News

Dubai / Emirates Business The Roads and Transport Authority (RTA), in Dubai has completed construction works on the two main bridges at the intersection of Marrakech-Airport Roads and will phase their opening in two stages. The first stage will see the existing traffic movement incoming form Sheikh Mohammed bin Zayed Road and Al Khawaneej heading to Deira permanently diverted to ...

Dubai / Emirates Business Sultan Ahmed Bin Sulayem, Group Chairman and Chief Executive Officer of DP World met senior executives from India’s Tata Group to explore opportunities for cooperation, knowledge sharing and best practice. Discussions covered logistics and supply chain operations, innovative customer care and creating high quality, sustainable services. The meeting was attended by Ahmed Al Haddad, Chief Operating ...

Abu Dhabi / WAM ADNOC Distribution has revealed the locations of its first three service stations in the Emirate of Dubai, which are due to open this year. Entering the Dubai market was a key part of the company’s strategy in the lead up to its successful Initial Public Offering (IPO), in December. Construction has started on three ADNOC Distribution ...

Dubai / Emirates Business This year’s Dubai International Boat Show ended on a high, with a rush of local, regional and international visitors attending the region’s leading marine event held at its temporary home at Dubai Canal. The 26th edition of the Dubai International Boat Show welcomed some of the industry’s biggest companies and brands. A wide range of boats, ...

Bloomberg Ready the cash-printing machines — the world’s most sophisticated refineries are about to enjoy great times thanks to what might seem like a minor tweak in rules for the type of fuel ships consume. From 2020, vessels must buy fuel with less sulfur, or alternatively be fitted with equipment to curb emissions of the pollutant. One thing is clear: ...

KUWAIT / Reuters Kuwait’s Public Authority for Industry (PAI) plans to set up a multi-purpose industrial city in the Gulf Arab state with total expected investments of $6.6 billion, an official said on Wednesday. PAI Acting General Manager Abdulkareem Taqi told Reuters that the government would put in place the infrastructure for the city at an estimated cost of $600 ...

Bloomberg Nigerian energy conglomerate Sahara Group Ltd. said it revived plans for a share-sale as it looks to increase oil production four-fold to 100,000 barrels per day. Lagos-based Sahara mulled an initial public offering in the Nigerian commercial capital and London in 2015, before falling crude prices forced it to backtrack. “The IPO is now back on the table,” Tonye ...

Bloomberg An avalanche of apparently mistaken orders at the close knocked Taiwan’s third-biggest stock down almost 10 percent in minutes, draining $3 billion from its market value. Formosa Petrochemical Corp lurched from around 116 Taiwan dollars to 106 in a cascade of orders that culminated in a 15.2 million-share closing auction — a trade valued at more than $55 million. ...

Bloomberg Billionaire Li Shufu’s Geely Automobile Holdings Ltd. expects the tycoon’s overseas bets from Daimler to Lotus and Volvo to help fuel growth as the Chinese carmaker targets new markets. While Geely is boosting sales and profit in China on demand for its sport-utility vehicles, the company said it’s preparing for intensifying competition from both local and foreign brands. That’s ...

Bloomberg Tencent Holdings Ltd. posted quarterly profit that beat estimates, bolstered by mobile game blockbusters like Honour of Kings and a growing advertising business. Net income at China’s largest company almost doubled to a record 20.8 billion yuan ($3.3 billion) in the three months ended December. That compares with the 16.6 billion-yuan average of estimates compiled by Bloomberg. Sales for ...