Bloomberg Masdar and Electricite de France SA are jointly bidding to build a 350-megawatt solar power plant in Abu Dhabi as OPEC’s fifth-largest oil producer diversifies electricity sources to meet burgeoning demand. The partners plan to make the bid “as competitive” as the record-low offer that this week won Masdar the right to build a solar facility in neighboring ...

  ABU DHABI / EMIRATES BUSINESS Abu Dhabi Airports announced a 5.6% increase in passenger traffic at Abu Dhabi International Airport (AUH) for May 2016, compared to the same month last year. A total of 1,982,010 people traveled through AUH last month, exceeding May 2015’s figure of 1,877,440. A number of destinations witnessed noteworthy growth in passenger traffic, with the ...

  Dubai / Emirates Business Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, announced on Wednesday via his official Twitter account that the Reading Nation Ramadan campaign has exceeded its set target of five million books to reach over 8.2 million books. The books will be distributed to unprivileged children and ...

  Dubai / Emirates Business Following its commitment to transferring to smart government services by promoting e-payment operations in the UAE, the Ministry of Finance (MoF) launched the e-dirham card charging service through MBME for collecting fees and payment services, on Wednesday. As a strategic partner of the e-dirham initiative, National Bank of Abu Dhabi (NBAD) will be re-charging the ...

  Abu Dhabi / Emirates Business Abu Dhabi Ports and Agthia Group PJSC signed a lease agreement aimed at expanding the Group’s existing ‘Grand Mills Flour and Animal Feed’ facilities at Zayed Port. The new agreement was signed by Captain Mohamed Juma Al Shamisi, Chief Executive Officer of Abu Dhabi Ports and Iqbal Hamzah, Chief Executive Officer of Agthia Group ...

  Dubai / Emirates Business Dubai Airport Freezone Authority (DAFZA) recently concluded a seminar in Singapore, considered one of Asia’s top financial centers, to sustain key efforts to attract local investors to Dubai and build robust ties with the Southeast Asian country’s growing business community. Held in collaboration with the Singapore Business Federation, the seminar featured DAFZA’s wealth of incentives ...

  Sunaina Rana / Emirates Business Fluctuating oil prices have triggered diversification in the UAE market. However, the Economist Intelligence Unit (EIU) forecasts real GDP growth in the UAE to an average 3.6 percent per annum between 2015 and 2019, marking a decline from the 4.6 percent growth experienced in 2014. The Deloitte’s ‘Real Estate Middle East’ report predicts that ...

  RITIKA SHARMA / Emirates Business Islamic Economy is considered not just the fastest growing segment of global economy, but it is also being seen as a novel sector for developed economies to invest in. Experts believe that the Islamic Economy can find solutions for modern world’s problems ranging from income disparities to other plights that have led to several ...

  ABU DHABI / Emirates Business The General Secretariat of the Supreme Legislation Committee (SLC) is celebrating the Holy Month of Ramadan with a series of interactive charitable and humanitarian activities reflecting the values of affability, compassion, and deep sympathy as taught by the virtuous Islam. The SLC, represented by the Innovation and Creativity Team, took part in the “Reading ...

  Muscat / Reuters Petroleum Development Oman (PDO), the country’s top oil and gas exploration and production company, has obtained a $4 billion loan from international banks, part of a rush of foreign borrowing by Oman as low oil prices strain state finances. The five-year pre-export facility is the company’s first international loan and was priced at 160 basis points ...