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DUBAI / WAM Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, stressed that data sector will significantly contribute to the future of the UAE economy, as the reliance on Artificial Intelligence (AI) technology incre-ases, becoming a base for many vital activities of future societies. Promoting investment in this rapidly evolving global economic sector comes as part of …

Abu Dhabi / Emirates Business With Expo 2020 on the horizon and the Middle East representing high growth potential for the travel industry, WTM London 2018 which takes place on November 5-7 and is placing a spotlight on the region with a host of key speakers lined up for the show’s new regionally-focussed Inspiration Zones. As Dubai gears up for …

DUBAI / WAM Policymakers, industry hea-vyweights, economists, pro-minent CEOs and business leaders from the world will share insights and predictions on key trends that are expected to reshape future of the global Islamic economy when they gather in Dubai for 4th Global Islamic Economy Summit (GIES 2018). Dubai Chamber and the Dubai Islamic Economy Development Centre (DIEDC) will organise high-level …

Bloomberg Aramco and Total SA signed an engineering and design contract for a $9 billion petrochemical complex in Saudi Arabia that will convert fossil fuels into building blocks for plastics. The Amiral complex will be able to produce 2.7 million tonnes of chemicals annually, according to Amin Nasser, state-run Saudi Aramco’s chief executive officer. The project will be completed by …

Bloomberg Hyflux Ltd., the embattled Singapore water-treatment and power company, is in advanced talks with at least two potential investors about taking a strategic equity stake in the group as part of a restructuring plan. The discussions with these investors are taking place concurrently with efforts to sell its desalination plant known as Tuaspring, its legal adviser WongPartnership LLP said …

Bloomberg The run-up to $100 oil is giving some investors pause.This year’s longest buildup of hedge-fund bets on higher Brent crude prices is faltering, with bulls retreating for the first time in six weeks. After fears of dramatic shortfalls from Iran sent the global benchmark on a tear and triggered speculation that it will reach three digits, the rally is …

Abu Dhabi / Emirates Business Abu Dhabi Securities Exchange (ADX), region’s leading financial market, together with Aldar Properties, on Sunday rang the market opening bell to celebrate the listing of Aldar Investments’ new $500 million sukuk, marking the first corporate sukuk ever to be listed on the exchange. The sukuk, which was raised at a profit rate of 4.75% with …

Abu Dhabi / WAM The UAE adopted a general expansionary fiscal policy during the first quarter of 2018 and increased its overall annual spending by 15.6 percent due to the recovery in oil prices, which led to increased proceeds from petroleum-based products. The recovery was also driven by a 21.7 percent increase in annual salaries and wages, as well as …

DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower) concluded its ‘240C Cool’ campaign, and achieved 4.1 percent savings on district cooling consumption in the past three months. The campaign, which was launched in July 2018, seeks to reduce energy consumption through mai-ntaining optimum temperature as well as reducing the value of customers’ consumption bills, in order to achieve sustainable …

Bloomberg The worst may not be over for India’s state-run oil refiners. The request by the central government that they absorb a portion of sweeping fuel price cuts is raising speculation by analysts at Goldman Sachs Group Inc., Citigroup Inc. and Jefferies Group LLC that price controls may be reintroduced or further reductions will be demanded. The move comes amid …