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FedEx Express breaks ground on new MEISA hub at Dubai South

  DUBAI / WAM FedEx Express, a subsidiary of FedEx Corp and the world’s largest express transportation company, broke ground on Wednesday on its new regional air and ground hub for the Middle East, Indian Subcontinent and Africa (MEISA) region at Dubai South Logistics District. The ceremony was attended by executives from Dubai South and FedEx Express. With a completion ...

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Arada awards two contracts valued AED118m at Masaar

  SHARJAH / WAM Arada has announced the award of two contracts together valued at AED118 million at Masaar, the AED8 billion forested megaproject located in the Suyoh district of Sharjah. Both contracts will develop the infrastructure and landscape for two areas of Masaar; the central precinct around the Masaar Experience Centre, which will host several visitor attractions, and the ...

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Dewa implements green hydrogen towards diversifying energy sources

  DUBAI / WAM Today, the world is witnessing an increasing demand to invest in clean and renewable energy sources, which will change the global energy scene in the next few years using environmentally friendly and relatively low-cost energy sources. In line with this global trend, green hydrogen for power generation and supporting development in several vital sectors is increasing. ...

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UAE announces $5 million in humanitarian aid for Ukraine

ABU DHABI / WAM The United Arab Emirates has announced $5 million in humanitarian assistance to benefit civilians impacted by the situation in Ukraine. The contribution is made to the United Nations’ Humanitarian Flash Appeal and the Regional Refugee Response Plan for Ukraine and is a reflection of the UAE’s emphasis on humanitarian solidarity in conflict settings. The UAE has ...

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Abu Dhabi, Israel explore potential partnership, growth prospects

ABU DHABI / WAM Abu Dhabi Global Market (ADGM), the leading international financial centre, on Wednesday hosted a delegation of high-profile business leaders from Israel, as the two countries continue to explore bilateral growth and investments opportunities. The forum was hosted as part of Abu Dhabi’s long-term economic commitment to attract and retain new businesses and investors to its hub, ...

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Yahsat revenue reaches AED452.7m in 2021

  ABU DHABI / WAM Al Yah Satellite Communications Company, the UAE’s flagship satellite solutions provider, has announced its financial results for the 12 months period ended on December 31, 2021. It reported revenues of AED452.7 million [$123.3 million], exceeding the prior year by 7.9 percent, leading to full-year revenue of just under AED1.50 billion [$408 million], marginally up year-on-year. ...

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Petronas returns to profit on oil, plans clean energy unit

  Bloomberg Malaysia’s state oil company Petroliam Nasional Bhd. swung to profit in the final three months of 2021, due to a smaller impairment loss, higher earnings and elevated crude oil prices. Petronas posted net income of 13.4 billion ringgit ($3.2 billion) in the December quarter, versus a 1.1 billion ringgit loss a year earlier, the company said. Revenue climbed ...

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Russia’s Gazprom is in process of paying its dollar bonds

  Bloomberg Gazprom PJSC, the Russian state-controlled energy giant, is already in the process of settling a $1.3 billion debt due on Monday. The company wired the cash to the settlement bank, which will probably release the funds on March 4, a person familiar with the matter said, declining to be identified because the information is private. Gazprom also has ...

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Putin has unleashed a new age of nuclear proliferation

There are many ways in which Russian President Vladimir Putin has made the world a more dangerous, brutish and frightening place. One is by raising the potential for nuclear Armageddon. Two scenarios stand out. The first involves the short term; the other, the long. In the short term, we’re all hoping his latest nuclear threat is just a bluff. During ...

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