News

Bloomberg Despite European efforts to avoid an escalation in trade tensions with the US, a tit-for-tat tariff battle over illegal aircraft subsidies is in the offing, according to the European Union’s chief trade negotiator. “Our view is that we have enough tariffs in the world as it is, so imposing tariffs on each other, which strictly speaking we are allowed ...

ABU DHABI / WAM The gross output of the water, wastewater and electricity sector grew 2.7 percent in 2018 to AED55.8 billion as compared to AED54.3 billion in the preceding year, according to the figures of the Federal Competitiveness and Statistics Authority. The growth is driven by the continuing population growth, with the government continuing to fine efficient alternatives through ...

OSLO / WAM Oslo-listed RAK Petroleum has announced a consolidated net comprehensive income of $65.7 million for the half-year to June 30, compared to a net comprehensive income of $166.4 million for the full year 2018. RAK Petroleum’s main assets are holdings in DNO, also listed in Oslo, and privately-held Foxtrot International. RAK Petroleum owns 40.45 percent of DNO, a ...

ABU DHABI / WAM The UAE and Saudi Arabia on Monday confirmed that the third batch comprising 200,000 tonnes of wheat has been dispatched to Sudan, meeting the needs of the population for this strategic commodity. In April 2019, the UAE and Saudi Arabia announced their commitment to providing 540,000 tonnes of wheat to enhance food security in Sudan. Last ...

DUBAI / Emirates Business Dubai Islamic Economy Development Centre (DIEDC) on Monday signed a memorandum of understanding (MoU) with the Dubai International Financial Centre (DIFCA), the Dubai Financial Market (DFM), and Climate Bonds Initiative (CBI) to collaborate on growing the green sukuk sector and stepping up the exchange of knowledge and expertise in the field. The MoU signing took place ...

ABU DHABI / WAM The total value of fund transfers among the UAE’s banks grew eight percent to AED7.13 trillion during the first eight months of 2019, from AED6.61 trillion in the comparable period in 2018. According to the CBUAE’s figures, fund transfers from January through August hit AED4.864 trillion, in yet a new sign reflective of the ongoing economic ...

ABU DHABI / WAM CPhI Middle East & Africa 2019, the region’s leading platform for the pharmaceutical industry, opened in Abu Dhabi on Monday at the Abu Dhabi National Exhibition Centre (Adnec), from September 16-18. The exhibition, in its second year running, was inaugurated by Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance, who also introduced the keynote session. ...

Dubai / WAM The General Civil Aviation Authority (GCAA) announced the launch of the second edition of Global Investment in Aviation Summit (GIAS) under the theme ‘Enabling global aviation growth through fundraising and key partnership.’ The upcoming summit at Madinat Jumeirah, Dubai, on January 27- 29, 2020 aims at exchanging expertise and knowledge between officials and aviation industry experts and ...

DUBAI / Emirates Business Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (Measa) region, and home to the largest, most developed financial technology ecosystem in the region, marks a significant milestone on Monday having registered more than 100 fintech firms in the Centre. The figures reflect a three-fold growth in ...

Dubai / WAM The UAE ranked first in the Middle East in the transition to Internet Protocol Version 6, according to statistics from Ripe NCC, Akamai Technology and Google, less than two years after it has been launched in the country by the Telecommunications Regulatory Authority (TRA). The transition to IPv6 will have a significant positive impact on the implementation ...