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Abu Dhabi / WAM The Abu Dhabi National Oil Company (Adnoc) announced on Tuesday, it will boost in-country value (ICV) to the United Arab Emirates to support post-Covid economic growth through its hugely successful ICV programme. As part of this commitment, Adnoc will drive over AED160 billion ($43.6 billion) back into the UAE economy over the next 5 years as ...

ABU DHABI / WAM The UAE has welcomed the United States’ decision to remove Sudan from the State Sponsors of Terrorism (SST) list. In a statement, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) congratulated Sudan and its people on this step, which is poised to end years of political and the economic isolation endured by the country. MoFAIC ...

ABU DHABI / WAM The Ministry of Finance (MoF) on Tuesday launched the “ESR Portal” to simplify the process of submitting Economic Substance Regulations (ESR)’s reports and notifications. The portal aims to simplify procedures for all companies operating in the country and allows them to submit reports, notifications and supporting documents electronically and in a timely manner. Younis Haji Al ...

Abu Dhabi / WAM The Technology Innovation Institute (TII), the dedicated “applied research” pillar of Abu Dhabi’s Advanced Technology Research Council (ATRC), and Virgin Hyperloop (VH), on Tuesday announced their collaboration on research, innovation and localisation of the futuristic transportation method. The agreement was signed by Faisal Al Bannai, Secretary-General of the ATRC, and Sultan Bin Sulayem, Group Chairman and ...

Bloomberg Joe Biden officially clinched the presidency after the Electoral College confirmed his victory, capping a tumultuous period sparked by Donald Trump’s refusal to acknowledge he lost with the help of Republicans willing to support his unsubstantiated claims. Some Senate Republicans who had refused to recognize Biden’s overwhelming victory quickly started acknowledging that Trump lost and Biden will be inaugurated ...

Bloomberg The European market for initial public offerings (IPOs) raised more money than in 2019, defying the coronavirus crisis and nail-biting Brexit negotiations this year, led by firms that benefited from pandemic-induced lockdowns. European exchanges hosted 161 IPOs and counting, worth a combined $28.3 billion, surpassing the $26.7 billion raised over 136 listings in 2019, according to data compiled by ...

Bloomberg The Swiss economy will shrink this quarter and recover less quickly than previously expected in 2021 as renewed restrictions to stem the spread of Covid-19 pandemic in Europe and elsewhere weigh on global momentum. Switzerland’s State Secretariat for Economic Affairs sees gross domestic product (GDP) expanding 3.2% next year, slower than the 4.2% previously forecast. It said the situation is ...

Bloomberg UK job cuts jumped to the highest on record in the three months through October, raising more questions over Chancellor of the Exchequer Rishi Sunak’s refusal to extend job support programs until hours before they expired. Redundancies increased by a record 217,000 in the period, the Office for National Statistics said Tuesday. The number of people on payrolls was ...

Bloomberg New York is headed towards a second full shutdown if Covid-19 cases and hospitalisations continue at their current pace, Governor Andrew Cuomo said. “If we do not change the trajectory, we could very well be headed to shut down” all non-essential businesses, Cuomo said at a virus briefing. The state reported 5,712 hospitalisations, an increase of more than 1,000 ...

Dubai / WAM Suhail Al Mazrouei, UAE Minister of Energy and Infrastructure, virtually met with Miri Regev, Israeli Minister of Transportation and Road Safety, in order to reinforce the bonds of cooperation between the two countries as part of the Abraham Accords between the United Arab Emirates and the State of Israel. During the meeting, which was attended by high-level ...