News

  Reuters Container shipping firm Islamic Republic of Iran Shipping Lines (IRISL) expects to have regained by the middle of next year the business lost while Iran was subject to international sanctions, its chairman said. International sanctions were lifted in January following an agreement with world powers on Tehran’s disputed nuclear programme. “Step by step the problems have been resolved ...

  Bloomberg Egypt has reached a $2.7 billion currency swap agreement with China, moving closer to mustering the outside financing needed to win final approval of a $12 billion International Monetary Fund loan. The agreement is being processed by the Chinese authorities, an Egyptian central bank official said Sunday, speaking on condition of anonymity. The official didn’t provide additional details ...

  Reuters Hyundai Engineering and Construction signed a contract to build a project for Saudi Aramco’s Uthmaniyah plant for 833.10 billion won ($727 million), the South Korean company said. Hyundai expects the contract to be completed by Nov. 26 2019, it said in a statement. Sources told Reuters on Thursday that Hyundai had won the deal after offering discounts to ...

  DUBAI / WAM Greece has become the latest nation to confirm its commitment to participate in Expo 2020 Dubai, building on the strong links between the two countries in various fields Expo 2020 Dubai, announced on Saturday that Greece confirmed its official participation in Expo 2020 through a letter from the Greek Prime Minister, Alexis Tsipras, addressed to His ...

  DUBAI / WAM The first Dubai Chamber of Commerce trade office in China was opened this week. As part of its strategy to reach out to promising markets and promote Dubai as a global business and trade hub, the Dubai Chamber of Commerce and Industry opened its 7th international office in Chinese city of Shanghai on Saturday. The opening ...

ABU DHABI / WAM Abu Dhabi-based Masdar Institute of Science Technology, UK-based QinetiQ, a leading technology development and engineering company operating primarily in the defense, security and aerospace markets, and Swiss-based all-terrain vehicle (ATV) developer Sand-X Motors, have announced their collaboration to develop an Unmanned Rover System (URS) on Saturday at the URS award kick-off meeting, which was hosted by ...

  ABU DHABI / WAM The overall reading of the results of development indices in Q2 2016 reflects higher optimism and confidence among consumers and business community in the Emirate’s economic conditions, according to a new report released on Saturday by Studies Directorate of Abu Dhabi Department of Economic Development. This follows the moderate economic growth in Q1 of 2016, ...

  Dubai / WAM Ohood bint Khalfan Al Roumi, Minister of State for Happiness, launched the ‘Chief Happiness and Positivity Programme’ for the private sector at the first CEO Happiness Ball, recently held in Dubai. The programme is being introduced in response to the growing demand to bring the programme to the private sector, following its success in the government sector. ...

  Dubai / Emirates Business Arab Bank Group continued to achieve robust results during 2016, reporting net profit after tax and provisions for the period ending September of $617.9 million, compared to USD 615.1 million in the same period last year, while the Group’s net profit before tax reached $815.8 million. The Bank maintains a healthy capital base with shareholders ...

  Dubai / WAM A visiting World Bank delegation has expressed admiration and appreciation for the leading and innovative projects of the Dubai Electricity and Water Authority (DEWA). The delegation also praised DEWA’s competitive results and how it had enhanced its position as a global role model in its efforts to implement smart applications and systems. It allowed DEWA to ...