Local News

Abu Dhabi / WAM Access World Logistics LLC, a joint-venture between the UAE-based Rais Hassan Saadi, RHS, Group and Switzerland-headquartered Access World Group, held a ground-breaking ceremony at the site of their upcoming third-party logistics facility at Jebel Ali Free Zone. During the welcome address, Peter M Waszkis, CEO of Access World, said, “Our vision is to deliver value to ...

DUBAI / WAM The month of July proved to be an eventful one for Dubai Gold and Commodities Exchange (DGCX), the largest and the most diversified derivatives bourse in the region, as it inked pacts for greater collaboration with two leading Abu Dhabi-based entities – the Abu Dhabi Securities Exchange (ADX) and Abu Dhabi Global Market (ADGM). The Exchange’s recent ...

Dubai / Emirates Business ENBD REIT (CEIC) Limited (“ENBD REIT”), the Shari’a compliant real estate investment trust managed by Emirates NBD Asset Management Limited (the “Fund Manager”), has announced its Net Asset Value for June 30. ENBD REIT’s second NAV since listing, which has increased by 1.74% in the quarter (cum-dividend), now stands at $292 million (AED 1.074 billion) (ex-dividend ...

Dubai / Emirates Business Damac Properties, a leading luxury real estate developer in the region, awarded Arabtec Construction LLC with a AED 628 million contract to develop 1,296 villas at Damac’s Akoya Oxygen master development. Arabtec will begin construction in Q3 2017 at the 55-million-square-foot green development in Dubailand, and is expected to complete the project within 24 months. “Damac ...

DUBAI / WAM The Abu Dhabi Food Control Authority, (ADFCA) organised, in co-operation with the Food Security Centre – Abu Dhabi, a workshop entitled, “The Challenges of Producing and Marketing Poultry,” which was held today at its branch in Al Ain, to highlight the importance of transferring knowledge, exchanging expertise and finding the correct solutions to the various challenges facing ...

Dubai / WAM Emirates’ newly revamped A380 Onboard Lounge has made its operational debut on a flight to Kuala Lumpur, marking the 9th anniversary of the airline’s award-winning A380 service. The Onboard Lounge was first introduced on August 1, 2008 and has since become a mainstay of Emirates’ double decker aircraft. The latest makeover of the lounge, inspired by private ...

ABU DHABI / Reuters / WAM Five Chinese companies will start operations in Abu Dhabi’s industrial zone with an initial investment of AED1 billion in a boost for the oil-rich emirate’s economic diversification plans. The companies, from Jiangsu province on China’s east coast, are involved in sectors ranging from power and metals to natural resources and banking, Abu Dhabi officials ...

DUBAI / Reuters Dana Gas revoked an offer to creditors to exchange its outstanding $700 million Islamic bond for new notes, ending the chance of a consensual resolution to a case that could shape the future of the global Islamic finance industry. Dana is refusing to repay holders of its Islamic bond, or sukuk, which matures in October. The energy ...

Abu Dhabi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued the landmark Federal Law No. 7 of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA). “The Tax Procedures Law is a ...

Abu Dhabi / WAM Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum has unveiled a compelling replica of the ‘Dubai Creek Tower’ — the icon that will frame a fascinating new skyline in the emirate. The new centerpiece of the Grand Atrium in The Dubai Mall, was revealed ...