January, 2018

• 14 January

  D.E. Shaw builds activist stake in retailer Lowe’s

  Bloomberg Investor D.E. Shaw & Co. has built an active stake in US home retailer Lowe’s Cos., according to people familiar with the matter. While D.E. Shaw’s specific plans for the investment couldn’t immediately be learned, the firm does plan to use its holding to agitate for changes at Lowe’s, the people said, asking not to be identified as the ...

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• 14 January

  Wal-Mart revamps manager roles right after pay hike

  

  Bloomberg A day after embarking on a pay hike, Wal-Mart Stores Inc. is taking steps to shake up management at thousands of its stores. The world’s biggest retailer is removing about 3,500 store co-managers, a salaried role that acts as a lieutenant underneath each store manager, according to people familiar with the move. It’s also adding about 1,700 assistant store ...

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• 13 January

  DEWA okays $7.2bn budget for 2018

  

  DUBAI / WAM Dubai Electricity and Water Authority (DEWA) approved a total budget of AED26.417 billion ($7.2 billion) for 2018, compared to AED24.358 billion in 2017. The 2018 budget incorporates investments in conventional and non-conventional energy sources, adva- nced technologies and innovative projects to realise the vision of Vice President and Prime Minister of the UAE and Ruler of Dubai, ...

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• 13 January

  Barakah sets new global standards

  ABU DHABI / WAM The Emirates Nuclear Energy Corporation (ENEC) participated in the second Atlantic Council Global Energy Forum in Abu Dhabi, held by The Atlantic Council and in partnership with the UAE Ministry of Energy, ADNOC, Mubadala, and Masdar. ENEC Chief Executive Officer, Mohamed Al Hammadi, addressed participants during the opening of “A New Age for Nuclear Energy” plenary ...

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• 13 January

  Iraq joins UAE in call to keep oil cuts till year-end

  

  Bloomberg Iraq joined the United Arab Emirates and Oman in calling for OPEC and allied producers to stick with their agreement to cut oil output until the end of the year, despite recent price gains. Output cuts by the Organization of Petroleum Exporting Countries and fellow producers have contributed to stability in the oil market, and Iraq supports OPEC’s decision ...

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• 13 January

  Dubai records AED5bn in non-oil trade with Canada

  

  DUBAI / WAM Director of Dubai Customs, Ahmed Mahboob Musabih, held a meeting with Emmanuel Kamarianakis, Consul-General of Canada in Dubai. The two discussed means of boosting cooperation between Canada and Dubai especially in bilateral trade and customs business. “It’s very important for us to boost ties of partnership with Canadian diplomatic missions and business councils and corporates. We have ...

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• 13 January

  Russian visitors to GCC to surge 38% by 2020

  DUBAI / WAM The number of Russian tourists travelling to the GCC in 2020 is expected to be 38 percent higher than the arrival figures recorded for 2016, according to data published recently by Arabian Travel Market (ATM 2018), which takes place at Dubai World Trade Centre from April 22 to 25. Looking at the economic drivers, the value of ...

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• 13 January

  UAE, Saudi Arabia discuss ways to enhance security cooperation

  

  Abu Dhabi / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, received Abdulaziz bin Saud bin Nayef bin Abdulaziz Al Saud, Minister of Interior of Saudi Arabia, who is currently visiting the country, in Al Ain on Saturday. During the meeting, the two sides reviewed ...

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• 13 January

  Central Bank holds first board meeting for 2018

  Abu Dhabi / WAM The Board of Directors of the UAE Central Bank held its first meeting for 2018 at the Central Bank Head Office – Abu Dhabi, under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting was attended by Khalid Juma Al Majid, Deputy Chairman, Mubarak Rashed Al Mansoori, the Governor, and Board members ...

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• 13 January

  Emirati envoy, Indian minister discuss trade, investment ties

  

  New Delhi / WAM Dr Ahmed Abdul Rahman Al Banna, UAE Ambassador Extraordinary and Plenipotentiary to India, and Arun Jaitley, India’s Minister of Finance, discussed means of boosting bilateral relations between the two friendly nations, especially in trade and investment. During the meeting, held at the Ministry of Finance headquarters in New Delhi, Dr Al-Banna said that the relations between ...

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