News

Emirates Business Aldar Properties PJSC (Aldar) reports robust financial results for the 12 months to December 31, 2018 – a transformational year with strong momentum building in the second half that has continued into 2019. The company posts AED 6.3 billion revenue, up 2%, supported by asset acquisitions and development revenue recognition as projects under construction achieve milestones. The company’s ...

ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic) on Wednesday reported its financial results for the full year ended December 31, 2018. Adnic delivered a strong set of results, with gross written premiums up by 10.1% year-on-year to AED 2.91 billion driven by growth across core lines of business. Net technical profit of Adnic increased by 22.8% to ...

Bloomberg Oil climbed for a second day after Saudi Arabia pledged to deepen production cuts and US President Donald Trump said he might extend a deadline for additional tariffs on China. Futures in New York added as much as 1.5% after rising 1.3% on Tuesday. The world’s biggest crude exporter will continue to curb output more than required by a ...

ABU DHABI / WAM Etihad Airways will introduce the Boeing 787-9 Dreamliner on its daily service from Abu Dhabi to Chengdu, China, effective July 1, replacing the Airbus A330-200 currently operating the route. Also from July 1, the airlines’ daily service from Abu Dhabi to Shanghai will be upgraded from the 787-9 to the larger 787-10 Dreamliner. Once the changes ...

DUBAI / WAM Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum attended the launch of the new brand for Dubai International (DXB) that signifies Dubai Airports’ transition from airport operator to a consumer-led company committed to making the world’s busiest international airport, the world’s best. On this occasion, ...

ABU DHABI / WAM Tawazun Economic Council has announced the launch of the Defence and Security Development Fund with a capital of AED2.5 billion (equivalent of $680 million). The Fund contributes to the enablement of the defence and security sector and its contribution to economic development in the United Arab Emirates. The Defence and Security Development Fund will have presence ...

ABU DHABI / WAM The National Central Cooling Company, Tabreed, has entered into a 30 year concession for a contracted cooling capacity of 20,000 refrigeration tonnes (RTs) with Andhra Pradesh Capital Region Development Authority (APCRDA), to build, own, operate and transfer India’s first district cooling system in Amaravati – the new capital of Andhra Pradesh. This will be Tabreed’s first ...

Sharjah / WAM Air Arabia (PJSC) on Wednesday announced financial results for the fourth quarter (October to December) 2018, delivering a strong operational and financial performance. Air Arabia reported a net profit of AED 26 million for the fourth quarter 2018, in line with the strong net profit recorded in the same period last year. Turnover for the three months ...

Dubai / Emirates Business Noor Bank, a leading Shari’ah-compliant bank in the UAE, on Wednesday announced its year-end 2018 financial results. The bank delivered a strong performance with a net profit of AED 676 million prior to adjustments for property revaluations, amounting to a 74% improvement in underlying performance. Net profit after adjustments was AED601 million, representing a growth of ...

Abu Dhabi / Emirates Business Held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the sixth edition of the World Ocean Summit will convene in Abu Dhabi next month. The summit will provide a forum for a global gathering of over 500 ...