News

  Dubai / WAM Expenditure on outbound travel from the Middle East is expected to reach $165.3 billion by 2025, according to the World Travel and Tourism Council. Highlighting the buoyant outbound travel market, another report, issued by the United Nations World Tourism Organisation (2015 Tourism Highlights), which includes research teams from Frost & Sullivan and Insights Middle East, revealed ...

  Dubai / WAM The eleventh edition of Art Dubai will open its doors to the public on Wednesday. Held under the patronage of Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and with the new leadership of Fair Director Myrna Ayad, and International Director, Pablo del Val, this year’s fair will ...

  Abu Dhabi / WAM The total federal government spending reached AED29.717 billion in the first nine months of 2016, according to the latest report issued by the Ministry of Finance, which revealed the developments related to the implementation of the general budget by government departments in 2016. The total spending during the first nine months of last year accounted ...

  Dubai / Emirates Business Danube Properties, UAE’s leading property developer, part of Danube Group, launched a new realty project called ‘Resortz’, in Dubai’s Arjaan neighbourhood. The project was unveiled by Rizwan Sajan, Founder and Chairman of Danube Group, in the presence of media, brokers as well as senior management of the firm. The AED 300 million project spans an ...

  Bloomberg Glencore Plc is entering the fuel-stations business in Mexico with a 15-year supply deal and a $200 million investment in a joint-venture with local owners, according to people familiar with the decision. The agreement is the first significant move for Glencore in the retail fuel sector. It comes as commodities traders including Vitol Group BV and Trafigura Group ...

  Bloomberg The Trump administration’s plan to slash corporate tax rates could free up more than $10 billion a year for US oil explorers, opening new opportunities to boost drilling at a time of uncertainty in marketplace. Crude prices in New York have fallen 10 percent since the end of 2016 as added drilling in America’s shale fields offset an ...

  Bloomberg Toshiba Corp.’s troubles deepened yet again as the Japanese company missed a second deadline to report earnings and said it may sell a majority stake in its Westinghouse nuclear business. The Tokyo-based conglomerate is reevaluating Westinghouse’s position within the group and it may deconsolidate the nuclear unit by selling a controlling equity stake. Toshiba made the announcement as ...

  Bloomberg China’s economy started the year on a firm footing as its old growth engines gathered pace, with home sales remaining resilient and steel and aluminum rebounding as prices rallied. Industrial production climbed 6.3 percent from year earlier in January and February combined, versus median estimate of 6.2 percent in Bloomberg economist survey. Retail sales advanced 9.5 percent in ...

  Bloomberg Mitsubishi Heavy Industries Ltd. is considering spinning off its shipbuilding business and planning local partnerships as weak demand for vessels prompts companies in the industry to reorganize their operations. A decision on a new structure for the shipbuilding operation may be announced in July, Eiji Matsubara, a spokesman for Mitsubishi Heavy, said by telephone from Tokyo Tuesday. Nikkei ...

  Bloomberg When President Donald Trump visits the Detroit area this week, he’ll come bearing a gift: a first step toward relaxing rules that could cost automakers about $33 billion. Trump will announce as part of a visit to Ypsilanti, Michigan, on Wednesday that his administration will begin re-examining fuel-economy standards set by the Obama administration, according to two people ...