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DUBAI / Emirates Business In a keynote address to cruise line executives and regional industry stakeholders at the opening session of Seatrade Middle East Cruise Forum, Issam Kazim, CEO, Dubai Corporation of Tourism and Commerce Marketing (DCTCM) confirmed that Dubai remains on track to receive one million cruise passengers by 2020. Addressing delegates, he also referenced DCTCM’s plan to ensure ...

Bloomberg US stocks gained but moved off their session highs after Congressional leaders said they’d reached a tentative agreement on a tax overhaul package. The dollar dropped and Treasuries rallied following reports that a measure of US inflation fell short of estimates, only hours before the Federal Reserve was expected to announce its decision on interest rates. All major equity ...

Reuters Abu Dhabi was supported by a strong new listing and Qatar surged after the release of the government’s 2018 budget. The Dubai index dropped 1.4 percent as Emaar Properties sank 6.2 percent to its lowest close since June, in its heaviest trade since June. Emaar said it would pay a special dividend of four billion dirhams ($1.1 billion) related ...

DAMMAM / AGENCIES Saudi Aramco signed on Wednesday agreements with foreign and local companies worth at least 39 billion riyals ($10.4 billion). The bulk of the memorandum of understanding agreements were part of a drive to promote local manufacturing, the company said. One agreement was also signed with drilling and oil service company Schlumberger worth 6 billion riyals. Meanwhile, the ...

DAMMAM / Reuters Saudi Arabia will establish an export bank with capital of $8 billion to support overseas sales by its industrial and mining projects, energy, industry and mineral resources minister Khalid al-Falih said on Wednesday. “A bank for exports with a capital of 30 billion (riyals) will be established to encourage and support exports, and 5 billion riyals have ...

Bloomberg Natural gas flows resumed overnight in Europe after an explosion at an Austrian hub threatened supplies already pinched by a closed pipeline in the North Sea and a cold snap across the continent. Oil company OMV AG, which controls the Baumgarten gas hub, managed to divert international transit flows and restored supplies to Italy, Germany and Hungary before midnight, ...

Reuters OPEC expects the world oil market to be balanced by late 2018 as its deal with other producers to cut output reduces excess oil in storage, even as US and other producers outside the group pump more crude. The Organization of the Petroleum Exporting Countries, in a monthly report, cut its estimate of global demand for its crude in ...

Bloomberg The world’s largest oil consumer exported more hydrocarbons than ever before in 2017 and shows no signs of slowing down. You name it — crude oil, gasoline, diesel, propane and even liquefied natural gas — all were shipped abroad at a record pace. While the surge comes many years after the shale boom started, it can be traced straight ...

Bloomberg Toyota Motor Corp. deepened a partnership with battery producer Panasonic Corp. as Asia’s biggest carmaker, which initially bet big on hydrogen for clean technology, accelerates efforts to make its presence felt in electric cars. The largest supplier of electric-car batteries and Toyota together are exploring the development of prismatic cells, and the collaboration will include solid-state batteries, the two ...

Bloomberg Uber Technologies Inc. is embracing the taxi industry in Asia, turning some of its former enemies into allies as it tries to win over customers from Bangkok to Tokyo. Uber said it will bring Howa’s fleet of 4,000 taxis onto its app so customers in the Thai capital can get a quicker and more convenient ride. It’s the latest ...