News

Bloomberg Media mogul Shari Redstone and other Viacom Inc directors were accused by a pension fund of selling out the entertainment company’s shareholders by ramming through an $11.7 billion merger with CBS Corp. Redstone, who also is CBS’s controlling shareholder, and her colleagues on Viacom’s board “expropriated potentially billions of dollars from Viacom’s minority stockholders” by agreeing to a deal ...

Abu Dhabi / WAM Choosing UAE-grown produce can help support sustainability and contribute towards solving food and water security, Madar Farms’ Head of Operations, Kyle Wagner, said during an event in Abu Dhabi. During a panel discussion at New York University Abu Dhabi (NYUAD), with Mariam Hareb Almheiri, Minister of State for Food Security, he urged the public to take ...

DUBAI / WAM DP World has been awarded a 30-year build-operate-transfer (BOT), concession by the Saudi Ports Authority (Mawani), for the management and development of the Jeddah South Container Terminal at the multi-purpose Jeddah Islamic Port. Under the agreement, DP World will invest up to $500 million to improve and modernise the Jeddah Islamic Port, including major infrastructure development to ...

ABU DHABI / WAM Abu Dhabi National Energy Company (Taqa), announced on Monday that it has secured a $3.5 billion revolving credit facility. The new 5-year multicurrency facility with a syndicate of 13 banks will be used for general corporate purposes and will replace its existing $3.1 billion revolving credit facility, signed in August 2015. Commenting on the news, Mohammed ...

ABU DHABI / WAM Abu Dhabi Developmental Holding Company (ADDH), and Group 42 (G42), announced on Monday the signing of an agreement to establish a joint venture to provide AI-enabled products and services to the portfolio companies of ADDH. Under the terms of the agreement, Adalytyx will be established as a separate legal and operating entity. Adalytyx will leverage G42’s ...

ABU DHABI / WAM The Emirate of Abu Dhabi has seen a 71 percent increase in works of art, collectors’ pieces and antiques trade commodity. In a trade figures report released by the Statistics Centre – Abu Dhabi (SCAD), total trade of the commodity for the first nine months of 2019 reached approximately AED6.60 billion, compared to AED3.86 billion for ...

Dubai / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Chairman of Dubai Executive Council, and Chairman of the Board of Trustees of Dubai Future Foundation has said that Dubai continues to strive to become one of the leading nations shaping the future of the world, guided by the vision of His Highness Sheikh ...

FREETOWN / WAM Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State, has led a delegation from the UAE on an official working visit to the Republic of Sierra Leone, to discuss ways of enhancing bilateral cooperation between the two friendly countries. During his meeting with President Julius Maada Bio of Sierra Leone, Dr. Al Jaber conveyed the greetings ...

Dubai / WAM The first consignment between the UAE and Saudi Arabia has reached its final destination in Jordan. The consignment — launched according to the International Road Transport Agreement TIR at the end of November — moved from Jebel Ali Free Zone in the UAE through the Ghuwaifat Boarder Crossing Post in Emirate of Abu Dhabi to Al Batha ...

Dubai / WAM Dubai Customs announced its developing a customs procedure guide to assist Expo 2020 Dubai exhibitors in gaining further insights on the different services available to them. It has also appointed and approved a customs clearance system as an authorised economic operator in coordination with the Expo office. Commenting on the announcement, Abdullah Mohammed Al Khaja, Executive Director ...