News

Sharjah / WAM The UAE’s education market is set to grow from $4.4 billion in 2017 to $7.1 billion by 2023, according to a recent study by Boston Consulting Group. The rising participation of educational institutions and increasing student footfalls at the 15th International Education Show 2019 at Expo Centre Sharjah reflect a booming education sector in the country that ...

Abu Dhabi / WAM Abu Dhabi Fund for Development (ADFD), on Wednesday announced the full implementation of the Committee of Sponsoring Organisations of the Treadway Commission (COSO), Internal Control Framework in its operations. As the first government institution in the emirate of Abu Dhabi to roll out the effective system, ADFD confirmed that the framework will help enhance its monitoring and ...

KASSALA / WAM The UAE implemented four water pumping stations west of the Sudanese State of Kassala and signed contracts with the state government to drill 10 water wells, with work underway to establish additional pumping stations fed by Atbara River to address the severe drinking water crisis. The Abu Dhabi Crown Prince Court is funding the developmental projects as ...

SHARJAH / WAM Sharjah Islamic Bank (SIB), achieved good results for the full year of 2018 and declared a net profit of AED510.4 million compared to AED477.7 million reported in 2017, showing an increase of 7 percent. An 8 percent cash dividend is proposed for the shareholders. These results reflect the success of the bank’s strategy to achieve steady and ...

Dubai / WAM Adnoc Distribution, the UAE’s largest fuel and convenience retailer, on Wednesday celebrated the opening of its first three service stations in the Emirate of Dubai, located in Dubai Investment Park (DIP), Umm Eselay and Al Qusais. Adnoc Distribution operates in all seven Emirates. An opening celebration, held at the DIP station, was attended by Adnoc Distribution Acting ...

Bloomberg Chinese executives are sounding warning bells over the world’s second-largest economy. At least 20 companies, including China Life Insurance Co. and Chongqing Changan Automobile Co., told investors that full-year earnings would fall well short of expectations. Reasons they cited included the country’s economic slowdown, as well as recent changes to accounting rules and the equity market’s $2.3 trillion rout ...

Bloomberg China’s weakening economy is roiling export markets in the rest of Asia — and there’s more pain to come. From Hong Kong to Japan, exports data for December showed a marked downturn as supply-chain disruptions triggered by US-China tensions and a cyclical slowdown in the world economy, led by China, hit the trade-reliant region. More bad news is in ...

Bloomberg Fallen auto titan Carlos Ghosn said his arrest for alleged financial crimes was the result of a “plot” against him by Nissan Motor Co. executives trying to prevent the Japanese carmaker’s deeper integration with Renault SA. There was a plan to combine Nissan with Renault and third partner Mitsubishi Motors Corp., Ghosn told Japan’s Nikkei newspaper in his first ...

Bloomberg A somewhat obscure biotech company in Japan tanked, bringing down an entire index with it. Shares of SanBio Co. plunged 26 percent on Wednesday, the most since it went public in 2015, after the company said it failed to reach target for a traumatic brain injury medicine in its latest trial as post-stroke treatment. The 5.5 trillion yen ($50 ...

Bloomberg Malaysian wireless giant Axiata Group Bhd. is caught in a bind as it weighs whether to exit its decade-long investment in Singapore operator M1 Ltd. Axiata, M1’s biggest shareholder, has less than three weeks left to decide whether to tender its stock into a takeover offer valuing the target at $1.4 billion. The Malaysian company held a board meeting ...