News

Abu Dhabi / WAM Emirates Global Aluminium (EGA), and the aluminium sector which has grown around it, have generated economic activity accounting for 1.4 percent of the entire UAE economy, according to an expert study. The sector also supported 60,950 UAE jobs in 2017. One in every 100 people working in the UAE is employed in the aluminium sector, its ...

HODEIDAH / WAM The Houthi militias broke the ceasefire agreed in Sweden under United Nations auspices hours after it came into force, according to a source in the Yemeni resistance. The source said that the Houthis had shelled the May 22 hospital and several factories with mortars and rockets. The source added that the attack by the militias had caused ...

Abu Dhabi / Emirates Business Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, today allocated a government grant worth $50 million (AED184 million) to support the Chadian government in achieving its development goals. The funding will contribute to driving financial stability in the Central African country and fuel the growth of key sectors. The funding ...

BUCHAREST / WAM Romanian Minister of Communications and Information Society Alexandru Petrescu affirmed his country’s interest in advancing cooperation with the UAE in the telecommunications sector, which is a key element in the development of other sectors. This came during a meeting – at the ministry’s headquarters in Bucharest – with the UAE Ambassador to Romania Dr. Ahmed Abdullah Al ...

Dubai / Emirates Business Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) introduced a new business to business (B2B) online platform that will deliver an enhanced technological backbone to the emirate’s attractions and experiences, offering them integrated digital support and wider visibility among both domestic stakeholders and global markets. Launching in January 2019, the B2B ‘Attractions Marketplace’ has been ...

Bloomberg Recent pledges of $2 billion in investment for South Sudan’s oil may be just the start, with the war-torn nation expecting further agreements in early 2019, its petroleum minister said. Ezekiel Lul Gatkuoth’s prediction comes as the African nation’s warring sides prepare to form a power-sharing government in the latest bid to end five years of conflict. The country, ...

Bloomberg China bought huge amounts of Middle East and West African crude as oil prices were collapsing in November. Oil tankers loaded 6.5 million barrels a day from ports in the two regions for Chinese buyers in November, a 26 percent increase compared with the average over prior 10 months, ship tracking compiled by Bloomberg shows. With deliveries taking between ...

Bloomberg Jagged Peak Energy Inc is considering expanding its footprint in the oil-rich Permian Basin of West Texas and New Mexico, according to people with knowledge of the matter. The oil and gas company, with a market value of $2.2 billion, is working with an adviser to pursue bolt-on acquisitions, said the people, who asked not to be identified because ...

Bloomberg Samsung Electronics Co. is making a new push in the market for wireless network infrastructure. This time, the South Korean electronics giant’s timing may be just right. Mounting concerns in Europe and elsewhere about letting China’s ZTE Corp. and Huawei Technologies Co. provide vital components for fifth-generation cellular networks have coincided with Samsung’s ambition to capture 20 percent of ...

Bloomberg Shares of SoftBank Group Corp.’s domestic telecom business had one of the worst first-day declines ever in Japan after Masayoshi Son raised $23.6 billion in an initial public offering. SoftBank Corp., the new entity trading under ticker 9434 on the Tokyo Stock Exchange, declined 14.5 percent to 1,282 yen in Tokyo. That’s the biggest decline for a major IPO ...