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Abu Dhabi / Emirates Business Majid Al Futtaim has officially broken ground in Masdar City on its first shopping mall in Abu Dhabi, My City Centre Masdar. Amana Steel Contracting LLC has begun main works as the company’s main contractor on the project. “My City Centre Masdar, Majid Al Futtaim’s first shopping destination to open in Abu Dhabi, will exemplify ...

Dubai / WAM Dubai Land Department (DLD) has confirmed that the Dubai Property Festival (DPF), which will be held from April 9-11 at the Dubai World Trade Centre, will contribute to stimulating sales and purchases in the Emirate’s real estate market. DPF coincides with a series of other international events aimed at attracting investment in the UAE. The event is ...

DUBAI / Reuters DXB Entertainments is expecting an improved 2018 after reporting a 1.12 billion dirham ($305 million) loss for last year, the CEO of the Dubai-based theme park operator told Reuters on Monday. The company also announced it had reached a deal with banks to restructure 4.2 billion dirhams in debt and had received fresh funding from its majority ...

BEIJING / Reuters China’s crude futures kicked off to a roaring start on Monday as western traders and Chinese majors eagerly traded the world’s newest financial oil instrument, which many expect to become a third global price benchmark alongside Brent and WTI crude. Global commodity trader and miner Glencore, and big merchants Trafigura, Freepoint Commodities and Mercuria were among the ...

BEIJING / Reuters Russia kept its spot as the largest crude oil supplier to China in February, data showed, a role it held in January and for the past two years on an annual basis. Russia supplied 5.052 million tonnes, or 1.32 million barrels per day (bpd) last month, up 17.8 percent from a year earlier, data from the Chinese ...

Bloomberg Norway’s oil industry has one more thing to worry about. After an unprecedented lawsuit against Arctic drilling, environmentalists have launched a new legal battle to challenge a tax incentive that’s been a cornerstone of the country’s policy to stimulate oil exploration. The move comes at a bad time for Norway, which needs to step up the search for new ...

Bloomberg Vitol Group, the world’s biggest independent oil trader, suffered a 25 percent drop in annual profit as income from assets sales failed to offset weaker trading results. Net income fell to $1.5 billion in 2017, from $2 billion the year before, according to a person familiar with Vitol’s results. The energy-trading environment has deteriorated as output curbs by OPEC ...

Bloomberg US equities rallied back from the biggest weekly rout in more than two years, with major benchmarks surging the most since early February on signs that an escalation of trade tensions was beginning to ease. Technology firms and banks were among the biggest gainers on the S&P 500 Index as a measure of the gauge’s valuation rose from a ...

Reuters Middle Eastern stocks were mixed on Monday with investors in Saudi Arabia largely ignoring an apparent escalation in the country’s three-year war with Yemen, after the conflict caused its first civilian death within Riyadh. The kingdom’s air defences shot down seven ballistic missiles fired by Yemen’s Houthi forces late on March 25, and debris killed an Egyptian resident of ...

Bloomberg A consortium led by TPG is nearing an agreement to gain control of Fortis Healthcare Ltd., India’s second-largest private hospital chain by market value, people with knowledge of the matter said. The investor group, which also includes Manipal Health Enterprises Pvt, could announce a deal as soon as the next few days, according to the people, who asked not ...