Bloomberg Oil retreated from a six-week high as ambiguous progress in US-China trade talks and worsening violence in Hong Kong damped sentiment across financial markets. Futures fell 1.2% in New York after President Donald Trump said that, while discussions with Beijing are moving along “nicely,†a deal hasn’t been reached and he won’t eliminate all tariffs. Meanwhile, Oman’s Oil Minister …
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ABU DHABI / WAM The Middle East region is witnessing a significant push towards downstream projects to improve refinery output and capacity, according to Paul Carthy, Managing Director, Accenture Energy Industry Group, Middle East and Turkey. Speaking to the Emirates News Agency (WAM), on the sidelines of the Abu Dhabi Petroleum Exhibition and Conference (Adipec), which opened on Monday, Carthy …
Read More »ABU DHABI / WAM The value of humanitarian and relief programmes and development projects implemented by the Emirates Red Crescent (ERC), in Indonesia since 1993 amounts to over AED440.4 million. The ERC recently launched several new projects, in coordination with the UAE Embassy in Jakarta, as part of its development efforts in Indonesia, including the construction and maintenance of 42 …
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DUBAI / Emirates Business Emaar Properties recorded a revenue of AED17.644 billion and net profit of AED4.442 billion in the first nine months of 2019, led by resilient performance of the property, malls and hospitality business. Emaar recorded robust increase in net profit by 20 percent during the third quarter (July to September) of 2019 to AED1.331 billion ($362 million), …
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SHARJAH / WAM Air Arabia, the Middle East and North Africa’s largest low-cost carrier, on Sunday announced strong financial results for the third quarter of this year ending September 30. Air Arabia registered a record profit of AED471 million for the three months ending September 30, an increase of 57 per cent compared to the AED300 million reported for the …
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SHARJAH / WAM Dana Gas announced that in the first nine months of 2019, collections in Egypt, the UAE, and from its share of Pearl Petroleum Company Limited’s sales in the Kurdistan Region of Iraq (KRI) increased 16.7 percent year on year to $230 million (AED844 million). Dana Gas, which owns a 35 percent stake in Pearl Petroleum, saw its …
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Bloomberg Chinese state-owned entities are in talks about investing a combined $5 billion to $10 billion in Aramco’s initial public offering (IPO), people with knowledge of the matter said. The Beijing-based Silk Road Fund is among parties that have been in discussions to buy stock in the offering, according to the people, who asked not to be identified because the …
Read More »DUBAi / WAM The 2019 edition of the Islamic Banking Index by Emirates Islamic demonstrates significant progress made by the Islamic banking sector across parameters, with Islamic banking penetration reaching its highest level since the inception of the Index five years ago. Top-line findings of this year’s milestone edition of index indicate the sector continues to widen its appeal to …
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Bloomberg Oil held near a six-week high as signs of another increase in US crude reaffirmed the prevailing view that global markets are comfortably supplied. Futures added 0.2% in New York after rising 5.6% over the past three sessions. The American Petroleum Institute reported that crude stockpiles increased by 4.26 million barrels last week, according to people familiar with the …
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Dubai / Emirates Business Airlines and airports spent a record $50 billion in 2018 on IT to support improvements to the passenger journey and are now beginning to enjoy the benefit of that investment. Figures published by SITA for the first time show that this investment has resulted in a significant improvement in both the satisfaction levels for passengers and …
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