December, 2017

• 13 December

  KIZAD to help BOC expand in Mideast

  

  Abu Dhabi / Emirates Business Khalifa Industrial Zone Abu Dhabi (KIZAD) announced on Wednesday the signing of a Memorandum of Understanding (MoU) with Bank of China Ltd. – Abu Dhabi (BOC) to mutually promote their services for the benefit of both entities’ customers in the UAE and abroad. Under the terms of the agreement and in the context of the projects ...

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• 13 December

  Dubai Food Festival to return in February

  Dubai / WAM Dubai Food Festival (DFF), Dubai’s annual citywide culinary celebration, will return from February 22 to March 10, 2018. Organised by the Dubai Festivals and Retail Establishment (DFRE), an agency of the Department of Tourism and Commerce Marketing (Dubai Tourism), the 5th edition of DFF will bring together the best of Dubai’s gastronomy offering and shines a spotlight ...

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• 13 December

  Dubai on track to receive 1mn cruise passengers by 2020

  

  DUBAI / Emirates Business In a keynote address to cruise line executives and regional industry stakeholders at the opening session of Seatrade Middle East Cruise Forum, Issam Kazim, CEO, Dubai Corporation of Tourism and Commerce Marketing (DCTCM) confirmed that Dubai remains on track to receive one million cruise passengers by 2020. Addressing delegates, he also referenced DCTCM’s plan to ensure ...

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• 13 December

  Stocks rise, but dip from session peak on tax deal

  

  Bloomberg US stocks gained but moved off their session highs after Congressional leaders said they’d reached a tentative agreement on a tax overhaul package. The dollar dropped and Treasuries rallied following reports that a measure of US inflation fell short of estimates, only hours before the Federal Reserve was expected to announce its decision on interest rates. All major equity ...

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• 13 December

  ADNOC Distribution rises from IPO price

  Reuters Abu Dhabi was supported by a strong new listing and Qatar surged after the release of the government’s 2018 budget. The Dubai index dropped 1.4 percent as Emaar Properties sank 6.2 percent to its lowest close since June, in its heaviest trade since June. Emaar said it would pay a special dividend of four billion dirhams ($1.1 billion) related ...

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• 13 December

  Aramco signs $10.4bn deals with local, foreign companies

  

  DAMMAM / AGENCIES Saudi Aramco signed on Wednesday agreements with foreign and local companies worth at least 39 billion riyals ($10.4 billion). The bulk of the memorandum of understanding agreements were part of a drive to promote local manufacturing, the company said. One agreement was also signed with drilling and oil service company Schlumberger worth 6 billion riyals. Meanwhile, the ...

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• 13 December

  Saudi set to establish $8 billion export bank for industry, mining

  

  DAMMAM / Reuters Saudi Arabia will establish an export bank with capital of $8 billion to support overseas sales by its industrial and mining projects, energy, industry and mineral resources minister Khalid al-Falih said on Wednesday. “A bank for exports with a capital of 30 billion (riyals) will be established to encourage and support exports, and 5 billion riyals have ...

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• 13 December

  Europe’s gas supplies resume after Austria explosion rattled market

  

  Bloomberg Natural gas flows resumed overnight in Europe after an explosion at an Austrian hub threatened supplies already pinched by a closed pipeline in the North Sea and a cold snap across the continent. Oil company OMV AG, which controls the Baumgarten gas hub, managed to divert international transit flows and restored supplies to Italy, Germany and Hungary before midnight, ...

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• 13 December

  OPEC sees balanced market by late ’18 as cuts erode glut

  

  Reuters OPEC expects the world oil market to be balanced by late 2018 as its deal with other producers to cut output reduces excess oil in storage, even as US and other producers outside the group pump more crude. The Organization of the Petroleum Exporting Countries, in a monthly report, cut its estimate of global demand for its crude in ...

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• 13 December

  US fuels world as shale boom powers record oil exports

  

  Bloomberg The world’s largest oil consumer exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down. You name it — crude oil, gasoline, diesel, propane and even liquefied natural gas — all were shipped abroad at a record pace. While the surge comes many years after the shale boom started, it can be traced straight ...

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