LONDON / WAM UAE-based Petrofac, a leading service provider to the oil and gas production and processing industry, on Monday announced that it has signed a binding letter of intent, for a contract worth around $580 million (AED2.13 billion) with a GCC National Oil Company for the engineering, procurement and construction (EPC) of a major project. Specific details in relation ...

Abu Dhabi / WAM The 2017 cash dividends paid out by 62 companies listed on the Abu Dhabi and Dubai bourses amounted to AED33.161 billion, according to latest official figures. The banking sector continued to have the lion’s share of cash distributions, after 13 out of 18 listed banks pad out around AED18 billion in cash, accounting for 54.3% of ...

Abu Dhabi / WAM The Department of Finance (DoF) has announced that the percentage of all local government entities who have implemented the ‘Abu Dhabi ERP System’ amounted to 93% by the end of January 2018. DoF has also integrated the VAT scheme onto the system, to unify VAT processes across federal entities. As part of the announcement, DoF revealed ...

DUBAI / Emirates Business Startup funding worth more than $1 billion is likely to be raised in the UAE this year, according to Arabnet, an online hub for digital professionals and entrepreneurs to connect and learn, which could push up the start-up sector that gears up for the region’s largest mega start-up event — the three-day AIM Startup that takes ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, said that the UAE has transformed happiness, positivity and quality of life to a practice in every sector, as well as a culture of society. His Highness said during the graduation ceremony of second batch of ‘Chief Happiness ...

Abu Dhabi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a range of federal decrees to ratify bilateral agreements between the UAE and several friendly countries and international bodies and organisations. The agreements that were ratified include agreements with Ecuador, Antigua and Barbuda, Saint Kitts and Nevis, and Cameroon to prevent the avoidance of double ...

Abu Dhabi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a Federal Law on the organisation of Holy Quran memorisation centres. Federal Law No. 1 of 2018, which was published in the last issue of the Federal Official Gazette, aims at organising the centres as part of efforts to bring up future generations who are ...

Cairo / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, met UAE investors delegation participating in the UAE-Egypt Economic Committee’s meetings in Cairo. During the meeting, Sheikh Abdullah affirmed the importance of the UAE investors role in developing economic partnership and boosting joint investments between the UAE and Egypt in light of ...

Dubai / Emirates Business The Dubai Islamic Economy Development Centre (DIEDC) signed a Memorandum of Understanding (MoU) with The State Bank for Foreign Economic Affairs of Turkmenistan (TFEB) to exchange knowledge, experience, and best practices in Islamic economy. The signing ceremony took place during an official high-level Turkmen delegation visit tothe UAE, headed by Gurbanguly Berdimuhamedow, President of Turkmenistan. Sultan ...

Cairo / WAM HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union, President of the Supreme Council for Motherhood and Childhood, and Supreme Chairwoman of the Family Development Foundation, said that the youth are the hope of today and the leaders of the future, and the UAE, under the leadership of President His Highness Sheikh Khalifa bin Zayed ...