News

DAMMAM / WAM The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution, estimates that planned and committed investments in the Mena region will exceed $792 billion over the next five years (2020–2024). According to Apicorp’s Mena Energy Investment Outlook 2020-2024, the amount marks a $173mn decline from the $965bn in last year’s five-year outlook. The overall decline in ...

ABU DHABI / WAM The non-oil trade exchange between the UAE and Australia totalled AED14.5 billion in 2019, a 17.4 percent increase compared to 2018, reflecting the increasing trade between the two countries, as per a recent report issued by the “Commercial Policies and International Organisations Department” of the Ministry of Economy. The report was issued as part of the ...

ABU DHABI / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, reviewed ways of fostering the bilateral relations between the UAE and the United States, in a video call with John Rakolta Jr., US Ambassador to the UAE. His Highness Sheikh Abdullah and Ambassador Rakolta discussed the importance of boosting joint cooperation ...

ABU DHABI / WAM Injazat, the UAE-based leader in digital transformation and a Mubadala-owned company, and Hub71, Abu Dhabi’s Tech Startup ecosystem, have formed a new partnership to support the commercial development of local startups and to accelerate the adoption of advanced technologies by large enterprises in the UAE. In a joint statement on Tuesday, the companies said that under ...

Dubai / WAM Nasdaq Dubai, the region’s international financial exchange, announced it has welcomed the listing on Tuesday of a $1 billion Sukuk by Dubai Islamic Bank (DIB) the largest Islamic bank in the UAE. In a statement, Nasdaq Dubai added that the Sukuk was nearly 4.5 times subscribed with a profit rate of 2.95 percent per annum, with nearly ...

AL AIN / WAM Strata Manufacturing, the advanced composite aero structures manufacturing company wholly-owned by Mubadala Investment Company, has announced the completion of works on the Strata Solvay Advanced Materials (SSAM) high-tech facility in Al Ain, a joint venture with Solvay, Belgium’s materials and chemicals company. The completion of the SSAM facility heralds the beginning of Strata’s diversification journey, with ...

DUBAI / WAM Emirates Post has re-started operations to India for all services including Economy Mail, Standard Mail, Registered Mail, Standard Packets, Standard Parcels and Express Parcels, after a period of limited operations in the wake of restrictions imposed on the travel and transport. The reopened channel provides UAE’s large Indian expat population a way to send shipments, including household ...

Bloomberg The US tumbled further in a ranking of most competitive world economies, dragged down by the weight of President Donald Trump’s trade wars. After losing the top spot to Singapore in 2018, the US dropped further down the list to 10th place from third, according to an annual ranking from the Institute for Management Development (IMD), a business school ...

Bloomberg UK jobless claims more than doubled to almost 3 million during the virus lockdown, adding urgency to the Bank of England and government’s efforts to cushion the blow. The number of people seeking unemployment benefits increased by more than 1.5 million in the two months through May, the Office for National Statistics said on Tuesday. The figures show the ...

Bloomberg Some of Argentina’s largest creditors presented a new debt proposal to the government over the weekend as the two sides edge closer to a $65 billion restructuring deal, according to people familiar with the matter. The Ad Hoc Bondholder Group and Exchange Bondholder Group submitted an offer in which they agreed to accept losses on a net-present value basis ...