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Bloomberg Oil rose, reversing earlier declines, as the European Central Bank said it may pump more stimulus into the region’s economy and the Organization of Petroleum Exporting Countries (Opec) and its allies made progress in setting a date to discuss extending supply cuts. Futures gained as much as 4.5 percent in New York. The Organization of Petroleum Exporting Countries and …

ABU DHABI / WAM The United Arab Emirates drew up to AED111.7 billion in FDI flows during the period from 2016 through 2018, bringing its overall volume of foreign investments to circa AED511 billion. According to the World Investment Report 2019, released by the United Nations Conference on Trade and Development, the UAE ranked 27th globally in attracting FDI flows …

ABU DHABI / WAM Abu Dhabi-based maintenance, repair and overhaul (MRO) provider, Sanad Aerotech, has announced its expanding its international customers network in Eastern Europe, signing two maintenance agreements with Russian Nordwind and Bulgarian BH Air. The partnership agreements come after Sanad Aerotech and Rolls-Royce announced a landmark $6.5 billion engine maintenance agreement including component repair to operators globally over …

ABU DHABI / WAM Japan is drastically reforming its defence organisations to deal with new combat situations that require a combination of conventional warfare and the new domains of space, cyberspace and the electromagnetic spectrum, a top Japanese defence official told the Emirates News Agency (WAM) on Monday. There is potential for further defence cooperation with UAE in such new …

PARIS / WAM Abu Dhabi’s Sanad Aerotech on Monday announced the conclusion of a landmark agreement with Rolls-Royce plc to become a Rolls-Royce Trent 700 Authorised Maintenance Centre (AMC). Sanad Aerotech is a maintenance, repair and overhaul (MRO) provider for aero engines and industrial gas turbines that is wholly owned by Mubadala Investment Company PJSC. The agreement, which is valued …

Bloomberg Huawei Technologies Co founder Ren Zhengfei expects US sanctions to curtail its revenue by about $30 billion over the coming two years, wiping out the networking giant’s growth by withholding critical American technology. Sales at China’s largest technology company will likely remain stagnant at about $100 billion in 2019 and 2020, the billionaire said during a panel discussion, quantifying …

Abu Dhabi / Emirates Business The importance of the regional pharmaceutical market will be discussed at the global pharmaceutical event CPhI Middle East and Africa, when it returns to Adnec in September, as the UAE’s pharmaceutical market is expected to increase in value to $4.5 billion by 2021. The event will tackle growing trend to import majority of pharma products …

Bloomberg The United Arab Emirates’ sovereign wealth fund boosted its stake in Dubai-based telecom operator du, snapping up a stake valued at about $630 million (AED2.3 billion). The Emirates Investment Authority bought 463.3 million shares in the phone company from Mamoura Diversified Global Holding and General Investments in a special deal, according to a statement. It represented about 10.2 percent …

SHARJAH / WAM Abdullah Sultan Al Owais, Chairman of Sharjah Chamber of Commerce and Industry, met with Alisher Selmov, Consul-General of Uzbekistan in Dubai, and explored ways of enhancing mutual cooperation for the benefit of both sides. During the meeting, Al Owais briefed the guest on the chamber and its missions in trade and economic relations with friendly countries. He …

Bloomberg Saudi Arabia hopes Opec and its allies will agree to extend oil production cuts into the second half of the year at a meeting that will probably take place in the first week of July, according to the country’s energy minister. “We are hoping that we will reach consensus to extend our agreement when we meet in two weeks …