News

Bloomberg Blackstone Group LP is nearing a first close of $5 billion for its inaugural infrastructure fund, according to people familiar with the matter. The fundraising, expected to be finalised this week, is slightly behind schedule but will mark the biggest initial close for a first-time fund across any alternative investment strategy after SoftBank’s $100 billion Vision Fund and the ...

Bloomberg General Electric Co. is nearing the sale of its factory power-generation unit to Advent International for at least $3 billion, the Wall Street Journal reported. The private equity firm apparently triumphed over a competing bid from Cummins Inc. and a transaction may be announced, the newspaper reported, citing people familiar with the matter who weren’t identified. The assets include ...

Bloomberg The Trump administration has collected more than $775 million so far from its metal import tariffs, as lawmakers from both parties blasted the duties and said the process for requests by companies for exclusions must improve. The tariffs President Donald Trump imposed in March have generated $582 million from steel imports and $195 million from aluminum as of last ...

Abu Dhabi / WAM President HH Sheikh Khalifa bin Zayed Al Nahyan issued a number of Federal Decrees on the ratification of international and bilateral agreements between the UAE and a number of friendly countries, as well as establishment of UAE Embassy in the Maldives. The Decrees were published in the latest issue of the Official Gazette. Federal Decree No. ...

CALIFORNIA / WAM A delegation led by Saeed Mohammed Al Tayer, MD and CEO of the Dubai Electricity and Water Authority (Dewa), has visited the US. The visit is part of Dewa’s efforts to expand cooperation with international universities, companies and research centres, and review best practices and the latest research in a variety of areas, including renewable energy, water, ...

DUBAI / Emirates Business The food and beverage (F&B) sector based in Jebel Ali Free Zone (Jafza), the UAE’s premier regional business and logistics hub, showed significant growth in 2017 reflecting continuing confidence in the industry in the UAE. The sector’s volume of trade rose to 3.5 million metric tonnes, valued at AED11.1 billion which accounted for 17.85 percent and ...

ABU DHABI / WAM The Abu Dhabi City Municipality (ADM) launched a new service, as part of the Unified Portal Services App of the Department of Urban Planning and Municipalities, named RASID. The service aims to engage community members in identifying eyesores that detract from the appearance of public facilities, cities, and streets, as well as public and private facilities. ...

ABU DHABI / WAM The capital value of local public shareholding companies registered at the Securities and Commodities Authority (SCA) reached AED410.36 billion at the end of 2017, according to the SCA’s latest statistics. In 2017, the SCA registered five public shareholding companies, including two public companies and three private companies, with their total capital value reaching AED74.4 billion. Abu ...

DUBAI / WAM Emirates Global Aluminium (EGA) received its first shipment of bauxite ore in preparation for the commissioning of its under-construction Al Taweelah alumina refinery. The 61,450-tonne shipment of bauxite from Compagnie des Bauxites de Guinee sailed to the UAE from Republic of Guinea in West Africa in 33 days. Once Al Taweelah alumina refinery is at full production, ...

MORONI / WAM Comoros President Azali Assoumani received His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, who is currently on an official visit to the country. The meeting was attended by Comoros’s Minister of Foreign Affairs, International Cooperation and the Francophonie, Mohamed El Amine Souef and the country’s Minister of State for Foreign ...