Sunday, June 25, 2017

Business News

AED 700 billion can be saved through 2050 energy strategy

The UAE 2050 energy strategy could lead to savings of AED 700 billion. That’s according to the Minister of Energy, Suhail Al Mazrouei, whose comments come in the Energy 2017 report. In it, he added that through the strategy, the Emirates will be one of the world leaders in reducing ...

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New scheme launched to prepare UAE for post-oil era

A new initiative has been launched that aims to prepare the UAE for the post-oil era. ‘Our Future’ will focus on developing the culture of innovation in the country and ensuring a competitive, investment-conducive environment. The initiative will support the establishment of local start-ups, and be implemented in three phases. ...

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Amazon to buy supermarket chain Whole Foods for $13.7 billion

Amazon has agreed to buy supermarket chain Whole Foods for $13.7 billion, in a move retail experts are calling a game-changer for the grocery business. The deal wiped almost $40 billion off the market value of rival food companies, as investors rushed to sell companies such as Costco and Wal-mart.

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No need for extraordinary OPEC talks, says UAE energy minister

The UAE energy minister has dismissed calls for Organisation of Petroleum Exporting Countries (OPEC) to hold an extraordinary meeting, after crude prices declined for the fourth week in a row. Suhail bin Mohammed al-Mazrouei told reporters that global oil demand will increase over the summer months. “The third quarter is ...

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Eurozone finance ministers agree deal for Greece

Eurozone finance ministers have struck a deal to unlock the latest chunk of Greece’s bailout money – avoiding a fresh crisis this summer. The bailout fund will disburse €8.5 billion – over AED 34 billion – in time for Greece’s next debt repayment in July. Our Europe correspondent Elena Casas ...

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