Dubai Multi Commodities Centre (DMCC), the free zone authority on trade, enterprise and commodities in the emirate, has signed a MoU with Borsa Istanbul to set up an universal Sharia-compliant gold exchange for Islamic markets.
The UAE Ministry of Economy has published its latest annual report which notes, among other highlights that the UAE remains the region’s most prominent destination for foreign investment. GDP is expected to reach AED 1.8 trillion by end of 2016 and triple in 10 years while the non-oil sector’s GDP contribution in 2015 rose to about 77 per cent at current prices and 70 per cent at constant prices.
John Fredriksen’s Ship Finance International Limited (SFL), which boasts a $4.3bn portfolio of maritime and offshore assets, has agreed to sell a VLCC tanker to Chinese firm Kunlun Shipping.
Saudi Arabia expects a huge ship repair and shipbuilding complex that its national oil company Saudi Aramco is developing at Ras al-Khair on the kingdom's east coast to cost over 20 billion riyals ($5.33 billion), energy minister Khalid al-Falih said on Sunday.
Rickmers Holding says the financial woes of Singapore-listed shipping trust Rickmers Maritime has no impact on its financing.
The second The Maritime Standard Ship Finance and Trade Conference, held in Abu Dhabi at the Sheraton Hotel and Resort, took full advantage of a stellar panel of speakers to chart a course for the future of the shipping and maritime sectors at an uncertain time politically and economically in world markets.
Iran is hoping to secure more overseas investment after a consortium led by France’s Total on Tuesday signed a $4.8bn deal to develop part of the giant South Pars gasfield — the first major energy agreement since the country’s landmark nuclear accord.
Research and Markets has announced the addition of the "Marine Engines Market by Power'000 HP (up to 1HP, 1-5HP, 5-10HP, 10-20HP & Above 20HP), Vessel Type (Commercial & Offshore Support Vessels), Fuel (Heavy Fuel, Intermediate Fuel, Marine Diesel & Marine Gas Oil), & Region - Global forecast to 2021" report to their offering.
For the three months ended December 31, 2016, the Company’s adjusted net loss (see Non-IFRS Measures section below) was $29.4 million, or $0.18 basic and diluted loss per share, which excludes a $0.2 million, or $0.00 per basic and diluted share, unrealized loss on derivative financial instruments.
When Commerzbank, Germany’s second largest bank, reported earnings on Thursday, it made another groan in direction of the collapsing maritime shipping industry. It raised its loan loss provisions to €900 million, as it said, “in timely response to the deterioration in the shipping markets.”
Cyprus must take advantage of Brexit to develop as a maritime and financial centre, Andreas Hadjiyiannis, president of the executive committee of the Cyprus Union of Shipowners, said on Wednesday, following a meeting with President Nicos Anastasiades, at the Presidential Palace.
The use of LNG for bunkering in the US maritime industry will take some time as shipowners and suppliers consider the costs of building infrastructure and assess the risks, according to industry sources.
AS, have agreed to work for a combination of Solstad Offshore ASA ("Solstad Offshore"), Farstad Shipping and Deep Sea Supply Plc ("Deep Sea Supply") following completion of the Farstad Restructuring, creating a world class OSV company (the "Combination").