News

Bloomberg Emirates NBD PJSC posted a 15 percent increase in first-quarter profit as lending rose and margins improved at Dubai’s biggest bank. First-quarter profit rose to AED2.74 billion ($747 million) from AED2.39 billion, the bank said in a statement. The mean estimates of three analysts compiled by the lender was for a profit of AED2.5 billion. The rise in profit ...

Emirates Business Economic activity in the UAE is set to accelerate to 2.2% in 2019, up from an estimated 1.7% in 2018, according to ICAEW’s latest Economic Insight report. This will be buoyed by a pick-up in non-oil activity, rising public spending at the Federal and Emirate levels, higher investment ahead of the highly anticipated Expo 2020 and continued regional ...

Bloomberg Indian billionaire Mukesh Ambani’s Reliance Industries Ltd. is considering selling as much as 25 percent of its refinery business in a deal that could fetch at least $10 billion, people with knowledge of the matter said. Reliance is sounding out potential investors including state-owned Saudi Arabian Oil Co (Aramco) to gauge the interest, according to the people, who asked ...

DUBAI / WAM Dubai Investments, the leading diversified investments conglomerate listed on the Dubai Financial Market, has decided to distribute 10 percent cash dividend to its shareholders for the financial year ending December 31, 2018. A proposal to this effect was approved by shareholders at the group’s 23rd annual general meeting (AGM). The company’s shareholders also approved all other resolutions ...

Dubai / Emirates Business The UAE-based, Grandweld Shipyards, has announced a delivery of four Crew Boats to Kuwait Oil Company “KOC”. As per the contractual agreement signed in May 2017, Grandweld should build six Pilot Boats and four Crew Boats for KOC. Five boats have been delivered and the remaining five will be delivered in June 2019. Furthermore, the newly ...

Abu Dhabi / Emirates Business Traditional Iftar and Sohour experiences in celebration of the Holy Month of Ramadan await at the Fairmont Bab Al Bahr’s stunning Al Andalus Ramadan Tent. With breathtaking views of Sheikh Zayed Grand Mosque, the enchanting Al Andalus Tent provides the ultimate venue to enjoy an authentic Arabian Iftar and Sohour with stunning surroundings, lavish spreads ...

DUBAI / WAM The world’s tallest observation wheel will be completed in time for Expo 2020 Dubai, a Dubai-based holding company revealed on Wednesday. Meraas confirmed that Ain Dubai will be completed in time for the world expo. Standing at over 250 metres high, the structure will be over 200 percent taller than the first ever Ferris wheel, which was ...

MOSCOW / WAM The UAE participated in the fifth edition of the Arab-Russian Cooperation Forum. A ministerial level delegation, headed by Ahmed bin Ali Mohammed Al Sayegh, Minister of State, and with the attendance of Juma Mubarak Al Junaibi, UAE Ambassador to Egypt and Permanent Representative to the Arab League, took part in the event. The participants at the two-day ...

DUBAI / WAM Arab-Italian economic and trade relations will get a boost, particularly in the halal industry, following the signing of an agreement between Etihad Credit Insurance (ECI), and the Joint Italian Arab Chamber of Commerce (JIACC). The move is also in line with ECI’s mandate to support UAE’s non-oil diversification strategy by offering UAE businesses a range of conventional ...

SHARJAH / WAM Sharjah Chamber of Commerce and Industry (SCCI), recorded a growth of 16 percent in new members during the first quarter of 2019 compared to the first quarter of 2018. The chamber said it had 1,464 new members, while those who have renewed their membership has risen to 15,338, a growth rate of six percent as compared to ...