ABU DHABI / WAM The UAE-US joint military exercise, “Native Fury 20” kicked off in Abu Dhabi, with the participation of the UAE forces and their US counterpart. The joint exercise comes within the framework of exchanging military experiences and developing joint action between the two friendly countries in the military field, so as to enhance strategic relations between the ...

Dubai / Emirates Business DP World, UAE Region, the region’s premier logistics and business hub operator, has announced across-the-board reductions in license registration and administration costs for companies operating in its flagship Jebel Ali Free Zone (Jafza) as well as for new investors. The far-reaching Jafza Customer Support Initiative is designed to slash business-related fees by between 50 percent and ...

ABU DHABI / WAM The UAE condemned the terrorist attack that targeted the presidential palace in Afghan capital, Kabul, while Dr Mohammad Ashraf Ghani, President of Afghanistan, performed his constitutional oath on Monday. In a statement, the Ministry of Foreign Affairs and International Cooperation affirmed UAE’s utter condemnation of such criminal acts and firm rejection of all forms of violence ...

DUBAI / WAM The shareholders of Mashreq Bank have approved to distribute 40 percent of the bank’s paid-up capital as cash dividends for fiscal year 2019. The distribution of cash dividends stands at AED4.00 per share, amounting to AED710.123 million ($193.3 million), according to the company’s disclosure to Dubai Financial Market (DFM), on Tuesday. During the ordinary general meeting, the ...

VIENNA / WAM The Opec Fund for International Development (Ofid), and the Arab Bank for Economic Development in Africa (Badea), signed a new agreement to strengthen cooperation in common partner countries. During past four decades, the Opec Fund and Badea have collaborated on 240 development operations in sub-Saharan Africa. The two institutions have between them contributed equally to development financing ...

Bloomberg European banks will see about 30 billion euros ($34 billion) erased from their net income over the next three years as a result of the fallout from the coronavirus, analysts at Goldman Sachs Group Inc. estimated. The profit erosion, equivalent to 7% of their total, will be driven by increased credit risk, weaker revenue and broadly flat costs, analysts ...

Emirates Business Etihad Cargo, the cargo and logistics arm of Etihad Aviation Group, expanded its digital portfolio by launching the first version of its mobile application, offering customers the ability to gain real time access to information on-the-go. Building on the success of Etihad Cargo’s iCargo platform and etihadcargo.com, the optimised mobile app boasts an array of in-built features to ...

Abu Dhabi / Emirates Business In line with the UAE’s 2030 vision to foster a knowledge-based economy, the Abu Dhabi Maritime Academy (ADMA) has signed a memorandum of understanding (MoU) with the National Association of Freight and Logistics (NAFL) to further the logistics education and training standards offered in the UAE. Both organisations will work closely together to create and ...

Dubai / WAM Dubai Aerospace Enterprise (DAE), Ltd. announced on Tuesday that its Board of Directors and shareholders had authorised an additional $300 million for bond repurchases to be conducted through open market transactions. To date, DAE has repurchased approximately $555 million of the principal amount of its publicly traded bonds under the previous authorisations of $600 million. DAE Chief ...

Dubai / WAM Emirates Central Cooling Systems Corporation (Empower), announced a payment of AED400 million as dividend to its shareholders for fiscal year ended on December 31, 2019. Empower recorded a net profit of AED871 million in 2019 with an increase of 8.3 percent year-on-year (Y-o-Y) and 46 percent of this is being paid as dividends. The company also recorded ...