News

Bloomberg Saudi Basic Industries Corp. has no interest in taking over Clariant AG after the chemicals makers last week halted talks on their high-performance plastics venture, the company’s chief executive officer said. “Our investment in Clariant is a strategic investment, we’re going to continue to look at this investment as a growth opportunity,” Yousef Abdullah Al Benyan told reporters in ...

ABU DHABI / WAM Aldar Properties on Sunday provided its latest quarterly update on projects under development across its key destinations in Abu Dhabi. According to a statement issued by the company, work on infrastructure in Alreeman, a residential and commercial investment zone in the Alshamkha, which was launched earlier this year, commenced in July following the appointment of Tristar ...

Emirates Business Careem and National Bank of Kuwait (NBK) on Sunday announced a partnership that will see NBK manage the collection of Careem customer payments. The partnership will facilitate the backend collection of Careem customer payments though NBK. “Through our new partnership with NBK, Careem customer payments will now be collected via NBK. We are delighted to join forces in ...

ABU DHABI / WAM The Department of Culture and Tourism — Abu Dhabi has continued its strategic support for the hospitality industry by conducting a second series of workshops as part of the rollout for the ‘Ghadan 21’ government accelerator programme. The workshops hosted leaders from all of Abu Dhabi’s hotels to help bring the hospitality industry up to speed ...

ABU DHABI / WAM The Abu Dhabi Department of Community Development (DCD) said that 92 percent of customers were satisfied with the services provided by agencies working in the community development sector, while another 92 percent of complaints were resolved out of 468 total complaints received during the first half of this year. The department also revealed that the rate ...

ABU DHABI / WAM Abu Dhabi General Services Company (Musanada) revealed that work of Federal Supreme Court Building project is progressing as planned and in line with the agreed schedule at a cost of nearly AED159.5 million. Comprising a total built-up area of 25,000 square metres, the project completion percentage currently stands at 85 percent, said a Musanada press release ...

DUBAI / WAM Dubai Future Foundation has announced the selection of a number of local and global startups to work on a series of future projects in collaboration with three government entities within the first round of Dubai Future Accelerators’ 6th Cohort. Nine startups from around the world succeeded in finding innovative solutions to challenges launched by Dubai Police, the ...

Bloomberg President Donald Trump has rejected, for now, the idea of aggressive currency intervention that could give the US an edge with its trading partners by weakening the dollar, according to two people familiar with the matter. The decision came at a White House meeting focussed on trade. Part of the agenda included a discussion of Trump’s concerns about the ...

Bloomberg Jack Ma’s online bank is leading a quiet revolution in the way China lends to small businesses, taking aim at a credit bottleneck that has held back Asia’s largest economy for decades. Using real-time payments data and a risk-management system that analyses more than 3,000 variables, Ma’s four-year-old MYbank has lent 2 trillion yuan ($290 billion) to nearly 16 ...

Bloomberg Social unrest gripping Hong Kong has affected the city’s economy and businesses, and the unemployment rate is likely to rise from current levels, financial secretary Paul Chan said. In the Chinese-language post on his website, Chan said many local retail and catering businesses had experienced a “sharp decline” in business, and he warned that the longer the historic protests ...