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ABU DHABI / WAM A total of AED18.7 billion of dividends have been proposed by as many as 18 listed UAE national banks for 2018, 12.2 percent up from AED16.66 billion in 2017. The growth in dividend distribution reflects robust solvency position of UAE banking sector, reckoned among Mena’s most resilient with estimated AED2.9 trillion of assets by 2018-end. The …

Bloomberg Uber Technologies Inc. is in advanced discussions to buy Dubai-based Careem Networks FZ, a deal that would expand the ride-hailing giant’s operations in the Middle East, according to people familiar with the matter. The companies may announce a cash-and-sh-ares transaction that values Careem at about $3 billion in the coming weeks, the people said, asking not to be identified …

DUBAI / Emirates Business Schneider Electric, the leader in digital transformation of energy management and automation, announced ahead of Middle East Electricity that smart cities are driving the GCC’s smart grid market to $33 billion by 2042. GCC nationwide digital transformation and smart cities are weaving energy efficiency throughout every project — across renewable energy generation, more efficient power distribution …

Bloomberg Kuwait is planning to create a $10 billion fund with China to invest in the two countries, according to people with knowledge of the matter. The Gulf state is discussing the creation of a Kuwait-China Silk Road Fund that would invest in Kuwaiti projects related to the Silk City and islands development, according to the people. It could also …

Bloomberg In a major blow to the Canadian oil industry, Enbridge Inc. now expects the replacement and expansion of its Line 3 crude oil pipeline to be in service about a year later than expected. The project, previously slated to start shipping crude in the fourth quarter of this year, is now expected to enter service in the second half …

Bloomberg Russia’s oil producers cut their output deeper in February as the nation strives to implement an agreement with Opec following criticism that it was moving too slowly. The country produced 43.3 million tons of oil last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That’s equivalent to 11.336 million barrels a day, down 82,000 barrels per …

SEOUL / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and President Moon Jae-in of South Korea, on Wednesday attended — at the Blue House in Seoul — the signing of an agreement between the Abu Dhabi National Oil Company (Adnoc), and South Korea’s SK …

GENEVA / WAM As part of its commitment to achieving peace and prosperity in Yemen, the UAE has pledged $500 million for Yemen in 2019. The funding includes grants for United Nations agencies to support Yemen as well as commitments on a bilateral basis, to finance ambitious stabilisation programmes, working with many Yemeni and international partners. The UAE has also …

GENEVA / WAM Aldar Investments Properties has announced it’s acquiring full ownership of Etihad Plaza and Etihad Airways Centre in an AED1.2 billion transaction with Etihad Airways. As part of the deal, Etihad will take 100 percent ownership of Etihad Airways HQ. The three properties were previously held in three 50/50 joint ventures between Aldar Properties and Etihad (the JV). …

Bloomberg Oil climbed in New York as Saudi Arabia signaled that Opec and its allies will keep going with production cuts. West Texas Intermediate futures advanced as much as 2.1 percent. Opec’s most powerful member is inclined to extend the supply cuts into the second half of the year, Saudi Energy Minister Khalid Al-Falih said in Riyadh. US stockpiles fell …