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DUBAI / WAM Sultan Ahmed bin Sulayem, Group Chairman and CEO of DP World, met senior executives from India’s Tata Group to explore opportunities for cooperation, knowledge sharing, and best practice. Discussions covered logistics and supply chain operations, innovative customer care and creating high quality, sustainable services. Bin Sulayem outlined DP World’s operations across 40 countries, and its role in ...

ABU DHABI / WAM The 2017 non-oil gross domestic product grew 2.9 percent, while the oil real GDP growth was up 1.5 percent, with the country’s real GDP hitting 1.5 percent, according to a UAE Central Bank report that forecast the UAE GDP growth to amount up to 2.5 percent in 2018 and 2.8 percent in 2019. Government spending over ...

LONDON / WAM UAE-based Petrofac, a leading service provider to the oil and gas production and processing industry, on Wednesday announced that it has been awarded a contract by Hindustan Petroleum Corporation Limited, HPCL, for its Sulphur Recovery Unit (SRU) Block Package for the Visakh Refinery Modernisation Project at Visakhapatnam in the Indian state of Andhra Pradesh. The lump-sum EPC ...

LONDON / Reuters Compliance with a global deal to cut oil supply hit a new high in February, a joint OPEC and non-OPEC committee estimated, suggesting a rise in the price of crude has not weakened commitment. Producers in the pact achieved 138 percent of pledged output reductions last month, OPEC said in a statement, a record since the deal ...

DUBAI / WAM The 18th edition of Dubai World Dermatology and Laser Conference and Exhibition (Dubai Derma) witnessed one more successful edition this year with the number of business deals sealed during the past three days reaching AED440 million, organisers announced on Wednesday. Anas Al Madani, Vice Chairman and Group CEO of INDEX Holding, the event organiser, said, “Over the ...

DUBAI / Reuters The government of Dubai has completed a project financing worth about $2.45 billion for the extension of the city’s metro rail system, Dubai’s Department of Finance said on Wednesday. The project envisages a 15 kilometre (9 mile) extension of the Dubai Metro’s Red Line, from Nakheel Harbour and Tower station up to the site of the World ...

Bloomberg US stocks swung between gains and losses, the dollar weakened and Treasuries steadied as traders await the Federal Reserve’s first policy decision since Jerome Powell took the helm. The S&P 500 Index fluctuated, while the Dow Jones Industrial Average and Nasdaq Composite Index edged lower. Leisure companies and banks were among the biggest losers in the Stoxx Europe 600 ...

Reuters Saudi Arabia’s stock market rose on Wednesday, lifted by its expected inclusion in the secondary FTSE emerging market index, while United Arab Emirates’ markets were boosted by its top two property companies. The Saudi index gained 0.5 percent to close at 7,762 points, backed by leading stocks that investors expect to attract foreign funds if the FTSE upgrade is ...

Dubai / WAM In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has enacted two new laws that aim to improve and expand the Dubai International Financial Centre (DIFC’s) already successful private wealth management and succession planning platforms. Both the Trust Law and Foundations ...

Dubai / WAM Qualifiers for the Arab Reading Challenge (ARC), will begin on March 25. Arab students in Arab and foreign countries were invited to participate in this round of the competition, and will start the process of qualifying for the finals. Students from 44 countries, including 14 Arab and 30 non-Arab countries, are participating in the third round of ...