Dubai / WAM HH Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, and President of the Dubai Electricity and Water Authority (Dewa), unveiled the world’s first thermodynamic Digital Twin Gas Turbine Intelligent Controller, which uses Artificial Intelligence (AI), and machine learning, co-developed by the Dewa and Siemens. HH Sheikh Hamdan unveiled the GT Controller ...

ABU DHABI / WAM Mubadala Capital on Monday announced the launch of its first Mena-focused tech investment funds. With a total of $250 million, the Mubadala Mena tech funds will capitalise on the growing startup scene in the region while empowering tech talent in the Emirates and across the wider region. According to a press release issued by Mubadala on ...

Dubai / WAM Enoc Group unveiled record cumulative savings of AED71.4 million from innovative energy efficiency measures implemented across the Group over the last five years. The results and findings were published in the Group’s third edition of the Energy and Efficiency Report, which was launched at Water, Energy, Technology, and Environment Exhibition (Wetex 2019), said an Enoc press release ...

KIGALI / WAM Global trade enabler DP World inaugurated its Kigali Logistics Platform in the presence of President Paul Kagame of Rwanda, and DP World Chairman and CEO, Sultan Ahmed bin Sulayem. The facility, which has been operational since September 2018 in test mode, has an annual capacity of 50,000 TEUs. When operating at full capacity, it has the potential ...

Bloomberg Oil fell again after a weekly loss amid ongoing concern that a fragile economic outlook will continue to weigh on fuel demand. Futures declined 0.6% in New York after dropping 1.7% last week. Policy makers in China, the world’s second-biggest oil consumer, are preparing for two key meetings with fresh evidence that economic growth will slip further from its ...

Bloomberg China is seeking $2.4 billion in trade countermeasures against the US in a seven-year-old case it lodged with the World Trade Organisation (WTO). In a document published on the WTO’s website on Monday, China requested that the Geneva-based trade arbiter discuss the matter at its next meeting of its dispute settlement body on October 28. “In response to the ...

Bloomberg UBS Group AG is cutting about 40 jobs in the Asia-Pacific region as part of a global push to trim costs and combine its trading units, according to a person familiar with the matter. The staff reductions are roughly split between UBS’s markets and investment-banking teams, with a majority at the level of vice president or below, the person ...

Bloomberg JPMorgan Chase & Co says the money-market stress that sent short-term borrowing rates surging last month is likely to get much worse despite the Federal Reserve’s attempts to inject billions of dollars into the financial system. The Fed has offered overnight loans and started buying up to $60 billion of US Treasury bills a month in an effort to ...

Bloomberg The head of Facebook Inc’s Libra project said that it could use cryptocurrencies based on national currencies like the dollar, rather than the synthetic one it initially proposed, Reuters reported. David Marcus, who oversees the Libra initiative for Facebook, told a banking seminar hosted by the Group of 30 in Washington that Facebook is open to looking at alternative ...

Bloomberg Oversea-Chinese Banking Corp (OCBC) aims to expand its lending to environmentally-friendly projects after this year building the biggest exposure to green loans among its Southeast Asian peers. The bank has built a team of five to focus on sustainable financing after foraying into green loans last year and is looking to add bankers, said Mike Ng, the Singapore bank’s ...