News

RED SEA COAST / WAM The UAE on Monday commissioned a new fishing slipway in Al Heima area, in Yemen’s Red Sea Coast, bringing to 22 the number of fishing facilities revamped by country to ease the suffering of the Yemeni people. The solar-powered facility caters to needs of over 10,000 people in Al Heima area and its adjacent districts. …

DHAHRAN / WAM The Saudi Arabian Oil Company (Saudi Aramco) and Hyundai Heavy Industries Holdings on Monday announced that they have reached an agreement for Saudi Aramco’s subsidiary, Aramco Overseas Company BV (AOC), to purchase a 17 percent stake in South Korea’s Hyundai Oilbank, a subsidiary of Hyundai Heavy Industries Holdings. The investment is valued at approximately $1.25 billion. AOC’s …

Emirates Business Etihad Airways, the national airline of the UAE, has announced a new deal with Amadeus to transform its global load control system. The partnership will be launched worldwide to support Etihad Airways’ ongoing mission to improve operational capabilities and efficiencies. Etihad Airways will use Amadeus Altéa Departure Control Flight Management to improve productivity with increased automation and integration, …

DUBAI / Emirates Business Beautyworld Middle East 2019, region’s largest international trade fair for beauty products, hair, fragrances, and wellbeing opened in Dubai on Monday, featuring 1,790 exhibitors from 66 countries. Running until April 17 at the Dubai International Convention and Exhibition Centre, the 24th edition of the annual three-day event was opened by His Excellency Eng. Dawood Abdulrahman Al …

ABU DHABI / WAM The Central Bank of the UAE (CBUAE) and Bank of Korea (BOK) renewed their bilateral currency swap agreement (BCSA), which was originally signed in October 2013 at a value of $5.4 billion, reaffirming their commitment towards promoting trade and financial cooperation between the two countries. The agreement, which contributed significantly to development of economic and financial …

Bloomberg Stocks in Abu Dhabi are poised to reach their highest since September 2014 after the main gauge’s largest constituent First Abu Dhabi Bank (FAB) PJSC implemented a decision to raise its foreign ownership limit. The lender’s shares gained as much as 4.8 percent on Sunday, the most in a month. The increased cap for foreigners could trigger passive inflows …

SHARJAH / WAM Dana Gas has announced that during Q1 2019, Pearl Petroleum received $112 million (AED411 million) from the sale of condensate, liquefied petroleum gas, and gas in the Kurdistan Region of Iraq (KRI). Dana Gas is a 35 percent shareholder in Pearl Petroleum and its share of such receipts by Pearl Petroleum is $39 million. This presents 117 …

Emirates Business The Abu Dhabi Smart Solutions and Services Authority (ADSSSA) announced it has signed a memorandum of understanding (MoU) with Microsoft to establish a ‘cloud centre of excellence’ that will aim to build its capacity for the delivery of cloud services and platforms, as well as upskill the emirate’s public sector workforce. This partnership is aligned with ADSSSA’s strategy …

Bloomberg Oil optimists pushed bullish wagers to a six-month high as the rally in prices continued. Money managers raised optimistic wagers on Brent crude for a fifth straight week while closing out pessimistic bets by the most since January as turmoil in major oil-producing nations heightened supply concerns. Short-selling bets on the global benchmark plunged by 18 percent, according to …

Bloomberg The International Monetary Fund (IMF) warned governments not to rock the boat with trade wars and other disruptions at a time when the global economy is already sailing through choppy waters. “We see downside risk and that means one has to be very careful,” IMF First Deputy Managing Director David Lipton told Bloomberg Television. “With trade tensions, not knowing …