DUBAI / WAM The Dubai Land Department (DLD), on Tuesday, announced a 134 percent increase in real estate transactions following the creation of the emirate’s new Higher Committee of Real Estate on September 2, which aims to avoid the duplication of projects in the sector and achieve a more sustainable balance between supply and demand. The committee was established by …

Bloomberg Incoming European Central Bank President Christine Lagarde said the global economy is likely to dodge an outright contraction, though the trade tensions remain the top threat to the growth outlook. “It is not in the baseline to have a recession,” Lagarde said in a Bloomberg Television interview on Tuesday. “That said, it’s mediocre growth, it’s at risk because of …

Bloomberg Saudi Arabia will waive the fees it requires industrial companies to pay for their foreign workers for a period of five years, lightening a burden on the private sector. Since January 2018, businesses have been required to pay fees for foreign workers they employ, part of the government’s strategy to raise non-oil revenue. In February, King Salman approved a …

DUBAI / WAM UAE entities are expected to invest up to $7 billion in India’s food sector in the next three years as part of the UAE-India food corridor project that aims to secure the UAE’s food security, an Indian minister told Emirates News Agency (WAM). These entities, coordinated by Dubai-based Emaar Group, plan to invest up to $5 billion …

Dubai / WAM In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Law No. (6) of 2019 pertaining to the joint ownership of real estate in Dubai. The new law applies to all major real estate development projects and jointly owned properties in Dubai, including …

Bloomberg Sudan’s newly appointed oil minister urged international energy companies to speed up efforts to find and develop deposits in a country struggling to recover from US sanctions and a plunge in petroleum revenue. Officials from Schlumberger Ltd., an oilfield services company based in Houston, met with Oil and Mining Minister Adel Ali Ibrahim and expressed a readiness to resume …

Bloomberg Kenya is expanding its solar power, building two utility-scale projects that will supply green electricity to about 300,000 of the nation’s homes. The Radiant and Eldosol solar plants with a combined capacity of 80 megawatts will cost $147 million, the European Investment Bank said. The European trade bloc’s lender is co-funding the plants with Dutch bank Nederlandse FMO NV, …

Bloomberg China isn’t in a rush to add massive monetary stimulus, in contrast with other central banks around the world, and must maintain a prudent policy stance, central bank Governor Yi Gang said. Overall financial risks are contained and those in the shadow banking sector and some key institutions have been resolved, said Yi, speaking at a joint briefing in …

Bloomberg Job cuts announced by banks this year are approaching 60,000, almost all of them in Europe, where negative interest rates and a slowing economy prompt lenders including Germany’s Commerzbank AG to step up cost reductions. Commerzbank said it plans to eliminate 4,300 positions, deepening a restructuring that started three years ago. That brings the total disclosed this year to …

Bloomberg Goldman Sachs Group Inc’s most senior female banker is getting a promotion as Chief Executive Officer David Solomon continues reshaping leadership teams across the firm ahead of his first anniversary in the top job. Alison Mass, who has been responsible for cultivating the bank’s relationships with top buyout shops and multinational firms, was named chairman of the investment-banking division, …