DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, in the presence of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai and Chairman of the Dubai Creative Clusters Authority, launched Dubai Food Park, the latest addition to Dubai Wholesale City, which …

Bloomberg Abu Dhabi National Oil Co. (ADNOC) is planning an initial public offering of its service stations unit and may seek a value of as much as $14 billion, according to people familiar with the matter. The company, may appoint investment banks for the share sale, likely to be on the Abu Dhabi stock exchange, as early as this week, …

Paris / WAM After two years of unprecedented decline, global upstream oil and gas investment is expected to stabilise in 2017, according to a report issued by the International Energy Agency, (IEA). However, an upswing in US shale spending contrasts with stagnation in the rest of the world, signalling a two-speed oil market. At the same time, the oil and …

Abu Dhabi / WAM The UAE equity markets booked decent gains at the close of Tuesday’s session driven by selective purchases targeting banking and property shares and low price stocks below one dirham. The Dubai Financial Market General Index grew 0.64 percent to reach 3439 points, with Abu Dhabi Securities Exchange General Index closing 0.24% higher than Monday, at 4,408 …

SAN DIEGO / WAM The Abu Dhabi Urban Planning Council (UPC), won a prestigious international award for its innovative use of Geographic Information System (GIS), mapping technology. The award took place during the 2017 Esri User Conference, which will run until July 14, organised by the International Environmental Systems Research Institute in San Diego, California. The UPC’s award-winning internal web …

Bloomberg India’s top diplomat called for a de-escalation of tensions with China, saying ties between the countries were too intertwined to let a renewed border spat cause lasting damage. “India and China must not allow differences to become disputes,” Foreign Secretary S. Jaishankar, who served as India’s Ambassador to China from 2009 to 2013, said in a speech on Tuesday …

Bloomberg Unpopular policies and a slew of scandals triggered a slide in public support for Japanese Prime Minister Shinzo Abe that led to a heavy election defeat. That was in 2007, when he abruptly resigned after losing the upper house of parliament, citing health issues. Ten years on, his situation looks uncomfortably familiar. Abe returned to Tokyo on Tuesday from …

Bloomberg Pakistani Prime Minister Nawaz Sharif may face trial after a high-level inquiry found he was unable to account for the disparity between his wealth and his known sources of income, plunging the country deeper into political crisis just months before elections. The Supreme Court is due to review the findings and will convene a hearing into the allegations on …

Bloomberg South Korea has disputed North Korea’s claim to have an intercontinental ballistic missile that can strike the US mainland, saying Kim Jong Un’s regime may not yet have re-entry capability for such projectiles. The re-entry feature of North Korea’s missile program is not established, said Yi Wan-young, a South Korean lawmaker who was briefed by National Intelligence Service chief …

TIKRIT / Reuters IS has captured most of a village south of Mosul despite losing control of its stronghold in the city, an Iraqi army officer and residents said, deploying guerrilla-style tactics as its self-proclaimed caliphate crumbles. Prime Minister Haider al-Abadi declared victory over IS in Mosul on Monday, marking the biggest defeat for the hardline Sunni group since its …