News

Bloomberg AP Moller-Maersk A/S raised its full-year guidance amid a surprise recovery in demand and sweeping efforts to cut costs. The container shipping company, which is eliminating hundreds of jobs, said earnings before interest, taxes, depreciation and amortization will be in the range of $7.5 billion to $8 billion, before restructuring and integration costs. That compares with an earlier forecast ...

Bloomberg BC Partners has raised around half the target amount for its next flagship private equity fund, for which it is seeking a record 8.5 billion euros ($10 billion), people with knowledge of the matter said. The London-based buyout firm has already gathered more than 4 billion euros for its 11th fund, hitting an initial fundraising milestone, according to the ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received a phone call from Israeli Prime Minister Benjamin Netanyahu, to discuss the progression of bilateral relations in view of the peace accord the two countries recently signed. The officials also reviewed the steps ...

Dubai / WAM Dubai recorded AED551 billion worth of non-oil external trade in the first half of 2020. The emirate’s ability to minimise the impact of the pandemic-induced global economic slowdown on its trading sector reflects its exceptional logistics infrastructure, which enabled it to maintain uninterrupted trade flows and a streamlined supply chain. Imports accounted for AED320 billion, exports AED77 ...

Abu Dhabi / WAM The total value of fund transfers among the UAE’s banks amounted to AED6.307 trillion during the first eight months of this year, according to the statistics released by the central bank of the UAE. The bank fund transfers during the reference period hit AED4.051 trillion, while individual transfers stood at AED2.255 trillion. The transactions are made ...

ABU DHABI / WAM Masdar has announced the signing of an agreement with Miral, Abu Dhabi’s leading curator of experiences, to develop Abu Dhabi’s largest rooftop solar photovoltaic (PV) project to date at Warner Bros. World Abu Dhabi on Yas Island. The agreement aims to provide an estimated 16,000 solar modules across the theme park’s roof area of 36,000 square ...

ABU DHABI / WAM NTS Group acquired Amega West Services, a market leader in the manufacture, repair and rental of legacy and specialised drilling equipment used in offshore and land-based Oil & Gas extraction applications, from Carpenter Technology Corporation. With headquarters in Houston and founded in 2007, Amega West has production and service plants in the United States, Canada and ...

Sharjah / WAM The Sharjah Airport Authority (SAA) inaugurated on Monday the East Expansion project, which extends over an area of 4000 square meters. Built at a total cost of AED40 million, the project is a qualitative addition to the airport, contributing to enhancing its regional and global competitiveness. It is a stage within the comprehensive expansion plan to raise ...

Dubai / WAM A restaurant in Dubai, which failed to adhere to precautionary measures related to Covid-19, was ordered closed by Dubai Economy in co-operation with Dubai Tourism. Field inspectors from Commercial Compliance & Consumer Protection (CCCP) sector in Dubai Economy also imposed fines on seven gyms in co-operation with Dubai Sports Council, in addition to a retail outlet for ...

Abu Dhabi / WAM Hub71, Abu Dhabi’s global tech ecosystem powered by Mubadala Investment Company, has forged a strategic partnership with French national investment bank, Bpifrance, to strengthen joint efforts that boost innovation and provide mutually beneficial opportunities for tech startups, companies and entrepreneurs in Abu Dhabi and France. The agreement will foster close collaboration between Hub71 and Bpifrance that ...