News

  Dubai / Emirates Business Cars to be ordered in the next few years by selected Dubai government bodies maintaining huge transportation fleets will be 10% electric and hybrid vehicles in the next few years, as per the new Dubai Green Mobility Initiative Committee. Reporting to the Dubai Supreme Council of Energy, a Dubai Green Mobility Initiative Committee was formed ...

  DUBAI / Emirates Business The Dubai Chamber of Commerce and Industry successfully concluded a summer training programme for 16 students from different UAE universities running between July 17 and August 11 as part of its effort to promote Emiratisation in the organisation. Under the annual programme, which is dedicated to the directives of HH Sheikh Mohammed Bin Rashid Al ...

  Paris / AFP The IEA said on Thursday it had cut its oil demand growth forecast for 2017 because of a weaker outlook for the world economy following Britain’s vote to leave the European Union. Global oil demand growth is now expected to slow to 1.2 million barrels per day in 2017 from 1.4 mb/d this year “due to ...

  Bloomberg Wal-Mart Stores Inc.’s Mexican unit agreed to sell its Suburbia clothing chain to El Puerto de Liverpool SAB, Mexico’s biggest department store chain operator, in a deal valued at 19 billion pesos ($1.03 billion). The transaction, which involved 119 stores, is subject to regulatory approval, Wal-Mart de Mexico SAB and Liverpool said in statements after markets closed. Liverpool ...

  Paris / AFP Commodities giant Glencore has extended production cuts across key sectors as part of its strategy to reign in debt and offset the damage from slumping prices, the company said on Thursday. First half results put zinc output at 249,000 metric tons, down 31 percent compared to the same period last year. Coal was down 14 percent ...

  Madrid / AFP Spain’s energy giant Abengoa, struggling under a billions-strong debt pile, said on Thursday it had reached a deal with creditors and investors allowing it to ward off bankruptcy. The renewable energy firm had until October 28 to strike a debt restructuring agreement after announcing last year that it was filing for preliminary protection from creditors following ...

  Berlin / AFP German-British travel giant TUI said on Thursday it is weathering the hard times brought on by a series of terrorist attacks despite a slide in revenues in its third quarter. “People still want to travel, but they’re travelling differently,” chief executive Fritz Joussen said in a telephone conference. “The overall number of travellers will be higher ...

  Abu Dhabi / Emirates Business Despite a softening in several sectors in the GCC amid a stuttering global oil price recovery, business in the regional lighting fixtures market appears to be booming. International lighting manufacturers and local suppliers reported a number of significant regional projects over the last 12 months, and anticipate double-digit business volume growth over the next ...

  Dubai / Emirates Business Gulf Craft is preparing for a regal display at the Cannes Yachting Festival and the Monaco Yacht Show, with the European debut of its largest and most luxurious superyacht — the stunning 47-metre Majesty 155. This marks the first-time the shipyard brings its flagship superyacht to the region, with a spectacular showcase planned for the ...

  Dubai / Emirates Business Al Bustan Centre and Residence, the popular hotel-apartment among tourists and businessmen in the heart of Dubai, embarked on a road show to major cities in Russia this summer to promote the property to the Russian market and encourage their visit to the UAE. In association with Alpha Destination Management and Natalie Tours, the Summer ...