Local News

  ABU DHABI / WAM Abu Dhabi General Services Company (Musanada) has announced that rehabilitation works of Khonoor and Al Huweiteen Schools are almost completed and that both schools would eventually be handed over to Abu Dhabi Education Council (ADEC) at the start of the new 2016/2017 academic year. This comes as part of Musanada’s efforts to realise the vision …

  DUBAI / WAM Emirates Auction, the world leading company in hosting, organising and managing public auctions of all kinds, and Al Jalila Foundation, the leading institution in support of education and research in the medical sector, signed a cooperation agreement that aims at consolidating their partnership in organising and conducting auctions dedicated to humanitarian work in line with the …

  Dubai / Emirates Business Mashreq — one of the UAE’s leading financial institutions — has partnered with the Dubai Police to provide unique and innovative payment acceptance services to the UAE public. This comes as part of the Dubai smart city and smart government vision of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of …

  Sharjah / Emirates Business Sharjah-based humanitarian project The Big Heart Foundation (TBHF) has teamed up with the United Nations World Food Programme (WFP) to meet the vital food needs of 17,000 of the poorest non-refugees in the Gaza Strip for one month. Through this partnership TBHF will help WFP transfer funds in the form of food electronic cards to …

  Abu Dhabi / Emirates Business Emirates Motor Company (EMC), the Mercedes-Benz authorized distributor in the emirate of Abu Dhabi and the flagship company of Al Fahim Group, has announced that customers who have purchased any AMG after June 1 will receive vouchers to participate in three different AMG experiences at Yas Marina Circuit until December: the Mercedes-AMG GT Experience, …

  Bloomberg Abu Dhabi sovereign investment fund Mubadala Development Co. will acquire a 20 percent stake in alternative investment firm Investcorp Bank BSC, which has backed companies including Tiffany & Co. and Gucci Ltd. under founder Nemir Kirdar. Mubadala will secure a 9.99 percent stake immediately and a further 10.01 percent after gaining regulatory approval, Investcorp said in a statement …

  ABU DHABI / WAM Within its endeavour to co-operate with relevant entities in undertaking its regulatory role, the Federal Authority for Nuclear Regulation (FANR) has signed a Memorandum of Understanding (MoU) with the General Authority of Ports, Border and Free Zones Security (MANAFTH). The MoU aims to promote co-operation in the field of radioactive and nuclear materials security in …

  Dubai / Emirates Business The National Bank of Ras Al-Khaimah (RAKBANK) on Thursday announced a consolidated net profit of AED 445.5 million for the half-year ended 30 June 2016. The Group’s operating profit increased by 12.0% to AED 1.3 billion as a result of an increase in total income by 3.2% and a reduction in operating cost by 10.0%. …

  Abu Dhabi / WAM Ras Al-Khaimah Free Trade Zone (RAK FTZ) has received another prestigious award from the inaugural BURJ CEO Awards, winning the “Best Global Free Zone,” at Washington DC, USA, RAK FTZ’s third recognition from award-giving bodies this year. On behalf of the free zone, Izzat Barakat, RAK FTZ’s Chief Commercial Officer, accepted the award from H.H. Sheikh …

  Abu Dhabi / WAM The First Gulf Bank (FGB) reported second quarter 2016 Group revenue growth of 3%, while Q2’ 2016 net profits were recorded at AED 1.31 billion compared to AED 1.33 billion for the previous quarter. FGB reported a group net profit of AED 2.64 billion for the six-month period ended 30th June 2016, compared to AED 2.87 …