News

ABU DHABI / WAM Etihad Rail, the developer and operator of the UAE’s national railway network, has revealed details of their new strategy and brand identity, following the recent financing approval for Stage Two of the UAE’s national rail network. Operating under the directions of HH Sheikh Theyab bin Mohamed bin Zayed Al Nahyan, Chairman of Etihad Rail, the new ...

Emirates Business Worldwide leader of the Catholic Church, His Holiness Pope Francis, touched down in Abu Dhabi for a three-day trip to strengthen interfaith dialogue and understanding in support of peace. Etihad Airways, as the UAE’s national airline, is celebrating this first ever papal visit to the Arabian Gulf with festivities in its offices and on board its flights in ...

DUBAI / WAM Nasdaq Dubai and FTSE Russell have signed a license agreement for the exchange to launch derivatives on FTSE Russell’s Saudi Arabia equity indices. In its first use of the license, Nasdaq Dubai intends to launch futures on the FTSE Saudi Arabia Index later this month on a date to be announced. The futures, together with other derivatives ...

ABU DHABI / WAM Abu Dhabi Islamic Bank (ADIB), delivered a strong set of results for 2018 with net profit up 8.7 percent to AED 2,500.8 million and rise of 23.2 percent in Q4 2018 from Q4 2017 to AED748.3 million, driven by a growth in customer financing and an improvement in provisioning. The performance was also supported by higher ...

DUBAI / WAM As retail CEOs are adjusting their strategy to reinvent and transform their business, the 5th Edition of the Retail Leaders Circle Mena Summit returns to Dubai on March 25-26 in Dubai. Spotlighting a stellar line-up of speakers and renowned thinkers, the annually summit provides a unique platform for the region’s leaders to navigate a complex business environment ...

DUBAI / Emirates Business Dubai’s Department of Tourism & Commerce Marketing (Dubai Tourism) participated in the 26th edition of South Asia’s largest travel and tourism exhibition (SATTE 2019), in January, in Greater Noida, India, further reinforcing the emirate’s continued commitment to one of its top performing source markets. Marking the first international roadshow of 2019, Dubai Tourism will be represented ...

Bloomberg Petroleos Mexicanos bonds cratered after Fitch Ratings downgraded the state-owned company to just a notch above junk, spurring a slide in sovereign debt and the peso. The yield on Pemex bonds due in 2027 rose 28 basis points to 7.251 percent at 1:02 pm in New York, after jumping as much as 40 basis points earlier in the day. ...

Bloomberg Morocco will start intervening to limit fuel prices from March as the margins of fuel distributors such as Vivo Energy and Total Maroc come under scrutiny following nationwide protests last year. “The capping mechanism is coming,” General Affairs and Public Governance Minister Lahcen Daoudi said in a video published on his party’s website, indicating it would be put in ...

Bloomberg US oil refiners won’t be allowed to complete shipments of Venezuelan crude they booked before the Trump administration slapped new sanctions on the Latin American nation. US Treasury Department officials have informed some companies that previously contracted cargoes won’t be exempt from a new rule blocking payments to Venezuela’s PDVSA, according to two people familiar with the matter. The ...

Bloomberg New Fortress Energy LLC fell 6.6 percent in its trading debut, as the markets gave a cold shoulder to the first operating company to go public after the US government reopened. The energy infrastructure company raised $280 million on Wednesday, selling 20 million shares for $14 each — below the $15 price it had set for them. The shares ...