DUBAI / WAM Dubai’s non-oil foreign trade strongly rebounded from the challenges posed by the global economic repercussions of Covid-19 and the suspension of business activity by countries across the world in the first half of last year to record high growth in 2020. Boosted by its resilience to global headwinds, as well as its rapid economic recovery and revitalised ...

ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a Federal Decree restructuring the Board of Directors of Central Bank of the UAE (CBUAE) under the chairmanship of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs. Pursuant to the Decree, the Board of Directors of the CBUAE ...

DHAHRAN / WAM Aramco has signed a deal with a consortium led by EIG Global Energy Partners (EIG), one of the world’s leading energy infrastructure investors, to optimise its assets through a lease-and-lease-back agreement involving its stabilised crude oil pipeline network. Upon closing, Aramco will receive upfront proceeds of around $12.4 billion, further strengthening its balance sheet through one of ...

ABU DHABI / WAM The consortium led by Masdar and EDF Renewables, both global leaders in renewable energy, and Nesma Company, announced on Saturday it has reached financial close on a 300-megawatt (MW) utility-scale photovoltaic (PV) solar power plant in Jeddah and is starting construction. The Renewable Energy Project Development Office (REPDO) of Saudi Arabia’s Ministry of Energy awarded the ...

ABU DHABI / WAM The UAE tourism sector performed outstandingly in 2020 despite the impact of the Covid-19 pandemic, revealed by the Ministry of Economy, noting that the sector was among the least affected and fastest to recover around the world. The UAE recorded a 54.7 percent hotel occupancy rate in 2020 — the second highest in the world behind ...

Bloomberg Boeing Co will need to inspect hundreds of undelivered 737 Max jets for a potential flaw in their electrical power systems, said people familiar with the matter. About 450 Max planes built since early 2019 could potentially require repairs, a total that includes about 90 aircraft in commercial operation, said the people, who asked not to be named because ...

Abu Dhabi / WAM The UAE tourism sector performed outstandingly in 2020 despite the impact of the Covid-19 pandemic, revealed by the Ministry of Economy, noting that the sector was among the least affected and fastest to recover around the world. The UAE recorded a 54.7 percent hotel occupancy rate in 2020 – the second highest in the world behind ...

Mohammed Jalal Al Rayssi Director-General of WAM Abu Dhabi / WAM With the announcement of the selection of the second batch of Emirati astronauts, the UAE is rewriting the scientific history of the Arab region and proving that its entry into the space sector was not a coincidence or some type of propaganda. In a new step that translates to ...

Sharjah / WAM The Sharjah Book Authority (SBA) announced that 12th Sharjah Children’s Reading Festival (SCRF) will be held from May 19 – 29 at Expo Centre Sharjah, in strict adherence to all Covid-19 measures recommended by the UAE health authorities to ensure the safety of participants and visitors. Entitled, ‘For your imagination’, the globally renowned 11-day event will showcase ...

Sharjah / WAM The Federal Tax Authority (FTA) and Sharjah Economic Development Department (SEDD) organised the second virtual tax workshop for investors in the industrial sector. This workshop dealt with the country’s legislation and tax procedures, with the aim of overcoming obstacles that investors may face to provide support to companies and factories operating in the emirate. Also, it highlighted ...