DUBAI / WAM Mercuria Energy Group, the Swiss international commodity trading company, has renewed the lease on their Middle East headquarters at DMCC for another five years. DMCC – the world’s flagship Free Zone and Government of Dubai Authority on commodities trade and enterprise – has been home to Mercuria Energy Group for over 11 years, and acts as the ...
Read More »
Bloomberg Chevron Corp will start a sales process for its interest in the North West Shelf project in Australia, one of the nation’s first liquefied natural gas export ventures, after receiving a number of approaches from potential buyers. The US energy major has been looking to make cutbacks as the industry grapples with a once-in-a-generation collapse in demand because of ...
Read More »
Bloomberg Sasol Ltd is reining in oil expansion and considering job cuts as part of ongoing efforts to turn the business around and protect itself from market downturns. The overhaul at the South African company follows a 50% slump in its shares this year as oil’s crash strained finances already pummeled by cost overruns at a giant US chemicals project. ...
Read More »
ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, reviewed the prospects of cooperation between the UAE and the European Union (EU) in a call with Ursula Gertrud von der Leyen, President of the European Commission. The conversation covered the global fight against ...
Read More »
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 ...
Read More »
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 ...
Read More »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 ...
Read More »
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 ...
Read More »
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 ...
Read More »
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 ...
Read More »
The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.