Dubai / WAM Following up on the agreement signed last month, the Dubai Municipality9 (DM) supplied 700 Dubai Lamps to the Roads and Transport Authority (RTA). With the aim of promoting Dubai Lamp, the municipality had signed several agreements with a number of government and private organisations, as well as strategic partners including the RTA. This is the first batch ...

Bloomberg Shale explorers pushing to expand oil production are struggling to find enough fracking crews after thousands of workers were dismissed during the crude rout. Independent US drillers underspent their first-quarter budgets by as much as $2.5 billion collectively, largely because they couldn’t find enough fracking crews to handle all the planned work, according to Infill Thinking LLC, a research ...

Bloomberg Saudi Arabia’s sovereign wealth fund set up a defense company to help reduce the kingdom’s reliance on foreign purchases and to diversify the economy away from oil ahead of a visit by US President Donald Trump. The Saudi Arabian Military Industries, or SAMI, will manufacture products and provide maintenance services across units, including air and land systems, weapons and ...

Bloomberg Iraq is on track for what may be the country’s highest monthly crude exports even as the Middle East nation supports moves to extend OPEC-led production cuts aimed at trimming bloated global inventories. Vessels hauling 62 million barrels of the nation’s crude departed ports in the Persian Gulf and Mediterranean Sea in the first half of May, according to ...

Bloomberg Algeria, the African oil producer that was instrumental in crafting OPEC’s historic output deal last year, said most participating nations back a nine-month extension of the cuts. “Most of the countries support the proposition of Russia and Saudi Arabia to extend,” Algerian Energy Minister Noureddine Boutarfa said in Moscow after talks with his Russian counterpart, Alexander Novak. Algeria also ...

Bloomberg Brazilian equities plunged 10 percent before being halted as political crisis gripped the nation. Losses in US stocks were muted and the dollar rose for the first time in seven days as investors assessed the turmoil in Washington. The S&P 500 Index retreated 0.2 percent, with fresh revelations about undisclosed contacts between Donald Trump’s campaign and the Kremlin adding ...

Reuters Stock markets in the Middle East most exposed to foreign fund flows followed glo- bal shares lower on Thursday, while the Saudi Arabian index, dominated by local investors, outperformed the region for the day and the week. Dubai’s index lost 0.5 percent as most shares that are constituents of the MSCI emerging market index dropped. DXB Entertainments slumped 4.3 ...

Abu Dhabi / Emirates Business The UAE participated in the first trade and investment dialogue between the Gulf Cooperation Council (GCC) and the European Union (EU), which concluded at the headquarters of the Council’s General Secretariat at the Saudi Capital of Riyadh. The Ministry of Economy organized the UAE delegation which was headed by Mohammed Nasser Hamdan Al Zaabi, Director ...

Dubai / WAM Dubai Business Events (DBE), the city’s official convention bureau and a division of Dubai Corporation for Tourism and Commerce Marketing, has been showcasing Dubai’s dynamic business events offering at IMEX, which has been taking place this week in Frankfurt. DBE has brought a total of 27 stakeholders and partners to the global events industry exhibition, which has ...

Dubai / Emirates Business Smart Dubai has won three awards at the annual Government ICT Achievements Awards, organised recently by .Gov magazine – an ITP publication – at The Grosvenor House hotel in Dubai Marina. Attended by more than 200 government official and ICT experts, the event sheds light on the progress and achievements of governments across the GCC in ...