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Bloomberg OPEC and other global oil producers including Russia won’t be discussing how to end output cuts when they meet this weekend in Oman even as crude prices have recently been rising, Kuwait’s oil minister said. Compliance among all countries in the cuts was 125 percent in December, Bakheet Al-Rashidi told reporters in Kuwait City. The rate is preliminary as ...

Bloomberg When OPEC and Russia review their strategy for clearing a global oil glut, they’ll face an unusual problem: it could be working just a bit too well. As their output cuts, coupled with robust global demand, tighten the market, crude prices have soared to a three-year high near $70 a barrel. That’s prompted warnings — from Iran’s oil minister ...

Reuters Oman’s sovereign wealth fund is planning to start a $1 billion infrastructure fund to boost investment in projects including the Gulf state’s road, transport and energy systems, according to people familiar with the matter. The State General Reserve Fund is talking to international banks and potential investors for the financing, the people said, asking not to be identified because ...

ABU DHABI / WAM Sultan bin Saeed Al Mansouri, Minister of Economy, has announced that the average value of foreign direct investment (FDI) received by the country in 2016 reached $9 billion. The UAE’s outgoing international investments also reached $15.7 billion, making the country the largest receiver of FDIs in the Arab region and the largest Arab investor abroad, he ...

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, ...