Bloomberg Oil posted its biggest monthly advance on record, just a few weeks after prices made a dramatic plunge below zero. Crude surged about 88% in May, with US futures rising above $35 a barrel for the first time since March, driven by massive supply curbs by producers across the world. Still, prices are well below levels at the start ...

Abu Dhabi / WAM The central bank of the UAE (CBUAE) issued its guidance to financial institutions on the application of International Financial Reporting Standard 9 (IFRS 9). The guidance has been issued after a consultation with stakeholders in the financial sector. The objective of IFRS9 guidance is to ensure that credit losses resulting from the consequences of Covid-19 pandemic ...

ABU DHABI-BERLIN / WAM As part of ongoing efforts to elevate UAE-German ties, Dr Sultan bin Ahmed Al Jaber, Minister of State and UAE’s Special Envoy to Germany, conducted a virtual visit to Berlin. During the virtual visit, Dr Sultan Al Jaber met with a number of German officials and parliamentarians, including Niels Annen, Minister of State at the German ...

Dubai / WAM Dubai’s Roads and Transport Authority (RTA) announced the completion of all construction works in Roads and Bridges leading to Dubai Hills Mall project. The project comprises of 13 bridges extending 3700 metres in length and 11-22 metres in width, with a combined capacity of 23,500 vehicles per hour. RTA will open a main bridge on Umm Suqeim ...

ABU DHABI / WAM The Ministry of Finance (MoF) issued three new decisions for federal entities across the UAE, as part of its remit to revise and reduce federal fees. These decisions are: Cabinet Resolution No. (36) of 2020 on registering suppliers in the Federal Supplier Register, Cabinet Resolution No. (37) of 2020 on amending certain provisions of Cabinet Resolution ...

Dubai / WAM The Dubai Future Foundation (DFF) has released its latest report titled “Life After Covid-19: Retail” which showcases online retailers and e-commerce platforms experiencing dramatic growth as consumers avoid shopping malls in response to Covid-19. The report, launched within the Foundation’s “Life after Covid-19.” series and includes eight reports to date, and tackles the different challenges and opportunities ...

Abu Dhabi / WAM Her Highness Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union (GWU) President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation (FDF) praised the contributions made by women to peacekeeping operations around the world. This came in a statement she made to mark the International Day of ...

AJMAN / WAM More businesses will be allowed to resume economic activities from Sunday, May 31, under “Guidelines and Protocols for Reopening of Economic Activities”, the Department of Economic Development in Ajman (DED-Ajman) announced. Cinemas, gyms, fitness clubs, children’s saloons as well as valet parking and car washing service will receives customers at 50 percent of their total capacity with ...

Sharjah / Emirates Business Doubling its member base to 2,246 in just a span of five years, the Sharjah Business Women Council (SBWC), an affiliate of Nama Women Advancement Establishment, has charted an impressive story of development and growth, achieving major milestones in recent years. Staying true to its vision of creating a nurturing and stimulating environment for businesswomen and ...

ABU DHABI / WAM The United Arab Emirates sent an aid plane containing 11 metric tons of medical supplies to Sudan to bolster the country’s efforts to curb the spread of Covid-19. The aid will assist approximately 11,000 medical professionals as they work to contain virus. Commenting on aid delivery, Hamad Mohammed Humaid Al Jneibi, UAE Ambassador to Sudan, stated: ...