News

ABU DHABI / WAM The UN High Commissioner for Refugees, Filippo Grandi thanked HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union, President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation, for the reactivation of the ‘Fund for Refugee Women’ on Tuesday during a visit to the UAE. The Fund ...

Abu Dhabi / Emirates Business Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, announced on Tuesday its financial results for the first quarter of 2018. The Company reported strong first quarter with net profit increased by 28.6% to AED 95.2 million. Commenting on the strong results, His Excellency Sheikh Mohamed ...

Bloomberg BP Plc capped a shaky Big Oil earnings season on a more upbeat note, as shareholders reacted positively to the highest profit in years even as the continuing burden of oil-spill payments pushed debt higher. The results show how investors in the London-based company are feeling the effects of two life-altering events. BP is still paying its way through ...

Bloomberg While plunging output in Venezuela captures the oil world’s attention, problems are quietly festering in another OPEC nation. Angola, once Africa’s biggest crude producer, is suffering sharp declines at under-invested offshore fields, with output dropping almost three times as much as the nation pledged in an accord with fellow OPEC members. With the losses set to accelerate — a ...

Bloomberg First-quarter profit at Saudi Basic Industries Corp., the Middle East’s biggest petrochemicals producer, rose on higher prices and sales volumes, in spite of a 1.1 billion Saudi riyal ($290 million) charge for restructuring. Net income increased 5.4 percent to 5.51 billion riyals compared with the same quarter a year earlier, the Riyadh-based company said in a statement to the ...

Bloomberg Inside the largest refiner merger of all time is a hidden pipeline grab. Andeavor purchased a 25 percent stake last week in Phillips 66 Partners LP’s Gray Oak pipeline, which will haul Permian shale oil to the US Gulf Coast starting in the end of next year. The integrated refining company also owns oil gathering assets in the world’s ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, inaugurated the 200 megawatts (MW) first stage of the 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park. The solar park is one of the major projects that the Dubai Electricity and Water Authority (DEWA), is ...

Dubai / WAM His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council, said that a persistent focus on innovation and government initiatives to create a variety of new investment opportunities are reinforcing the UAE’s position as the region’s entrepreneurial hub. Sheikh Hamdan added that the UAE has embraced ...

Dubai / Emirates Business The 16th edition of the Middle East and Africa’s (MEA) largest automotive aftermarket trade and networking event opened on Tuesday in Dubai, featuring 1,812 exhibitors from 61 countries. Running for three days and spanning 63,350sqm at the Dubai International Convention and Exhibition Centre, Automechanika Dubai 2018 was flagged off by His Excellency Mattar Al Tayer, the ...

Abu Dhabi / WAM Strata Manufacturing, the advanced composite aero-structures manufacturing facility wholly owned by Mubadala Investment Company, announced the successful completion of the manufacturing process for the redesigned Airbus A330 Flap Track Fairing. The process was conceived and spearheaded by a team of Emirati engineers who tested the new product at Strata’s state-of-the-art facilities in Al Ain. A team ...