News

Bloomberg The Egyptian shores of the Gulf of Suez are becoming increasingly attractive to renewable-energy investors seeking to take advantage of the area’s strong, steady winds. That’s a growing problem for the millions of pelicans, white storks, raptors and other birds that fly by every year while migrating between Eurasia and East Africa. The 200-megawatt Gulf of el Zayt wind ...

Bloomberg Asian governments are watching with some anxiety the fate of the North American Free Trade Agreement as the Trump administration kicks off a review of the pact. “All of us are keen to know whether America is committed to have an open, liberal trading environment,” Malaysian Trade Minister Mustapa Mohamed said in an interview on the sidelines of the ...

Bloomberg Ant Financial, China’s largest provider of internet financial services, will continue investing in mobile-payment providers around the world to boost offshore revenue and buttress itself from rising competition and tighter regulation at home. Controlled by billionaire Jack Ma, the Hangzhou-based firm will announce more “partnerships” this year with a focus on Asia and is also “actively assessing” other markets, ...

LONDON / Reuters Indian gold imports will drop back sharply after jumping in the first quarter, the World Gold Council said on Wednesday as the launch of a new tax regime and restrictions on refiners’ ability to import gold dore take their toll. Full-year imports will be little changed from 2016’s 524 tonnes, gold industry-funded WGC’s managing director for India ...

ABU DHABI / WAM The 9th International Economic Summit in Kazan between Russia and the Organisation of Islamic Cooperation (OIC), member countries started on Thursday in Kazan, the capital of Tatarstan, and will conclude on May 20. The UAE’s participation in this event is represented by a senior delegation, chaired by Dr Rashid bin Ahmed bin Fahad, Minister of State. ...

ABU DHABI / WAM The number of floating shares in the national banking sector available for trading reached 25.6 billion at the end of the first half of May, constituting 50 percent of the total capital of 18 national banks, amounting to 51.2 billion shares. The latest official statistics issued by the Abu Dhabi and Dubai financial markets show a ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM) has announced that it joined R3 as a new member of its international consortium. ADGM is the first regulatory body in the Middle East and North Africa region to be part of the R3 consortium, comprising over 80 members from the world’s leading financial institutions and regulators. As a member, the ADGM ...

DUBAI / Reuters UAE Exchange Group, a global remittance and foreign exchange business, aims to spend between $250 million and $300 million on acquisitions to build its global market share, its chief executive said. The group aims to increase its share of the $575 billion global remittance industry to more than 10 percent by 2020, from 6.75 percent currently, Promoth ...

Abu Dhabi / Emirates Business The UAE participated in the first trade and investment dialogue between the Gulf Cooperation Council (GCC) and the European Union (EU), which concluded at the headquarters of the Council’s General Secretariat at Saudi Capital of Riyadh. The Ministry of Economy organized the UAE delegation which was headed by Mohammed Nasser Hamdan Al Zaabi, Director of ...

Bloomberg Oman plans to sell $2 billion of Islamic bonds this month as it seeks to trim a large budget deficit caused by lower oil revenue, Finance Minister Darwish Al Balushi said. The crude exporter’s budget deficit will reach 12 percent of economic output this year and it will continue to narrow in the coming years, Al Balushi said in ...