News

Dubai / WAM Emirates Airline transported 13 million passengers to and from China over the past 10 years, which reflects the demand for flights between China and Dubai and the growing number of flights between the UAE and China. In its statement to the Emirates News Agency (WAM), the airline noted that it currently operates five flights to China per ...

DUBAI / Emirates Business The DubaiNow platform and application has processed 7.5 million transactions, worth AED4 billion, since its launch in 2015, making it the city’s preferred portal for transactions with government services, asserted Smart Dubai and the Dubai Department of Finance (DoF). The application was designed to provide a single, centralised service platform that offers fast, seamless, and paperless ...

BEIJING / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, was awarded an honorary professorship from China’s Tsinghua University for his role and initiatives in support of advanced science, technology and innovation. This came during the visit of His Highness Sheikh Mohamed bin Zayed Al ...

DUBAI / WAM Dewa plans to build 68 new 132/11 kilovolt (kV) substations over the next three years, at a projected value of AED8 billion. This supports the directives of the wise leadership, and shows Dewa’s commitment to expanding its infrastructure to meet the growing demand for power in Dubai. “We are inspired by the vision of His Highness Sheikh ...

ABU DHABI / WAM The consolidated net profit of the Etisalat Group amounted to AED4.4 billion during the first half of the year ending on June 30, representing a 3.1 percent increase year-on-year. According to financial results, the subscriber base reached 143 million, representing a year-on-year increase of two percent. While the consolidated revenues reached AED25.9 billion, the consolidated EBITDA ...

DUBAI / WAM The Dubai-China bilateral trade hit as much as AED139 billion in 2018, and was valued at AED36 billion in the first quarter of 2019. Telecoms, phones, personal computers, aluminium, gold, automobiles, and engines topped the list of the most traded commodities between Dubai and China. China has been Dubai’s top trading partner since 2014, after the emirate ...

Bloomberg One of Germany’s most storied industrial icons just became more Chinese. Daimler AG’s Chinese partner, state-backed Beijing Automotive Group Co (BAIC), is buying a 5 percent stake in the Mercedes-Benz maker, cementing a more than decade-long alliance of the auto manufacturers. Together with Daimler’s top shareholder — Zhejiang Geely Holding Group Co’s billionaire owner Li Shufu — the transaction ...

Bloomberg The liquidity crunch facing property firms and their lenders in India may deepen after the National Housing Bank restricted certain mortgage-payment plans that developers typically use to push sales. The nation’s housing regulator advised home financiers to cease offering advances for so-called subvention plans. Such plans are staggered or back-end payment contracts where the builder pays the interest on ...

Bloomberg India should ease norms for hiring and firing workers to make it easier for companies to do business in the country, according to an ex-adviser to PM Narendra Modi’s government. Easing the rules are crucial for employers, as their primary aim is not to fire workers, Arvind Panagariya, the head of government think-tank NITI Aayog, said in New Delhi. ...

Bloomberg Huawei Technologies Co quickened revenue growth to roughly 30 percent in the first half after select teams secured critical supplies to keep production going despite US technology export restrictions, people familiar with the matter said. Two months into a Trump-administration ban that cut Huawei off from American suppliers, China’s largest technology company is starting to feel the pinch. Still, ...