News

Abu Dhabi / WAM AED 2 billion worth of transactions were conducted over NBAD’s share through 30 sessions since the merger of the First Gulf Bank and National Bank of Abu Dhabi that created the Middle East region’s largest banking entity under the name First Abu Dhabi Bank (FAB). With 1.3 million shares owned by foreigners, the increased trading over ...

Dubai / WAM Tejar Dubai, an initiative of the Dubai Chamber of Commerce and Industry, launched ‘Enatni’, an app designed to boost the exposure of Emirati-owned businesses. The app is the 27th commercial project launched under the Tejar Dubai entrepreneurship development programme, while it supports Dubai’s transformation to a global smart city. A launch ceremony at Dubai Design District was ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, on Sunday visited Dubai Holding, the global investment holding company, where he announced the launch of ‘Marsa Al Arab’. Marsa Al Arab is a comprehensive tourist destination that aims to elevate family tourism in Dubai, as well as provide ...

Dubai / WAM The Department of Finance for the Government of Dubai (DOF), the Investment Corporation of Dubai and Dubai Aviation City Corporation, have announced the successful signing of Airport Financing Company FZE, FINCO, US$3 billion credit facilities. The facilities represent the debut financing for FINCO as part of the long-term funding platform established for Dubai Airports. HSBC acted as ...

Dubai / WAM The Board of Directors of the International Halal Accreditation Forum (IHAF) held its first meeting on Sunday in Dubai, where members discussed internal regulations, future strategic directions, plans, and work programmes for the coming period, which will contribute to further regional and international outreach. Its objectives are to expand the trade of halal products through multilateral recognition ...

Dubai / WAM Following the directive of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and as a step to reduce exorbitant wedding costs, the Ports, Customs, and Free Zone Corporation, PCFC, is holding its sixth mass wedding for 100 staff members under the theme “Emirates of Happiness” at the Grand Hyatt Hotel on May 25, with the participation ...

Bloomberg Red tape, rising costs and declining crude prices are throttling exploration in Indonesia, the former OPEC member that now produces less oil than it uses. Only 20 percent of the 287 onshore rigs operated by contractors for local and foreign explorers are at work, compared with 60 percent in 2012, accor- ding to Wargono Soenarko, chairman of the Indonesian ...

Bloomberg India’s oil demand bounced back in April after falling for three consecutive months, recovering from the impact of the country’s move to withdraw high-value notes. Fuel consumption rose 3.3 percent to 16.79 million tons in April, according to the Oil Ministry’s Petroleum Planning and Analysis Cell. Diesel use, which accounts for about 40 percent of the total fuel demand ...

Bloomberg Companies led by SoftBank Group Corp. of Japan and Taiwan’s Foxconn Technology Co. Ltd. are bringing India some of the cheapest solar power in the world, helping Prime Minister Narendra Modi reach his ambitious clean-energy goals. In two auctions this week for renewable-energy power-purchase contracts, bids from companies to supply clean electricity slid to as little as 3.8 cents ...

Bloomberg Noble Group Ltd.’s shares plunged the most on record to the lowest level in more than 14 years after it warned of a first-quarter loss and as S&P Global Ratings said the commodity trader’s debt-load is unsustainable given its current earnings path. Shares of the Hong Kong-based company, which counts China Investment Corp. as one of its largest shareholders, ...