News

Al Ain / WAM Strata Manufacturing, the composite aero-structures manufacturing facility wholly-owned by Mubadala Investment Company, successfully delivered its first Boeing 787 Dreamliner vertical fin shipset to Boeing during an official ceremony held following the UAE’s 49th National Day. The delivery, which underpins the Al Ain-based manufacturer’s evolving industrial and engineering capability, marks the first 787 vertical fin completely assembled ...

ABU DHABI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, stressed that the UAE is preparing for the next fifty years of development by relying on the visions of its talented citizens. His Highness Sheikh Mohammed bin Rashid made this statement during the honouring ceremony of ...

Abu Dhabi / WAM The Abu Dhabi National Oil Company (Adnoc) announced on Tuesday, it will boost in-country value (ICV) to the United Arab Emirates to support post-Covid economic growth through its hugely successful ICV programme. As part of this commitment, Adnoc will drive over AED160 billion ($43.6 billion) back into the UAE economy over the next 5 years as ...

ABU DHABI / WAM The UAE has welcomed the United States’ decision to remove Sudan from the State Sponsors of Terrorism (SST) list. In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) congratulated Sudan and its people on this step, which is poised to end years of political and the economic isolation endured by the country. MoFAIC ...

ABU DHABI / WAM The Ministry of Finance (MoF) on Tuesday launched the “ESR Portal” to simplify the process of submitting Economic Substance Regulations (ESR)’s reports and notifications. The portal aims to simplify procedures for all companies operating in the country and allows them to submit reports, notifications and supporting documents electronically and in a timely manner. Younis Haji Al ...

ABU DHABI / Emirates Business Shareholders of National Marine Dredging Company PJSC (NMDC), voted at the Company’s General Assembly Meeting to approve the recommended offer from General Holding Corporation PJSC (Senaat), which is part of ADQ, and other minority shareholders of National Petroleum Construction Company PJSC (NPCC) (together, the “NPCC Shareholders”), to combine NPCC with NMDC. NPCC is a world-class ...

Abu Dhabi / WAM The Technology Innovation Institute (TII), the dedicated “applied research” pillar of Abu Dhabi’s Advanced Technology Research Council (ATRC), and Virgin Hyperloop (VH), on Tuesday announced their collaboration on research, innovation and localisation of the futuristic transportation method. The agreement was signed by Faisal Al Bannai, Secretary-General of the ATRC, and Sultan Bin Sulayem, Group Chairman and ...

Bloomberg The European market for initial public offerings (IPOs) raised more money than in 2019, defying the coronavirus crisis and nail-biting Brexit negotiations this year, led by firms that benefited from pandemic-induced lockdowns. European exchanges hosted 161 IPOs and counting, worth a combined $28.3 billion, surpassing the $26.7 billion raised over 136 listings in 2019, according to data compiled by ...

Bloomberg The Swiss economy will shrink this quarter and recover less quickly than previously expected in 2021 as renewed restrictions to stem the spread of Covid-19 pandemic in Europe and elsewhere weigh on global momentum. Switzerland’s State Secretariat for Economic Affairs sees gross domestic product (GDP) expanding 3.2% next year, slower than the 4.2% previously forecast. It said the situation is ...

Bloomberg Workplace productivity software startup ClickUp was valued at $1 billion in a $100 million investment, roughly five times its valuation in a funding round earlier this year. The new round was led by Georgian, a Canadian venture capital firm, with participation from Craft Ventures, which had invested earlier, too. San Diego-based ClickUp is one of several workplace software companies ...