News

Dubai / WAM Saeed Mohammed Al Tayer, Vice Chairman of Dubai Supreme Council of Energy (DSCE) announced that Dubai launched region’s first Association of District Cooling Operators to enhance efficiency of district cooling operations and optimise water and energy resources. “The association, which is an official, recognised platform, aims to raise efficiency of district cooling plants and create a roadmap ...

Bloomberg India will subsidise interest costs for small borrowers who had availed of a six-month loan repayment holiday to survive as the pandemic devastated cash flows, according to court documents seen by Bloomberg. Prime Minister Narendra Modi’s government will pay the “interest on interest” on loans of as much as 20 million rupees ($273,000) for the duration of the Reserve ...

Abu Dhabi / WAM The central bank of the UAE (CBUAE) on Saturday signed a Memorandum of Understanding with the Dubai Islamic Economy Development Centre (DIEDC) to reinforce and expand the reach of the Islamic banking sector, and to advance cooperation in areas of mutual interest. Saif Hadef Al Shamsi, Deputy Governor of the central bank of the UAE, and ...

DUBAI / WAM In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has directed changes to be made to the travel protocols for passengers arriving or departing from Dubai. The revisions to the protocols aim to ease hassles for passengers and exempt citizens from additional procedures ...

Abu Dhabi / WAM The Ministry of Health and Prevention (MoHAP) announced on Sunday that it conducted 117,812 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 ...

SHARJAH / WAM Sharjah Islamic Bank (SIB) has won the ‘Best Islamic Bank’ and the ‘Most Innovative Digital Bank’ award 2020, at the 8th International Finance Award (IFA) which highlights the achievements of all banks providing outstanding services across areas of innovation, infrastructure development and customer focus. The winners will be honoured during a ceremony due to be held early ...

DUBAI / WAM The Dubai International Financial Centre (DIFC) Courts has launched a new Arbitration Working Group, the first court in the region to introduce such an initiative. The panel of experts will be tasked with reinforcing and sharing developments and best-practices, encompassing an advisory team of arbitration professionals, bodies, centres, educational institutions, and industry-related organisations. Since its inception, the ...

Abu Dhabi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a congratulatory cable to HH Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah on the occasion of his inauguration as Emir of Kuwait. “We congratulate you on the precious confidence and your assumption of the reins of power in the sisterly State of Kuwait at this important stage ...

Abu Dhabi / WAM Mubadala Investment Company, one of the world’s largest global investors, and Silver Lake, the global leader in technology investing, on Wednesday announced they are building on their existing relationship by establishing a long-term investment strategy led by Silver Lake and supported by a $2 billion investment from Mubadala. The new strategy has a unique 25-year deployment ...

ABU DHABI / WAM Expats’ remittances from the UAE amounted to AED79.6 billion in H1-2020, according to figures released by the central bank of the United Arab Emirates. These account for 48.2 percent of the total money transferred by foreign residents in the country during 2019, which totaled AED165 billion. India took home the crown as the top-receiving country for ...