Dubai / WAM Attracting participants from five continents and 33 countries, with bidders spanning the whole Middle East, Sotheby’s Dubai inaugural auction took in over three million Dollars this week, with 30 percent of the bids coming from the UAE. Edward Gibbs, Sotheby’s Chairman for Middle East, said, “The strong sale result is testament to the exciting evolution of UAE market ...

Abu Dhabi / WAM Eagle Hills Abu Dhabi has recently awarded the construction and infrastructure works contract for the entire 63,677 square metre site of The Address Fujairah Resort and Spa to Joannou and Paraskevaides, J&P. The Abu Dhabi-based private real estate investment and development company made the announcement during an official signing ceremony that marked the groundbreaking of the ...

Bloomberg Fifteen days from now, nations that pump more than half the world’s oil gather in Vienna to discuss extending the production cuts that helped lift prices to two-year highs. The outcome is far from certain. Russia, which alongside Saudi Arabia was the architect of the historic cooperation between crude producers, is said to be unconvinced that a decision is ...

Bloomberg Egypt will stop importing liquefied natural gas in 2018 and may eventually export gas after it starts producing this year at the giant Eni SpA-operated Zohr field off the country’s Mediterranean coast, Oil Minister Tarek El-Molla said. Zohr’s output will mostly supply the domestic market, and the nation’s two existing gas-liquefaction facilities are large enough to process any available ...

Bloomberg The world’s biggest oil buyer may be waking up from a seasonal slumber. China added 37 million barrels of oil to inventories in the first nine days of November, a rebound from September and October, when stockpiles fell by more than 120 million barrels, according to commodities intelligence firm Orbital Insight Inc. The drawdown coincided with China in October ...

Bloomberg Egypt is in talks with Saudi Arabian Oil Co. to import crude oil and refine it domestically, giving the North African country more control over its own gasoline and diesel supplies. A deal could be made early next year, Egypt’s Oil Minister Tarek El-Molla said in an interview. Saudi Arabia has been shipping about 700,000 metric tons a month ...

Bloomberg The man overseeing western Europe’s biggest crude spigot is fighting back against the oil doubters. Norway’s push into the Arctic, necessary to prolong the nation’s more than four decades of petroleum production, is running into a multi-pronged attack with claims that projects will be unprofitable and an unprecedented lawsuit targeting the government. “There are many forces who are using ...

Bloomberg For years, smaller nations in Asia have looked to the US to provide a counterweight to an increasingly powerful China. Under President Donald Trump, they are learning to fend for themselves. Trump declared his 12-day swing through Asia a success before heading home, saying that “all Countries dealing with us on TRADE know that the rules have changed.” On ...

Bloomberg Fortis Healthcare Ltd., India’s second-largest private hospital chain by market value, offered to buy all assets of its Singapore-listed trust RHT Health Trust for 46.5 billion rupees ($711 million). Shares of the health trust climbed the most on record. Fortis will acquire all of RHT’s Indian subsidiaries, a 49 percent interest in Fortis Hospotel Ltd., and the entire asset ...

Bloomberg Lupin Ltd., which makes generic antibiotics, antidepressants and heart medications for sale in the US, was warned by the Food and Drug Administration for repeatedly ignoring tests showing that pills made at two of its facilities didn’t meet quality standards. In 2015 and 2016, the FDA found 134 instances when drugs or active ingredients failed initial testing but the ...