February, 2021

• 15 February

  Abu Dhabi wins award at MICE China

  ABU DHABI / WAM The Abu Dhabi Convention and Exhibition Bureau (ADCEB) has announced that it won the ‘Best Marketing Destination’ award at the MICE China Forum and Awards. Part of the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), ADCEB is the lead body overseeing and supporting the development and promotion of business events in the ...

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• 15 February

  Adnoc Distribution reports AED2.4bn net profit in 2020

  

  Abu Dhabi / WAM Adnoc Distribution on Monday reported that its net profit for the fourth quarter of 2020 grew to AED851 million, with underlying Ebitda (Ebitda excluding one-offs and inventory gains and losses) of AED1.1 billion. For the year 2020, net profit was AED 2.4 billion, while underlying Ebitda stood at AED3.6 billion. Adnoc Distribution has maintained a strong ...

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• 15 February

  Tabreed’s net income up 16.5% to AED550m

  

  Abu Dhabi / WAM The National Central Cooling Company (Tabreed) on Monday released its audited financial results for 2020. Tabreed reported a 16.5 percent increase in 2020 net income to AED550 million. The results showed that Tabreed added 39.6k Refrigeration Tons (RT) of organic capacity growth and 181.5k RT of inorganic capacity additions, resulting in the delivery of 1,403,819 RT ...

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• 15 February

  DMCC welcomes 2,025 firms in 2020, highest in 5 years

  

  DUBAI / WAM DMCC – the world’s flagship Free Zone, business hub and Government of Dubai Authority on commodities trade and enterprise – announced record-breaking performance in 2020, despite the Covid-19 pandemic. Some 2,025 new companies joined the DMCC in 2020, the highest number of registrations in five years. Retention rate remained at an all-time high. This was primarily due ...

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• 15 February

  Sharjah embracing digital future with Sahab Smart Solutions

  

  SHARJAH / WAM The Emirate of Sharjah has focused on exploring, developing, and implementing leading digital solutions to streamline services to UAE citizens, residents and visitors across Sharjah. Founded in 2018, the Sahab Smart Solutions is today spearheading the digital transformation journey of the emirate as part of the UAE’s wider national economic development and diversification efforts. Sahab Smart Solutions ...

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• 15 February

  Covid-19: UAE reports 336,731 total recoveries

  

  Abu Dhabi / WAM The Ministry of Health and Prevention (MoHAP) announced that it conducted 162,774 additional Covid-19 tests over the past 24 hours, using state-of-the-art medical testing equipment. In a statement on Monday, the ministry stressed its aim to continue expanding the scope of testing nationwide to facilitate the early detection of coronavirus cases and carry out the necessary ...

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• 15 February

  Surge in Britain’s renewable power exposes grid risks

  

  Bloomberg A record year for renewable power in the UK showed the need for a broader suite of green technologies to balance the grid once fossil fuels fade away entirely. Green power exceeded coal and gas generation in the country’s energy mix for the first time in 2020. While this is a step in the right direction to hit strict ...

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• 15 February

  Global oil markets are balanced: Novak

  

  Bloomberg Global oil markets have rebalanced following last year’s historic collapse in demand, according to Russia’s deputy prime minister. “The last few months we have seen low volatility, which means the market is balanced, and the prices we see today certainly correspond to the situation in the market,” Alexander Novak said on state television channel Rossiya 1. Crude will probably ...

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• 15 February

  The full-employment economy’s magic in US

  

  Federal Reserve Chair Jerome Powell is nobody’s idea of a radical. But in his speech last week to the Economic Club of New York, he articulated an idea that upends generations of conventional wisdom and sets the stage not only for the Fed’s approach to the current economic crisis but also for President Joe Biden’s. “A strong labour market that ...

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• 15 February

  EU is much less wonderful than it thinks

  

  Ursula von der Leyen did the right thing last week after she’d tried everything else. The European Commission president finally apologised for the failings of the continent-wide vaccine procurement scheme. It followed an unseemly few weeks of battle over the vaccine, during which Von der Leyen scapegoated the Anglo-Swedish pharma company AstraZeneca Plc for supply holdups and threatened to close ...

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