News

  Bloomberg Norway’s inflation accelerated more than expected last month to a new 13-year high, raising pressure on the central bank to speed up its interest rate-hike plan to more than one increase per quarter. Consumer prices rise 5.4% from a year earlier, the fastest pace since October 2008, according to data from Statistics Norway. Economists surveyed by Bloomberg expected ...

  Bloomberg Ukraine’s economy will plunge by almost a third in 2022, more than previously expected, in a scenario in which the war ends this year, the European Bank for Reconstruction and Development said. The forecasts assume that a cease-fire will be negotiated this year and reconstruction of the country can begin in 2023. , with the economy projected to ...

  Abu Dhabi / WAM Sheikh Nahyan bin Mubarak Al Nahyan, UAE Minister of Tolerance & Coexistence, Guest of Honor, delivered an encouraging message to industry leaders at the Samena Telecommunications Council’s annual congregation of Telecoms and multi-industry leaders, “Leaders’ Summit 2022”, continuing the years-long legacy of inspiring the Industry with his messages and drawing focus on imperatives for future ...

  Abu Dhabi / WAM Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said the value of investments in new desalination plants in Abu Dhabi, Dubai, and Umm Al Qaiwain amounted to AED7.63 billion ($2.08 billion), in line with the directives of the UAE’s leadership to achieve water security. In an interview with the Emirates News Agency (WAM), ...

  Abu Dhabi / WAM The UAE has proactively invested in proven clean energy. Within a decade, solar and peaceful nuclear energy have transformed UAE’s energy sector, ensuring the nation is ahead of the curve on achieving net zero by 2050. Mohamed Ibrahim Al Hammadi, Managing Director and Chief Executive Officer of the Emirates Nuclear Energy Corporation highlighted this during ...

  Abu Dhabi / WAM Emirates Steel Arkan on Tuesday announced its first-quarter results with revenues of AED2.04 billion for the first quarter of 2022, compared to AED233.5 million in 2021. The earnings reflect the positive impact of merger in Q4 2021 of Arkan and Emirates Steel. Net profit was AED72.6 million compared to AED1.2 million for the same period ...

  Abu Dhabi / WAM Mubadala Investment Company and Engie, a worldwide energy leader, on Tuesday signed a memorandum of understanding to explore the development of a digital platform for charging electric vehicles in Abu Dhabi and the Middle East region. Under the agreement, the two companies will work together to explore development of a digital platform which will include ...

  DUBAI / WAM Emirates and Royal Air Maroc on Tuesday launched a codeshare partnership, providing more travel options and connection choices for customers of both airlines between Dubai and Casablanca, and beyond. Effective later this month, both airlines will place their marketing codes on each other’s flights between Casablanca and Dubai to a total of 209 combined destinations. The ...

  Abu Dhabi / WAM Adnoc Drilling Company on Tuesday announced its financial results for the three-month period ended March 31, reporting significant revenue growth for the period, increasing to $601 million, up 14.9% on the same period last year. Year-on-year revenue growth was delivered across all business segments, with the company firmly on track to deliver on its ambitious ...

  Abu Dhabi / WAM Adnoc Distribution on Tuesday reported strong first-quarter 2022 results, recording a 7.8% year-on-year increase in Ebitda to AED881 million with a 6.3% year-on-year increase in net profit to AED671 million for the quarter, while cash flow generation remained strong with free cash flow of AED1.9 billion. The company has seen a strong recovery in total ...