Emirates President Tim Clark said he’s bracing for a “gathering storm” as low-cost airlines encroach on the inter-continental routes around which the biggest long-haul carrier has built its business. Dubai-based Emirates sees threats across all markets from rivals spanning Norwegian Air Shuttle ASA to the Scoot unit of Singapore Airlines Ltd., Clark said Thursday in Berlin.
Category: Dubai, United Arab Emirates
China’s CNPC Buys Stake in $22 Billion Abu Dhabi Oil Venture
China National Petroleum Corp. bought a stake in Abu Dhabi’s largest oil concession as the Middle Eastern emirate with 6 percent of global crude reserves looks increasingly to Asia, its biggest market, for investment to raise output capacity. Abu Dhabi National Oil Co.
Trump Sons Open Dubai Golf Course, Praise U.S. Ally
Banke International director Niraj Masand, far left, poses for a photo with Eric Trump, second left, Banke International director Porush Jhunjhunwala, center, Donald Trump Jr., second right, and DAMAC Properties chairman Hussain Sajwani, during … festivities marking the formal opening of the Trump International Golf Club, in Dubai, United Arab Emirates, Saturday Feb. 18, 2017. Two of U.S. President Donald Trump’s sons arrived in the UAE for an invitation-only ceremony Saturday to formally open the club.
U.A.E. to Adopt System Seeking to Lure Top Foreign Talent
The U.A.E. government approved a new visa system designed to attract top foreign talents in fields such as medicine, science and research to the country, Prime Minister Sheikh Mohammed bin Rashed Al Maktoum said on Sunday. “The United Arab Emirates is the land of opportunities,” Sheikh Mohammed said on Twitter after the cabinet meeting.
Dubai Said to Agree $3 Billion Loan to Fund Airport Expansion
Dubai agreed a $3 billion loan with banks to fund the expansion of Dubai World Central airport and logistics hub as it prepares to host the World Expo in 2020, people familiar with the matter said. The emirate will pay interest of 200 basis points, or 2 percentage points, above the London Interbank Offered Rate on the seven-year facility, said the people, asking not to be identified because the talks are private.
Dubai Airport Sees Toughest Year in a Decade as Demand Slows
Dubai International Airport predicted passenger growth this year will be the slowest in a decade, underscoring the challenges facing the aviation industry in the region after years of aggressive expansion. The Persian Gulf hub expects to lure 89 million travelers, 6.4 percent fewer than in 2016, it said in a statement Tuesday.
Weak Pound Forces Dubai Duty Free to Cut Prices
Dubai Duty Free cut prices after a weaker pound led to lower airport sales and expects to boost revenue by 5 percent this year, driven by spending by Chinese travelers. “We have been negotiating with our suppliers, a lot of whom we pay in dollars,” the airport retailer’s Chief Executive Officer Colm McLoughlin said in an interview on Sunday.
Weak Pound Forces Dubai Duty Free to Cut Prices
Dubai Duty Free cut prices after a weaker pound led to lower airport sales and expects to boost revenue by 5 percent this year, driven by spending by Chinese travelers. “We have been negotiating with our suppliers, a lot of whom we pay in dollars,” the airport retailer’s Chief Executive Officer Colm McLoughlin said in an interview on Sunday.
U.A.E. Says $50 Oil – Isn’t Going to Cut It’ for Producers
Crude oil at $50 a barrel is too low for most producing countries, according to United Arab Emirates Energy Minister Suhail Al Mazrouei. Prices have climbed almost 20 percent to above $50 a barrel since the Nov. 30 agreement by the Organization of Petroleum Exporting Countries to cut production for the first time in eight years to curb a global glut.
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In this Tuesday, Dec. 20, 2016 file photo, a general view with an advertising billboard is seen at the Trump International Golf Club main entrance in Dubai, United Arab Emirates. Dubai’s DAMAC Properties tells The Associated Press it offered … deals to U.S. President-elect Donald Trump’s firm worth some $2 billion, but the Trump Organization turned them down.
BP Gains Abu Dhabi Oil Field Stake for $2.2 Billion in Stock
BP Plc cemented its 77-year relationship with Abu Dhabi by swapping about $2.2 billion of its own shares for a stake in one of the emirate’s largest onshore oil concessions. The U.K.’s second-biggest oil group will issue new ordinary shares to pay for 10 percent of the Abu Dhabi Company for Onshore Petroleum Operations Ltd., giving the emirate a 2 percent holding in BP, the London-based company said Saturday in a statement.
BP Gains Abu Dhabi Oil Field Stake for $2.2 Billion in Stock
BP Plc cemented its 77-year relationship with Abu Dhabi by swapping about $2.2 billion of its own shares for a stake in one of the emirate’s largest onshore oil concessions. The U.K.’s second-biggest oil group will issue new ordinary shares to pay for 10 percent of the Abu Dhabi Company for Onshore Petroleum Operations Ltd., giving the emirate a 2 percent holding in BP, the London-based company said Saturday in a statement. Abu Dhabi investor Mubadala Development Co.