News

Bloomberg Hedge funds are giving OPEC some credit again. Following four weeks of growing pessimism, bets on rising West Texas Intermediate prices jumped the most this year just as Saudi Arabia and Russia were mustering support for the deal they struck in Vienna last week, US Commodity Futures Trading Commission data show. What happens to US stockpiles will be key ...

Bloomberg Oil traded below $50 a barrel after OPEC underwhelmed investors with its production-cut extension deal. Futures fell 0.2 percent in New York. Prices closed 1.1 percent lower last week after OPEC agreed to extend limits on crude output through the first quarter of 2018. Saudi Arabia’s Energy Minister Khalid Al-Falih said the oil-cuts strategy is working and that global ...

Abu Dhabi / Emirates Business The number of online shoppers in the Middle East and North Africa (MENA) region is growing exponentially, bringing the regional e-commerce market to unprecedented expansion. The Middle East’s e-commerce sector, in particular, has skyrocketed by 1,500 per cent over the last 10 years due mainly to its young demographics with high disposable income and high ...

DUBAI / WAM Abu Dhabi Executive Council has approved two infras- tructure development projects in Abu Dhabi worth AED74.2 million. The projects announced by the executive committee are part of Abu Dhabi Plan to ensure water and energy sustainability. The committee, which met under the chairmanship of Jassem Bu Ataba Al Zaabi, agreed to award a AED49.2 million contract for ...

DUBAI / WAM Emirates Transport has announced record growth in contract value during the first quarter of 2017, as 40 new and renewed contracts were signed with government and private sector entities. Commenting on the announcement, Mohammed Abdullah Al Jarman, General Manager of Emirates Transport, said, “The corporation achieved remarkable results in the first quarter of this year through the ...

DUBAI / WAM The Ministry of Finance (MoF) in collaboration with Dubai Courts, organised a workshop on the practical applications of Federal Decree No.09 of 2016 concerning bankruptcy. The workshop came as part of a series organised by the ministry to follow-up on the post-issuance phase of Federal Law. The MoF also organised a similar workshop in Abu Dhabi, in ...

Abu Dhabi / EMIRATES BUSINESS Etihad Guest, the loyalty programme of Etihad Airways, has celebrated reaching five million members by gifting 500,000 Miles and an upgrade to Gold status to the milestone member, Rashid Al Shehhi. Al Shehhi joined Etihad Guest while applying for an ADIB credit card. Guests can earn miles on everyday spending through their ADIB Etihad Guest ...

Abu Dhabi / Emirates Business In a gesture of appreciation for Abu Dhabi Tourism & Culture Authority’s (TCA Abu Dhabi’s) efforts in stimulating interest in the arts among the younger generation, the Ministry of Interior honoured the organisation during a ceremony that celebrated partners of the ‘Juvenile Care Centre Rehabilitation Project’. This acknowledgement follows the recent launch of TCA Abu ...

Abu Dhabi / Emirates Business Miral announced the winners of its second Yas Island Breakthrough Challenge, held exclusively for Zayed University students from the Dubai and Abu Dhabi campuses. The competition challenged Emirati students to create a marketing campaign promoting Yas Island. Committed to contributing to the growth of the tourism industry in the UAE, Miral launched the competition to ...

Abu Dhabi / Emirates Business Al Habtoor Motors, Mitsubishi’s official dealer in the UAE, is ready to treat customers with absolute value along with greater savings on the entire fleet of Mitsubishi passenger cars during the holy month of giving. What makes it even more exciting is they also get a chance to win 5 Lancer EX cars in Dubai ...