Bloomberg Home Depot Inc. saw sales surge in the wake of this year’s barrage of hurricanes, but the storms still took a toll on the Atlanta-based retailer’s bottom line. Even as cleanup and rebuilding efforts helped the chain’s sales top analysts’ estimates, expenses related to the storms reduced operating profit by $51 million. Customers stocked up on less profitable plywood …
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ABU DHABI / WAM Baroness Rona Fairhead, UK Minister of State for Trade and Export Promotion at the Department for International Trade (DIT) told Emirates News Agency (WAM) that the UAE is to invest 1.5 billion Pounds (AED7.5billion) in the UK in areas of renewable energy. “Brexit will help the UK pursue a more open economic policy. We are accelerating …
Read More »ABU DHABI / WAM The Abu Dhabi National Oil Company (ADNOC) announced a significant investment to upgr-ade its Bab field, re-energising one of its largest onshore producing assets to sustain and enhance output. This is an important step towards delivery of the ADNOC group’s 2030 smart growth strategy that seeks to increase its crude oil production capacity and reduce cost, …
Read More »DUBAI / WAM Aviation District, the integrated aerospace ecosystem within Dubai South, has added another phase, a Suppliers Complex, to the development of its world leading ‘Aerospace Supply Chain’, offering maintenance and manufacturing solutions to meet all the practical aspects of the aviation and aerospace industries. The Dubai South Aerospace Supply Chain is a landside free zone development of multi-purpose …
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ABU DHABI / WAM The latest edition of the OPEC World Oil Outlook predicts oil will remain the world’s largest source of energy over the next two decades, despite the increasing importance of renewables. Released in an exclusive briefing to senior industry executives at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), the latest edition of the World Oil …
Read More »ABU DHABI / WAM Abu Dhabi Ship Building (ADSB) announced that it has expanded its services portfolio to the oil and gas industry. This is the company’s first foray outside of the naval, marine and defence sector, as it opens up to opportunities beyond its traditional industries of focus. Marking its business success and new direction, the company also revealed …
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DUBAI / WAM Dubai International Financial Centre (DIFC) announced the launch of a $100 million FinTech-focussed fund to accelerate the development of financial technology by investing in start-ups from incubation through to growth stage, in the presence of HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and President of DIFC. The fund was announced during …
Read More »DUBAI / Reuters The United Arab Emirates’ military said on Tuesday it was buying laser guided bombs from US missile maker Raytheon Co. in a deal worth AED2.5 billion ($684.4 million). The GBU-10 and GBU-12 Paveway laser guided bomb kits were the largest part of AED3.34 billion in deals announced by the US ally at the Dubai Airshow. The UAE …
Read More »ABU DHABI / Emirates Business Mubadala announced plans for its Aerospace, Renewables & ICT platform to invest a further AED82.5mn in Research and Development (R&D) over the next five years. The funding will be used to accelerate several innovative technology development projects that focus on differentiating concepts from the Fourth Industrial Revolution, including 3D printing, digital manufacturing and advanced materials. …
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Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received Bidhya Devi Bhandari, President of Nepal, who is currently visiting the country to attend the international health forum, ‘Reaching the Last Mile – Mobilising Together to Eliminate Infectious Disease’, which begins on Wednesday …
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