ADNOC sets up oil trading business

The new business will be part of ADNOC’s Marketing ... Iraq’s state oil marketer SOMO has teamed up with Russia’s Lukoil in a venture in Dubai to trade crude. The venture might expand later into refined products and petrochemical trading. ( read original story ...)

Abu Dhabi Hires Ex-HSBC Banker to Head New Oil Trading Unit

Abu Dhabi National Oil Co. hired Philippe Khoury, formerly an energy banker at HSBC Holdings Plc, to head up its new unit for trading crude oil and refined products. State-owned Adnoc is bolstering its capacity to buy and sell crude and fuels as it expands ... ( read original story ...)

UAE Exchange, Travelex owner prepares for London IPO

The holding company Finablr will be incorporated in Britain, subject to regulatory approval, and will become the umbrella for United Arab Emirates-based business tycoon Bavaguthu Raghuram Shetty’s financial service brands. Shetty, UAE Exchange’s ... ( read original story ...)

UAE’s Rotana eyes expansion in Saudi Arabia, Africa

UAE-based Rotana considers Africa one of its main priority target markets outside the emirates, alongside Saudi Arabia, according to Rotana CEO Omar Kaddouri. Speaking to Arabian Business at the Arabian Travel Market in Dubai, Kaddouri noted that the ... ( read original story ...)

France’s Accor to open two MGallery hotels in Dubai

MGallery Business Bay, adjacent to the upcoming Marasi development, will have 144 rooms and occupy the same building as a Mama Shelter hotel previously announced by Accor last April. Read: Accor brings Mama Shelter hotel brand to Dubai It will have four ... ( read original story ...)

Boy, 7, drowns off Abu Dhabi beach

Abu Dhabi: A seven-year-old boy from the Gulf died after drowning in Abu Dhabi beach on Saturday evening, said police. The victim’s eight-year-old brother, who was also swimming at the beach, sustained moderate injuries and was treated at Al Rahba Hospital. ( read original story ...)