News

  Bloomberg Volkswagen AG must face claims it misled US investors after installing so-called defeat devices in diesel vehicles used to cheat emissions tests. A San Francisco federal judge also rejected a request to dismiss shareholder claims against former VW Chairman Martin Winterkorn, who said investors in VW’s American depositary receipts couldn’t prove he knew the extent of the company’s ...

  Bloomberg Investment Holding Group, which plans to sell shares on the Qatar Stock Exchange through an offering that opens next week, is seeking acquisitions that will lift earnings even if sales continue to decline. The company will either borrow or issue additional stock to buy new businesses because all of the proceeds from the initial public offering is going ...

  ABU DHABI / WAM The Nation’s Fund has called upon the private sector to play its social responsibility role by effectively supporting the Year of Giving initiative, launched by President His Highness Sheikh Khalifa bin Zayed Al Nahyan. The UAE has always been a model of philanthropy, in line with the values established by the late Sheikh Zayed bin ...

  Fujairah / WAM The Fujairah Foundation for Regions Development and the Ministry of Infrastructure Development (MoID) on Wednesday signed a memorandum of understanding (MoU) for partnership and co-operation to ensure maintenance of citizens’ homes and to carry out joint projects. The MoU was signed by Saeed Mohammed Al Raqbani, Deputy Chairman of the foundation’s Board, and Zahra Al Abboudi, ...

  DUBAI / WAM Dubai Electricity and Water Authority (DEWA), in collaboration with Meraas Holding, inaugurated a new 132/11 kV substation with a total capacity of 150 Megavolt Amperes at Al Quoz 4, to meet the increasing demand for electricity. Commenting on the announcement, Saeed Mohammed Al Tayer, MD and CEO of DEWA, said, “We strive to enhance infrastructure and ...

  DUBAI / WAM Growth momentum in the UAE’s private sector non-oil activity continued to strengthen in December 2016, driven by improving economic conditions, according to Emirates NBD. Output rose at the “sharpest” pace to a 16-month high on back of new orders backed by growth of new export businesses, the bank’s latest purchasing managers’ index (PMI) revealed on Wednesday. ...

  Abu Dhabi / WAM The Executive Committee of Abu Dhabi Executive Council, chaired by Saeed Eid Al Ghafli, approved a number of infrastructure projects worth AED241 million, in line with the wise leadership’s directives to achieve excellence in service provision. The committee approved a development project to increase the capacity of the electricity grid in Al Ain and its suburbs ...

  Dubai / WAM Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, on Wednesday directed the Dubai Municipality to mobilise support for the UAE Food Bank, an initiative he launched yesterday as part of the Year of Giving initiative on the occasion of the 11th anniversary of his accession as the Ruler ...

  Dubai / WAM Dar Al Ber Society (DABS) concluded an agreement with Dubai-based School of Research Science for boosting charitable, humanitarian, social, and religious cooperation. The agreement was signed by Abdullah Ali bin Zayed, Executive Director of DABS and Ayman Ameen Al Jarrah, Deputy Principal of the School, at the headquarters of the society, on Sheikh Zayed Road. Khalfan Khalifa ...

  Dubai / WAM Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA) recently received Paul R. Malik, the US Consul General in Dubai, to discuss ways of boosting co-operation and expertise exchange between the RTA and American companies in the rail, roads and transportation sectors. The duo also explored the upcoming ...