News

BEIJING / WAM The UAE and China have maintained a deep respect and support of each other for decades, said Ahmed Ali Al Sayegh, Minister of State and Chairman of Abu Dhabi Global Market (ADGM). Al Sayegh’s comments were made following the signing of four strategic agreements with key institutions in China to deepen financial collaborations and economic ties. His ...

DUBAI / WAM The Dubai Financial Services Authority (DFSA) said that it is now a member of the Central Banks and Supervisors Network for Greening the Financial System (NGFS), becoming one of the first regulatory authorities in Middle East and North Africa region to join the NGFS. The NGFS is a group of Central Banks and Supervisors willing, on a ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), on Monday signed a strategic framework agreement with China National Offshore Oil Corporation (CNOOC) to explore new opportunities for collaboration in both the upstream and downstream sectors as well as in liquefied natural gas (LNG). The exchange of the signed agreement was witnessed by His Highness Sheikh Mohamed bin ...

ABU DHABI / WAM First Abu Dhabi Bank (FAB) has been named ‘World’s Best Bank for Transformation’ at the Euromoney Awards for Excellence 2019, at the recent ceremony in London. This year’s awards demonstrated growing importance of UAE’s banks to global finance sector. FAB was given the award for best bank transformation after successfully merging, integrating, and enhancing its services ...

DUBAI / WAM The Government of the UAE has launched the new domain name of its official portal to become the first government domain in the world composed of a single letter (U), to facilitate the public access to information, services, projects, strategies and laws in the UAE. The new domain name, developed in cooperation between The Prime Minister’s Office ...

ABU DHABI / WAM Following its appointment by the Government of Abu Dhabi to deliver AED5 billion worth of landmark projects in the Emirate, Aldar Properties PJSC, Aldar, announced on Monday further details on the expected commercial and socio-economic impacts of those projects. The three projects reaffirm Aldar’s status as the partner of choice for the Abu Dhabi Government. The ...

Bloomberg Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants. A plunge in natural gas prices along with an increase in the cost of releasing carbon dioxide emissions shifted the profitability of generating electricity away from burning coal, according to data compiled by BloombergNEF. The trend ...

Bloomberg The UK’s planned exit from the European Union may have already pushed the UK into a technical recession, according to the National Institute of Economic and Social Research. In a gloomy set of new forecasts, Niesr predicted that, even assuming a smooth exit in October, the nation will grow 1 percent in 2019 and 1 percent in 2020. There’s ...

Bloomberg German unemployment is set to rise in the next three months after a slump in manufacturing and weak exports weighed down Europe’s largest economy, according to the Bundesbank. Total output probably contracted in the second quarter, the Frankfurt-based institution said. While domestic demand likely continued to support growth, softer momentum is starting to leave its mark on the labor ...

Bloomberg Canada’s arctic port of Churchill is set to resume its first grain shipments since 2015 after a group backed by investor Prem Watsa stepped in last year to buy the facility and a related rail line linking the northern town with the rest of Manitoba. The 88-year-old port on the shores of Hudson’s Bay will resume operations in the ...