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RIYADH / WAM Emirates NBD announced plans for further expansion in the Kingdom of Saudi Arabia following approval from the Saudi Arabian Monetary Authority, SAMA, to open 20 additional branches in the Kingdom. The announcement reflects KSA’s growing importance to Dubai’s biggest bank by assets as the United Arab Emirates continues to strengthen long-standing strategic and economic ties with the …

ABU DHABI / WAM Bilateral trade between China and the UAE reached $11.2 billion in the first quarter of 2019, a 16.21 percent increase compared to the same period in 2018, said a top Chinese diplomat. “China-UAE trade is expected to maintain the mom-entum of rapid growth thro- ughout 2019 and beyond,” Ni Jian, the Chinese Ambassador to the UAE, …

Bloomberg Oil jumped in after-market trading following the Iranian Revolutionary Guard Corp seizing a British oil tanker and a Liberian-flagged ship in the Strait of Hormuz, raising stakes in the critical oil chokepoint. Brent futures rose as much as 1.4 percent from its settlement, while WTI futures also edged higher after the seizure of the tankers. UK Foreign Secretary Jeremy …

Bloomberg China opened up its financial sector to more foreign investment as the government said it will take targeted measures to cope with rising risks and challenges facing the industry. Foreign investors can take a stake or control entities including wealth management units of commercial lenders, pension fund managers and currency brokers, the central bank said in a statement on …

Abu Dhabi / WAM Mubadala Petroleum has announced the signing of an agreement with Premier Oil to farmout a 20 percent participating interest in each of the Andaman I and South Andaman Gross Split Production Sharing Contracts, PSCs. Mubadala Petroleum is the operator of both the Andaman I and adjacent South Andaman PSCs. Dr Bakheet Al Katheeri, Mubadala Petroleum’s Chief …

Bloomberg Americans burned through a lot less gasoline and diesel fuel than expected last week, feeding into investor angst over oil demand. Futures slid as much as 1.1 percent in New York on Wednesday, declining for a third straight day, after the US Energy Information Administration said stocks of gasoline and distillate fuels grew by a combined 9.25 million barrels …

ABU DHABI / WAM President Adama Barrow of the Republic of Gambia has expressed his country’s interest in promoting economic and investment cooperation with the United Arab Emirates. This came during a meeting with Mohamed Helal Al Muhairi, Director-General of the Abu Dhabi Chamber of Commerce and Industry, at the Emirates Palace in Abu Dhabi. Preident Barrow, during the meeting, …

Bloomberg Emirates NBD PJSC’s first-half profit jumped 49 percent as Dubai’s biggest bank benefitted from the sale of a stake in its card payments processing unit. Net income advanced to AED7.48 billion ($2.04 billion) from 5.02 billion a year earlier, the state-controlled lender said in a statement. The bank made AED2.1 billion from the initial public offering of Network International …

Bloomberg The pound fell to the lowest since 2017 as the market once again reckoned with no-deal Brexit risk after the contenders to be UK prime minister toughened their rhetoric. Sterling hit its weakest level in more than two years versus the dollar and a six-month low against the euro, as Brexit negotiations appeared to turn more hostile. Both leadership …

Bloomberg China’s efforts to shore up sagging economic growth are leading to a resurgence in indebtedness, underlining the challenge President Xi Jinping’s government faces in curbing financial risk. The nation’s total stock of corporate, household and government debt now exceeds 303% of gross domestic product and makes up about 15% of all global debt, according to a report published by …