CBUAE maintains base rate for Overnight Deposit Facility at 15 basis points

The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) at 15 basis points, effective from Thursday, 29th July 2021. This decision was taken following the US Federal Reserve Board’s announcement on 28th July 2021, to set the Interest on Reserve Balances (IORB) at 15 basis points, CBUAE said in a statement on Thursday. The Central Bank also has decided to maintain the rate applicable to borrowing short-term liquidity from the CBUAE through all standing credit facilities at 50 …

India builds up phase two of strategic petroleum reserves programme

India is expanding its strategic petroleum reserves programme, the Minister of State for Petroleum and Natural Gas, Rameswar Teli, told the lower House of Parliament, the Lok Sabha. In the second phase of its petroleum reserves programme, approvals were given this month for establishing two additional commercial-cum-strategic storage facilities with a total capacity of 6.5 million metric tonnes (MMT) in underground storage structures. The approvals were announced by the Minister today in reply to questions from Lok Sabha members. In the first …

Delegates from 40 countries attend Central and South Asia conference

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, chaired the country’s delegation that participated in the international conference entitled, "Central and South Asia: Regional Connectivity. Challenges and Opportunities," held in the Uzbek capital, Tashkent. The conference was attended by over 600 participants from more than 40 countries, including Ashraf Ghani, President of Afghanistan, along with ministers of foreign affairs and representatives of Central and South-Asian governments and other countries, as wel…

UAE - Hungary sign agreement to provide an optimal investment environment

The UAE, represented by the Ministry of Finance (MoF), has signed an agreement to promote and protect mutual investments with Hungary. The agreement, which was signed at the ministry’s headquarters in Abu Dhabi, aims to enhance economic cooperation, provide an optimal investment environment, and secure a comprehensive balance between rights and obligations between investors and the host country, thus stimulating business initiatives for sustainable economic development. The agreement was signed by Younis Haji Al Khoori, Under-Secretary of Mini…

Nile Air begins twice weekly flights to Al Ain from July

Al Ain International Airport (AAN), owned and operated by Abu Dhabi Airports, has welcomed two new weekly flights between Al Ain and Cairo, Egypt. The inaugural flight, operated by Nile Air, landed at Al Ain International Airport.  Outbound flights will depart from Cairo International Airport on Mondays and Fridays at 15:40 LT and land at Al Ain International Airport at 21:15 LT. Return flights will depart from Al Ain International Airport on Mondays and Fridays at 22:15 LT, landing in Cairo International Airport the following day at 00:05 LT.…

$75 million OFID loan to support Bangladesh advance its transport sector

The OPEC Fund for International Development (OFID) has signed a US$75 million loan agreement with Bangladesh to improve connectivity and accessibility between the rural southwest regions and the capital Dhaka. The OPEC Fund loan will co-finance the construction of the Nalua-Baherchar Bridge (1.3km) over the Pandab-Paira River and build access roads.  This project will improve connectivity between Dhaka and the southwest districts of Barisal and Patukhali, where agriculture and fishing are key economic activities. As travelers currently cross t…

ADNEC grows portfolio with DoubleTree By Hilton London ExCel acquisition

The Abu Dhabi National Exhibitions Company (ADNEC), part of ADQ, has added a new hotel to its portfolio: the DoubleTree By Hilton London ExCel. The announcement comes in line with ADNEC’s long term investment strategy aimed at diversifying its business across the Group and achieving optimal integration of its assets through diversified economic sectors. The addition brings ADNEC’s total portfolio of hotels to six, with other hotels under management including the Aloft Abu Dhabi, Andaz Capital Gate, Abu Dhabi, the Anantara Sir Bani Yas Island A…

Masdar expands footprint in Uzbekistan with new power projects

Masdar announced that it is expanding its footprint in the Republic of Uzbekistan, with the signing of agreements to develop two photovoltaic (PV) power projects in the country for a combined capacity of 440 megawatts.  Sardor Umurzakov, Deputy Prime Minister and Minister of Investments and Foreign Trade of Uzbekistan, signed the Investment Agreements for both projects with Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, in Tashkent. The Power Purchase Agreements were signed by Sobirjon Artikov, First Deputy Chairman of the Board …

Digital payments both in-store and online on the rise in the UAE

While almost four in ten UAE consumers have experienced online fraud attempts in the past year, trust and usage of digital payments both in-store and online see no signs of ceasing as consumers still prefer them over cash, citing improved technology, and security measures as reasons why they still feel more secure with these methods of payment. These findings were revealed in the 2021 Stay Secure survey conducted by Visa, Dubai Police, and Dubai Economy (DED), according to a joint press release. According to the study, the use of cash in the U…

UAE National Program for Coders to develop local talent and expertise

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, stated that developing the digital economy is a major priority for the government. The UAE believes that young minds and national expertise are the main pillars for building a flourishing digital future, based on science, knowledge, innovation and technology. The UAE’s successful experience in the field of digital and technological transformation will be a key enabler in implementing its strategic plans and promoting the develop…

Apple Watch bands are soft, breathable, and lightweight

To celebrate the indescribable drive and competitive spirit of all athletes and fans, Apple launched the International Collection bands for Apple Watch, featuring 22 limited-edition Sport Loop bands with colorful designs that represent those nations across the globe. Each band also features a matching downloadable Stripes watch face showcasing color combinations that customers around the world can use to personalize their Apple Watch and boldly show their country support. The soft, breathable, and lightweight International Collection Sport Loo…

Oris Aquis Date Calibre 400 41.5 mm series sport a sunburst dial finish

The new Oris Aquis Date Calibre 400 41.5 mm series is both modern and avant-garde with heavy wide crown guards, and short angular semi-integrated lugs making this watch one of unique proportions that is considerably more compact on the wrist than other diver watches.  Oris Calibre 400 Series sets the new standard in automatic mechanical watchmaking. Conceived entirely in-house by the independent Swiss watch company’s skilled engineers, it offers elevated levels of anti-magnetism and a five-day power reserve, and comes with a 10-year warranty a…

Emirati entrepreneurs launch Ghalib satellite to track wildlife

A team of Emirati entrepreneurs have launched the first satellite to track wildlife in the UAE (Ghalib). Developed by Emirati company Marshall Intech, the satellite was successfully launched on SpaceX Falcon-9 rocket at Cape Canaveral Space Force Station, Florida. The satellite entered its orbit, 550 km above sea level. Equipped with advanced technologies, Ghalib satellite allows researchers to track wildlife and bird migration in the remote areas of country and assists in monitoring animals and conservation. The launch demonstrates the increa…

Masdar wins tender for 200 MW solar power project in Armenia

Masdar (Abu Dhabi Future Energy Company) has won a tender to build a US$174 million utility-scale solar project in Armenia. The Armenian Government had implemented an international tender following Masdar’s initial offer of $0,0299/kWh in December 2019. After a competitive process, Masdar submitted a final price of $0,0290/kWh. The 200-megawatt (MW) plant will be located in the Talin and Dashtadem communities of Armenia, in an area where solar radiation is both high and land is unusable for agricultural purposes. The project will be developed …

ShopWorn a sustainable alternative to buying used luxury

MENA Newswire:  Luxury e-commerce startup  ShopWorn  is on track to hit $20 million in sales by year end. Initially fueled by the revenge shopping spree begun by Chinese consumers, leading ShopWorn to open a Hong Kong satellite, American consumers are now doing their own revenge spending on ShopWorn as a sustainable alternative to buying used luxury. ShopWorn’s circular business model of acquiring past seasons’ unsold luxury watches, jewelry, leather goods and other accessories directly from luxury brands or their authorized retailers tackles…

Yas Island to be first in the world to get Warner Bros. themed hotel this year

Miral in collaboration with Warner Bros. Themed Entertainment announced that The WB Abu Dhabi hotel is on track to open in 2021. With a design and concept inspired by the world-famous Warner Bros. brand, the hotel, developed with a total investment of US$112 million, will complement the company’s commitment to diversifying Yas Island’s offerings and delivering unforgettable experiences for its visitors. The world’s first Warner Bros. themed hotel, operated and managed by Hilton under its upper-upscale Curio Collection by Hilton brand, is now 9…

DP World announces major $1.2 billion acquisition of syncreon

DP World has announced the acquisition of 100 percent of syncreon for an enterprise value of US$1.2 billion. This transaction is subject to customary completion conditions and is expected to close in second half of 2021. Syncreon is a US based global logistics provider that specializes in the design and operation of complex supply chains for the high growth automotive and technology industries. syncreon provides specialized value-added warehousing and distribution solutions through a variety of manufacturing, export packaging, transportation m…

DCT Abu Dhabi participates in Cairo International Book Fair

The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), represented by its Abu Dhabi Arabic Language Centre (ALC), is participating in the 52nd edition of the Cairo International Book Fair (CIBF) to promote UAE literature and culture across the region. Taking place at the Egypt International Exhibition Centre in Cairo from 30 June to 15 July, 2021, the book fair is one of the biggest and most prestigious of its kind in the Arab world. The ALC will have two pavilions at CIBF, with one dedicated to book sales and engagement with reade…

Emirates Mars Mission released images of Mars in the far-ultraviolet

The Emirates Mars Mission, the first interplanetary exploration undertaken by an Arab nation, released the first global images of Mars in the far-ultraviolet, providing new insights into the discrete aurora phenomenon in Mars’ nightside atmosphere. The images have revolutionary implications for our understanding of the interactions between solar radiation, Mars’ magnetic fields and the planetary atmosphere. "These unique global snapshots of the discrete aurora of Mars are the first time such detailed and clear observations have been made …

Pandemic-led impact on tourism to cross $4 trillion in losses to global economy

The impact of the COVID-19 pandemic on tourism could result in a more than $4 trillion loss to the global economy, UN trade and development body UNCTAD said on Wednesday in a report issued jointly with the UN World Tourism Organization (UNWTO). The estimate is based on losses caused by the pandemic’s direct impact on tourism and the ripple effect on related sectors, and is worse than previously expected. Last July, UNCTAD estimated that the standstill in international tourism would cost the global economy between $1.2 trillion and $3.3 trillio…

Etihad Rail track-laying works at the Seih Shuaib site inaugurated

His Highness Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Abu Dhabi Crown Prince's Court and Chairman of Etihad Rail, has inaugurated track-laying works at the Seih Shuaib site, which is the centre point for track-laying running to Abu Dhabi and Dubai. Sheikh Theyab reviewed the latest progress during a 10-kilometer trip aboard an inspection and supervision train. The trip started from the operations centre at Seih Shuaib area and travelled in both directions towards Abu Dhabi and Dubai up to Al Maha Forest, where he was brie…