News

LISBON / Bloomberg Portugal just can’t shake off its bears. The nation’s bonds are underperforming their counterparts across the euro area even as a recovery in stocks and oil prices boosted demand for higher-yielding assets. The extra yield, or spread, that investors get for holding Portuguese 10-year bonds instead of the benchmark German bund climbed for the first time in ...

Bloomberg Saudi Arabia and Russia agreed to freeze output at near-record levels, the first coordinated move by the world’s two largest oil producers to counter a slump that has pummeled economies, markets and companies. It’s the first significant cooperation between OPEC and non-OPEC producers in 15 years and Saudi Arabia said it’s open to further action. Oil pared gains after ...

Tehran / AFP Iran intends to maintain its oil market share but said on Tuesday “there is room for discussion” on output, announcing talks with Iraq and Venezuela within 24 hours in Tehran. Oil Minister Bijan Zanganeh’s comments avoided a specific reaction to reports that Saudi Arabia and Russia have agreed to freeze production—on condition that other major oil states ...

ABU DHABI / WAM The UAE Space Agency and the United States’ National Aeronautics and Space Administration (NASA) are discussing future cooperation. A meeting at the UAE Space Agency’s headquarters in Abu Dhabi brought together officials from the two agencies to discuss ways of strengthening partnership and work. The delegation led by Badri Younes, NASA Deputy Associate Administrator for the ...

ABU DHABI / WAM Etihad Airways, the national airline of the United Arab Emirates, on Tuesday announced a 63 percent increase in full-year passenger traffic with partner Jet Airways to and from India, reinforcing the strength of the equity tie-up and the airline’s commitment to one of world’s largest travel markets. Together, the airlines carried a record 3.3 million passengers ...

ALKESH SHARMA / EMIRATES BUSINESS Methods needed to increase the global food production by 70 percent to feed over 9 billion people by 2050; mechanisms best suited to profitably restore land globally; ways to tackle the current worldwide water crisis and steps to bring all economies on a common platform to ensure food security. Participants racked their brains as they ...

ABU DHABI / WAM Blue Bolt Limited, a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) has acquired a 36% stake in Fenix Power Peru, a thermoelectric power generation company in Lima, as part of a consortium transaction valued at US$786 million. The Peruvian investment fund SIGMA holds 13% of Fenix. Fenix Power is a power generation company which ...

SINGAPORE / WAM A round-table meeting, organised by the UAE Economy Ministry and Executive Directors of 15 of the biggest investment companies in Singapore, was held on Tuesday. The meeting reviewed the importance of expanding economic relations between the UAE and the Republic of Singapore and the need to promote trade and investment establish strong strategic partnerships between the two ...

Dubai-Riyadh / EMIRATES BUSINESS Wadi.com, the fastest growing e-commerce platform of the Middle East, has raised USD 67m with Al Tayyar Travel Group . The investment marks the largest series A funding in the tech history of the Middle East and will further accelerate the growth of the company. Wadi.com was started in 2015 by the Mideast Internet Group , ...

PALMA DE MALLORCA/ WAM RIU Hotels & Resorts and Dubai master developer Nakheel have formally signed their business partnership agreement. Ali Rashid Lootah, Chairman of one of the Middle East’s biggest developers travelled to Mallorca to sign the joint venture agreement with Luis Riu, CEO of RIU Hotels. Thanks to this partnership, the chain’s first hotel in Dubai will become ...