News

Bloomberg Business activity in the Arab world’s two largest economies improved at the start of 2021, with the United Arab Emirates seeing growth in its job market. Non-oil private sector activity in Saudi Arabia soared during January as new work levels increased and operating conditions improved in the UAE, helped by an expansion in new orders and output. Purchasing Managers’ ...

ABU DHABI / WAM Abu Dhabi Fund for Development (ADFD) on Wednesday signed three memoranda of understanding (MoUs) with the Government of Turkmenistan aimed at strengthening economic and development cooperation through investment in vital sectors that would benefit economies of both countries. The first MoU involved the establishment of an investment company in Turkmenistan with a target capital of AED370 ...

Bloomberg Oil extended gains after closing at the highest level in more than a year as declines in US and Chinese crude stockpiles added impetus to a rally driven by tightening global supplies. Futures in New York climbed to trade above $55 a barrel. The American Petroleum Institute reported crude inventories fell by 4.3 million barrels last week, people familiar ...

ABU DHABI / WAM UAE’s automotive trade, including cars, tractors and other vehicles, amounted to around AED68.8 billion from January through September 2020, figures by the Federal Competitiveness and Statistics Centre (FCSC) have shown. One of the largest automotive markets (including cars, parts and accessories, trailers and semi-trailers, trucks, public transport vehicles, tractors, other) in the GCC, UAE has over ...

DUBAI / WAM Dubai trade with Indonesia stood at AED5.4 billion: AED4.42bn of imports, AED600mn of exports, and AED380mn of re-exports, according to Dubai Customs’ Director-General. “Major commodities included jewellery, mobile phones, textiles and aluminium,” Ahmed Mahboob Musabih said, during his meeting with Hussein Baqis, Indonesian Ambassador to the UAE. The meeting was aimed at discussing means to develop mutual ...

Abu Dhabi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has said that the “National Environment Day” marked for the twenty-fourth year in a row is an important occasion in which the country renews commitment to preserve the environmental resources and natural wealth. In a speech marking the 24th National Environment Day, Sheikh Khalifa said, “We celebrate ...

Abu Dhabi / WAM Over 26 global industry leaders, specialists, and experts will attend the International Defence Conference 2021, held under the patronage of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, on February 20. Held as a hybrid event for the first time in its history, the conference will be held both at the Adnoc Business Centre, as ...

ABU DHABI / WAM The Mohamed bin Zayed Majlis for Future Generations (MBZMFG) returns for its third session on March 14, in a completely new format to promote constructive and interactive dialogue under the theme ‘Thriving in The Next Normal’. Held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy ...

ABU DHABI / WAM The Ministry of Health and Prevention (MoHAP) announced that it conducted 173,952 additional Covid-19 tests over the past 24 hours, using state-of-the-art medical testing equipment. In a statement, the ministry stressed its aim to continue expanding the scope of testing nationwide to facilitate the early detection of coronavirus cases and carry out the necessary treatment. As ...

Ras Al Khaimah / WAM The National Bank of Ras Al Khaimah (Rakbank) announced a consolidated net profit of AED 505.4 million for the full-year of 2020. In a statement on Wednesday, Rakbank said, “The bank’s results reflect the impact of the pandemic on our customers and the economy whereby total assets stood at AED 52.8 billion, and gross loans ...