News

Bloomberg The recent yield curve inversion has renewed speculation about a potential North American recession and prompted questions about how a contraction would affect households. Though it’s impossible to say for certain when, or even if, such an event will occur, several indicators suggest the pain would be more severe on the Canadian side of the border than in the ...

Bloomberg Oil held near $54 a barrel after Saudi Arabia said it would work with Russia and other members of the Opec+ coalition to prevent a slump in prices. Futures were little changed in New York, after rising 2.7 percent. Saudi Energy Minister Khalid Al-Falih said oil producers would take “preventive steps” to stop prices from diving, after meeting with ...

DUBAI / WAM Dubai Islamic Bank (DIB) is set to acquire Noor Bank, enhancing Dubai’s position as the capital of Islamic economy and creating the region’s most powerful Shari’a banking group. The DIB’s board meeting recommended its shareholders consider the takeover of 100 percent shares of Noor Bank, after obtaining all necessary approvals from the competent regulatory authorities and taking ...

Bloomberg US President Donald Trump threatened to raise tariffs on China again if President Xi Jinping doesn’t meet with him at the upcoming Group of 20 summit in Japan. Trump was asked in an interview with CNBC on Monday whether tariffs on about $300 billion in Chinese goods would be enacted immediately if there’s no meeting at the summit later ...

ABU DHABI / WAM The UAE and the International Renewable Energy Agency (Irena), on Monday, signed a supplementary agreement to the headquarters agreement that was signed in 2012 on hosting the Agency’s permanent headquarters in the UAE capital. The new document outlines the specific conditions governing the occupancy by Irena of its headquarters premises Dr Thani bin Ahmed Al Zeyoudi, ...

BAHRAIN / WAM Investcorp announced that it acquired 11 new US multifamily properties. The portfolio totals 2,615 units for a combined purchase price of approximately $370 million. The acquisition marks Investcorp’s largest US real estate portfolio acquisition co- mpleted in the past decade. “This diversified acquisition marks very exciting milestone for our real estate investment team as this is the ...

Dubai / WAM Dubai’s Jebel Ali Port has emerged as the UAE’s leading hub for the used cars sector, generating some AED31.8 million ($8.6 million) in automotive spare parts trade, revealed DP World UAE Region. According to the company, the Emirate of Dubai has proved to be preferred trade hub in region for automotive and spare parts sector, with Jebel ...

Dubai / Emirates Business UAE residents are paying down debts and remitting money more regularly, as their perceptions of their financial wellbeing improve. That’s according to the Consumer Confidence Tracker Q1 2019 from yallacompare, the Middle East’s leading comparison site for financial products. During the first quarter of 2019, the Tracker polled more than 1000 UAE residents on the state ...

Dubai / WAM Dubai Land Department (DLD), will start providing telecom services to its customers through Ejari application via connectivity with Etisalat, after signing a Memorandum of Understanding (MoU), with Emirates Telecommunication Group Company. The cooperation agreement regarding ‘Ejari’ system and the Real Estate Blockchain technology, comes in line with the parties’ keenness to implement smart government standards (paperless management, ...

ADEN / WAM The United Arab Emirates today launched an emergency response campaign to provide relief aid to people affected by heavy rains and floods that hit Aden and several other Yemeni cities. The field volunteer teams of the Emirates Red Crescent (ERC), have arrived in the areas affected by the rains to evaluate the losses and to provide relief ...