ABU DHABI / WAM The Supreme Petroleum Council (SPC) announced on Sunday the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in the Emirate of Abu Dhabi. The announcements were made following the SPC meeting presided over by His Highness ...

ABU DHABI / WAM The Department of Culture and Tourism Abu Dhabi has announced significant increase in revenues from tourism activity in the capital in the third quarter of 2020. Findings from its quarterly industry development committee meeting revealed promising signs of sector recovery, as well as a glimpse into future projects and plans to boost tourism in the emirate. ...

ABU DHABI / WAM Mubadala Investment Company on Sunday announced that it has officially become a member of the One Planet Sovereign Wealth Funds (OPSWF) initiative, an international coalition of SWFs established to integrate climate change considerations into their decision making and support global climate action. Through the new membership, Mubadala will leverage its scale and global presence to drive ...

Abu Dhabi / WAM The General Authority for Regulating the Telecommunications Sector (TRA) announced that official portal of the UAE Government (U.AE) has hit a new record in its number of users, reaching nearly the 10 million mark during the period from January to October of this year, an 50.73% increase over 2019, where the number of users in the ...

Bloomberg The itch is back for Paul Mead. After almost a decade investing in vineyards and startups in his native New Zealand, the former Barclays Plc and Enron Corp trader wants to return to the power market. What’s luring Mead is the realisation that efforts to slow global warming through renewable energy and electrification are creating new ways to make ...

Bloomberg General Electric Co and a Vietnamese company signed a memorandum of understanding to develop an LNG power plant near Ho Chi Minh City. The signing between GE and EVN Genco3 took place during an event with President Donald Trump’s National Security Adviser Robert O’Brien in Hanoi. O’Brien, in Vietnam for a visit which includes meetings with government officials and ...

As President Donald Trump tries to end America’s longest war, he has settled on a compromise. Instead of withdrawing all US troops from Afghanistan by Christmas, as he boasted in a tweet in October, he will be leaving behind a small counterterrorism force. It’s tempting to view the development with a sense of relief. A full withdrawal from Afghanistan, or ...

Covid-19 is surging — but, finally, the light at the end of the tunnel is visible. Preliminary test results indicate that vaccines being developed by Pfizer Inc. and Moderna Inc. are more effective than many dared to hope. Treatment protocols have improved and new therapies are available. The mortality rate from the virus is dropping. Medical developments aren’t the only ...

The discovery of two seemingly effective vaccines has raised hopes that the world will soon return to normal. For Europe’s banking system, however, this may not be an easy transition. Bankers are bracing themselves for a big increase in non-performing loans after this year’s deep recession. From Italy to Greece, the frailest lenders are already under strain. Regulators eased the ...

In wealthy Western countries with lots of older people, the coronavirus that causes Covid-19 has killed roughly 1% of those infected with it, meaning 99% survive. Meanwhile, two new vaccines have so far been found to be about 95% effective in preventing symptoms of the disease. Lots of people seem to have trouble thinking through percentages like these. While I ...