News

ABU DHABI / WAM AbdulAziz Al Ghurair, Chairman of UAE Banks Federation (UAEBF) commended the UAE Central Bank’s decision to provide an AED100 billion stimulus package, noting that it will give a significant boost to the UAE banking sector, and have far-reaching impact on various sectors that underpin the economy. “During these times of worldwide uncertainty, taking decisive measures like ...

ABU DHABI / WAM The Authority of Social Contribution, Ma’an, and Aldar signed a strategic agreement that will see both organisations address priority social challenges through social contracting. Aldar will invest AED2 million, a demonstration of their commitment to the programme. As part of the agreement, Aldar and Ma’an will work together to build a Social Impact Bond, with the ...

ABU DHABI / WAM The Abu Dhabi Securities Exchange (ADX) announced to the investor community that the Exchange is temporarily closing its trading hall in its main offices in Abu Dhabi as well as those in the other emirates beginning March 15 and until further notice. According to a press statement, the decision was taken by ADX as “a precautionary ...

Dubai / WAM The conservation programmes and initiatives launched by the Dubai Electricity and Water Authority (Dewa) have achieved cumulative savings of 2.2 terrawatt hours (TWh), of electricity and 7.8 billion gallons of water between 2009 and 2019. The results are the equivalent of AED1.3 billion in savings and a reduction of 1.136 million tonnes of carbon emissions. Between 2009 ...

Abu Dhabi / Emirates Business Maqta Gateway, developer and operator of the first Port Community System in the UAE and a wholly-owned subsidiary of Abu Dhabi Ports on Sunday announced the launch of Industrial Zone Services through its pioneering Single Window platform, in partnership with ZonesCorp, the UAE’s largest operator of purpose-built Economic zones. A development that comes in continuation ...

Dubai / WAM The annual Consumer Price Index (CPI), rate in the emirate of Dubai dropped by 1.20 percent in February compared to the same period in 2019, according to figures released by Dubai Statistics Centre (DSC) on Sunday. The DSC monthly report noted decline in CPI was driven by the decrease in prices of housing, water, electricity, gas and ...

Bloomberg Kansai Electric Power Co selected Vice President Takashi Morimoto as the new president, replacing Shigeki Iwane, after getting a report from a committee investigating the utility’s payoff scandal. A total of 75 officials from Kansai Electric took cash and presents worth about 360 million yen ($3.4 million) from Eiji Moriyama, a former deputy mayor of the town of Takahama, ...

Bloomberg Thailand said it will classify all travellers into three groups under intensified surveillance for the new coronavirus as officials try to prevent a wider outbreak in the tourism-reliant nation. People coming from China, Hong Kong, Macau, South Korea, Iran and Italy will be subject to mandatory 14-day self-quarantine, the Tourism Authority of Thailand said in a statement. They must ...

Bloomberg Lodha Developers International Ltd said it has repaid its $324 million bonds maturing on March 13, a refinancing investors saw as a key test for Indian borrowers amid nation’s credit crunch. The firm, which is building the Trump Tower in Mumbai, last week sold a $200 million bond to part-refinance the existing note, launched a last-minute tap this week ...

Bloomberg Data on China’s industrial output, investment and retail sales due on Monday are forecast to show an across-the-board contraction for the first time on record, evidence of the extent to which the coronavirus has ravaged the economy. The data is released on a combined basis to account for the normal seasonal swings around the Lunar New Year holiday. The ...