News

VIENNA / WAM The Opec Fund for International Development (OFID) has agreed to provide $50 million to support Egypt’s purchase of crude oil, petroleum products, and liquefied natural gas. A statement issued by OFID from its headquarters in Vienna declared that OFID contributes to cover the gap between fuel consumption and local production in Egypt. “Energy security is critical to ...

Dubai / Emirates Business Retail sales across four Gulf countries are projected to increase by more than $24 billion over the next five years, with the UAE expected to lead this trend with an estimated growth rate of 16%, according to new research from Euromonitor International. Euromonitor’s report reveals that Kuwait, Oman, Saudi Arabia and the UAE are all set ...

ABU DHABI / WAM Cosco Shipping Ports and Abu Dhabi Ports inaugurated CSP Abu Dhabi Terminal at Khalifa Port, on Mon- day, positioning Abu Dhabi as the regional hub for Cosco’s global network of 36 ports and further connecting the emirate to the major trade hubs along the Belt and Road Initiative (BRI). The deepwater, semi-automated container terminal includes the ...

DUBAI / WAM The board of directors of Federal Tax Authority (FTA) discussed value added tax (VAT) refund scheme for foreign businesses at its 7th me-eting, headed by HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Industry, and FTA Chairman. According to Federal Decree-Law No. (8) of 2017 on VAT, as well ...

ABU DHABI / WAM Mubadala Petroleum announced that it has completed the acquisition from Italy’s Eni of a 20 percent participating interest in the Nour North Sinai Offshore Area (Nour) concession, an offshore exploration block in Egypt. In the concession, which is in participation with Egyptian Natural Gas Holding Company (EGAS), Eni as operator through its subsidiary (IEOC) now holds ...

SEOUL / WAM The UAE Ministry of Economy has signed a Memorandum of Understanding, MoU, with the South Korean Intellectual Property Office, which stipulates that the latter will serve as the “International Research Administration” and the “International Preliminary Examining Service for International Patent Applications in the UAE,” under the WIPO Patent Cooperation Treaty. Both sides also signed another MoU related ...

Abu Dhabi / WAM Central Bank of the UAE (CBUAE), has issued a circular to banks regarding the issuance of cheque books as part of its ongoing efforts to improve responsible lending practices by banks. Before issuing customers with cheque books, banks are now required to carry out checks with the Al Etihad Credit Bureau (AECB), to ensure the creditworthiness ...

Abu Dhabi / WAM The National Food Security Strategy in the UAE aims to develop a comprehensive system, which aims to achieve sustainable food production. The system will involve 38 short and long-term initiatives, as per the “2051 Vision” and “2021 Work Agenda.” Many specialist newspapers highlighted the UAE’s plans and projects that aim to attract major investment in vertical ...

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, and President Mahamadou Issoufou of the Republic of Niger, discussed on Monday, means to develop bilateral relations between the two friendly countries. Sheikh Mohamed bin Zayed welcomed President Issoufou and his accompanying delegation, adding ...

Abu Dhabi / WAM His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the Board of Directors of the Abu Dhabi Food Control Authority (ADFCA), on Monday inaugurated the 9th Sial Middle East Exhibition and the 4th Abu Dhabi International Dates Exhibition. The exhibitions are being held under his patronage and ...