News

DUBAI / WAM Umm Al Qaiwain Coop has offered 2.5 million stocks for public trade, to increase investment in its retail sector. An integral part of Union Coop and the UAE’s largest consumer cooperative, Umm Al Qaiwain Coop will launch an Initial Public Offering from January 21 onwards until February 8. The public will be able to purchase these stocks ...

DUBAI / WAM A new report from Middle East Electricity (MEE) states the GCC requires a combined $131 billion worth of investment in electricity generation, transmission and distribution over the next five years to cope with increasing demand from growing populations, expanding economies and climatic changes. The report, ‘GCC Power Market’, reveals that despite the GCC’s current power-generating capacity of ...

Dubai / Reuters Dubai Islamic Bank (DIB), the United Arab Emirates’ largest sharia-compliant lender, posted a 26 percent increase in fourth-quarter net profit on Wednesday, in line with analysts’ forecasts, according to Reuters calculations. DIB made AED1.15 billion ($313.1 million) in the three months to December 31, Reuters calculated from annual statements in the absence of a quarterly breakdown. This ...

Dubai / WAM HH Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority, Chief Executive of Emirates Group and Chairman of Dubai Airport Freezone Authority (Dafza) has approved Dafza’s ‘Digital Intelligence Plan 2018-2020. The plan is developed in line with digital transformation initiatives such as the Dubai Internet of Things Strategy (IOT) and the UAE Strategy for ...

Abu Dhabi / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, on Wednesday visited the Abu Dhabi Sustainability Week (ADSW 2018), the largest sustainability gathering in the Middle East. His Highness toured various exhibition pavilions at the show currently taking place at Abu Dhabi National Exhibition Centre (ADNEC), from ...

Abu Dhabi / WAM His Highness Sheikh Hamed bin Zayed Al Nahyan, Chief of the Abu Dhabi Crown Prince’s Court, on Wednesday visited Abu Dhabi Sustainability Week, ADSW 2018, at ADNEC. During his tour, Sheikh Hamed bin Zayed, while accompanied by Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State and Chairman of the Abu Dhabi Future Energy Company, ...

Abu Dhabi / WAM The Abu Dhabi National Oil Company (ADNOC), announced its plans to significantly expand its use of Carbon Capture, Use and Storage (CCUS), technology to meet a six-fold increase in the utilisation of CO2, for Enhanced Oil Recovery (EOR), over the next 10 years. The volume of the greenhouse gas safely locked away underground will be equivalent ...

Abu Dhabi / WAM Abu Dhabi Future Energy Company (Masdar) signed a memorandum of understanding (MoU) with Saudi Arabia’s Economic Cities Authority (ECA), to cooperate on projects and services to progress the Saudi Economic Cities initiative and in turn advance the strategic objectives of both parties. In the presence of Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State, CEO ...

Abu Dhabi / WAM Masdar announced the signing of a collaborative agreement with Norwegian multinational oil and gas company Statoil to analyse data from ‘Batwind’ – the integrated energy storage system designed to store energy generated by Hywind Scotland, the first commercial-scale floating wind farm that was inaugurated by the two companies last October – and explore the battery’s potential ...

Abu Dhabi / WAM Masdar and Khalifa University of Science and Technology, and the Australian government have announced that they will collaborate on sea ice research and energy efficiency in Antarctica to enhance scientific understanding of the effects of global warming and climate change on the polar continent. Announced during Abu Dhabi Sustainability Week in the presence of Dr Thani ...