Sharjah / WAM Sharjah Asset Management (SAM), the investment arm of the Government of Sharjah, and Apleona (formerly Bilfinger Facility Management and Building Services), today signed a joint venture agreement for a new world class facilities management company. The joint venture, facilitated by Waleed Al Sayegh, CEO of SAM, and Dr. Gert Riegel, COO of Apleona Facility Management, Frankfurt, is …

  Dubai / WAM The United Kingdom-based fDi magazine has recognised Jebel Ali Free Zone (Jafza), Dubai, the flagship trade and logistics hub of the United Arab Emirates (UAE), for the wider Middle East region and Africa, as ‘Free Zone of the Year’ in three categories. Among the awards, Jafza won was ‘Free Zone of the Year, Large Tenant, and Middle …

  Abu Dhabi / Emirates Business HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs, headed the Arab Group at the International Monetary and Financial Committee (IMFC) meetings and the Arab Group’s coordination meetings. The meetings took place alongside the 34th annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Washington DC. …

  Dubai / WAM The Energy Demand Side Management Executive Committee of the Dubai Supreme Council of Energy has been advised that savings in energy are expected to be about 5 percent and in water around 3.5 percent by the end of this year. The meeting was also told that savings achieved during 2015, and over the last 5 years, have …

  Dubai / WAM The Emirates Foundation launched the first nationwide Kafa’at Internship Fair, 2016, to connect Emiratis with top employers across the UAE and opening up a variety of internship opportunities that align with their career ambitions. Under the patronage of Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Chairman of Emirates Foundation, and …

  Bloomberg The oil-price could recover to $60 a barrel by the end of 2016, said Saudi Arabia’s Energy Minister, just weeks after agreeing to cut supply for the first time in eight years. The world’s largest crude exporter will work with other producers to determine output caps and is “optimistic” about reaching a deal by the end of November, …

  Bloomberg OPEC’s first deal to cut output in eight years has spurred a running of the oil bulls. Prices surged, breaching $50 a barrel, since the Organization of Petroleum Exporting Countries agreed to the cut on Sept. 28 in Algiers. The group, which pumped at a record in September, will decide on quotas for its members at an official …

  DUBAI/ Reuters Kuwait has delayed a sovereign bond issue of up to $10 billion until next year after deciding it is in no rush to raise funds overseas, bankers familiar with Kuwaiti debt policy said. Finance Minister Anas al-Saleh said in July the government planned to sell as much as $10 billion of U.S. dollar-denominated conventional and Islamic bonds …

  Doha / Reuters Qatari banks Masraf Al Rayan and Doha Bank plan to launch the Gulf state’s first exchange-traded funds (ETFs) by the end of 2016, a move that should boost capital flows into the local stock market, a bourse official said. The launch of ETFs – portfolios of stocks that track an index – could boost a market …

  Bloomberg Some of Europe’s largest utilities are choosing to finance renewable energy projects alone instead of involving banks, leading to an unexpected gain in cash flowing into the industry that’s struggling to cope with subsidy cuts. Investment in clean energy in Europe, rose 2 percent to $41.2 billion in the first nine months of this year compared with the …