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Bloomberg Americans burned through a lot less gasoline and diesel fuel than expected last week, feeding into investor angst over oil demand. Futures slid as much as 1.1 percent in New York on Wednesday, declining for a third straight day, after the US Energy Information Administration said stocks of gasoline and distillate fuels grew by a combined 9.25 million barrels ...

ABU DHABI / WAM President Adama Barrow of the Republic of Gambia has expressed his country’s interest in promoting economic and investment cooperation with the United Arab Emirates. This came during a meeting with Mohamed Helal Al Muhairi, Director-General of the Abu Dhabi Chamber of Commerce and Industry, at the Emirates Palace in Abu Dhabi. Preident Barrow, during the meeting, ...

Bloomberg Emirates NBD PJSC’s first-half profit jumped 49 percent as Dubai’s biggest bank benefitted from the sale of a stake in its card payments processing unit. Net income advanced to AED7.48 billion ($2.04 billion) from 5.02 billion a year earlier, the state-controlled lender said in a statement. The bank made AED2.1 billion from the initial public offering of Network International ...

Abu Dhabi / Emirates Business The Federal Tax Authority (FTA) is invested in facilitating procedures for the value added tax (Vat) recovery on the building of new residences by UAE Nationals programme, asserted His Excellency Khalid Ali Al Bustani, FTA Director General, at a discussion held at the Majlis of HE Abdullah Muhair Al Kutbi in Al Mushrif, Abu Dhabi. ...

ABU DHABI / WAM The Emirates Nuclear Energy Corporation (Enec) has announced that it is sponsoring Al Dhafra Summer Festival, a three-week event organised by the Al Dhafra Club, running between July and August 2019. The sponsorship and collaboration agreement was signed by Mohamed Al Hammadi, CEO of Enec, and Saleh Jazlan Al Mazrouei, Chairman of Al-Dhafra Club at Enec’s ...

DUBAI / WAM The Islamic Affairs and Charitable Activities Department in Dubai (IACAD) announced the delivery of 38 housing units to low-income Emirati families, in cooperation with Sheikh Zayed Housing Programme as part of the “Mudon Al Khair” (Cities of Goodness) initiative. The department also announced that the donations from individuals, government and private entities reached AED43.2 million. The move ...

ABU DHABI / WAM Dubai Land Department (DLD), represented by its Registration and Real Estate Services sector, has announced the initiation of the partnership it had previously signed with the General Department of Criminal Investigation at Dubai Police for the new smart housing security system. Incorporating many other parties, including major real estate developers in Dubai, the agreement aims to ...

ABU DHABI / WAM Mohammed Saif Al Suwaidi, Director-General of Abu Dhabi Fund for Development (ADFD) met a high-level Gambian delegation to the UAE, led by President Adama Barrow of Gambia, to discuss development funding and investment opportunities in the African country. Delegates included several Gambian ministers and government officials. The meeting also drew the participation of Fansu Bojang, Ambassador ...

Dubai / Emirates Business The Commercial Bank of Dubai (CBD) recorded a net profit of AED 701 million for the first half of 2019, representing an increase of 25 percent over the same period last year. The strong results have been attributed to broad based business improvement. The operating expenses increased marginally by 1.1 percent primarily on the back of ...

DUBAI / WAM Dubai Multi Commodities Centre (DMCC) Free Zone and Government of Dubai Authority on commodities trade and enterprise, and the Department of Economic Development (DED) have signed a strategic memorandum of understanding (MoU) to collaborate on the licensing of companies in Dubai allowing them to operate within the Free Zone and onshore. The partnership aims to further facilitate ...