Dubai / WAM The Emirates Investment Bank (EIBank) posted a net profit of AED8.86 million for Q2 2017, against AED7.88 million for Q2 2016, marking a growth of 12.4 percent. Net profit for H1 stood at AED25.43 million, up 99.3 percent on H1 2016 when it recorded AED12.76 million, with the total assets under the Bank’s management decreasing 9.7 percent ...

Abu Dhabi / Reuters OPEC expects greater adherence to its pact with non-OPEC producers to cut oil output after two days of meetings in Abu Dhabi aimed at boosting compliance with the accord. The Organization of the Petroleum Exporting Countries, Russia and other producers are cutting output by about 1.8 million barrels per day (bpd) until March 2018 to get ...

RAS AL KHAIMAH / WAM National Bank of Ras al-Khaimah (RAKBANK) announced that it has mandated Bank ABC (Arab Banking Corporation (B.S.C.)), First Abu Dhabi Bank PJSC (FAB), and Standard Chartered Bank as the Initial Mandated Lead Arrangers and Bookrunners to arrange on its behalf a debut $250 million 3-year syndicated term loan facility (the “Facility”). The Facility will be ...

Abu Dhabi / WAM Service Hero, the region’s only consumer powered customer satisfaction index “CSI”, announced a two-point growth in UAE customer satisfaction during first half of 2017. These results were made public as the as the company released its six months “Customer Satisfaction Index” for the UAE, which scored a total of 77.7 satisfaction rate. Most of the 14 ...

RAS AL KHAIMAH / Emirates Business The National Bank of Ras Al-Khaimah (RAKBANK) announced a strategic partnership with Invoice Bazaar, a FinTech Supply Chain Finance platform in the United Arab Emirates. The partnership allows RAKBANK to participate as a ‘Receivable Purchaser’ on Supply Chain Finance transactions originated by Invoice Bazaar on its platform. RAKBANK is the first bank in the ...

DUBAI / Emirates Business Rasasi Perfumes, one of the leading perfume brands in the Middle East, has recorded strong sales growth in the first half of 2017 and claims more than a 25 percent share of all fragrance sales among the GCC–based manufacturers. Compared to the same period last year, Rasasi has achieved a four percent rise in sales in ...

Abu Dhabi / WAM Abu Dhabi Tourism and Culture Authority (TCA Abu Dhabi) and the Emirates Heritage Club have signed a Memorandum of Understanding (MoU) to protect, preserve, and revive national heritage, as part of a coordinated strategy to bolster Abu Dhabi’s position as a global cultural tourism destination. The MoU establishes a mutual communication and cooperation channel between the ...

ABU DHABI / WAM HH Lt General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, honoured, at his office in the ministry, the family of martyr Jassim Issa Mohammed Hassan Al Balushi, who lost his life in the line of duty while attempting to extinguish a fire on an Emirates Airline aircraft which performed ...

DUBAI / WAM The Dubai Chamber of Commerce and Industry (DCCI) is organising the 4th Global Business Forum on Africa in November in Dubai, under the patronage of Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. The two-day forum will be held at Dubai’s Madinat Jumeirah under the theme ...

DUBAI / WAM To support the transition of the automotive industry towards green mobility and the recent initiatives taking places in the UAE, the New Energy Vehicles Club has been created under the umbrella of the Clean Energy Business Council (CEBC) at the initiative of ENGIE, an energy company, charging station manufacturer and board member of the CEBC. The creation ...