News

Bloomberg Saudi Arabia and Kuwait agreed to resume oil production in a shared border region more than four years after halting output. Their agreement allows for “the resumption of oil production from the joint fields,” the Saudi energy ministry said on Twitter. The oil fields in the so-called neutral zone can produce as much as 500,000 barrels a day — ...

Bloomberg Emirates Airline President Tim Clark plans to retire in June after 16 years at the helm of the Dubai-based carrier, the world’s largest by international traffic. The 70-year-old will stay on in an advisory role even after stepping down, Chairman Sheikh Ahmed bin Saeed Al Maktoum said in an internal memo seen by Bloomberg. Clark joined Emirates’ founding team ...

DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower), awarded contracts valued at AED1.130 billion to various companies in 2019, as part of the development of district cooling infrastructure in Dubai. The contracts included engineering consultancy; plant and other constructions, design and operation of cooling plants; expansion of district cooling pipe network; development of new networks to serve the latest ...

Bloomberg India’s government should avoid a fiscal stimulus to spur the economy, and focus instead on cutting public debt so that financial resources can be freed up for investment, the International Monetary Fund (IMF) said. While the national government has a budget deficit target of 3.3% of gross domestic product (GDP) in the year through March, a better reflection of ...

Abu Dhabi / WAM Etihad Airways has announced that it will operate its seasonal routes from Abu Dhabi to Alexandria, Egypt, and Salalah, Oman, between June 25 to September 15, 2020. Due to the success of the routes in 2019, the period of operation has been extended by three weeks and a new fifth weekly service introduced on both routes ...

Sharjah / WAM Dana Gas received a one-off $42 million (AED154 mm) dividend payment from Pearl Petroleum Company in the Kurdistan Region of Iraq (KRI), the company said in a press release issued on Tuesday. The payment has been distributed as a dividend by Pearl Petroleum (35% ownership by Dana Gas). The payment follows the release of an additional $120 ...

Abu Dhabi / WAM The Khalifa Fund for Enterprise Development (KFED), is shedding light on four local projects the Bawabt Liwa Food Industries, Sugar Art Sweets, Liwa Dates Food Industries, and Gracia Farm for Agricultural Crops during its participation in the 13th edition of the Al Dhafra Festival, which aims to highlight the rich culture and heritage of the UAE ...

ABU DHABI / WAM The Department of Culture and Tourism – Abu Dhabi, DCT – Abu Dhabi, announced a dazzling array of celebrations taking place in the UAE capital this New Year’s Eve. The calendar of events ringing in 2020 includes Resolution, a two-day festival featuring a highly anticipated headline concert by global megastar Bruno Mars, performances by acclaimed Arab ...

DUBAI / WAM The Mohammed bin Rashid University of Medicine and Health Sciences (MBRU), announced the formation of a Values Council, which will drive the values agenda of the University and ensure the MBRU family – students and faculty, live and act the MBRU values daily, and work with a heart for service. The Council, a first for any institute ...

DUBAI / WAM Emirates NBD on Tuesday announced that it has been awarded the ‘Bank of the Year – UAE 2019’ award by Financial Times’ monthly publication, The Banker, in recognition of its robust financial performance and pioneering approach to innovation in digital banking. In awarding the top UAE title to Emirates NBD, The Banker stated that “the judges were ...