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ABU DHABI / WAM The Department of Culture and Tourism – Abu Dhabi has launched a new manual intended to streamline the process of organising and implementing consumer fairs and exhibitions in the UAE capital. In a statement the department explained that the manual, which is available on DCT Abu Dhabi’s corporate website, and its Events Licensing System, covers consumer ...

ABU DHABI / WAM Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, continues its summer campaign, “240C Cool,” which was launched in July 2018. The three-month campaign seeks to reduce energy consumption by maintaining optimum temperature and redu- cing the value of customers’ consumption bills, to achieve sustainable development goals. Empower achieved 5.6 percent savings ...

DUBAI / WAM Mubadala Investment Company announced the signing of an agreement with the UAE Disabled Sports Federation (UAEDSF) to sponsor the UAE Paralympian team until 2021. Eighteen Paralympians represented the UAE at Rio 2016 Paralympian Games and won a total of seven medals, beating their previous record of four medals in Athens. As part of the sponsorship, Mubadala and ...

FUJAIRAH / WAM Oil product stocks at the Middle East’s key oil hub of Fujairah fell another 3.3 percent in the week, a new seven-week low, as light distillate inventories slipped to their lowest level of the year. Total oil stocks were 18.114 million barrels, down 625,000 barrels from a week earlier, according to the Fujairah Energy Data Committee. Light ...

Abu Dhabi / WAM The Abu Dhabi based Borouge and the Ministry of Climate Change and Environment (MOCCAE) sealed an MOU to enhance plastics innovation and increase their efforts to protect the UAE climate and environment. In the presence of Dr Thani bin Ahmed Al-Zeyoudi, Minister of Climate Change and Environment, as well as Abdulaziz Alhajri, Chairman of Borouge and ...

Bloomberg Barry Sternlicht’s Starwood Property Trust Inc. agreed to buy a General Electric Co. energy-finance business for $2.56 billion to expand beyond real estate holdings. The acquisition includes a roughly $2.1 billion portfolio of 51 loans backed by assets such as pipelines, power plants and wind farms, as well as $400 million of unfunded commitments, Starwood and GE said in ...

Bloomberg A clean-power company owned by billionaire Richard Branson’s Virgin Group has taken over a Caribbean solar farm that was damaged last year by Hurricane Maria. Virgin’s BMR Energy unit, which develops, owns and operates clean-energy projects in the Caribbean and Latin America, plans to restore the 4-megawatt farm in St. Croix, the US Virgin Islands, and take over a ...

Bloomberg Saudi Arabia’s second-quarter budget revenue increased 67 percent from the year-earlier period as higher oil prices helped boost income, the country’s Finance Ministry said in a statement. Revenue climbed to 273.6 billion riyals ($73 billion), boosted by an 82 percent increase in oil revenue, the ministry said on Wednesday. Non-oil revenue rose 42 percent to 89.4 billion riyals, while ...

Bloomberg Snap Inc. shares fell the most in about two months after the company reported its first-ever drop in daily active users. But revenue gains in the second quarter proved that the company is making headway in the mobile-advertising market dominated by Facebook Inc. and Google. The declining user numbers at Snapchat, attributed to an unpopular app redesign, worried analysts ...

Bloomberg In a milestone that’s been more than a decade in the making, India’s first Ikea store will open on Thursday, bringing inexpensive Nordic-inspired furnishings and food to the world’s fastest-growing middle class. Ikea expects to welcome as many as 6 million visitors a year to its 13-acre complex in Hitec City, on the outskirts of Hyderabad, India’s fourth-biggest city. ...