SHARJAH / WAM Arada has awarded a major contract to build Nasaq District, a cluster of six upscale apartment buildings located within the master plan of Sharjah’s largest mixed-use community, Aljada. Valued at AED395 million, the contract to build Nasaq District was awarded to Gulf Asia Contracting Company LLC (GAC). Construction work on Nasaq Distict will begin immediately and is ...

ABU DHABI / WAM Saeed Ghumran Al Remeithi, Group CEO of Emirates Steel Arkan, said the group’s financial performance in the first half of 2023 was successful despite the industrial sector’s challenges. He attributed the company’s success to a rise in demand from local markets, which accounted for 55 percent of the company’s iron sales. In his statement to the ...

ABU DHABI / AD Media His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, has inaugurated the 4th IMMAF Youth World Championships, being held in Abu Dhabi under His Highness’ patronage from August 2-5 at Mubadala Arena in Zayed Sports City. His Highness presented medals to the ...

UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, said on Twitter, “The 9th anniversary of the crimes committed by the Daesh terrorist group against the Yazidis and others in Iraq is a painful reminder of the importance of embracing peaceful coexistence and rejecting all forms of discrimination based on religion or sect or ethnicity.”

BLOOMBERG The Bank of Japan (BOJ) came into the market for the second time to slow gains in benchmark sovereign bond yields, underscoring its determination to curb sharp moves in rates even as it makes room for them to rise. The buying operation also highlighted the challenge investors face interpreting a rates regime that is built on gray lines to ...

Bloomberg ING Groep NV reported second quarter profit that beat analyst estimates as it set aside less money for soured loans. Net income of €2.16 billion ($2.36 billion) in the second quarter compared with expectations for profit of €1.72 billion, the bank said. ING added €98 million to its loan loss provisions in the quarter, well below the €383 million ...

BLOOMBERG The Bank of England (BOE) raised interest rates to a new 15-year high, warning that its fight against inflation may require tighter borrowing conditions for a prolonged period. The UK central bank lifted its key rate a quarter point to 5.25%, a smaller hike than the half-point increase delivered in June. Investors and economists had expected the move and ...

BLOOMBERG Next Plc raised its guidance for the second time in recent months after wet weather and sticky inflation failed to deter shoppers from buying fashion. Full-price sales in the second quarter rose nearly 7% on last year, according to the company’s earnings report. That has driven Next to increase its forecast for profit before tax by £10 million ($12.7 ...

BLOOMBERG Deutsche Lufthansa AG and Wizz Air Holdings Plc slid after reporting robust quarterly results, as investors focused in on capacity constraints and cost pressures that will prevent the carriers from taking full advantage of demand for air travel. Lufthansa, Europe’s biggest airline group, said that cost inflation is being driven by a rise in air traffic control and airport ...

DUBAI / WAM DUBAL Holding, the investment arm of Dubai Government in the commodities, mining, power, energy, and industrial sectors, has signed a Memorandum of Understanding (MoU) with Oriental Copper, a manufacturer of high conductivity copper products in Thailand, to manufacture high-quality copper products in the UAE. The MoU was signed by Ahmad Hamad bin Fahad, CEO of DUBAL Holding, ...