News

Abu Dhabi / WAM The Abu Dhabi Investment Office (ADIO) signed a cooperation agreement with the Israel Export Institute, establishing the foundation for strong trade bridges between Abu Dhabi and Israel by unlocking opportunities to collaborate on investments. The agreement covers the facilitation of introductions with potential investee companies in both markets, hosting joint events and supporting government and industry ...

Abu Dhabi / WAM General Holding Corporation (Senaat) part of ADQ and the sole shareholder of Al Foah Company, on Tuesday announced that it has submitted a non-binding offer to the Board of Agthia Group, a food and beverage company. The offer sets out the principal terms and conditions on which the majority of Al Foah’s business would be transferred ...

Sharjah / WAM Arada announced the latest in a series of construction contracts at Aljada, the AED24 billion ($6.53 billion) mixed-use community in the heart of New Sharjah. The developer awarded the AED102 million contract to build Phase 2 infrastructure works to support a number of different communities within Aljada to Al Marwan General Contracting Company. The scope of work ...

Abu Dhabi / WAM Dr Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, reaffirmed the UAE’s supportive stance for UN resolutions on Libya and the world organisation’s call for Libyan parties to engage in a ceasefire, end escalation, and commit to international efforts for a peaceful settlement. This came as the UAE minister participated in a ministerial meeting ...

Bloomberg The World Trade Organisation (WTO) offered a less gloomy projection for this year’s decline in global trade while noting that downside risks remain if resurging outbreaks of Covid-19 stall the economic recovery. The WTO said it expects global merchandise trade to fall by 9.2% this year from 2019, compared with the 12.9% drop projected in April, according to revised ...

Bloomberg Oil rises further after the biggest gain since May on growing optimism for more US fiscal stimulus and as President Donald Trump left hospital following treatment for Covid-19. Futures added 1.2%, following Monday’s surge above $39 a barrel. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin will resume talks on another round of pandemic relief funding, but there’s ...

DUBAI / WAM Hesham Abdulla Al Qassim, Chairman of Emirates Islamic and Vice Chairman and Managing Director of Emirates NBD Group, rang the market-opening bell on Tuesday to celebrate the listing by Emirates Islamic of a $500 million sukuk on Nasdaq Dubai. The bank achieved a profit rate of 1.827%, the lowest for a sukuk issued by a UAE bank ...

Berlin / WAM HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, visited the Memorial to the Murdered Jews of Europe, known as the “Holocaust Memorial,” and its museum in Berlin, accompanied by Gabi Ashkenazi, Israeli Minister of Foreign Affairs. HH Sheikh Abdullah and Ashkenazi were accompanied by Heiko Maas, German Minister of Foreign Affairs. ...

ABU DHABI / WAM In 2019, the UAE’s real estate sector achieved six positive indicators despite economic slowdown in the Gulf Cooperation Council (GCC) and the Middle East, highlighted by a surge in asset revenues, ownership rights revenues and profits in various indicators monitored by the central bank of the UAE (CBUAE). The companies, Emaar and Aldar, dominate the real ...

ABU DHABI / WAM Auto loans declined by 7.6 percent while property financing increased 2.9 percent during 2019, according to the statistics of the central bank of the United Arab Emirates. The apex bank’s figures indicated a drop of 2.3 percent in retail loans allocated to households in a sign reflective of an increased tendency towards spend optimisation among individuals. ...