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  Abu Dhabi Offshore Power Transmission Company has secured more than $3.2 billion in financing with export credit agencies and banks for an offshore electricity transmission project, the Japan Bank for International Cooperation said in a statement. The financing is to build and operate a high-voltage direct current offshore power transmission system linking two offshore production facilities owned by state-controlled oil giant Abu Dhabi National Oil Company (ADNOC) to Abu Dhabi’s onshore grid. “The project will receive payment of power transmission charges from

  Companies in the United Arab Emirates are largely resisting demands for higher pay to offset the impact of inflation, according to a survey that showed two-thirds of companies have received requests for salary increases. Mercer, in its 2022 UAE Inflation Spot Survey of 200 international and local firms, said only 16% of them have taken some action, like one-time lump-sum payments, off-cycle salary bumps or housing allowance increases, as they look to retain talent. The Central Bank of the UAE projects inflation

  A British man accused by Denmark of masterminding a USD 1.7 billion tax fraud has been ordered by a Dubai court to pay Copenhagen’s tax authority USD 1.25 billion, court filings seen on Friday show, just days after another Dubai court rejected an extradition order for him. The order by the Dubai Court of Appeal against Sanjay Shah comes as part of a civil case filed four years ago by Denmark’s tax authority, who have been pursuing him as part of

  The United Arab Emirates’ economy grew by an estimated 8.2% in the first quarter, buoyed by higher oil production, the central bank said on Wednesday. Real gross domestic product (GDP) is expected to grow 5.4% this year and 4.2% next year, the central bank said. There was a high probability of stronger growth due to higher oil production and a government pledge to double the manufacturing sector’s size by 2031. Hydrocarbon GDP climbed an estimated 13% in the first quarter, when

  The United States and United Arab Emirates have reached an agreement to spend $100 billion on clean energy projects with a goal of adding 100 gigawatts globally by 2035, U.S. Secretary of State Antony Blinken said on November 1, 2022. The two governments signed a memorandum of understanding in Abu Dhabi setting out the framework of the deal, Blinken said in a statement. “This memorandum of understanding is an important step forward in our joint efforts to accelerate our collective