Bloomberg Some of China’s biggest manufacturers that supply US multinationals from Walmart Inc. to Nike Inc. find themselves in President Donald Trump’s crosshairs as his administration discusses new import tariffs. The US is considering taxing imports from shoes and clothing to consumer electronics, putting on the hook companies including Yue Yuen Industrial Holdings Ltd. and Li & Fung Ltd. that ...

ABU DHABI / WAM The UAE Central Bank has announced that the money supply aggregate M1 increased 1.1%, from AED492.4 billion at the end of December 2017 to AED498 billion at the end of January 2018. In a statement, the bank said, “The money supply aggregate M2 increased by 0.1%, from AED1276.2 billion at the end of December 2017 to ...

Abu DHABI / Agencies Etisalat, the biggest telecommunications company in the United Arab Emirates, is seeking to buy back stock valued at as much as $2 billion. The shares climbed. The board of Emirates Telecommunications Group, also known as Etisalat, recommended purchasing up to five percent of the phone operator’s paid-up capital, or 434.8 million shares, the Abu Dhabi-based company ...

DUBAI / WAM Members of the Dubai Internet City (DIC) community have collectively attracted AED7.8 billion ($2.12 billion) in funding since its launch, the largest technology business hub in the region announced on Tuesday. The impressive figure bears testimony to Dubai’s success in attracting the best and brightest businesses, making the emirate one of the main drivers of technological innovation ...

ABU DHABI / WAM Ali Saeed bin Harmel Al Dhaheri, Chairman of the Board of National Takaful Company (Watania) said that the company has achieved 36 percent year on year growth in gross contribution, making a net profit of AED7.6 million compared to AED400,000 in 2016. Speaking on the announcement, Al Dhaheri said, “The company has 3 main business verticals ...

ABU DHABI / WAM Emirates Global Aluminium (EGA) has signed a Memorandum of Understanding with Abu Dhabi Ports, to work together to develop opportunities for Abu Dhabi Ports to upgrade ports, logistics infrastructure and services abroad used by EGA to load raw materials destined for the UAE. The agreement could lead to new international business opportunities for Abu Dhabi Ports, ...

Bloomberg Air Arabia PJSC’s expansion could see the biggest discount carrier in the Persian Gulf and North Africa order 100 narrow-body planes worth $11 billion at list prices before the end of the year. The Sharjah, United Arab Emirates-based airline hasn’t yet reached a decision but the figure is “probably the right number,” Chief Executive Officer Adel Ali said in ...

RAS AL KHAIMAH / WAM Julphar, one of the largest pharmaceutical manufacturers in the Middle East and Africa, recorded sales of AED1.3 billion for the year ending December 31, 2017, despite the challenging and rapidly changing market environment. The Gulf Pharmaceutical Industries Manufacturers reviewed non-audited preliminary financial results for 2017 and forecasts for 2018, following its Board of Directors’ meeting, ...

Dubai / Reuters The Dubai Gold and Commodities Exchange (DGCX) plans to launch a new sharia-compliant spot gold contract by the end of March, aiming to tap demand for bullion from Islamic investors in the Middle East. The DGCX said it had appointed INTL FCStone as the market maker for the contract, which is physically backed by gold and the ...

Abu Dhabi / Emirates Business His Highness Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, on Tuesday inaugurated the 8th edition of the International Exhibition for National Security and Resilience (ISNR Abu Dhabi 2018), held under the patronage of HH Sheikh Hazza bin Zayed Al Nahyan, Deputy Chairman of Abu Dhabi Executive ...