News

Bloomberg International Business Machines Corp. called foul on Microsoft Corp’s hiring of its chief diversity officer in a case that elevates recruiting and promotion of an inclusive workforce to the level of safeguarding proprietary technology. IBM claims the information that Lindsay-Rae McIntyre possesses — including confidential data about diversity, strategies and initiatives — can cause “real and immediate competitive harm” ...

Bloomberg EMagin Corp. Chief Financial Officer Jeffrey Lucas said that Apple Inc. didn’t invest in the augmented-reality display component maker, contradicting a listing in a regulatory filing mentioning the technology giant. An EMagin filing with the Securities and Exchange Commission listing Apple among “specified investors” was reported by TechCrunch, Bloomberg News and others. The document, from Jan. 23, proposed an ...

DUBAI / WAM Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties PJSC, recorded a net profit of AED2.080 billion ($566 million) in 2017, 11 percent higher than the net profit of AED1.874 billion ($510 million) during 2016. Revenue for full-year 2017 was AED3.629 billion ($988 million), a growth of 12 percent over 2016 revenue of AED3.227 ...

LONDON / Reuters OPEC said on Monday world oil demand would grow faster than expected in 2018 because of a healthy world economy, adding a tailwind to the producer group’s effort to remove a supply glut by cutting output. But the global market will return to balance only towards the end of 2018, no earlier than previously thought, as higher ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) has announced a significant milestone for one of its youngest operating companies, Al Dhafra Petroleum, with a major capital investment to establish facilities and enable oil production from Haliba field, located along the south-east border of Abu Dhabi. Adnoc’s plans to start production from Haliba with an initial capacity ...

DUBAI / Reuters The Dubai Gold and Commodities Exchange (DGCX) said on Monday it was working with Indian counterparts to explore alternatives after India’s three main stock markets announced they would stop licensing their indexes and securities abroad. India’s decision appears to threaten several products offered by the DGCX, which trades futures based on the Bombay Stock Exchange’s Sensex index; ...

DUBAI / WAM ENOC Group is exploring investment opportunities within Egy-pt’s energy landscape as part of its long-term strategy to expand its regional footprint. The announcement, made on the sidelines of the Egypt Petroleum Show (EGYPS), being held in Cairo from February 12-14, was part of ENOC Group’s participation in the exhibition that has brought key stakeholders from the MENA ...

DUBAI / WAM Reem bint Ibrahim Al Hashimy, Minister of State for International Cooperation and Director-General of Dubai Expo 2020 Bureau, Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA) and Joe Kaeser, President and CEO of Siemens, have signed a Memorandum of Understanding (MoU) to launch a pilot project for the region’s first solar-driven ...

ABU DHABI / WAM Digitisation has transformed crime and closer partnerships between government and private sector organisations are essential to successfully combat cyber criminals that are using increasingly sophisticated technologies and strategies to target companies and organisations according to a new report. A Practical Method of Identifying Cyberattacks released by the World Government Summit in collaboration with PwC Middle East, ...

Dubai / Emirates Business His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, toured the Media and Social Communication Centre for the sixth edition of the World Government Summit. Sheikh Mohammed was accompanied by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai; HH Sheikh Maktoum ...