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  Abu Dhabi / WAM On the occasion of the 45th National Day celebrations of the United Arab Emirates, the Emirates News Agency (WAM) issued a series of reports regarding the achievements of the state over the past year. In part five, we examine the state of the UAE economy. 2016 saw a sudden drop in oil prices that took ...

  Abu Dhabi Emirates Business Abu Dhabi Ports (ADP), the master developer, operator and manager of the Emirate’s commercial and community ports as well as Khalifa Industrial Zone, and Integral Plastic Industries Co. LLC on Tuesday signed a Musataha agreement to build a new manufacturing plant in Khalifa Industrial Zone (KIZAD) with an investment of AED10 million. The agreement was ...

  Geneva / AFP Up to 16,000 civilians have fled strife-torn parts of eastern Aleppo as the rebels lost all of the northern neighbourhoods of their stronghold, the UN said on Tuesday, describing the situation as “chilling”. “The intensity of attacks on eastern Aleppo neighbourhoods over the past few days has forced thousands of civilians to flee to other parts of ...

  Bloomberg Samsung Electronics Co. didn’t quite come out and actually say it, but South Korea’s most valuable company is probably going to split as soon as next year. Samsung said on Tuesday it’s looking at a plan to turn itself into a holding company, and would have more to say on the issue at a later date. The idea ...

  Bloomberg The brawl atop India’s largest conglomerate isn’t just splitting the $100-billion Tata Group, it’s also forcing the nation’s business community to pick sides. That’s because many of India’s industry captains are board members at Tata’s dozens of units. They include the heads of the nation’s oldest conglomerate — the Wadia Group — top mortgage provider Housing Development Finance ...

  Bloomberg German carmakers BMW, Daimler, Porsche and Audi and US competitor Ford said on Tuesday they would cooperate on a Europe-wide network of electric charging stations. The move is an “important step towards facilitating mass-market battery electric vehicle adoption”, the manufacturers said in a joint statement, and comes as German carmakers rev up their offers of electric cars for ...

  Chernobyl / AFP Ukraine on Tuesday unveiled the world’s largest moveable metal structure over the Chernobyl nuclear power plant’s doomed fourth reactor to ensure the safety of Europeans for future generations. The gigantic arch soars 108 metres (355 feet) into the sky — making it taller than New York’s Statue of Liberty — while its weight of 36,000 tons ...

  Dubai / WAM Dubai Electricity and Water Authority (DEWA) signed a Power Purchase Agreement (PPA) with Abu Dubai Future Energy Company (Masdar), for the 800MW third phase of the Mohammed bin Rashid Al Maktoum Solar Park. The agreement was signed by Dr. Sultan Ahmed Al Jaber, Minister of State and Chairman of Masdar, and Saeed Mohammed Al Tayer, MD & ...

  Abu Dhabi / WAM Over 2,000 Abu Dhabi National Oil Company (ADNOC) Group employees, from across 18 operating companies, walked together, on Monday, from ADNOC’s headquarters to the headquarters of the Abu Dhabi Company for Onshore Petroleum Operations (ADCO), and back, to mark the 45th anniversary of the founding of ADNOC on November 28,1971. Dr Sultan Ahmed Al Jaber, UAE ...

  Dubai / Emirates Business Yoox Net-a-Porter, the world’s leading online luxury fashion retailer, announced a $138 million joint venture with Symphony Investments, an entity controlled by Mohamed Alabbar, to create the Middle East’s undisputed leader for online luxury retail, in a partnership that will draw on the region’s enormous growth potential. The partnership will see Mohamed Alabbar focus his ...