News

Fujairah / WAM National Bank of Fujairah (NBF), announced that NBF Islamic has once again received the ‘Best Islamic Window – UAE’ award for the second consecutive time at the Islamic Business & Finance Awards 2017. Hosted by CPI Financial, the Islamic Business & Finance Awards has quickly established itself as a reputable platform for banks and financial institutions aiming ...

Abu Dhabi / Emirates Business Khalifa Industrial Zone Abu Dhabi (KIZAD) announced on Wednesday the signing of a Memorandum of Understanding (MoU) with Bank of China Ltd. – Abu Dhabi (BOC) to mutually promote their services for the benefit of both entities’ customers in the UAE and abroad. Under the terms of the agreement and in the context of the projects ...

Dubai / WAM Dubai Food Festival (DFF), Dubai’s annual citywide culinary celebration, will return from February 22 to March 10, 2018. Organised by the Dubai Festivals and Retail Establishment (DFRE), an agency of the Department of Tourism and Commerce Marketing (Dubai Tourism), the 5th edition of DFF will bring together the best of Dubai’s gastronomy offering and shines a spotlight ...

DUBAI / Emirates Business In a keynote address to cruise line executives and regional industry stakeholders at the opening session of Seatrade Middle East Cruise Forum, Issam Kazim, CEO, Dubai Corporation of Tourism and Commerce Marketing (DCTCM) confirmed that Dubai remains on track to receive one million cruise passengers by 2020. Addressing delegates, he also referenced DCTCM’s plan to ensure ...

DAMMAM / AGENCIES Saudi Aramco signed on Wednesday agreements with foreign and local companies worth at least 39 billion riyals ($10.4 billion). The bulk of the memorandum of understanding agreements were part of a drive to promote local manufacturing, the company said. One agreement was also signed with drilling and oil service company Schlumberger worth 6 billion riyals. Meanwhile, the ...

DAMMAM / Reuters Saudi Arabia will establish an export bank with capital of $8 billion to support overseas sales by its industrial and mining projects, energy, industry and mineral resources minister Khalid al-Falih said on Wednesday. “A bank for exports with a capital of 30 billion (riyals) will be established to encourage and support exports, and 5 billion riyals have ...

Bloomberg Natural gas flows resumed overnight in Europe after an explosion at an Austrian hub threatened supplies already pinched by a closed pipeline in the North Sea and a cold snap across the continent. Oil company OMV AG, which controls the Baumgarten gas hub, managed to divert international transit flows and restored supplies to Italy, Germany and Hungary before midnight, ...

Reuters OPEC expects the world oil market to be balanced by late 2018 as its deal with other producers to cut output reduces excess oil in storage, even as US and other producers outside the group pump more crude. The Organization of the Petroleum Exporting Countries, in a monthly report, cut its estimate of global demand for its crude in ...

Bloomberg The world’s largest oil consumer exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down. You name it — crude oil, gasoline, diesel, propane and even liquefied natural gas — all were shipped abroad at a record pace. While the surge comes many years after the shale boom started, it can be traced straight ...

Bloomberg Toyota Motor Corp. deepened a partnership with battery producer Panasonic Corp. as Asia’s biggest carmaker, which initially bet big on hydrogen for clean technology, accelerates efforts to make its presence felt in electric cars. The largest supplier of electric-car batteries and Toyota together are exploring the development of prismatic cells, and the collaboration will include solid-state batteries, the two ...