Empower posts 8.3% increase in 2019 net profit

Dubai: Emirates Central Cooling Systems Corporation (Empower) on Monday reported an 8.3 per cent rise in annual net profit as the firm added more district cooling plants and customers in 2019. The district cooling services provider posted a net profit of Dh871 million in 2019, with revenue rising 7.9 per cent to Dh2.19 billion. The […]

Sharjah announces new gas discovery

Sharjah: The Sharjah National Oil Corporation (SNOC) and its Italian partner ENI, on Monday announced a successful new discovery of natural gas and condensate onshore at the Mahani field in Sharjah. The discovery of at Mahani-1 exploration well with flow rates of up to 50 million standard cubic feet per day comes within the first […]

Fiat Chrysler denies union bribery allegations in GM lawsuit

Detroit: Fiat Chrysler (FCA) is moving to dismiss a racketeering lawsuit filed by rival General Motors, denying allegations that it bribed union officials to impose higher labour costs on GM. In papers filed on Friday with the US federal court in Detroit, FCA argued that GM’s lawsuit is not based on facts. It also argued […]

Middle East states can unlock $2.5tr GDP potential

Staff Report Dubai: Better integration between Middle East and North African economies and that of Pakistan could “unlock $2.5 trillion in (combined) GDP” and create up to 100 million new jobs. A good place to start would be to improve trade flow within these countries. Currently, such trade represents only 13 per cent for this […]