News

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) predicted that fuel demand will remain “under pressure” during the second half of this year because of the ongoing economic fallout from the coronavirus, a day before ministers were due to assess world markets. While there will be a “gradual recovery” in the global economy, it won’t compensate for the slump during ...

RIYADH / WAM Aramco on Wednesday announced the successful completion of its share acquisition of a 70 percent stake in Saudi Basic Industries Corporation (Sabic), from the Public Investment Fund (PIF) the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion ($69.1 billion), equating to SAR 123.39 price per share. The completion of the ...

Abu Dhabi / WAM The central bank of the UAE announced Money Supply aggregate M1 increased by 0.7%, from AED560.3 billion at end of April to AED564.3 billion at the end of May. The Money Supply aggregate M2 decreased by 0.9%, from AED 1464.8 billion at the end of April to AED 1451.9 billion at the end of May. The ...

Abu Dhabi / Emirates Business National Takaful Company (Watania) that taglines itself as #SettlesClaimsFaster has launched its online customer portal to underwrite policies and to add great convenience to its customers. It provides a non-touch and paperless environment to get a policy online and that too in less than four minutes. Gautam Datta, CEO Watania says, “Our success in turning ...

ABU DHABI / WAM The Abu Dhabi Digital Authority (Adda), the government entity that leads the digital transformation in the emirate of Abu Dhabi, announced the signing of a Memorandum of Understanding (MoU) with Intel aimed at expanding their strategic partnership and boosting cooperation, especially in the field of accelerating digital transformation in Abu Dhabi. The MoU was signed remotely ...

Abu Dhabi / WAM Global energy giants representing the world’s leading oil, gas, and petrochemical companies united around the common purpose of ensuring sustainable global energy supplies as economies begin to reopen and the world adjusts to the next normal, during a special virtual edition of the Abu Dhabi CEO Roundtable. The CEOs shared lessons learned and best practices in ...

Dubai / WAM Enoc Group has recorded 12 million cashless transactions in the first five months of this year, in a move towards encouraging cashless payments, one of the key pillars of the UAE Vision 2021. The group recorded an increase in cashless transactions when compared to cash payments during the same period. More than 5 million cashless transactions were ...

Ajman / Emirates Business Saudi German Hospital Ajman (SGH-Ajman) saved the life of a 69-year-old Asian who was admitted to the emergency department with a poor health condition. He was transferred directly to the intensive care unit since he was suffering from cardiovascular diseases, had a stroke affecting his left brain and other serious health conditions. The patient was administered ...

ABU DHABI / WAM Etihad Airways, together with its partner Manchester City, have unveiled a bespoke match-day jersey in recognition of the global efforts to begin recovery from the impacts of Covid-19. Etihad is dedicating the front of shirt space, ordinarily bearing the Etihad logo, to the ‘Cityzens Giving For Recovery’ campaign, City Football Group and Manchester City’s 12-month campaign ...

ABU DHABI / WAM The Ministry of Finance (MoF) announced the successful implementation of Procure-to-Pay (P2P) which facilitates the procurement process and e-approval of purchase orders and requests at various federal entities in the country. “Entities can now approve the purchase requests and direct the purchase order to the supplier within minutes – if all the required documents are available,” ...