DUBAI / WAM Dubai Economy has announced it will extend its consumer protection services to free zones in Dubai under an agreement with the Dubai Free Zones Council. The agreement, which is part of enhancing co-ordination between government, government-related and private entities to improve the overall customer experience in Dubai, will allow consumers of free zone businesses to raise their ...

DUBAI / WAM Dubai Aerospace Enterprise (DAE) Ltd. reported its financial results for the six months ended June 30. According to the consolidated financial statements, the DAE’s total revenue reached $672.6 million during the first half of 2020 and net income hit $121.7 million. The company’s pre-tax profit margin reached 20% and pre-tax return on equity hit 8.9%. The available ...

Dubai / WAM Dubai Airport Freezone Authority (Dafza) achieved positive financial and operational results in the first half of 2020. Throughout the first quarter of the year, Dafza recorded a 54 percent increase in general exports. During this period, China accounted for the highest percentage of Dafza’s trade, with 21 percent at a value of AED 7.7 billion, followed by ...

Abu Dhabi / WAM In a sign of that bodes well for an eventual market recovery after the coronavirus, consumer spending in the UAE increased by 65 percent in June 2020 as compared to March, according to statistics released by the Federal Competitiveness and Statistics Authority (FCSA). Hoteliers were among the primary beneficiaries, with spending jumping 15 percent in June ...

Abu Dhabi / WAM The total number of business licences issued in UAE at the end of July amounted to 665,246, a 1.9 percent increase compared to 652,885 licences issued in December 2019, according to the National Economic Register. Based on these figures, the issuance of licences in the country is expected to surge in the coming months, which will ...

SHARJAH / WAM Marwan bin Jassim Al Sarkal, Executive Chairman of Sharjah Investment and Development Authority (Shurooq) announced during a live interview on Sharjah TV that the authority will be undertaking four new large-scale tourism and hospitality projects in Khor Fakkan, Kalba, Al Dhaid and Mleiha. The strategic undertaking follows Shurooq’s vision of transforming Sharjah as a leading hub of ...

Dubai / WAM Dubai Customs has launched “Siyaj” (Fence) initiative: the first integrated control 24/7 system in the world. The new system is based on a number of sophisticated AI technologies, rapid intervention teams that work around the clock, drones, and the K9 sniffing dog unit. The initiative will enhance Dubai and UAE’s security and help protect the society from ...

Bloomberg Indian Energy Exchange (IEX) is in talks with strategic investors to sell a minority stake in its fledgling gas unit. The largest electricity trading platform in India may sell as much as 49% in the venture in a series of deals, Rajiv Srivastava, chief executive officer of IEX said in an interview. The first accord may be signed in ...

Moments after becoming president on August 9, 1974, Gerald Ford said, “Our long national nightmare is over.” Having served a quarter-century in Congress, he understood that presidents are to “take care” that laws produced by the first branch of government are “faithfully executed.” The nation in 1974 was eager for a collegial respite from the gladiatorial strife that had consumed ...

Europe has the motivation, but not the means, to break up Big Tech. For the US, the inverse is true. That’s bad news for anyone hoping for a full regulatory reckoning with Silicon Valley’s and Seattle’s giants over their monopolistic tendencies. Washington lawmakers see their job as protecting the consumer first and foremost, while Brussels wants to make sure other ...