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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 ...

Abu Dhabi / WAM The Dubai Airport Freezone Authority (Dafza), announced continued growth in the number of automotive, car parts and accessories companies within the free zone. The announcement was made during Automechanika Dubai 2018. The event, which specialises in automotive, automobile parts and accessories, is being hosted at the Dubai World Trade Centre from May 1-3. DAFZA’s sponsorship and ...

Abu Dhabi / Emirates Business The space sector will help solve critical issues around renewable energy, transportation, nutrition and water conservation according to His Excellency Dr. Ahmad bin Abdullah Humaid Belhoul Al Falasi, Minister of State for Higher Education and Advanced Skills and Chairman of UAE Space Agency, who spoke at the second day of the Global Aerospace Summit 2018. ...

Bloomberg The lone non-Asian trade minister at last week’s Southeast Asian leaders’ summit in Singapore, UK Trade Minister Greg Hands had plenty of room to make the case that Brexit won’t interfere with his country’s ambitious plans in the region. As it scrambles to roll over some 40 European Union trade deals into individual agreements with the UK, London has ...

Bloomberg Larsen & Toubro Ltd., India’s largest engineering and construction company, has agreed to sell its electrical unit to a consortium led by Schneider Electric SE, people with knowledge of the matter said. A deal, which values Larsen’s electrical and automation division at about 140 billion rupees ($2.1 billion) including debt, could be announced as soon as this week, said ...