News

  Bloomberg Unlike most startups, WeWork Cos. doesn’t seem to struggle with raising money. Soon it’ll start spreading some of its cash around to smaller startups, partly in the hopes of luring them to become WeWork customers. The New York-based co-working giant said it’ll give away $20 million in cash prizes to entrepreneurs and small businesses in a series of ...

  Bloomberg German-based chipmaker X-Fab Silicon Foundries SE expects to raise about 500 million euros ($530 million) via an initial public offering in order to fund its global production expansion. The company with headquarters in Erfurt, central Germany, said it intends to list shares on the Euronext Paris exchange in a primary offering of new shares worth 250 million euros ...

  Bloomberg Oil capped the biggest weekly loss since November after surging US supplies erased three months of gains that followed OPEC’s deal to cut output. Futures tumbled 9.1 percent this week in New York. For a second day, they closed below the settlement on November 29, the day before OPEC agreed to the curbs. US crude stockpiles have expanded ...

  Dubai / WAM The Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED), along with Dubai Exports, the export promotion agency of DED, will go on a two-week tour of the United States (US), as part of strengthening the emirate’s engagement with major economies to reinvigorate global trade flows and foreign investment. The ...

  DUBAI / WAM The 2nd Arab IPO Summit will focus primarily on how the companies in the region can increase their capital and enhance their financial value through IPOs. Discussions from leading issuers, stock exchanges, investment banks and corporates will highlight key macroeconomic developments and their impact on markets. The Arab IPO Summit, to be held on March 14-15 ...

  SHARJAH / WAM Sheikh Khalid bin Abdullah bin Sultan Al Qasimi, Chairman of the Hamriyah Free Zone Authority, inaugurated the plant of Petroleum Specialities (FZE), a specialised manufacturer of industrial white oils, in the Hamriyah Free Zone. The new plant is the first completely-owned subsidiary of its parent company, Apar Industries Limited, outside India. The opening ceremony was attended ...

  Dubai / WAM Expo 2020 Dubai’s successful apprenticeship programme is being integrated with a corresponding scheme at Jebel Ali Free Zone (Jafza) to give young Emiratis a greater chance of taking a positive first step on the career ladder. The Memorandum of Understanding, MoU, will absorb the tried and tested structure and content of Expo 2020 Dubai’s programme into the ...

  Dubai / WAM The increasingly popular hobby of birdwatching received a major boost in the Arabic-speaking countries with the launch at the Emirates Literature Festival in Dubai of the Arabic version of the standard guidebook, ‘The Birds of the Middle East.’ The English edition, by British-based Richard Porter, the Middle East Adviser to the international conservation organisation BirdLife International, and ...

  Sharjah / WAM The Ministry of Interior (MoI) warned of suspicious messages through social networking that promote narcotic drugs. In a statement, the ministry said that it has recently noticed that some UAE residents have been receiving random calls on their personal phones and messages via WhatsApp. “These contacts from foreign countries include messages from Pakistan that carry pictures of narcotic ...

  Sharjah / WAM Sheikh Sultan bin Ahmed Al Qasimi, Chairman of the Sharjah Media Council, announced the launch of the International Government Communication Centre (IGCC), ahead of the 6th International Government Communication Forum (IGCF) 2017, which will be held from March, 22-23 in Sharjah, with the attendance of more than 2,500 world leaders, influencers and international experts. The first platform ...