News

YEMEN / WAM Thirty-seven members of the Iranian-backed Houthi militias have been killed in a series of airstrikes by Arab coalition fighters targeting militia positions in the Red Sea Coast. In the past 48 hours, Coalition forces carried out meticulously planned strikes crippling Houthi military capabilities and leading to heavy losses in their ranks. The raids targeted military sites in ...

Abu Dhabi / WAM The Abu Dhabi National Oil Company (ADNOC) on Tuesday confirmed the attendance of more than 40 global CEOs and over 700 attendees at the ADNOC Downstream Investment Forum, underlining both the local, and far-reaching global, interest in the event. The forum will commence on May 13, in Abu Dhabi. During the event, ADNOC will outline its ...

Dubai / Emirates Business The Dubai Chamber of Commerce and Industry announced plans for state-run trade and investment promotion agency Enterprise Estonia to open a representative office at its premises in Dubai before the end of this year. The announcement was made during a business roundtable in Tallinn, Estonia, which was hosted by the Chamber in cooperation with Enterprise Estonia ...

Dubai / Emirates Business Emirates, the largest international airline in the world, on Tuesday announced it will start a daily service between Scotland’s capital city, Edinburgh, and Dubai, from 1 October 2018. Edinburgh will become Emirates’ second destination in Scotland after Glasgow and its 8th in the United Kingdom after the airline starts its daily service to London Stansted in ...

Ras Al Khaimah / Emirates Business In a move to further strengthen ties with the Nordic region, the Ras Al Khaimah Tourism Development Authority (RAKTDA) on Tuesday announced the opening of their first international representation office in the Nordics, as the Emirate seeks to drive further growth in the number of visitors travelling to Ras Al Khaimah. RAKTDA already has ...

DUBAI / Emirates Business Mashreq Bank, the UAE’s leading financial institution, on Tuesday announced that it will enter the non-bank financial institution (NBFI) space in India through an engagement with IL&FS Financial Services Ltd to offer external commercial borrowings (ECB) in Indian Rupees (INR). Through the IL&FS Group, Mashreq will serve the Indian market across various verticals including financial services, ...

Bloomberg Royal Dutch Shell Plc’s agreement to sell out of oil-sands producer Canadian Natural Resources Ltd. brings its $30 billion divestment goal within reach. The Anglo-Dutch company’s Shell Gas BV unit will divest all its shares in Canadian Natural for total pretax proceeds of $3.3 billion, The Hague-based Shell said. The sale serves the dual purpose of shedding one of ...

Bloomberg Saudi Arabia’s non-oil revenue climbed 63 percent in the first quarter of 2018, propelled by improved tax collection as part of a drive to reduce the economy’s reliance on income from oil exports. Revenue rose to 52.3 billion riyals ($14 billion), partly due to the introduction of value-added taxation and measures taken over the past two years, including a ...

Bloomberg Saudi Arabia’s energy minister said bringing global oil inventories back to their five-year average isn’t the target of OPEC’s output cuts, and the group is yet to accomplish its goal of stabilising markets. The rolling five-year average of stockpiles is inflated by the glut that’s been around since 2014, Khalid Al-Falih said in Tokyo. The objective of production curbs ...

Bloomberg Sasol Ltd. expects a “volatile environment” for crude oil as geopolitics help sway the market. “It’s going to move back and forth depending on what’s happening in the world — political tensions, supply disruptions,” said Steve Cornell, co-chief executive officer of the South African energy and chemicals company. Market drivers include the much-anticipated US decision on the global nuclear ...