ABU DHABI / WAM The number US companies’ foreign branches operating in the UAE grew by around six percent from 2016 to 2018, reflecting the Emirates’ leading position as a centre of regional trade and economic activities. According to statistics from the Ministry of Economy, this number grew from 270 branches in 2016 to 286 by the end of 2018. ...

DUBAI / Emirates Business Dubai Airport Freezone Authority (Dafza) on Wednesday announced that it contributed 12% of Dubai’s AED 1.02 trillion foreign trade in the first nine months of 2019. The results highlight the success of Dafza’s strategic projects that have played a role in supporting Dubai’s economic growth and enhancing its GDP. Dafza’s operational performance supported the increase in ...

DUBAI / WAM The UAE has so far invested AED1 trillion ($270 billion) in airport infrastructure development projects highlighted the General Civil Aviation Authority’s Director-General. In a statement released by the UAE aviation authority, Saif Mohammed Al Suwaidi said such investments span development projects across the country and a fleet of 884 commercial aircraft. The aviation sector is experiencing significant ...

ABU DHABI / WAM The Ministry of Foreign Affairs and International Cooperation said it was closely following regional developments, and reaffirmed the importance of de-escalating current tensions. In a statement issued on Wednesday, the ministry stressed the importance of dialogue and political solutions in the current situation. It also confirmed that recent developments will not affect citizens, residents or visitors ...

Abu Dhabi / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, have officially launched the ‘Seven Lines’ logo as the UAE Nation Brand. The ...

Bloomberg Outgoing Bank of England (BOE) governor Mark Carney said central banks globally are getting close to running out of tools should they need to tackle another serious economic downturn. “It’s generally true that there’s much less ammunition for all the major central banks than they previously had, and I’m of the opinion that this situation will persist for some ...

Bloomberg Credit Suisse Group AG appointed managing director Jonathon Kaufman as the head of its new global infrastructure, utility and renewables group. “Infrastructure was the fastest-growing asset class in 2019, raising over $90 billion, and continues to be of strategic importance,” investment-banking chief David Miller, and Malcolm Price, who oversees the new group as well as financial sponsors and leveraged ...

Bloomberg Tencent Holdings Ltd and China UnionPay Co will soon unify the mobile codes that consumers scan to pay for purchases, granting the Chinese central bank-backed network a bigger foothold in a $27 trillion payments arena. Tencent and UnionPay have agreed to integrate their QR code systems, allowing their respective customers to transfer or spend money using the same smartphone ...

Bloomberg A group of Barclays Plc shareholders have filed what they say is the first climate change resolution at a European bank, taking aim at the lender’s support of fossil fuels. Eleven institutional investors and more than 100 individuals urged Barclays to say how it will phase out financing energy firms that don’t align with the Paris Agreement climate goals, ...

Bloomberg Thailand’s trade surplus with the US exceeded $20 billion, raising the chances it will be added to the US Treasury’s watchlist of currency manipulators. The surplus reached $20.05 billion in the 12 months through November, according to US Census Bureau data released in Washington. That exceeds the $20 billion limit the US Treasury has set for bilateral goods trade ...