Economics and Policy
Oil prices tumbled on Wednesday, with Brent crude falling below $98 per barrel, as rising US fuel supplies added to overall concern about global oil demand.
Negotiations between Egypt and the International Monetary Fund have not failed, the president’s office said Wednesday after an IMF delegation left Cairo without agreement on a $4.8 billion loan.
By 2030, Abu Dhabi aims to have all taps replaced with water-saving fixtures in a bid to cut current consumption by 52 per cent.
Lebanon's public wage and related benefits expenditures increased year on year by LL708 billion ($470 million) in 2012, according to statistics released by the Finance Ministry.
Companies and Business
Abu Dhabi telecom group Etisalat is set to sign an $8 billion loan facility next week with as many as 16 banks to help fund its Maroc Telecom stake bid, bankers said.
Union National Bank, jointly owned by the governments of Abu Dhabi and Dubai, posted a 4.2 percent increase in first-quarter net profit on Wednesday, in line with analysts' forecasts, as operating income rose at the bank.
United Arab Bank said on Wednesday its first-quarter net profit surged 60 per cent in 2013 due to expanding branch network and improved product offerings.
Dubai’s Tecom free zone has signed a memorandum of understanding with London’s Tech City to increase investment and business relations between the city’s technology-based companies.
