News

Bloomberg Uber Technologies Inc. will move forward with a major investment deal from SoftBank Group Corp. and approved a slate of governance reforms that will limit the influence of co-founder Travis Kalanick and early backers. The 11-person board voted unanimously to approve sweeping changes to the company’s power structure, the San Francisco-based company said. The plan would expand the size ...

DUBAI / Reuters Abu Dhabi sold its first ever 30-year sovereign bond on Tuesday as part of a $10 billion triple-tranche debt issue that drew heavy demand. The sale followed a $12.5 billion bond issue by Saudi Arabia last week – the largest emerging market bond sale in 2017 – and was the latest jumbo sovereign offering from Gulf states ...

DUBAI / Emirates Business UAE residents will soon be able to send remittances directly through their mobile phones, using a first-of-its-kind mobile wallet, which is set to launch at GITEX Technology Week 2017. The new service, which enables instant and secure transaction through a mobile application, has been developed by digital payments enabler Trriple. With a booming economy and an ...

DUBAI / WAM Despite softening slightly in September, growth in the UAE’s non-oil private sector remained sharp and marked the strongest quarter recorded for two years, according to the latest UAE PMI survey. It added, “The latest improvement in business conditions was driven by above-average expansions in both output and new orders. That said, new business from abroad slipped back ...

KHOBAR / Reuters Abu Dhabi Future Energy Company (Masdar) and EDF Energies Nouvelles have submitted the lowest bid to build the first utility-scale solar plant in Saudi Arabia, reports said. The 300-megawatt solar photovoltaic (PV) project is in Sakaka, the Al Jouf Province in the north of the kingdom. The two companies submitted a joint bid for a levelised cost ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has ordered the creation of an air bridge to provide critical relief supplies for the Rohingya refugees fleeing from the conflict in Myanmar. The air bridge, which reaffirms Dubai’s commitment to support the emergency efforts of UN and Non-Govermental ...

Dubai / WAM His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, said that supporting youth in the Arab world and giving them hope is the best guarantee of a prosperous future for the people of the region. He further said that youth are the real assets for innovation and development to face challenges, and ...

Abu Dhabi / Emirates Business Etihad Airways is re-timing its daily Abu Dhabi – Medina flights to a daytime operation and will also introduce three additional weekly services during the peak winter period. Effective February 1, 2018, the current overnight departure from Abu Dhabi will be replaced by a mid-morning flight offering an attractive schedule for travellers flying between the ...

Abu Dhabi / WAM The Al Ain Book Fair (AABF), held at the Al Ain Convention Centre from September 25, has now closed its 9th edition. The Book Fair, organised by the Abu Dhabi Department of Culture and Tourism, attracted 47,577 visitors, an increase of 10 percent over the previous year. Throughout AABF, visitors were introduced to thousands of specialist ...

Dubai / WAM In an endeavour to step up support for green financing and to leverage innovative finance mechanisms, the World Green Economy Summit (WGES 2017), set to be held on October 24-25 at Dubai International Convention and Exhibition Centre, will highlight the role of financing and investment solutions in the transformation towards the green economy. Held under the patronage ...