Economy

A century after the shipping industry moved from coal to oil as its primary energy source, another change on the same scale is now under way – one prompted this time by a change in environmental regulations. The shift could provide a significant boost to the status of the UAE’s …

Dana Gas has received a one-off US$42 million (AED154 mm) dividend payment from Pearl Petroleum Company in the Kurdistan Region of Iraq, KRI, the company said in a press release issued on Tuesday. The payment has been distributed as a dividend by Pearl Petroleum (35% ownership by Dana Gas). The …

The Emirate of Abu Dhabi has seen a 71 percent increase in works of art, collectors’ pieces and antiques trade commodity. In a trade figures report released by the Statistics Centre – Abu Dhabi, SCAD, total trade of the commodity for the first nine months of 2019 reached approximately AED6.60 …

Etihad Airways, the national airline of the United Arab Emirates, and Kuwaiti flag carrier, Kuwait Airways, have signed a codeshare partnership on selected services on bookings effective 22nd December 2019, for travel from 5th January 2020. According to a statement by Etihad airways, the national airline will place its ‘EY’ …

The International Monetary Fund, IMF, board approved on Friday a three-year financing package to support Ethiopia’s ‘Homegrown Economic Reform Plan’ to maintain macroeconomic stability and improve living standards. The approved three-year arrangement — under an extended credit facility, ECF, and an extended fund facility, EFF — is valued at about …

The central bank warns customers against scam phone calls and WhatsApp messages under the name and logo of the central bank and to not open any links. The bank does not require customers to disclose their financial information and does not use social media to contact individuals or companies. The …

The Dubai Chamber of Commerce and Industry’s representative office in Addis Ababa recently hosted an event in collaboration with the Ethiopian Ministry of Trade and Industry and the UAE Embassy in Ethiopia, which put the spotlight on Ethiopia’s new plans for Expo 2020 Dubai. The launch event was attended by …

ADNOC Distribution has unveiled its next-generation Oasis store at the Corniche Road petrol station in Abu Dhabi. According to a statement released by the company, the new store features a “contemporary refreshed look and feel” and will be the start of an extensive refurbishment plan. The newly designed space features …

The electronic system for the Tax Refunds for Tourists Scheme exceeded all expectations in its first year, asserted Khalid Ali Al Bustani, Director-General of the Federal Tax Authority, FTA, revealing that the scheme has processed a total of 2.83 million applications since its launch in November 2018. The average daily …

The First Abu Dhabi Bank, FAB, has announced that it further expands into the Kingdom of Saudi Arabia with the opening of a branch in Jeddah. The Saudi Arabian Monetary Authority, SAMA, has granted FAB a licence to open three branches in the Kingdom, with the bank commencing operations in …