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ABU DHABI / WAM The Supreme Petroleum Council (SPC) announced on Sunday the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in the Emirate of Abu Dhabi. The announcements were made following the SPC meeting presided over by His Highness ...

ABU DHABI / WAM The Department of Culture and Tourism Abu Dhabi has announced significant increase in revenues from tourism activity in the capital in the third quarter of 2020. Findings from its quarterly industry development committee meeting revealed promising signs of sector recovery, as well as a glimpse into future projects and plans to boost tourism in the emirate. ...

ABU DHABI / WAM Mubadala Investment Company on Sunday announced that it has officially become a member of the One Planet Sovereign Wealth Funds (OPSWF) initiative, an international coalition of SWFs established to integrate climate change considerations into their decision making and support global climate action. Through the new membership, Mubadala will leverage its scale and global presence to drive ...

Abu Dhabi / WAM The General Authority for Regulating the Telecommunications Sector (TRA) announced that official portal of the UAE Government (U.AE) has hit a new record in its number of users, reaching nearly the 10 million mark during the period from January to October of this year, an 50.73% increase over 2019, where the number of users in the ...

Bloomberg The itch is back for Paul Mead. After almost a decade investing in vineyards and startups in his native New Zealand, the former Barclays Plc and Enron Corp trader wants to return to the power market. What’s luring Mead is the realisation that efforts to slow global warming through renewable energy and electrification are creating new ways to make ...

Bloomberg Republican Senator Pat Toomey said President Donald Trump “has exhausted all plausible legal options” in Pennsylvania, and that it was time to concede that Joe Biden won the presidential election. “President Trump should accept the outcome of the election and facilitate the presidential transition process,” Toomey said in a lengthy statement after a Trump campaign lawsuit that challenged the ...

Bloomberg Land Rover was among the first automakers to forge a path in the highly profitable market for luxury sport utility vehicles, simplifying the technology for affluent but inexperienced off-road drivers. But the foreign-made rivals in the British company’s rearview mirror have grown closer than they might appear. Jaguar Land Rover Automotive Plc asked a US trade agency to block ...

Bloomberg Italy’s government sought parliamentary approval for 8 billion euros ($9.5 billion) of extra deficit this year, as Prime Minister Giuseppe Conte battles to shield the fragile economy from a coronavirus resurgence. A cabinet meeting chaired by Conte approved the request to parliament, according to a statement by the premier’s office. The government also signed off on a third package ...

Bloomberg The US and Taiwan signed a pact to establish annual economic talks for five years despite objections by China to Washington’s support for Taipei. The memorandum of understanding was signed after an inaugural round of economic talks in Washington. Future discussions will alternate between the US and Taipei, Brent Christensen, director of the American Institute in Taiwan, said in ...

Bloomberg Trial successes from Pfizer Inc and Moderna Inc have buoyed hopes that a Covid-19 vaccine is coming soon. But much of the world, outside of rich nations like the US, is counting on another company’s shot to escape the crisis. Findings from the final stage of AstraZeneca Plc’s vaccine studies are due to be released shortly, and the stakes ...