News

  Abu Dhabi / WAM The Tourism Development and Investment Company (TDIC), the master developer of major tourism, cultural and residential destinations in Abu Dhabi, announced on Wednesday that 60 per cent of the units has been sold after unveiling a compelling selection of residential units on Saadiyat Island at Cityscape Abu Dhabi 2017, taking place from April 18-20 at the ...

  Bloomberg Norway can’t afford an abrupt cut in spending if the economy of western Europe’s biggest oil and gas producer is to continue growing, according to the man who most polls suggest will be prime minister after elections this year. Jonas Gahr Store, the leader of Norway’s opposition Labor Party, warned against a sudden adjustment after record expenditure by ...

  Bloomberg Pakistan is mulling a tax amnesty to bring back wealth hidden in foreign assets, a move that may boost stocks, bonds and property. The government is considering submissions by Pakistan’s business community seeking relief on undeclared offshore holdings, said Syed Masoud Ali Naqvi, a member of government’s Tax Reformers Implementation and Monitoring Committee. No plan has yet been ...

  Bloomberg A revival in China’s polyester industry has produced a new billionaire. Zhuang Kuilong, chairman of textile maker and distributor Xinfengming Group Co., saw his wealth surge almost 60 percent after its shares began trading Tuesday in Shanghai. The increase gave Zhuang, who owns 45 percent of the Tongxiang-based business, a net worth of at least $1.7 billion, according ...

  Bloomberg Verizon Communications Inc. is considering merger possibilities to reset the course of the company given the fast-changing structure of the industry, and would be open to talks with Comcast Corp., Walt Disney Co. or CBS Corp., said Chief Executive Officer Lowell McAdam. Verizon, the largest US wireless carrier, is seeking new sources of growth as the mobile-phone business ...

  Bloomberg European car sales in March rose to their highest level for the month as Fiat Chrysler Automobiles NV and Renault SA took advantage of a solid economy to lure more buyers. Benefiting from extra working days due to the Easter holiday in April this year, industrywide registrations climbed 11 percent to 1.94 million vehicles last month, the Brussels-based ...

Bloomberg Akzo Nobel NV, battling an unwanted $24 billion approach from PPG Industries Inc., will carve out its chemicals division and return 1.6 billion euros ($1.7 billion) to shareholders in a move Chief Executive Officer Ton Buechner said is more profitable than a takeover of the centuries-old paintmaker. The separation of chemicals will be carried out within 12 months and ...

  ABU DHABI / WAM Dr Sultan Ahmed Al Jaber, UAE Minister of State, ADNOC Group CEO and Chairman of the UAE’s National Media Council, on Wednesday shared details of ADNOC’s 2030 strategy, which will deliver smart growth and long-term value and profitability, with leading local and regional media. Dr Al Jaber was speaking at the third GCC Petroleum Media ...

  Abu Dhabi / Emirates Business Abu Dhabi Fund for Development (ADFD) announced a contribution of AED330 million (US$90 million) to implement development projects and programs in key sectors in Somalia, particularly infrastructure and transport. The contribution underpins efforts to improve public services, create new job opportunities and ensure stability and social development. Moreover, the AED330 million aims to help ...

  DUBAI / Emirates Business Imdaad, the GCC’s leading integrated facilities management (FM) company based in Dubai, recently entered into a three-year-agreement with Emarat, one of the largest suppliers of petroleum products in the UAE, to deliver innovative, sustainable, and integrated general waste collection services. The scope of the contract includes Emarat’s 47 stations, atrium building, head office, central workshop, ...