Local News

DUBAI / Reuters United Arab Emirates-based energy firm Dana Gas on Tuesday reported a 71 percent leap in second-quarter profit as energy prices rose and it cut capital spending. Dana made a net profit of $12 million in the three months to June 30. This compares to a profit of $7 million in the prior-year period, it said in a ...

Abu Dhabi / Reuters Union National Bank (UNB), 50 percent owned by the Abu Dhabi government, has begun operations at its branch in Shanghai, becoming the first bank from the United Arab Emirates to operate a branch in mainland China, the bank said on Tuesday. The Shanghai presence will provide corporate banking services to UAE companies and trade finance to ...

ABU DHABI / WAM A total of 15.151 million cheques worth AED755 billion have been handled by the Cheque Clearing System during the first half of the year, UAE Central Bank announced Tuesday. Bounced cheques since January through the end of June are valued at AED33.9 billion, accounting for 4.5 percent only of the total value of cheques during the ...

Abu Dhabi / WAM An online registration on tax purposes for businesses will be open effective mid-September 2017, according to the Federal Tax Authority (FTA) with an integrated system to be provided to serve the business sectors as per the highest international standards. This marks a major step underlining the UAE’s leading position in the application of a world-class tax ...

ABU DHABI / Emirates Business Manazel Real Estate PJSC (“Manazel”), a leading UAE developer, announced its financial results for the six months ended June 30, 2017. Manazel has continued to deliver a robust financial performance with net profit up 81% to AED56.5 million, compared to AED 31.2 million in H1 2016. Consolidated revenues for the period were up 54% to ...

Dubai / WAM Union Properties PJSC (“UP” or “The Company”), one of the leading property investment developers in the UAE, has reported its financial results for the second quarter of 2017. Following a thorough accounting review and in the long-term interests of the company, UP’s new management team has taken the decision to book provisions totalling AED2.8 billion, which has ...

ABU DHABI / WAM The Department of Municipal Affairs and Transport of Abu Dhabi City Municipality (ADM) has made it clear that construction of the cable car project at Al Maqtaa and Al Bahya Corniche is still under study and has not yet been officially released to contractors. The Department indicated that the cable car (Teleferic) project at Al Maqtaa ...

Dubai / Emirates Business International Expo Consults (IEC) part of Falak Holding, announced that the SGI Dubai 2018 show is 57 percent sold out almost 5 months prior to the show. The 21st edition of this premier sign, graphic and imaging industry event will be held from January 14-16 at the Dubai World Trade Centre (DWTC). The 2017 edition of ...

DUBAI / WAM Emirates NBD, a leading bank in the region, announced the launch of ‘Advance Account’, which will enable employees of the bank’s payroll customers who are new to the UAE to receive their account number on the first day of employment. Commenting on the initiative, Suvo Sarkar, Senior EVP & Group Head – Retail Banking and Wealth Management ...

ABU DHABI / WAM HH Sheikha Fatima bint Mubarak, Chairwoman of the General Women’s Union, Supreme Chairwoman of the Family Development Foundation and President of the Supreme Council for Motherhood and Childhood, stated that sustainability is a lifestyle, work and investment, and she described it as everyone’s responsibility as individuals and families, as well as governments, quasi-governments and private organisations, ...