News

Bloomberg DP World Plc is in “very advanced” discussions to acquire Topaz Energy & Marine Plc in what would be the Dubai-based company’s first venture into the oil and gas sector. The world’s largest port operator also said in a statement that there is no certainty of a transaction. Sky News reported earlier that a $1.3 billion deal could be ...

SHARJAH / WAM Dana Gas has announced that it received payments of $48 million (AED177 million) from its operations in Egypt in June. These collections comprise $38 million in payments from the government (of which $30 million as Dana Gas’ share of the industry payment) and $10 million from the sale of the second El Wastani condensate shipment in 2019. ...

ABU DHABI / WAM Abu Dhabi National Exhibitions Company (Adnec) has received the International Association of Convention Centres’ (AIPC) Innovation Award for its new innovative meeting space, ‘The Hive’. Adnec won the industry recognition following stiff competition from seven leading international venues across seven countries including Australia, Finland, South Africa, Canada, Germany, Singapore and Russia. The Hive, the first of ...

Bloomberg President Donald Trump declared the US was “winning” the trade war a day after reaching a temporary truce with Chinese President Xi Jinping. On a visit to South Korea following the Group of 20 summit in Japan, Trump said at a news conference that the Federal Reserve “has not been of help to us at all” in his trade ...

Bloomberg The Organization of Petroleum Exporting Countries’ (Opec’s) output fell for a seventh consecutive month as the group signalled it would keep supplies restrained at least until the end of the year. Crude production in June dropped to 30 million barrels a day as US sanctions further curtailed Iranian shipments and Saudi Arabia chose to pare back its output. The ...

Dubai / Emirates Business Dubai’s non-oil trade with Ukraine nearly doubled over between 2016 and 2018 to reach $571 million last year, while Ukrainian agricultural and metal exports dominated trade volumes. Signalling expanding ties between businesses in Ukraine and Dubai, the trade figures were recently revealed at the 5th National Export Forum in Kiev, Ukraine, where representatives from Dubai Chamber ...

Dubai / Emirates Business Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, received three global awards at the 110th IDEA Annual Conference & Tradeshow 2019, which was held in Pittsburgh, USA. Two are IDEA gold awards, for the number of buildings committed and for the total Building area committed. The third award is the IDEA ...

Dubai / WAM The Dubai Supreme Council of Energy (DSCE), on Sunday announced that Dubai carbon emissions have decreased significantly despite the Emirate continuous growth and development, in conjunction with the convening of the preparatory conference for the UN 2019 Climate Summit in Abu Dhabi. The net CO2 emissions of the Emirate of Dubai have achieved an astounding 19 percent ...

Abu Dhabi / Emirates Business Etihad Airways, the national carrier of the UAE, upgraded services on three key Asian routes this week, introducing larger aircraft to accommodate growing demand. Flights between the UAE capital, Abu Dhabi, and major two Chinese cities, Shanghai and Chengdu, have been upgraded with next-generation Boeing 787 Dreamliners, while the South Korean city of Seoul has ...

Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has received the UN Secretary-General Antonio Guterres, who is currently visiting the UAE for the Abu Dhabi Climate Meeting that kicked-off on Sunday. More than 1,000 world-renowned political figures and climate action experts are ...