Bloomberg After demand from China drove another quarter of rapid growth for LVMH, Chief Executive Officer Bernard Arnault is counting on e-commerce to help keep his luxury empire ahead of the pack. First-quarter sales rose 13 percent on an organic basis, the Paris-based owner of Sephora and Christian Dior said. That beat analysts’ average estimate of 8.5 percent and spurred ...

Bloomberg Steinhoff International Holdings NV said two deals with entities related to its former chairman and biggest shareholder Christo Wiese didn’t follow proper disclosure processes, dragging the South African billionaire deeper into an accounting crisis. The agreements were made in the two months leading up to the emergence of financial irregularities that have wiped more than 90 percent off the ...

Abu Dhabi / Emirates Business The current MENA fintech market is estimated at $2 billion (AED7.35 billion) and expected to witness an annual growth of $125 million (AED459 million) until 2022, according to Mena Research Partners (MRP), a leading research company in the region. Increasingly compelling business models of fintech are expected to drive the market growth further. Going forward, ...

ABU DHABI / WAM The UAE has been named the world’s largest donor of development assistance in proportion to its gross national income for the fifth year running, according to the Development Assistance Committee of the Organisation of Economic Cooperation and Development. The UAE exceeded the United Nations’ target of 0.7 percent official development assistance in proportion to its GNI ...

ABU DHABI / WAM Mubadala Petroleum on Monday announced that it has signed the Production Sharing Contract (PSC) for Andaman I, as awarded by the Government of Indonesia in the 2017 Indonesian Licence Round. Mubadala Petroleum is the operator of the Andaman I PSC and a partner in the Andaman II PSC, operated by Premier Oil, which was also signed ...

CAIRO / WAM The UAE labour market is one of the most flexible markets at the regional and global scale, securing jobs to more than five million people from different nationalities in 2017 and receiving 1.35 million highly skilled workers for the private sector, stated Nasser bin Thani Al Hamli, UAE Minister of Human Resources and Emiratisation. According to the ...

KHARTOUM / WAM Since it began operations in March 1975, the Arab Bank for Economic Development of Africa (Badea) provided over $5.8 billion in development finance for sub-Saharan African countries, according to a statement on its website. At the end of March, after just over 13 years of operations, BADEA had made commitments of $5,824.77 million, covering finance for 653 ...

Dubai / Emirates Business The highly-anticipated 14th edition of the International Property Show (IPS), the Middle East’s biggest property sales platform for local, regional and international real estate markets, kicked off on Monday and will run until April 11 at the Dubai International Convention and Exhibition Centre (DICEC). The improved IPS 2018 programme was developed in partnership with Dubai Land ...

ABU DHABI / WAM The Zayed Giving Initiative has launched the largest series of mobile clinics and field hospitals in the world, which comprise 20 advanced medical units, with the aim of providing free diagnostic, treatment and prevention services for underprivileged people. The campaign, which is being supervised by senior volunteer doctors, is a strategic partnership with the Dar Al ...

DUBAI / WAM The General Authority for Regulating the Telecommunications Sector (TRA), received a delegation from the Telecommunications Regulatory Authority in Bahrain, headed by Sheikh Mohammed bin Salman Al Khalifa, Director of Finance, Information Technology and Human Resources, to discuss cooperation. The visit is aimed at reviewing the most prominent practices and strategies related to the management of regulatory and ...