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Bloomberg India pulled out of a trade pact covering much of Asia, paving the way for 15 other countries to sign the China-backed regional trade deal next year. India conveyed its decision to exit the Regional Comprehensive Economic Partnership (RCEP), foreign ministry official Vijay Thakur Singh told reporters in Bangkok on Monday. Prime Minister Narendra Modi highlighted that he was …

DUBAI / WAM Etihad Credit Insurance (ECI), the UAE Federal Export Credit Company, signed a MoU with Khalifa Industrial Zone Abu Dhabi (Kizad), the integrated trade, logistics, industrial and free zone owned by Abu Dhabi Ports, to support UAE businesses and increase exports by providing export insurance solutions that meet their growth plans. The pact will help UAE-based firms to …

ABU DHABI / WAM The National Central Cooling Company (Tabreed), released on Sunday its consolidated financial results for the first nine months of 2019, reporting an increase of 3.1 percent in the net profit to AED329.1 million. In a press release issued by Tabreed on Sunday, group revenue increased by 3.5 percent to AED1,127.9 million, compared to AED1,090.0 million in …

Bloomberg Saudi Arabia finally kicked off what could be the world’s biggest initial public offering (IPO), revealing potential tax cuts and dividends to lure investors. More than three years after Crown Prince Mohammed bin Salman first raised the idea, oil giant Saudi Aramco announced its intention on Sunday to list shares on the local stock exchange in Riyadh. The shares …

DUBAI / Emirates Business The Dubai Gold and Commodities Exchange (DGCX) is on course to break last year’s annual volumes record of 22.3 million contracts traded, having already traded 20.3 million contracts this year, valued at $373 billion. Last month, the DGCX traded 1.68 million contracts, and registered Average Daily Volumes (ADV) of 72,921, up 11.5% year-on-year (y-o-y). DGCX’s success …

ROME / WAM The United Arab Emirates has been awarded a permanent membership with observer status on the Council of the International Centre for the Study of the Preservation and Restoration of Cultural Property (ICCROM). The decision was made by ICCROM’s Council 93rd session in Rome, in recognition of UAE’s support and contributions to organisation, including hosting the only regional …

Bloomberg Saudi Crown Prince Mohammed bin Salman finally gave the go-ahead for the initial public offering (IPO) of Aramco, deciding there’s enough support from local investors for what’s likely to be a record share sale. The crown prince made the decision at a meeting he chaired and an official announcement is likely as soon as Sunday. The partial privatisation will …

Bloomberg Southeast Asian countries should band together and speak with one voice in global trade disputes with the US and European Union (EU) to avoid being bullied, according to Malaysian Prime Minister Mahathir Mohamad. Speaking to a business forum in Bangkok, Mahathir said the 10-member Association of Southeast Asian Nations (Asean) should leverage its market of 650 million people to …

Dubai / WAM Director General of Dubai Customs, Ahmed Mahboob Musabih and Oleksandr Khomiak, Consul General of Ukraine to Dubai discussed means of boosting cooperation between Ukraine and the UAE, especially in areas of trade. “It’s very important for us to boost ties of partnership with the Ukrainian diplomatic missions and companies. We have priorities which include delivering a leading …

DUBAI / WAM The GCC’s chemical-related investments have exceeded $140 billion in the first 10 months of 2019, led by consolidation, joint venture agreements and an increased number of merger and acquisition deals, according to estimates by the Gulf Petrochemicals and Chemicals Association (GPCA). The multi-billion-dollar investments made both within the region and international markets in the areas of refining, …