Local News

Abu Dhabi / Emirates Business Abu Dhabi Global Market (ADGM) and Jersey Financial Services Commission (JFSC) are pleased to announce a collaboration agreement to disseminate trends on registries, services and operations in real time to promote growth in both jurisdictions. This new partnership was established during the signing of a statement of co-operation agreement by John Harris, Director General of ...

SHARJAH / WAM H.H. Dr. Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler ofSharjah, has approved AED9,501,177 to repay the debts owed by nationals. The latest move comes as part of the generous initiatives of His Highness Sheikh Dr Sultan bin Mohamed, which place humanity at the top of its priorities and seeks to achieve a stable ...

DUBAI / WAM The Dubai International Financial Centre (DIFC) announced on Monday developments in its FinTech ecosystem that further strengthen its position as Middle East, Africa, and South Asia region’s (MEASA) number one and one of the world’s top 10 FinTech hubs. Arif Amiri, Chief Executive Officer of DIFC Authority, said, “Driving the future of finance and promoting financial inclusion ...

Abu Dhabi / Emirates Business Majid Al Futtaim has officially broken ground in Masdar City on its first shopping mall in Abu Dhabi, My City Centre Masdar. Amana Steel Contracting LLC has begun main works as the company’s main contractor on the project. “My City Centre Masdar, Majid Al Futtaim’s first shopping destination to open in Abu Dhabi, will exemplify ...

DUBAI / Reuters DXB Entertainments is expecting an improved 2018 after reporting a 1.12 billion dirham ($305 million) loss for last year, the CEO of the Dubai-based theme park operator told Reuters on Monday. The company also announced it had reached a deal with banks to restructure 4.2 billion dirhams in debt and had received fresh funding from its majority ...

DUBAI / WAM DP World has won a 30-year concession with an option of a further 20-year extension for the management and development of a greenfield multi-purpose port project at Banana, Democratic Republic of the Congo (DRC). The Port of Banana will be the first deep-sea port in the country along its small coastline of 37 kilometres, which currently only ...

ABU DHABI / WAM Dubai non-oil external trade with South Korea grew eight percent in 2017 to reach AED27.43 billion, of which AED22.1 billion were in imports, AED 4.47 billion in exports and AED866 million in re-exports, compared to 2016. South Korea is Dubai’s eighth biggest trade partner in imports and ninth in exports. Ahmed Abdul Salam Kazim, Director of ...

ABU DHABI / reuters Abu Dhabi has folded utility Abu Dhabi Water & Electricity Authority (Adwea) into the emirate’s newly established department of energy as part of a consolidation of state-owned entities, a spokesman for the department said on Sunday. The Regulation & Supervision Bureau (RSB), which oversees water, waste water and electricity in Abu Dhabi, will also become part ...

DUBAI / WAM Mashreq Bank received the Service Olympian Award for ‘Best Call Centre 2018’. The award celebrates excellence in customer service delivery. Sumit Bhatia, Head of Direct Business Channel at Mashreq Bank, said, “We are pleased to have been recognised as the Best Call Centre by the Service Olympian Awards. This is a testament to the hard work of ...

Abu Dhabi / Reuters Inflation in the United Arab Emirates eased slightly in February after jumping to a multi-year high in January when the government introduced a 5 percent value-added tax, official data showed on Sunday. The annual inflation rate came down to 4.5 percent last month from 4.8 percent in January, which was the highest level since 2015. Month-on-month, ...