Local News

AJMAN / WAM The Business Club licensing package by Ajman Media City Free Zone gives instant access to UAE and Arab region at the lowest investment and also gives freedom to focus on core business from day one, said Sheikh Abdul Aziz bin Humaid Al Nuaimi, Chairman of Ajman Media City Free Zone. “Business Club business set up package offers ...

ABU DHABI / WAM Adnoc Distribution has reported that net profit for the six months ended June 30, increased by 18 percent to AED1,124 million compared with the same period last year. According to a press statement, EBITDA grew by 30 percent to AED1,443 million, and gross profit rose by 24 percent to AED2,609 million. Free cash-flow generation was up ...

Dubai / Emirates Business Amanat Holdings, the GCC’s largest healthcare and education investment company, reported a net profit of AED27.9 million in H1 2018, delivering double-digit gro-wth of 12% over the same period last year. The strong half-yearly performance is underpinned by the firm’s active deployment of capital. Total revenue generated in the first half of 2018 reached AED51.9 million, ...

Ras Al Khaimah / WAM The Federal Tax Authority (FTA) has officially launched phase one of its “Tax Clinic” initiative, which seeks to maintain direct and constant communication with taxable businesses. For three months, the campaign will cover all seven emirates to raise tax awareness across the country, urging taxable businesses to register with the Authority and promoting compliance with ...

Bloomberg First Abu Dhabi Bank PJSC’s stock has gained in six of the past seven weeks, bringing the rally for the year to 37 percent. A beckoning index-weighting upgrade means more joy could be in store for shareholders. The biggest lender in the United Arab Emirates is expected to have its weighting in the MSCI Emerging Markets Index doubled to ...

DUBAI / WAM Another major step towards connecting with China’s leading dispute resolution centres was taken by the Dubai International Financial Centre Courts through the singing of a Memorandum of Guidance (MoG) with the High Court of the Hong Kong Special Administrative Region of the People’s Republic of China (Hong Kong High Court). Devised as a practical mechanism to foster ...

Dubai / Emirates Business The Emirates NBD Purchasing Managers’ Index (PMI) for the UAE declined to 55.8 in July from 57.1 in June, signalling the slowest rate of growth in the non-oil private sector in three months. “Both output and new work, while still strong, were softer than in June. Notably, new export orders increased at the sharpest rate in ...

ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has launched the UAE Youth Global Initiative to help Emirati youth unleash their full potential to enhance the country’s reputation and spread awareness of its values, heritage and all-embracing development drive. This came during ...

ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc), on Sunday observed the International Youth Day across its headquarters and all operating companies. During the celebrations, which were organised by the Group’s various youth committees, Adnoc’s young talent focussed on the contributions they have made to the business to enable enhanced performance, profitability and efficiency, as well as ...

DUBAI / WAM The Dubai’s Roads and Transport Authority (RTA) has emphasised the role of Emirati youth in driving its corporate performance through capitalising on their innovative ideas and technical skills. Speaking on the occasion of the International Youth Day celebrations, which is marked on August 12, Laila Faridoon, Executive Director of the Office of the Director-General and Chairman of ...