Dubai / WAM The Mohammed bin Rashid Al Maktoum Foundation (MBRF), distributed 360 tonnes of basic food supplies to vulnerable people in Somalia, benefitting a total of 4,600 families. This act is an implementation of the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, supported by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and ...

Ras Al Khaimah / Emirates Business Saqr Port Authority, which manages the largest bulk-handling port in the middle East, has taken a further step in its planned capacity expansion by signing a deal with Dutch Shipbuilding and Engineering Conglomerate Damen Group for the delivery of a new ASD 2913 tug. The announcement comes in quick succession of Saqr Port’s recently ...

Dubai / Emirates Business Etihad Museum announced that it will be launching a special Family Pack in celebration of International Museum Day on May 18, providing children with a range of fun and educational activities to complete as they discover the museum. The Family Pack is the latest in a series of educational programmes that have been launched by Dubai ...

Bloomberg OPEC impressed oil traders this year by making almost all the supply cuts it promised. Keeping output down will only get harder. The Organization of Petroleum Exporting Countries and its partners are expected to extend output curbs into early 2018 when they meet next week, in an ongoing bid to clear a global surplus. Yet the tailwinds that made ...

LONDON / Reuters Swiss trading giant Glencore and US private equity investor Carlyle Group have teamed up in an attempt to buy Morocco’s only oil refinery, hoping to recoup about $600 million in loans they issued to the plant before it went bankrupt, industry sources said. Two sources close to the process said the Moroccan government wanted at least $2 ...

NEW DELHI / Reuters Iraq replaced Saudi Arabia as top crude supplier to India in April as refiners moved to boost their processing margins by purchasing the cheaper Basra Heavy oil grade, ship tracking and Thomson Reuters trade flow data showed. India’s April imports from Iraq topped 1 million barrels per day (bpd) for the first time, up by about ...

CAIRO / Reuters Egypt has paid off $750 million of its debt to international oil companies and will make a second payment of the same amount at the start of next month, Central Bank Governor Tarek Amer said. Egypt has struggled to pay arrears to foreign oil and gas companies operating in the country, with outstanding debt at $3.5 billion ...

Bloomberg While Japan’s failure to spur inflation continues to generate angst about the nation’s future, gross domestic product data this week is likely to show that the economy has still managed to eke out five straight quarters of expansion. That would be the best run since 2006, during Japan’s last period of political stability under the leadership of then-Prime Minister ...

Bloomberg Australia’s prized AAA rating will only rest on a firm footing once there’s a “meaningful moderation” in housing and credit, S&P Global Ratings said as it maintained a negative outlook on the country’s sovereign score. The country’s rating was affirmed by the credit assessor after the latest federal government budget projected a return to surplus by 2021, although S&P ...

Bloomberg “Go west!” is the mantra Taiwanese companies lived by for the best part of three decades, turning China into their biggest trading partner. But with cross-strait relations at their worst in close to a decade, President Tsai Ing-wen is urging firms to turn south. Tsai wants to mitigate reliance on the mainland by bolstering trade with 18 countries in ...