News

Bloomberg Engie SA and Mitsui & Co. agreed to sell the Loy Yang B coal power plant in Australia’s Victoria state to Alinta Energy Holdings Ltd., boosting the Hong Kong-owned utility’s exposure to the fossil fuel. Alinta’s owner, Chow Tai Fook Enterprises Ltd., entered into a conditional binding agreement to buy the 1,000-megawatt station, the company said in an emailed ...

Bloomberg BASF SE said it’s in talks to combine its oil-and-gas unit with the energy company controlled by Russian billionaire Mikhail Fridman, setting the stage for one of the largest deals in the sector for some time. The German chemicals company would hold a majority in the combined entity, with a view to a possible initial public offering “in the ...

Abu Dhabi / Emirates Business The Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi Ports are to establish a joint Marine Simulator Centre in Musaffah, Abu Dhabi, to provide a range of maritime training for the UAE’s growing marine workforce. Under this long-term partnership, the Marine Simulation Centre will provide training for ADNOC employees and serve the wider marine ...

Dubai / Reuters Bank of Sharjah and Invest Bank are in merger talks that could create an institution with about AED50.6 billion ($13.8 billion) of assets, sources familiar with the matter told Reuters. In the latest latest sign of consolidation in the United Arab Emirates’ crowded banking industry, the two lenders have held on-and-off discussions over a potential merger since ...

GREAT YARMOUTH / WAM Masdar, the Abu Dhabi Future Energy Company, on Wednesday, inaugurated its third wind farm in the United Kingdom, bringing the combined power-generating capacity of all three projects to 1 GW enough clean energy to supply nearly 1 million homes. Together with its partners, Statoil and Statkraft of Norway, Masdar staged the official “switch on” of the ...

Abu Dhabi / Emirates Business Abu Dhabi Fund for Development (ADFD), the leading national entity for development aid, hosted a seminar for the students of the United Arab Emirates University (UAEU) to discuss the Fund’s development work, operational activities, and achievements spanning 84 beneficiary countries. The panellists shared insights on how ADFD has driven and supported UAE’s mission of socio-economic ...

ABU DHABI / WAM The UAE Central Bank announced that the money supply aggregate M1 increased by 0.6 percent from AED488.9 billion at the end of September to AED492 billion at the end of October this year. In a statement, the bank said, “The money supply aggregate M2 decreased by 1 percent, from AED1257.2 billion at the end of September ...

Sharjah / WAM His Highness Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, on Wednesday, inaugurated the second edition of the International Photography Festival, Xposure 2017, the region’s biggest photography event of its kind, with the participation of a galaxy of the world’s most celebrated photographers and leading international brands. Themed ‘Captivating Stories’, Xposure ...

Dubai / WAM The world’s largest annual aviation event, the Airport Show, will be held in Dubai from May 7-9, 2018, and is expected to bring together more than 300 exhibitors from over 90 countries to showcase innovative and game-changing products to key decision-makers across the Middle East, North Africa and South Asia aviation industry. Commenting on the announcement of ...

DUBAI / WAM A total of 97,000 people have benefitted from 604 tonnes of food collected by the UAE Food Bank, since its inception until mid-November. The beneficiaries included 80,000 workers, 12,000 families, and 5,000 workers in need. The bank also distributed 170,000 cooked meals. The figures were revealed during the food bank’s Board of Trustees meeting, under the directives ...