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UMM AL QAIWAIN / WAM Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, accompanied by Mohammed Mohammed Saleh, Director-General of the Federal Electricity and Water Authority (FEWA), and several officials, visited the new water desalination plant project in Umm Al Qaiwain, which is the largest of its kind in the region. The new plant covers an area of ...

ABU DHABI / WAM Dr Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises, Deputy Chairman of the Board of Directors at Emirates Development Bank (EDB), asserted that the bank’s new strategy firmly positions it as a driving force in the UAE’s development. Commenting on the launch of the Emirates Development Bank Strategy, Dr Al ...

Bloomberg China urged Japan to steer clear of “internal issues” including Hong Kong and Xinjiang as Japanese Prime Minister Yoshihide Suga prepares to meet US President Joe Biden later this month. Chinese Foreign Minister Wang Yi told his counterpart Toshimitsu Motegi that he hoped Japan could treat China’s development from an “objective and rational” perspective, rather than be led by ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, approved the Emirates Development Bank (EDB) Strategy to provide a sizeable AED30 billion financial support to businesses and start-ups in a major step to drive the national economy. Launched to support “Operation 300bn”, the EDB Strategy aims to leverage the Bank’s ...

Dubai / WAM Dubai Chamber of Commerce and Industry’s representative offices in Africa organised a webinar in cooperation with Oxford Business Group and the Pan African Chamber of Commerce and Industry, which covered some of the key benefits of doing business in Africa. The virtual event, attended by 163 participants from the UAE and Africa, aimed to familiarise UAE companies ...

DUBAI / WAM Dubai Mercantile Exchange (DME) on Monday announced the launch of Alternative Crude Ecosystem (ACE) — a new bilateral trading platform to enable participants to trade multiple crude grades through the exchange. DME, which is based in Dubai International Financial Centre (DIFC), will make the platform available for all participants and will offer traders the opportunity to trade ...

Abu Dhabi / WAM Shareholders of Abu Dhabi Islamic Bank (ADIB) have approved the distribution of a cash dividend of AED20.58 fils per share, representing 46.6 percent of net profits for the fiscal year ending December 31, 2020, as well as the Board of Directors Report, the Auditors Report and Financial Statements for the year. In its 2020 annual report, ...

Bloomberg Pioneer Natural Resources Co is buying DoublePoint Energy LLC in a deal valued at $6.4 billion, less than three months after completing its purchase of fellow shale driller Parsley Energy Inc. as it expands in the US Permian Basin. The deal is comprised of approximately 27.2 million shares of Pioneer common stock, $1 billion of cash and assumption of ...

Bloomberg The Philippines warned Beijing it would face a barrage of diplomatic protests if Chinese vessels believed to be part of a “maritime militia” do not leave disputed South China Sea areas, escalating the spat between the two nations. “For every day of delay, the Republic of the Philippines will lodge a diplomatic protest,” the Department of Foreign Affairs said ...

Bloomberg The US is pressing ahead with plans to hit six nations that tax internet-based companies with retaliatory tariffs that could total almost $1 billion annually. Goods entering the US — ranging from Austrian grand pianos and British merry-go-rounds to Italian anchovies — could face tariffs of as much as 25% annually, documents published by the US Trade Representative (USTR) ...