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  Bloomberg Iceland, the world’s tiniest developed economy, is now pondering whether it has the might to take on the currency markets. The center-right coalition that took office this month wants an overhaul of Iceland’s monetary policy framework, which could lead to fixing the currency or letting it trade within a band, Finance Minister Benedikt Johannesson, 61, said. The review ...

  ABU DHABI / WAM The Abu Dhabi National Oil Company (ADNOC) said on Tuesday it would implement a host of measures to increase energy efficiency by 10 percent by 2020. The energy efficiency strategy will reduce ADNOC’s gas consumption by 156 million cu. ft a day, thus saving a total of US$1 billion by that time. The initiatives to ...

  ABU DHABI / WAM The UAE announced a landmark new US$50 million grant fund for renewable energy projects in Caribbean island countries. Launched by Reem bint Ibrahim Al Hashemi, Minister of State for International Cooperation, the UAE-Caribbean Renewable Energy Fund represents one of the largest-ever single investments in the region’s clean energy sector, as well as a significant deepening ...

  ABU DHABI / Emirates Business Abu Dhabi Fund for Development (ADFD) met a delegation from Costa Rica led by Luis Guillermo Solís, President of Costa Rica, at the Emirates Palace in Abu Dhabi. Welcoming the delegates, His Excellency Mohammed Saif Al Suwaidi, Director General of ADFD, discussed bilateral relations between the UAE and Costa Rica with the visiting President ...

  ABU DHABI / WAM Masdar, Abu Dhabi’s renewable energy company, signed a cooperation agreement with Qatar Electricity and Water Company (QEWC), and Nebras Power, at Abu Dhabi Sustainability Week, to develop renewable and sustainable energy projects. In the presence of Dr. Sultan Al Jaber, Minister of State, the agreement was signed by Fahd bin Hamad Al Mohannadi, General Manager ...

  ABU DHABI / Emirates Business The UAE Ministry of Economy (MOE) signed a Memorandum of Cooperation (MOC) with its counterparts from Japan on key aspects concerning innovation and small and medium enterprises (SMEs) to promote joint initiatives, knowledge and technology transfer, the exchange of experiences, and the streamlining of business operations of SMEs located across the UAE. The initiative ...

  Abu Dhabi / WAM Masdar, Abu Dhabi’s renewable energy company, has acquired a stake in Hywind Scotland, a 30-megawatt (MW) floating offshore pilot wind farm in the North Sea. Dr Sultan Al Jaber, UAE Minister of State and Chairman of Masdar; Dr Thani Al-Zeyoudi, Minister of Climate Change and Environment; Tone Skogen, State Secretary in the Ministry of Foreign Affairs, ...

  Abu Dhabi / WAM Construction of the 800 megawatt (MW) phase 3 of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai will start at the end of this month following the award of the engineering, procurement and construction (EPC) contract for the project. This was announced on Tuesday at Abu Dhabi Sustainability Week (ADSW) 2017. A Masdar-led consortium was ...

  Dubai / WAM The Dubai Maritime City Authority (DMCA) has launched the Dubai Maritime Virtual Cluster (DMVC) initiative which provides an important platform for facilitating effective communication among members of the cluster and removing the constraints of time and distance. The project will also promote engagement among the global maritime community on Dubai’s maritime activities based on four main objectives: ...

  Abu Dhabi / WAM The Emirates Central Cooling Systems Corporation, Empower, one of the world’s largest district cooling service providers, is taking part in the 10th World Future Energy Summit (WFES). The company underscored its determination to make key contribution in implementing the Dubai Clean Energy Strategy 2050, which aims that 75 percent of Dubai’s total power output will come ...