News

  Bloomberg Oil-producing nations are moving closer toward ending a global glut and re-balancing the crude market, and OPEC will decide next month whether to extend its cuts in output beyond June, the group’s Secretary-General Mohammad Barkindo said. The Organization of Petroleum Exporting Countries and other major producers are committed to reducing oil stockpiles, and all countries participating in a ...

  DUBAI / WAM Emirates Central Cooling Systems Corporation, Empower, has announced that it has awarded contracts valued at AED62million in the first quarter of the year. According to Empower, the main reason behind the increase in the number and value of contracts is the customers’ growing trust in the district cooling service in terms of its efficiency compared to ...

  Dubai / WAM The United Arab Emirates and Saudi Arabia have the main bulk of private equity (PE) investments in the Middle East and North Africa (MENA) in 2014 at more than 75 percent by value, according to an international report. Emerging only in the late 1990s, MENA’s PE market is still at its infancy compared to other well-established ones, ...

  Sharjah / WAM His Highness Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, on Wednesday opened the ninth Sharjah Children’s Reading Festival, SCRF 2017, the region’s largest children’s reading event, at Expo Centre Sharjah. Running until April 29, this year’s festival has the theme ‘Discover Beyond’ and features 2,093 cultural, artistic and entertainment activities, ...

  Rabat / WAM A proposal from the UAE to develop innovative plans to help other Arab countries in addressing current economic and financial problems, while boosting economic development, was presented to Arab finance ministers at the eighth ordinary session of the Council of Arab Ministers of Finance, being held in Rabat, Morocco. The proposal can help achieve significant progress in ...

  Dubai / WAM The first branch of the UAE Foodbank opened on Wednesday in the Al Quoz area in Dubai. During the opening ceremony, HH Sheikha Hind bint Maktoum bin Juma Al Maktoum, Chairperson of the UAE Foodbank Board of Trustees said, “I am extremely proud to see the first branch open only three months after the announcement of the ...

  Abu Dhabi / WAM The Tourism Development and Investment Company (TDIC), the master developer of major tourism, cultural and residential destinations in Abu Dhabi, announced on Wednesday that 60 per cent of the units has been sold after unveiling a compelling selection of residential units on Saadiyat Island at Cityscape Abu Dhabi 2017, taking place from April 18-20 at the ...

  Bloomberg Norway can’t afford an abrupt cut in spending if the economy of western Europe’s biggest oil and gas producer is to continue growing, according to the man who most polls suggest will be prime minister after elections this year. Jonas Gahr Store, the leader of Norway’s opposition Labor Party, warned against a sudden adjustment after record expenditure by ...

  Bloomberg Pakistan is mulling a tax amnesty to bring back wealth hidden in foreign assets, a move that may boost stocks, bonds and property. The government is considering submissions by Pakistan’s business community seeking relief on undeclared offshore holdings, said Syed Masoud Ali Naqvi, a member of government’s Tax Reformers Implementation and Monitoring Committee. No plan has yet been ...

  Bloomberg A revival in China’s polyester industry has produced a new billionaire. Zhuang Kuilong, chairman of textile maker and distributor Xinfengming Group Co., saw his wealth surge almost 60 percent after its shares began trading Tuesday in Shanghai. The increase gave Zhuang, who owns 45 percent of the Tongxiang-based business, a net worth of at least $1.7 billion, according ...