News

Dubai / WAM During UAE 5G conference, the Telecommunications Regulatory Authority (TRA), and Huawei released the TRA and Huawei ‘5G and IoT Joint OpenLab’ in Dubai, aimed at boosting 5G and the Internet of Things (IoT), services throughout the UAE, promoting innovation and collaboration across markets with the intention of creating an open ecosystem that will further ICT development across …

Bloomberg The European Union (EU) imposed five-year tariffs on biodiesel from Indonesia to counter alleged subsidies to producers in country, a move that could prompt the Indonesian government to retaliate. The EU duties on Indonesian exporters of this type of biofuel, which is made from vegetable oils and animal fats for use in diesel engines, range from 8% to 18%, …

Bloomberg The unexpected drop in China’s exports in November shows one reason why the nation wants to agree on a phase one trade deal as US tariffs are hurting China’s exports at a time when global demand is already weak. Total exports in November dropped 1.1% from a year ago, and to the US they were down 23%, the customs …

RIYADH / WAM A UAE delegation led by Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance has participated in the G20 Finance Ministers’ and Central Bank Governors’ meeting in Riyadh, Saudi Arabia. This is the second meeting held in Riyadh after the G20 ‘Sherpa’ meeting, part of the 124 G20 meetings to take place during the Kingdom’s presidency …

Bloomberg Saudi Arabia’s main equity index advanced the most in more than a year after the pricing of Saudi Aramco’s initial public offering and amid hopes of higher oil prices. The Tadawul All Share Index rose 2.4%, the most for a session since October 2018. The kingdom raised $25.6 billion from the world’s biggest IPO after selling shares at 32 …

SHARJAH / WAM Air Arabia won another recognition, winning ‘Best Low-Cost Airline’ in Middle East and Africa at AirlineRatings.com Airline Excellence Awards. Judged by seven editors with vast industry experience and evaluate against 12 criterial including fleet age, passenger reviews, profitability, investment rating, product offerings and staff relations, the honour further underlines Air Arabia’s credentials as the first choice for …

VATICAN / WAM His Holiness Pope Francis, Head of the Catholic Church praised the UAE’s approach that enhances the pillars of tolerance, coexistence and peace. While receiving a UAE delegation that included members of the Emirati Embassy in Madrid and the Tolerance and Coexistence Training Programme of the Emirates Centre for Strategic Studies and Research (ECSSR), Pope Francis said that …

Dubai / WAM The global economy is not likely to witness another Great Recession-style collapse, despite several indicators to the contrary in recent months, according to a newly-published report by the Arab Strategy Forum in partnership with Good Judgement Inc., the world’s leading geopolitical and economic forecasting institution. Titled ‘11 Questions for the Next Decade’, the wide-ranging and far-reaching findings …

ABU DHABI / WAM Abu Dhabi Fund for Development (ADFD), the leading national entity for economic development aid, commended the opening of a major infrastructure project – Maafaru International Airport, located on one of the islands of the Noonu Atoll in the Maldives. To support the strategic objectives of the Government of the Maldives, ADFD contributed AED191 million ($52 million) …

Bloomberg President Donald Trump added to the criticism of the World Bank’s plan for low-interest loans to China. “Why is the World Bank loaning money to China?” Trump said in a Twitter post. “Can this be possible? China has plenty of money, and if they don’t, they create it. STOP!” His tweet came a day after Treasury Secretary Steven Mnuchin, …