News

Bloomberg Volvo AB boosted its forecast for truck markets in the US and Europe this year as low fuel prices and interest rates push demand, a development that’s expected to put more strain on an already tight supply chain. The shares rose the most in three months. The world’s second-biggest truckmaker raised its expectation for industrywide North American deliveries by ...

DUBAI / WAM The National Bank of Ras Al Khaimah (RAKBank) reported a 22 percent y-on-y jump in net profit, which reached AED810.5 million in 2017, up from AED663 million a year earlier. “The figure puts net profit in the fourth quarter of 2017 at AED204.2 million, close to twice the AED108.7 million in net profit in the same quarter ...

ABU DHABI / WAM The Ministry of Health and Prevention (MOHAP) and Mubadala Investment Company (Mubadala) signed a Memorandum of Understanding (MoU) to explore cooperation across eight key healthcare pillars. The agreement will see the organisations collaborate on a range of healthcare and therapeutic areas in which Mubadala Healthcare and its network of world class healthcare companies has deep expertise. ...

DUBAI / WAM Private healthcare in the Gulf Cooperation Council region, estimated at $62 billion in 2016, is forecasted to expand 8.7 percent annually, to reach $94 billion in 2021, according to MENA Research Partners (MRP), a leading research company in the region. The Kingdom of Saudi Arabia and the UAE together represent more than two third of the market, ...

ABU DHABI / WAM Customers with contracts for the supply of Murban crude oil from the Abu Dhabi National Oil Company (ADNOC) have been advised of a 25 percent cut in allocations for March 2018, ADNOC sources have confirmed. In a Twitter message, the Minister of Energy and Industry, Suhail Mohammed Faraj Al Mazroui, said that the cut was ‘in ...

DUBAI / Reuters Emirates NBD said it had started initial strategic discussions with Russia’s Sberbank about a possible purchase of Sberbank’s stake in Turkey’s Denizbank. Emirates NBD has previously acquired BNP Paribas’ Eygptian banking business and has been scouting for opportunities in the Turkish banking sector for several years as part of its international expansion. Moscow-based Sberbank was evaluating opportunities ...

DUBAI / WAM Dubai Startup Hub, an initiative of the Dubai Chamber of Commerce and Industry, announced the signing of several deals between four leading UAE-based corporates and organisations, namely Dubai Chamber, flydubai, Emirates NBD, and Fiat Chrysler Automobiles, and the three winning start-ups of the MarketAccess programme. Memoranda of understanding (MoUs) were unveiled on Tuesday during a deal signing ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and His Highness Sheikh Tahnoun bin Mohammed Al Nahyan, Abu Dhabi Ruler’s Representative in Al Ain Region, have received a number of dignitaries and state representatives of neighbouring Arab nations, who came to pay their ...

ABU DHABI / WAM HH Sheikh Saeed bin Tahnoun bin Mohammed Al Nahyan has mourned the death of Sheikha Hessa bint Mohammed Al Nahyan, the mother of President His Highness Sheikh Khalifa bin Zayed Al Nahyan. In a statement, Sheikh Saeed bin Tahnoun expressed his sincere condolences to President HH Sheikh Khalifa bin Zayed Al Nahyan, HH Sheikh Mohamed bin Zayed ...

MADRID / WAM King Felipe VI of Spain received His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, in Madrid and expressed the importance of enhancing cooperation between the two countries in various fields. King Felipe and HH Sheikh Abdullah discussed ways to strengthen historical bilateral relations between the UAE and Spain and ways ...