News

Bloomberg Norway’s government is now advising its citizens to avoid all unnecessary travel abroad, regardless of coronavirus (Covid-19) infection levels in their intended destination. The announcement from the country’s health minister, Bent Hoie, comes amid what was described in Oslo as “an alarming” surge in coronavirus. Some 290 cases of Covid-19 have been documented in the Nordic country over the ...

Bloomberg Canada’s economy recorded a third straight month of strong employment gains that have recouped more than half of losses from Covid-19. Employment rose by 418,500 in July, bringing to 1.7 million the number of jobs reclaimed over the past three months. Canada lost 3 million jobs in March and April at the height of the pandemic. The employment rebound ...

Abu Dhabi / WAM Under the directives by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the UAE is offering urgent humanitarian assistance to assist those affected by the Beirut Port explosion. HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region, and ...

ABU DHABI / WAM Tawazun Economic Council has formed a collaboration with Airbus and the National Space Science and Technology Centre (NSSTC) from UAE University, to build and develop a Satellite Assembly, Integration and Testing (AIT) Centre with the aim of manufacturing components and assembling, integrating and testing small to medium satellites. The AIT Satellite Centre will develop and build ...

Bloomberg Oil climbed to a five-month high in London, topping $45 a barrel after US industry data showed a decline in the nation’s stockpiles. Brent futures gained for a fourth day, rising as much as 2.6% to the highest price since March 6. The American Petroleum Institute reports 8.59 million-barrel drop in crude inventories last week. The international benchmark moved ...

DUBAI / WAM Dubai Economy has announced it will extend its consumer protection services to free zones in Dubai under an agreement with the Dubai Free Zones Council. The agreement, which is part of enhancing co-ordination between government, government-related and private entities to improve the overall customer experience in Dubai, will allow consumers of free zone businesses to raise their ...

DUBAI / WAM Dubai Aerospace Enterprise (DAE) Ltd. reported its financial results for the six months ended June 30. According to the consolidated financial statements, the DAE’s total revenue reached $672.6 million during the first half of 2020 and net income hit $121.7 million. The company’s pre-tax profit margin reached 20% and pre-tax return on equity hit 8.9%. The available ...

Dubai / WAM Dubai Airport Freezone Authority (Dafza) achieved positive financial and operational results in the first half of 2020. Throughout the first quarter of the year, Dafza recorded a 54 percent increase in general exports. During this period, China accounted for the highest percentage of Dafza’s trade, with 21 percent at a value of AED 7.7 billion, followed by ...

Abu Dhabi / WAM In a sign of that bodes well for an eventual market recovery after the coronavirus, consumer spending in the UAE increased by 65 percent in June 2020 as compared to March, according to statistics released by the Federal Competitiveness and Statistics Authority (FCSA). Hoteliers were among the primary beneficiaries, with spending jumping 15 percent in June ...

Abu Dhabi / WAM The total number of business licences issued in UAE at the end of July amounted to 665,246, a 1.9 percent increase compared to 652,885 licences issued in December 2019, according to the National Economic Register. Based on these figures, the issuance of licences in the country is expected to surge in the coming months, which will ...