News

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) on Wednesday announced a strategic investment in global storage terminal owner and operator VTTI BV (VTTI). As part of this agreement, Adnoc will acquire a 10 percent equity stake in VTTI. Following the transaction, VTTI will be owned 10 percent by Adnoc, 45 percent by IFM Global Infrastructure Fund ...

DUBAI / WAM The Chairman of Ajman Free Zone, Sheikh Ahmed Bin Humaid Al Nuaimi has met with Tielan Peng, Chairman of Hunan Group and Gulf Chinese Trading Corporation to discuss further strengthening trade opportunities between the two organisations. The Gulf Chinese Trading Corporation is a committed investor in Ajman and is the entity behind the China Mall which was ...

FUJAIRAH / WAM Refined oil products stockpiles in Fujairah rebounded in the past week, on higher supply of marine fuel and other heavy distillates and residues, according to data released on Wednesday by Fujairah Oil Industry Zone. Total inventories at the Middle East bunkering hub rose 5.9 percent week on week to 19.327 million barrels, bringing the total back to ...

DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower) on Wednesday announced that it has awarded an AED25 million contract to extend its cooling service pipeline network in order to meet the needs of major development projects in Dubai. This extension work will be completed by the end of 2019, and will link ‘Al Wasl Tower 2020’ and the ‘Yotel ...

ABU DHABI / WAM The National Election Committee (NEC) announced the launch of candidate registration for the upcoming Federal National Council (FNC) elections. The Committee invited all eligible candidates wishing to submit their applications to do so at the candidate registration center of their respective emirate, from August 18 to 22, during the official working hours that extend from 08:00 ...

Dubai / Emirates Business Adding retail units to its portfolio, Azizi Developments, one of the leading private developers in the UAE, launched the sale of 329 retail units across all of its Dubai developments. Through Azizi Retail, Azizi Developments’ division for outlets, the retail spaces are embedded into its master-planned communities and residential towers, adding leisure, shopping and eatery amenities ...

Abu Dhabi / Emirates Business Agthia Group PJSC, one of the region’s leading food and beverage groups, this morning reported H1 2019 net profit of AED 84 million and revenues of AED 1.06 billion. Driven by the group’s endurance to adverse market conditions along with the geographical and segmental diversification, the company grew revenues 5.4 percent over the same period ...

Dubai / WAM The Dubai Financial Services Authority (DFSA) has signed a Memorandum of Understanding with the Central Bank of Egypt to enhance the relationship and cooperation between both institutions and facilitate the performance of their respective supervisory tasks. Under the new agreement, the two sides will also work to promote the safety and soundness of banks in their respective ...

DUBAI / WAM Following the recent opening of its new facility at Changi Airport, marhaba, one of the world’s fastest growing passenger services providers, has expanded its lounge at Dubai International Airport Terminal 3 by 400 square metres, increasing its capacity by 50 percent. Located at Concourse “B”, the lounge now features comfortable seating for 300 guests, a spacious dining ...

Bloomberg Samsung Electronics Co. scored a victory over Sony Corp. after a major Chinese customer declared it was going with the Korean company’s camera sensors in future smartphones. On Wednesday, Xiaomi Corp. said it will turn to Samsung for a future line of its mainstream Redmi smartphones with an impressive 64-megapixel camera. That’s part of a strategic alliance under which ...