News

Bloomberg Royal DSM NV bucked a downward trend in the chemical industry by raising 2019 guidance as the Dutch company beat profit forecasts following growth in nutrition and healthcare markets. The maker of vitamins and dietary supplements sees earnings increasing by close to 10 percent this year, dropping the lower end of its previous guidance range. Adjusted earnings before interest, ...

Bloomberg More cargo from Mexico to the US is being held up at the border, accompanied by increasing evidence that such delays are dimming prospects for American companies. Slower trade between the countries since federal border officers were recently redirected to deal with a surge in migrants has been socking businesses with additional shipping costs. The effects will likely cause ...

DUBAI / WAM The UAE and Saudi Arabia have reviewed the latest prospects of cooperation in the field of infrastructure development. This came during the five-day meetings held by the joint project teams of the Emirati-Saudi Coordination Council in Riyadh where a summary of the projects charted by the Saudi Ministry of Infrastructure Development, and the efforts of both countries ...

DUBAI / Emirates Business Emaar Development achie-ved one of the highest quarterly sales during the first quarter (January to March) of 2019 underpinned by the exceptional sales of residences launched by the company. The total sales for the period increased by 51 percent to AED 5.902 billion ($1.607 billion) compared to Q1 2018 sales of AED3.908 billion ($1.064 billion). Emaar ...

Bloomberg The US said it’s sending an aircraft carrier strike group and bomber force to Middle East to send an “unmistakable message” to Iranian regime, citing “a number of troubling and escalatory indications and warnings” it suggested were linked to Tehran. “The US is not seeking war with the Iranian regime, but we are fully prepared to respond to any ...

SHARJAH / WAM Dana Gas announced its financial results for the first quarter that ended on March 31, declaring that net profit was up 150% in Q1 2019, reaching $35 million (AED128 million) as compared to $14 million (AED51 million) in Q1 2018. The higher net profit was principally due to an increase in Kurdistan Region of Iraq (KRI) production ...

DUBAI / Emirates Business Islamic Banks in the Gulf Cooperation Council (GCC) are expected to show resilience over the next two years after weathering tough market conditions in 2018, said S&P Global Ratings in a report published on Monday. “In 2018, GCC Islamic banks expanded slower than conventional peers for the first time in five years,” said S&P Global Ratings ...

Bloomberg Oil tumbled towards $60 a barrel as President Donald Trump threw trade talks between the world’s two largest economies into disarray with a threat to raise tariffs on Chinese imports, roiling global markets. US crude pared losses after plunging as much as 3.1 percent in New York to the lowest level in five weeks. China was said to be ...

Dubai / Emirates Business Global trade enabler DP World UAE Region has been recognised for developing the GCC’s most robust and efficient supply chain at this year’s Logistics Middle East Awards 2019, where it won the Supply Chain Hub of the Year award. Abdulla bin Damithan, Chief Commercial Officer of DP World UAE Region, accepted the award on behalf of ...

Abu Dhabi / Emirates Business Etisalat on Monday announced the launch of ‘Smiles UAE’, making the popular app – with its wide range of daily deals and lifestyle rewards – accessible to all UAE residents and visitors. The app was previously available only for selected Etisalat customers. Smiles users will enjoy ‘Buy 1 Get 1 Free’ deals on entertainment, shopping, ...