News

Bloomberg Arkema SA agreed to buy a US-based supplier of mining-additives from Golden Gate Capital for $570 million as part of Chief Executive Officer Thierry Le Henaff’s drive to expand in higher-margin specialty chemicals. Purchasing ArrMaz Custom Chemicals Inc. will add a portfolio of defoamers and other so-called surfactants also used in road construction and agrochemicals generating annual sales of ...

Bloomberg From Colombia to the North Sea, the Middle East to Texas, the global market for crude cargoes is becoming tighter as supplies grow more constrained and risks to production spiral. Prices for actual barrels from the North Sea, Asia, and the Americas are now trading at the highest in half a decade. Key price spreads that show how urgently ...

VIENNA / WAM The Opec Fund for International Development (OFID) is contributing $50 million to support energy security and economic growth in Pakistan via a participation agreement with the International Islamic Trade Finance Corporation (ITFC). The ITFC and other financial institutions will provide the remaining balance of the syndicated amount that will enable Pakistan’s Ministry of Finance, Revenue and Economic ...

DUBAI / WAM To promote ease of doing business and to support its customers Jebel Ali Free Zone (Jafza), the GCC’s largest special economic zone, will become the first free zone in the country to return cash and bank guarantees to its clients through its new Workforce Protection Programme initiative that is set to roll out in September of this ...

DHALA / WAM The UAE, represented by its humanitarian arm, the Emirates Red Crescent (ERC), continued sending relief and shelter convoys to the Yemeni governorates. A humanitarian aid convoy arrived on Saturday in Dhala Governorate loaded with food, shelter, tents, blankets, water tanks and mobile toilets to support the needy people in these areas. Local beneficiaries thanked the UAE, and ...

ABU DHABI / Emirates Business Miral, Abu Dhabi’s creator of destinations, signed two land sales at Yas Bay with Siadah International Real Estate Development LLC, which in its turn plans to develop two residential buildings on the waterfront. Yas Bay – Yas Island’s vibrant new waterfront community to live, work and play, also includes other available residential and commercial plots ...

DUSHANBE / WAM The UAE is deeply committed to fighting terrorism and drying up the sources of its financing and stressed the need for strengthening regional and international multilateral cooperation to address challenges related to terrorism. Delivering the UAE statement before the plenary opening session of the high-level “Conference on International and Regional Cooperation in Countering Terrorism and its Financing ...

Dubai / Emirates Business The world’s leading provider of open source solutions, announced that Emirates NBD, a leading banking group in the United Arab Emirates (UAE), has built a distributed private cloud platform with Red Hat’s hybrid cloud and application programming interface (API) technologies as part of its digital transformation strategy. Its platform provides a common foundation and access to ...

DUBAI / Emirates Business The Dubai Smart City Accelerator (DSCA), the first industry-focused accelerator award winning program of its kind in the Mena region, has issued an open call for applications from global startups dedicated to innovative smart city solutions to join its third cohort. DSCA was launched in May 2017 by Dubai Silicon Oasis Authority (DSOA) in collaboration with ...

Dubai / Emirates Business The strengthening of national and global food security was the topic on the agenda during the visit of Her Excellency Mariam Almheiri, Minister of State for Food Security, to South Korea. Building on the existing strategic alliances that the UAE has with Asia’s fourth largest economy, the visit formed part of the UAE’s extensive Official Development ...