July, 2017

• 12 July

  Dubai SME, Souq.com launch e-commerce initiative for SMEs

  

  DUBAI / Emirates Business Dubai SME, the agency of Dubai Economy mandated to develop the small and medium enterprise (SME) sector, has signed a memorandum of understanding (MoU) with Souq.com to launch an e-commerce initiative for SMEs. Under the MoU, the two sides will work together to provide Dubai SME members with integrated e-commerce solutions comprising online product display, e-payment, ...

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• 12 July

  Community projects worth AED17mn launched in Al Ain

  Al Ain / WAM Community projects worth over AED17 million have been launched for private sector investors and developers in Al Ain City to meet growing population needs for diverse commercial services as part of Abu Dhabi Government’s comprehensive sustainable development strategy. The projects launched by Al Ain City Municipality covers design, construction and operation of a community market project ...

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• 12 July

  Dubai Festival City arena events double

  

  Dubai / Emirates Business The Festival Arena by InterContinental at Dubai Festival City has already seen the number of events booked at the venue double from 2016 to 2017, as the venue becomes the go-to events space in the region. In the first two quarters of 2017 it has hosted eight events including concerts, exhibitions and awards ceremonies, with a ...

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• 12 July

  DEWA completes 77% works on ‘Sustainability substation’

  DUBAI / WAM Dubai Electricity and Water Authority (DEWA) announced that the construction progress of Sustainability, the 132/11 kilovolt (kV) main substation at Expo 2020 Dubai, with conversion capacity of 150 megavolt-amperes (MVA), is 77 percent complete and is expected to be operational by October 31. The total cost of project was AED103mn, including AED83.4 million for the plant and ...

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• 12 July

  India wants $300bn in oil spending to meet demand

  

  Bloomberg India wants $300 billion in investments over the next 10 years to satisfy accelerating demand in the world’s fastest-growing oil market. The South Asian nation needs investments to boost the production of natural gas and crude oil, and to refine, transport and distribute the fuel to households, Oil Minister Dharmendra Pradhan said in an interview in Istanbul. He is ...

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• 12 July

  Oil majors face ratings cuts amid weak recovery

  

  Bloomberg Exxon Mobil Corp., Chevron Corp. and other oil majors could see their credit ratings slashed again if they fail to cut costs and reduce their growing debt loads in the next year, according to an S&P Global Ratings report. The world’s largest drillers failed to take advantage of high prices during the boom years before 2014 to repay debt, ...

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• 12 July

  Mexico oil privatization leads to billion-barrel find

  

  Bloomberg Mexico’s decision to allow private companies to explore for oil and gas started to pay off after the discovery of at least a billion barrels in a new offshore field. A consortium of Premier Oil Plc, Sierra Oil & Gas S de RL de CV and Talos Energy LLC made the discovery in the shallow waters of the southern ...

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• 12 July

  Glencore draws Liberty House bid for Australian mine

  

  Bloomberg Liberty House Group, fresh off a deal for Australian steel mill Arrium Ltd., is among bidders for a Glencore Plc coal mine that could fetch as much as A$500 million ($380 million), people with knowledge of matter said. Liberty House’s GFG Alliance joint venture submitted an indicative offer for the Tahmoor mine by the deadline last month, according to ...

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• 12 July

  Oil traders turn ‘bespoke tailors’ in offshore megastore

  

  Bloomberg The biggest oil traders feeling the squeeze in a world awash with crude are seeking an edge by offering tailor-made cargoes in an offshore megastore. By selling bespoke from a fleet of ships anchored off Singapore and Malaysia, the likes of Vitol, Trafigura Group, Glencore Plc and Gunvor Group are seeking to lure buyers who are becoming more demanding. ...

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• 12 July

  Oil rises near $46 on US stockpile drop

  

  Bloomberg Oil extended gains toward $46 a barrel as US industry data showed crude and gasoline stockpiles declined. Futures advanced as much as 2.2 percent in New York after rising 1.8 percent in the previous two sessions. Crude inventories fell by 8.13 million barrels last week, the American Petroleum Institute was said to report. If the decline is replicated in ...

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