News

Bloomberg Global investors are snapping up small-cap stocks in South Korea as they rotate out of big companies listed on the main Kospi index after 2017’s 20 percent rally and amid optimism about the government’s plan to stimulate the tech-savvy market next year. Foreigners bought $88 million of shares in the Kosdaq gauge, helping push up the index 3.9 percent. ...

DUBAI / WAM Dr Hanif Hassan Al Qasim, Chairman of the Geneva Centre for Human Rights Advancement and Global Dialogue, has said that the UAE’s international success in occupying the first position as the world’s largest foreign aid donor in 2016, according to the Organisation of Economic Cooperation and Development (OECD) is a practical realisation of the vision of an ...

Bloomberg Saudi Arabia expects oil revenue to jump about 80 percent by 2023 to help the kingdom record its first budget surplus in a decade, according to people with knowledge of the matter. Under a six-year program to balance the budget, officials predict rising oil prices and output will push income from oil sales to 801.4 billion riyals ($214 billion) ...

DUBAI / Emirates Business Danube Properties, a major Dubai-based property developer, has awarded five construction-related contracts with a combined value exceeding AED381 million in 2017 — a year it started delivering homes — part of the AED2.84 billion portfolio. These construction contracts include an AED221-million main construction contract awarded to Naresco Contracting LLC to deliver Miraclz Tower near Miracle Gardens ...

DUBAI / WAM The Arab-Brazilian Chamber of Commerce (ABCC) lauded the growing economic ties between Brazil and Arab countries after recent statistics — released by the Brazilian Ministry of Industry, Foreign Trade and Services — showed the cou-ntry importing 5.9 million tonnes of fertiliser from January to November this year. The number accounted for 24.4 percent of Brazil’s total global ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, visited the Dubai Frame, an award-winning cultural landmark, at Zabeel Park on Tuesday morning. His Highness was accompanied by HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, ...

DUBAI / WAM Dubai Municipality announced that it will participate in the Global Conservation Coalition on December 31, which will host a New Year celebration in Los Angeles, California to launch its worldwide ocean protection initiative called, ‘Our Big Blue Expedition.’ The Coalition is comprised of several non-profit conservation organisations and several international organisations such as the International Union for ...

DUBAI / Emirates Business Dubai Industrial Park (DIP), a designated district within Dubai Wholesale City and one of the largest industrial hubs in the emirate, announced on Tuesday that it would implement Wi-Fi connectivity across all its labor accommodation at highly affordable rates. This new initiative will benefit more than 14,000 residents across its labor village, offering them access to ...

Ras Al Khaimah / WAM Government-owned RAK Gas is currently undertaking an offshore seismic survey, it has been announced. The 70-day survey, being carried out by the survey vessel Polarcus Alima, began earlier this month and is due to be completed in February. RAK Gas holds licences for oil and gas exploration over the whole of Ra’s al-Khaimah’s onshore and ...

DUBAI / WAM Dubai Customs smart innovations have helped increase number of customs transactions in general and in Port Rashid in particular. Port Rashid has dealt with 606,922 transactions in the first nine months of 2017. Electronic clearance had the lion’s share of these transactions with 438,220 transactions (72%), and insurance registration with 98,236 transactions (16%). The new smart customs ...