News

DUBAI / WAM Dubai Airport Freezone Authority (DAFZA) announced a new strategic partnership with Liaoning Chamber of Commerce UAE. The MoU signed by Nasser Al Madani, Assistant Director-General at DAFZA and Yewei Fan, President of Liaoning Chamber of Commerce UAE, will increase collaboration between the two organisations to help expand bilateral trade and create new business and investment opportunities with ...

Bloomberg A full-blown trade war could cost the global economy $470 billion, according to Bloomberg Economics. The US decision to slap tariffs on steel and aluminum may just be the beginning, with President Donald Trump warning of more levies and other economies promising to respond. Cecilia Malmstrom, the European Union’s trade chief, vowed on Monday to “stand up to bullies.” ...

Dubai / Reuters The United Arab Emirates central bank will next month launch a new way of setting Emirates Interbank Offered Rates (EIBOR), helping to make the system more accurate and transparent, a senior banking industry official told reporters on Monday. “We have taken benchmark banks to tell us what is the actual cost of deposit and the incremental cost ...

DUBAI / WAM Union Coop has announced decision to freeze the prices of about 50,000 commodities until 2018 end. This move is one of the many in line with the company’s ‘Consumer Happiness’ initiative, a move that focusses on raising consumer satisfaction. Khalid Humaid bin Diban Al Falasi, CEO of Union Coop, said, “This was a very well-planned move because ...

DUBAI / WAM The Department of Finance (DoF) of the Government of Dubai announced a strategic partnership agreement with Deloitte to enable the Government of Dubai to implement International Public Sector Accounting Standards (IPSAS). DoF signed the agreement with Deloitte, the world’s largest professional services firm, as part of its continuous improvement of financial reporting across the Government of Dubai, ...

ABU DHABI / Emirates Business Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, on Monday announced an allocation of AED64.2 million ($17.4 million) for the development of two projects in the Republic of Seychelles that will enhance the country’s capacity to produce renewable energy from sustainable resources. Confirming the Fund’s support, His Excellency Mohammed Saif ...

FUJAIRAH / WAM “The whole of Fujairah is a jewel,” according to the Emirate’s Crown Prince, His Highness Sheikh Mohammed bin Hamad Al Sharqi. “We need to polish it, so that it will shine.” He was talking to the Emirates News Agency (WAM), about the work currently under way on completing Fujairah’s Master Plan. “The Port of Fujairah and the ...

Dubai / WAM His Highness Sheikh Mansour bin Mohammed bin Rashid Al Maktoum, on Monday officially inaugurated the 13th Hemaya International Forum and Exhibition on Drug Issues under the theme, “Foreseeing the Future of the Global Combat of Narcotic Drugs and Psychotropic Substances: Predictions, Preparations and Prevention Strategies for 2030”. The two-day forum is being held under the patronage of ...

Abu Dhabi / WAM Aimed at boosting inbound visitor numbers to the Emirate in 2018, the Department of Culture and Tourism – Abu Dhabi, in partnership with Yas Island, has announced a dedicated roadshow in Kuwait. An event will be hosted on March 14, where two bodies will showcase Abu Dhabi’s dynamic cultural and touristic assets to key travel players, ...

DUBAI / WAM The 12th edition of Middle East Rail, the largest railway industry event across the Middle East, North Africa, South and Central Asian region, officially opened on Monday at Dubai International Convention Centre (DICC). Dr Abdulla Belhaif Al Nuaimi, Minister of Infrastructure Development and Chairman, Federal Transport Authority (FTA) - Land & Maritime, inaugurated the exhibition, where over 290 ...