News

DUBAI / WAM The Roads and Transport Authority (RTA) confirmed that 65 percent of construction work of the Al Qudra-Lehbab Roads Intersection Project had been completed. The project upgrades the junction from intersecting roads into a flyover enabling free traffic in all directions. “Lehbab Road is a key traffic corridor offering an alternative link to Expo Road, Jafza and Abu ...

DUBAI / WAM An attempt to smuggle 251.2 kg of crystal meth and 6.4 kg of heroin, with an estimated market value of AED25 million has been foiled by a joint team of the Customs Intelligence Department and Jebel Ali Customs Centre in Dubai The operation was nicknamed “Gear Box” – the illegal drugs were concealed inside used vehicle spare ...

DUBAI / WAM The Business Registration and Licensing (BRL) sector in the Department of Economic Development (DED) Dubai, issued 14,737 new licences during the first half of 2019 as the emirate continued to enhance its appeal as a destination for sustainable business growth. Among the new licences, 52 percent were commercial (7,648), 45 percent professional (6,722), two percent tourism (262), ...

ABU DHABI / WAM The Federal Tax Authority (FTA) has launched a new electronic system for registering excise goods as part of its plans to continuously develop the tax system as a whole, and excise tax procedures, in particular. In a press statement issued on Saturday, the authority explained that the new system offers accurate and transparent procedures for registering ...

DUBAI / WAM Dubai Electricity and Water Authority (Dewa), has issued its 6th annual Sustainability Report, summarising Dewa’s efforts to promote social and economic sustainability as well as provide a sustainable model for energy and water. The report focusses on ways to support economic growth without damaging the environment, and highlights Dewa’s achievements in sustainability, according to a Dewa press ...

Bloomberg Thailand plans a 316-billion-baht ($10.2 billion) package of government spending and loans to counter an economic slowdown caused by the US-China trade war and currency strength. The package includes help for farmers and people on low incomes, as well as initiatives to bolster consumer spending and investment, Finance Minister Uttama Savanayana said in a briefing in Bangkok. The proposal ...

Bloomberg China is stepping up its soybean buying in Brazil as growers in Argentina continue to hoard and the Asian nation avoids American oilseed after an escalation in trade tensions between Washington and Beijing. Private and state-owned companies bought 25 to 30 cargoes of soy from Brazil this week through, according to people familiar with the matter, who asked not ...

Bloomberg Governments in Asia are seeking to tap private investment for the region’s substantial infrastructure needs as the current rate of public financing is “insufficient and unsustainable,” said Indranee Rajah, Singapore’s second minister for finance and education. Globally, government financing accounts for 40% of infrastructure expenditure, and 70% in emerging markets, while in Asia, this stands at 90%. “This rate ...

Bloomberg There’s a new owner of the Brooklyn Nets. Alibaba Group Holding Ltd. Executive Vice Chairman Joe Tsai exercised his option to buy the rest of the team that he didn’t already control — along with the Barclays Center arena — ending Mikhail Prokhorov’s ownership tenure and bringing another deep-pocketed international presence to the National Basketball Association. Financial terms weren’t ...

Bloomberg Pakistan’s Power Cement Ltd. has suspended almost a third of its output as demand and prices fall amid an economic downturn and higher costs bite. The second largest producer in the country’s south has shut about 3,150 tons per day of old, high-cost production capacity after market conditions rendered them unviable. Newer lines accounting for 7,700 tons remain operational. ...