News

Abu Dhabi / WAM First Abu Dhabi Bank (FAB) announced the signing of an agreement with the Mohammed bin Rashid Housing Establishment (MBRHE) to provide flexible financing options for UAE nationals seeking suitable family housing. The agreement comes as part of the ‘Al Yusr’ programme, one of the housing establishment’s initiatives aimed at providing the best financing options for nationals ...

SHARJAH / WAM Air Arabia has announced the introduction of a new service to Phuket, Thailand, with direct flights from Sharjah International Airport starting on July 2. Air Arabia is the first low-cost carrier in the region to launch a direct route to Phuket. The Tourism Authority of Thailand has confirmed that travellers who have been vaccinated against Covid-19 from ...

Dubai / WAM Dubai Electricity and Water Authority (Dewa) announced it will organise the 23rd Water, Energy, Technology, and Environment Exhibition (Wetex) and Dubai Solar Show from October 5-7, at Expo 2020 Dubai. Dewa is the Official Sustainable Energy Partner of Expo 2020 Dubai. The announcement was made by Saeed Mohammed Al Tayer, MD and CEO of Dewa, Founder and ...

Bloomberg China’s exports continued to surge in May, although at a slower pace than the previous month, fuelled by strong global demand as more economies around the world opened up. Imports soared, boosted by rising commodity prices. Exports grew almost 28% in dollar terms in May from a year earlier, the customs administration said on Monday, weaker than forecast and ...

Bloomberg Construction firm Katerra Inc filed for bankruptcy protection in the US, bookending the implosion of a startup that raised about $2 billion from investors including SoftBank Group Corp. The company filed Chapter 11 proceedings in the Southern District of Texas court. It estimated liabilities of $1 billion to $10 billion and assets of $500 million to $1 billion. The ...

Bloomberg China Evergrande Group, the country’s most indebted developer, reversed losses in Hong Kong trading after the company clarified that operations remained normal and it was compliant in dealings with a banking unit. The shares rose 3.7% on Monday after earlier sliding 5.3%. Evergrande said various “rumours,” including that it was resorting to widespread price discounts, were false. Chinese developers ...

Bloomberg Flipkart, the Indian e-commerce giant controlled by Walmart Inc, is in talks to raise at least $3 billion from investors including SoftBank Group Corp and several sovereign wealth funds, according to people familiar with the matter. The startup is targeting a valuation of about $40 billion and is in discussions with Singapore’s GIC Pte, Canada Pension Plan Investment Board, ...

Bloomberg For the second time in six months, Chinese provinces are rationing electricity as the nation’s grids struggle to manage a surge in demand. This time, it’s partly because residents are blasting their air conditions to keep cool during an unusually warm summer. Cities in Guangdong, a manufacturing hub in the south that’s home to 130 million people, have been ...

Bloomberg Nium, a Singapore-based fintech startup backed by state-owned investor Temasek Holdings Pte, agreed to buy payments firm Ixaris for an undisclosed amount to expand in Europe before pursuing an initial public offering in the US. All of Ixaris’s 86 employees in London and Malta will join Nium, according to an emailed statement from Nium. Ixaris, based in London, is ...

DUBAI / WAM With Spain welcoming fully vaccinated international visitors starting from Monday, UAE travellers planning their summer getaways can now choose from over 30 cities in 19 countries across the Emirates network that have opened their doors for tourism and business. From July, Emirates will operate over 280 weekly flights from Dubai to cities in Europe, the US, Middle ...