News

ABU DHABI / WAM Abu Dhabi is set to host the ninth edition of the ‘Union Fortress 9’ military parade under the patronage of President His Highness Sheikh Mohamed bin Zayed Al Nahyan. The announcement came during a preparatory meeting, held under the chairmanship of Major General Ali Saif Al Kaabi, Deputy Commander of the Presidential Guard, and several Ministry …

DUBAI / WAM DP World has announced the first commercial use of its revolutionary Boxbay High Bay Storage (HBS) system at South Korea’s Pusan container terminal, which is world’s sixth-largest container port. This pioneering technology has put Dubai in the spotlight globally as DP World, a leading provider of smart end-to-end supply chain logistics, continues to adopt innovative ways to …

BLOOMBERG UK Prime Minister Rishi Sunak’s deal to solve the bitter dispute with the European Union (EU) over Northern Ireland’s trading arrangements has sparked hope in the City of London that the two sides could finally formalise a pledge to work together on setting rules for banks and financial markets. The so-called memorandum of understanding (MOU) on financial rules may …

BLOOMBERG Deutsche Bahn AG has selected Goldman Sachs Group Inc and Morgan Stanley to advise on the potential sale of its DB Schenker logistics unit, which could be valued at as much as €20 billion ($21.3 billion), people with knowledge of the matter said. The German railroad operator is set to formally hire the two banks after a weeks-long pitching …

BLOOMBERG Hungarian consumer price growth slowed for the first time in 19 months, giving policy makers room to consider when to start reducing the European Union’s highest key interest rate. Headline inflation, the EU’s fastest, slowed to 25.4% in February from 25.7% the month before, the statistics office said. The data matched the estimate in a Bloomberg survey. It’s too …

ABU DHABI / WAM Abu Dhabi Exports Office (Adex), the export financing arm of Abu Dhabi Fund for Development, and Japan’s Sumitomo Mitsui Financial Banking Corporation (SMBC), have joined hands to provide a loan facility of $135 million to Trafigura, a market leader in the global commodities industry. Adex contributed $125 million of the total facility to support Trafigura’s working …

ABU DHABI / WAM Emirates Global Aluminium (EGA) on Tuesday reported its strongest-ever financial results, announcing net profit of AED7.4 billion ($2.0 billion), up 34 percent from AED5.5 billion ($1.5 billion) in 2021. EGA’s adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted Ebitda) for 2022 was up 37 percent to a record AED12.4 billion ($3.4 billion), compared to AED9.0 …

ABU DHABI / WAM Mubadala Investment Company announced that it has partnered with primary investor Stone Point Capital, a private equity firm focussed on the global financial services industry, alongside other co-investors, to purchase a 20% stake for $1.95 billion in Truist Insurance Holdings, Inc, a subsidiary of Truist Financial Corporation. Based in Charlotte, North Carolina, Truist Insurance Holdings is …

ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan, on Tuesday at Qasr Al Shati Palace, received Andrzej Duda, President of the Republic of Poland. President His Highness Sheikh Mohamed bin Zayed welcomed President Duda and his accompanying delegation, expressing his hopes that his visit would constitute an impetus to the two countries’ relations. The two …

ABU DHABI / WAM Khalifa Economic Zones Abu Dhabi – Kezad group and Emtelle, a global manufacturer of passive fibre-optic network solutions, on Tuesday signed an agreement to build one of the world’s largest facilities for the manufacture of fibre optic ducting and pre-connectorised solutions. Emtelle will invest approximately $50 million in three phases of manufacturing. The building, located on …