Bloomberg Oil rose as Saudi Arabia signalled Opec and its allies could extend supply cuts to the end of the year, while Venezuela’s opposition leader called for a military uprising. Crude futures added 1.5 percent in New York. Saudi Energy Minister Khalid Al-Falih said that the Organisation of Petroleum Exporting Countries and its partners remain focussed on reducing oil inventories, …
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DUBAI / WAM Forbes Insights has revealed the latest findings of its State of Artificial Intelligence (AI) in the Middle East report in partnership with Ai Everything, at the two day Artificial Intelligence Summit, which concludes on Wednesday at the Dubai World Trade Centre. The report was launched to an audience of elite technologists, global AI leaders, c-suite executives and …
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ABU DHABI / WAM First Abu Dhabi Bank (FAB) reported solid operating performance for the first quarter that ended on March 31, on Monday, with net profit amounting to AED3.1 billion, up 6 percent sequentially and 4 percent YoY. According to a press statement released by the bank, annualised earnings per share (EPS) stood at AED1.08, compared to AED1.06 in …
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Bloomberg The world’s biggest oil exporter is ramping up efforts to develop natural gas with plans for a 15-fold boost in output from unconventional deposits of the fuel. Saudi Aramco is building facilities to tap shale gas in the kingdom’s oil-rich eastern region and is making “a lot of progress†towards this goal, CEO Amin Nasser told report-ers in Dammam. …
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DUBAI / WAM Dubai SME, the agency of the Department of Economic Development (DED), mandated to develop the small and medium enterprise (SME) sector, has signed a memorandum of understanding (MoU) with the Dubai Chamber of Commerce and Industry, to launch an index that will evaluate the cost of doing business for SMEs in Dubai. The MoU was signed by …
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Bloomberg The number of new licenses approved for foreign businesses in Saudi Arabia rose by 70 percent in the first quarter from a year earlier, according to the Saudi Arabia General Investment Authority. Applications from British and Chinese companies drove the increase, rising by 86 percent and 71 percent, respectively, Ibrahim Al Omar, governor of Sagia, as the kingdom’s investment-promotion …
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DUBAI / WAM Nasdaq Dubai on Sunday welcomed the listing of a $1.5 billion sukuk by Islamic Development Bank (IDB). The listing underlines Dubai’s role as the largest centre globally for sukuk listings by nominal value currently totalling $60.89 billion. IDB now has 10 sukuk listed on the Middle East’s international financial exchange with a total value of $12.54 billion. …
Read More »GENEVA / WAM Qatar has decided to withdraw its measures against the UAE in a significant concession aimed at averting the consequences of the UAE’s case in WTO against an illegal Qatari ban on UAE goods and services. During a session of the Dispute Settlement Body (DSB) of the WTO, on Saturday, to examine the UAE’s request to set up …
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Bloomberg Oil is on its longest bull run in 13 years. Hedge funds have increased bullish sentiment on US crude prices for the last nine weeks, the longest such run since 2006, according to data. Almost 14 times as many bets have been placed on prices going up as on a decline, as investors see supply threats multiplying around the …
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London / WAM The volume of foreign trade in non-oil goods between the UAE and the UK was estimated at approximately 9 billion pounds (AED 42.69 billion) in 2018, recording a growth rate of 10 percent over the previous year, according to a senior UAE official. Mohammed Bin Abdul Aziz Al Shehhi, Undersecretary of Economic Affairs in the Ministry of …
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