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SHARJAH / WAM Sharjah Islamic Bank (SIB) has won the ‘Best Islamic Bank’ and the ‘Most Innovative Digital Bank’ award 2020, at the 8th International Finance Award (IFA) which highlights the achievements of all banks providing outstanding services across areas of innovation, infrastructure development and customer focus. The winners will be honoured during a ceremony due to be held early ...

DUBAI / WAM The Dubai International Financial Centre (DIFC) Courts has launched a new Arbitration Working Group, the first court in the region to introduce such an initiative. The panel of experts will be tasked with reinforcing and sharing developments and best-practices, encompassing an advisory team of arbitration professionals, bodies, centres, educational institutions, and industry-related organisations. Since its inception, the ...

Bloomberg President Donald Trump remains in a US military hospital outside Washington after contracting the coronavirus, a development that unnerved the White House and shook his struggling re-election campaign. The White House said his symptoms were mild and that he would continue to work from a suite at the Walter Reed National Military Medical Center in Maryland, but his hospitalisation ...

Abu Dhabi / WAM Adnoc Distribution announced the approval of an interim dividend payment to its shareholders for the first six months of 2020 of AED1.285 billion (10.285 fils per share), equivalent to $350 million. This is the first payment in what is expected to be a full-year 2020 dividend payment of AED2.57 billion (AED20.57 fils per share), reflecting a ...

Dubai / WAM Drydocks World held a steel-cutting ceremony to mark the start of production on Jotun FPSO Fabrication of Turntable Project for Bluewater Energy Services B.V. for end client, Var Energi. According to Drydocks, this Turntable is part of a Turret Mooring System for the Jotun A Floating, Production, Storage and Offloading vessel to be permanently moored and operated ...

ABU DHABI / WAM Spending on six sectors listed in the General Consumer Price Index (CPI) which aims to track consumer price movements in the UAE, witnessed a surge in August 2020 compared to July 2020, according to recent statistics issued by the Federal Competitiveness and Statistics Authority (FCSA). During the same reporting period, spending on six other sectors included ...

Dubai / WAM Enoc Group has announced a record 97 million kWh in power savings since 2014, which is the equivalent of energy needed to power 8,600 houses per year, as a result of implementing a series of energy and resource management initiatives. Since 2014, the group has also recorded significant 230,000 tonnes reductions in carbon dioxide (CO2) emissions; as ...

Bloomberg Octopus Energy, the UK green power provider, bought US startup Evolve Energy as part of a $100 million push into the American market. The company hopes to attract millions of customers as it gets a foothold in the Texas market. It’s the latest step in Octopus’s plan to expand globally, driving down consumer prices with low-cost renewable power. Evolve ...

Bloomberg China Evergrande Group’s stock and local bonds soared after the developer took a major step towards avoiding a cash crunch that had threatened to roil the nation’s $50 trillion financial system and reverberate across global markets. After a turbulent few days during which banks, bondholders and senior government officials became increasingly alarmed about Evergrande’s financial health, the world’s most ...

Bloomberg General Atlantic will invest 36.8 billion rupees ($498 million) in billionaire Mukesh Ambani’s retail venture as Asia’s richest man continues to garner funds after securing more than $20 billion for his digital services unit earlier this year. The private equity firm will hold a 0.84% stake in Reliance Retail Ventures Ltd, according to an exchange filing on Wednesday, giving ...