News

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), in partnership with Fertiglobe, has agreed to the sale of blue ammonia to Idemitsu in Japan, for using it in its refining and petrochemicals operations. The sale builds upon recently announced joint efforts to enhance industrial cooperation between the UAE and Japan and support the development of new UAE-Japan ...

DUBAI / WAM Emaar Malls recorded an increase in net profit by 80 per cent to AED 622 million ($ 169 million) during the first six months (January to June) of 2021, compared to a net profit of AED 345 million ($ 4 million), during the same period in 2020. Revenue for H1 2021 amounted to AED 2.048 billion, an ...

ABU DHABI / WAM Abu Dhabi Fund for Development (ADFD), since its establishment in 1971, has financed thousands of development projects that significantly impacted millions of lives in 97 developing countries around the world. The projects have contributed to advancing economic growth, improving access to healthcare and education, and building modern infrastructure, including road, railway and water networks as well ...

SHARJAH / WAM HH Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince, Deputy Ruler of Sharjah and Chairman of Sharjah Executive Council (SEC), on Tuesday, chaired the weekly meeting of SEC, in the presence of HH Sheikh Abdullah bin Salem bin Sultan Al Qasimi, Deputy Ruler of Sharjah and Deputy Chairman of SEC, and HH Sheikh Sultan bin ...

DUBAI / WAM The World Logistics Passport (WLP) is expanding in Dubai with the joining of the Department of Planning and Development (Trakhees), the regulatory arm of Ports, Customs and Free Zone Corporation in Dubai (PCFC). The WLP is the world’s first freight loyalty programme designed to increase trading opportunities between markets and accelerate the flow of global trade. Registering ...

SHARJAH / WAM United Arab Bank (UAB) has announced its participation in a first of its kind nation-wide Fintech Megathon, SCA Fintech Megathon 2021, launched by Emirates Securities & Commodities Authority (SCA) and the Ministry of Economy to promote further development of fintech industry in the UAE. The initiative will help innovators, financial institutions, regulators, and other ecosystem partners in ...

DUBAI / WAM Dubai Chamber member companies’ exports and re-exports to West Africa surged by 42 percent in the first five months of 2021 to reach a record $387 million, fuelled by a recovery in trade activity, according to a recent analysis. The analysis was released by Dubai Chamber of Commerce and Industry as it prepares to host 6th Global ...

DUBAI / WAM Digital DEWA — the digital arm of Dubai Electricity and Water Authority (Dewa), one of Dubai 10X Initiative — and du, from Emirates Integrated Telecommunications Company (EITC), have entered a strategic partnership which resulted in the implementation of the region’s first Industrial private 5G slicing through 5G stand-alone (SA) technology. Through the collaboration, Digital Dewa’s InfraX, the ...

Bloomberg The Philippine economy fell back into contraction in the second quarter compared to the previous three months, as elevated numbers of Covid cases and extended lockdowns place the nation among Asia’s laggards. Gross domestic product (GDP) shrank a seasonally adjusted 1.3% in April-June from the previous quarter, the country’s statistics agency said, compared to the 1.1% contraction expected by ...

Bloomberg Renault SA signed an agreement with Geely Holding, China’s largest privately owned auto group, to help the French carmaker reestablish a presence in the world’s biggest vehicle market. The companies will jointly introduce Renault-branded hybrid vehicles in China, according to a statement. They’ll also explore selling cars based on Geely’s Lynk & Co vehicle platforms in South Korea, where ...