Digital Air Cargo with WebCargo by Freightos to expand digital air cargo reach. The WebCargo partnership extends Etihad Cargo’s digital reach to more than 1,700 logistics providers and forwarder customers globally, with the platform serving as an …

Bloomberg Saudi Arabia’s main stock index dropped for a third day, finishing below a mark it has held since December, as the coronavirus reduces demand for oil. The Tadawul index fell 1.3%, the most among major gauges in the Middle East and below its 100-day moving average for the first time this year. State oil producer Saudi Aramco retreated as …

DUBAI / WAM Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, recorded a five percent increase in revenue to AED4.673 billion, compared to AED4.446 billion in 2018. The company revealed in a statement that overall net profit in 2019 amounted to AED2.286 billion, similar to net profit for 2018 of AED2.230 billion. Revenue grew by four …

Bloomberg Lockheed Martin Corp and Raytheon Co. are among more than 70 international aviation companies withdrawing from Asia’s largest aerospace and defense conference in Singapore as concerns mount over the new coronavirus outbreak. Organiser Experia Events said the airshow which starts on February 11 will continue as planned, and companies that had pulled out represent less than 8% of participants. …

Bloomberg Libya’s battered economy took center stage at United Nations-backed talks on ending the conflict, as a blockade that slashed the Opec nation’s vital oil output entered a fourth week. The two-day meeting in Cairo is being closely monitored for any sign of a deal to restore output in the North African nation after supporters of eastern commander Khalifa Haftar …