News

  Frankfurt / AFP Volkswagen AG negotiated through the night to reach an agreement with a rebellious supplier, ending a six-day standoff that halted production of Golf and Passat cars after the parts maker refused to deliver seat and transmission components. Prevent Group will restart deliveries as soon as possible, and Volkswagen’s factories affected will gradually return to normal production, ...

  Bloomberg Oil extended its biggest loss in three weeks before the release of US crude inventory data on Wednesday, while Goldman Sachs Group Inc. cautioned that any OPEC deal to freeze output may only deepen the global oversupply. October futures fell as much as 1.7 percent in New York after declining for the first time in eight days on ...

  Emirates Business Advanced Construction and Technology Services (ACTS), a leading consulting organisation in the field of construction materials and geotechnical engineering, has announced this year’s international Future Concrete conference will focus on managing construction sites, in response to industry trends and feedback. The 8th Future Concrete Conference will be held on August 25 at the Hilton Beirut Habtoor Grand ...

  Emirates Business Doha has 41 projects and 11,722 rooms in its hotel construction pipeline, according to a new report. The Doha Hotel Construction Overview report by TOPHOTELPROJECTS prepared exclusively for The Hotel Show Dubai 2016, reveals that Doha is the 3rd busiest city in the Middle East and Africa for hotel construction, behind only Dubai (133 projects) and Riyadh ...

  DUBAI / WAM A new report from Arab Petroleum Investments Corporation (APICORP), owned by Organisation of Arab Petroleum Exporting Countries (OAPEC) says that the total committed and planned energy investments in the MENA region could reach US$ 900 billion over the next five years. The report reveals that planned MENA investments in the energy sector are estimated at US$ 11 ...

DUBAI / Emirates Business ENOC Retail, Emirates National Oil Company’s retail business segment, announced ambitious growth plans of 150 per cent for its ZOOM stores network in the UAE by 2025 to cater to increasing customer demand and population growth. The company also aims to triple its turnover in the next 15 years. ZOOM’s growth plans include the opening of ...

DUBAI / WAM Emirates Central Cooling Systems Corporation, Empower, has launched mobile chiller trailers to ensure 24/7 uninterrupted district cooling service for the company’s customers. Ahmad bin Shafar, CEO of Empower, said, “This innovative project is part of our relentless efforts to continuously enhance our customer service principles and standards.

DUBAI / Emirates Business The Department of Economic Development (DED) presented a certificate of appreciation to ‘Sugar Factory,’ the newly opened celebrity favourite American Brasserie in Dubai in honour of the unique concept being brought to the city under franchise by Tablez Food Company, the F&B division of leading retailer Lulu International Group. The certificate was handed over during a ...

  Bloomberg Nakheel PJSC, the developer of Dubai’s palm-shaped islands, repaid an Islamic bond, bringing an end to a debt restructuring saga that pushed the emirate to the brink of default in 2009. The Dubai government-owned company transferred funds to agent Deutsche Bank AG yesterday to cover a 4.4 billion-dirham ($1.2 billion) sukuk maturing this month, Chairman Ali Rashid Lootah ...

  Abu Dhabi / WAM Senaat, a leading industrial investment holding company in the UAE, has announced a 6 percent increase in net profit and 2 percent increase in EBITDA for the first half of this year despite a challenging business environment, compared to the second half of 2015. After a challenging 2015, the group’s EBITDA remained steady at AED946 million ...