News

Bloomberg Dell Technologies Inc won a shareholder vote to return to public markets, putting founder Michael Dell on the winning side of a transformative transaction that polarised investors for the second time in five years. Under terms of the deal, Dell will buy out shareholders of the stock that tracks Dell’s stake in software maker VMware Inc, known by its ...

Bloomberg Uber Technologies Inc has selected Morgan Stanley to lead its public offering next year, according to two people familiar with the matter, meaning the investment bank will reap a larger share of the fees associated with a listing valuing the company at as much as $120 billion. It’s another big win for Morgan Stanley banker Michael Grimes, who has ...

RED SEA COAST / WAM Over 700,000 Yemenis on the Red Sea Coast benefitted from the services and infrastructure aid provided by the UAE during the Year of Zayed, through its humanitarian arm, the Emirates Red Crescent (ERC) which launched 100 projects and sent urgent relief convoys to affected areas. The Emirates News Agency (WAM) is monitoring the UAE’s humanitarian ...

ABU DHABI / WAM Emirates Global Aluminium (EGA) on Tuesday announced that its bauxite mining project in the Republic of Guinea has reached 75 percent construction completion. The project has a total budget of approximately $1.4 billion and is being developed by EGA’s subsidiary Guinea Alumina Corporation (GAC). It is the largest greenfield investment in the West African country in ...

DUBAI / WAM A report by the Dubai Technology Entrepreneurship Campus (Dtec) revealed that the UAE ranks first in the region in terms of enterpr-ise adoption of artificial intelligence (AI) applications with an annual growth rate of 33.5 percent. Dtec is a wholly owned technology hub by Dubai Silicon Oasis Authority (DSOA). The report titled, ‘artificial intelligence adoption in enterprise ...

Emirates Business Central Bank of the UAE (CBUAE) hosted a workshop with People’s Bank of China (Central Bank of China) and the Agricultural Bank of China on “Improving the Renminbi Clearing in the UAE”. The aim of workshop was to present results ac-hieved by the RMB Clearing Centre to date, and to identify actions to be tak-en to improve arrangements ...

Bloomberg Oil rose on renewed optimism that production cuts announced by the Opec+ coalition will re-balance the market, while Libya’s biggest field remained shut. Futures in New York gained as much as 1.7 percent after slumping 3.1 percent amid uncertainty over implementation of the curbs by the Organization of Petroleum Exporting Countries (Opec) and its allies led by Russia. Saudi ...

DUBAI / Emirates Business Dubai’s non-oil private sector recorded a stronger improvement during the month of November, reflecting faster expansions in business activity and new work and a stable trend in employment, according to data from Emirates NBD Dubai Economy Tracker Index. The three main sectors monitored registered stronger performances, with construction seeing the fastest growth, followed by wholesale & ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) on Tuesday announced it has safely completed the first co-loading of liquefied petroleum gas (LPG) and propylene onto the same vessel, which was docked in Ruwais, the UAE. Under normal circumstances, LPG, which is produced by Adnoc Gas Processing, and propylene, which is produced by Adnoc Refining, are transported ...

DUBAI / Emirates Business dnata, one of the world’s largest air services providers, on Tuesday announced that it had completed the acquisition of New York-headquartered inflight and VIP caterer, 121 Inflight Catering. The acquisition allows dnata to significantly expand its operations in the United States, further strengthening its global network of catering businesses. Founded in 2007, 121 Inflight Catering offers ...