News

Bloomberg Siemens AG scrambled to reverse a transaction with a Russian partner to try to save face after gas turbines from one of the biggest German investors in Russia’s economy turned up in the annexed region of Crimea, flouting European Union sanctions. At least two of four turbines manufactured by Siemens for Technopromexport JSC for an electricity project in Taman, ...

Bloomberg More than a dozen automakers are jostling to lead the US electric-car race, but Bloomberg New Energy Finance sees a clear winner separating from the pack: Tesla Inc. The automaker led by Chief Executive Officer Elon Musk will emerge as “the stand-out” in total cumulative deliveries through 2021, reaching almost 709,000 vehicles, according to BNEF’s Long-Term Electric Vehicle Outlook. ...

ABU DHABI / WAM The federal government revenues collected through e-Dirham surged to over AED2.5 billion during Q2 of 2017, a 25 percent growth over the corresponding period in 2016, according the Ministry of Finance (MoF), statistics. The government services revenues collected through the e-Govenment Website increased to a total of AED958,461,182 during the same period from AED1,583,950,310 during the ...

VIENNA / WAM Over $320 million worth of new funding to the benefit of developing countries across the world, has been approved by the OPEC Fund for International Development (OFID). This came during OFID’s Governing Board 159th session held in Vienna recently during which OFID Director General Suleiman Jasser Al-Herbish noted that the loans underline the international organisation’s commitment to ...

ABU DHABI / Reuters Telecoms group Etisalat terminated a management agreement with its Nigerian arm and given the business time to phase out the Etisalat brand in Nigeria, the chief executive of Etisalat International said on Monday. Nigerian regulators intervened last week to save Etisalat Nigeria from collapse after talks with its lenders to renegotiate a $1.2 billion loan failed. ...

DUBAI / Emirates Business The improvements in the overall business conditions in Dubai’s non-oil private sector gathered steam in June, with the seasonally adjusted Emirates NBD Dubai Economy Tracker Index – a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy – registering at 56.5, up from May’s seven-month low of 55.0. ...

ABU DHABI / WAM The Masdar Institute of Science and Technology has announced that its CubeSat development programme, MYSAT-1, has completed its critical design review (CDR) marking a key milest- one for the University’s space systems and technology programme. The programme has been designed with support from Al Yah Satellite Communications Company, Yahsat, and global aerospace manufacturer and defense industry ...

DUBAI / WAM A UAE trade mission, headed by Sultan bin Saeed Al Mansouri, Minister of Economy, recently concluded a successful trade mission to the Italian Riviera, Monaco and southern France, visiting Monte Carlo and Nice, to facilitate economic cooperation and explore trade and investment opportunities in the two cities. The trade mission, which was organised by Dubai Chamber of ...

Abu Dhabi / Emirates Business Five students from the UAE have been shortlisted to represent the nation on an international stage, the International Physics Olympiad (IPhO). IPhO is an annual international physics competition for secondary school students. The process of shortlisting students for the big stage is done by IOF (International Olympiad Foundation), the only authorized body in UAE to ...

DUBAI / WAM Gulf Navigation Holding has posted a net profit of AED8.8 million ($2.4 million) in the first quarter, Q1, of 2017, an increase of 39 percent compared to AED6.3 million ($1.7 million) in the same period last year. The Dubai-based company, listed on the Dubai Financial Market under the ticker ‘GULFNAV’, said in an announcement that it has ...