News

DHAHRAN / AGENCIES Saudi Arabian Oil Company, Saudi Aramco, has completed, through its subsidiary Aramco Overseas Company, the acquisition of 17 percent of Hyundai Oilbank from Hyundai Heavy Industries Holdings, for approximately $1.2 billion. The completion follows receipt of all necessary regulatory consents and approvals. According to a statement issued by the company, the investment in South Korea’s Hyundai Oilbank ...

DUBAI / WAM The UAE ranked first in Middle East and North Africa region this year in “National Trademark Report 2019,” issued by Brand Finance. The report tracks the most valuable and most influential national brands from the world’s top 100 countries and measures their strength and value, with a focus on goods, services, investment and society. The UAE is ...

ABU DHABI / WAM The Abu Dhabi Airports Free Zone (ADAFZ), Authority, a wholly-owned subsidiary of Abu Dhabi Airports, signed an expansive 27-year Musataha Agreement with Middle East General Enterprises (MGE), to facilitate the presence of DHL Express in the ADAFZ. The move is in line with the Abu Dhabi strategic logistics plan resulting from ADAFZ’s commitment to providing world-class ...

Bloomberg Boeing Co.’s production halt for the 737 Max is likely to be little more than a temporary headwind for the US economy — especially now that the expansion is on firmer footing compared with other times since the aircraft was grounded in early 2019. The company’s decision to temporarily suspend production starting next month comes as the world’s largest ...

Bloomberg China will provide retaliatory tariff waivers to buyers of US farm products on a more regular basis after the countries reached a phase one trade deal, according to people familiar with the situation. Waivers had previously been given in tranches but they’ll now be handed out more frequently. The move will make it less punitive for Chinese firms to ...

Abu Dhabi / WAM The Abu Dhabi Fund for Development (ADFD), has earmarked a government grant worth AED18.3 million for a vital project that aims to enhance social services for the Liberian population. Located in the capital Monrovia, the grant will support the development of modern integrated sports and leisure infrastructure. The scope of the project includes the construction of ...

DUBAI / WAM Two months since making history as the first UAE astronaut to travel to space, Hazza Al Mansoori has now focused his attention on the UAE’s Hope Mission, set to reach the Red Planet on the country’s 50th anniversary, making it the ninth country to touch down on the planet. Al Mansoori is also working on the UAE’s ...

ABU DHABI / WAM The electronic system for the Tax Refunds for Tourists Scheme exceeded all expectations in its first year, asserted Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA), revealing that the scheme has processed a total of 2.83 million applications since its launch in November 2018. The average daily number of applications the scheme processes ...

Abu Dhabi / WAM The UAE will celebrate the annual UN Arabic Language Day on December 18, to mark the passing, in 1973, of a resolution to make the Arabic language an official language of the United Nations. In this report, the Emirates News Agency (WAM), highlights the UAE’s leading efforts and initiatives to preserve and protect the Arabic language ...

ABU DHABI / WAM The Abu Dhabi General Services Company (Musanada), revealed that work on the Jebel Hafeet School project in Al Ain city is progressing according to the agreed construction plan at a total cost of approximately AED117.3 million, with the actual completion percentage currently at around 58 percent. Musanada stated that it is building the school on a ...