News

Bloomberg General Electric Co. shareholders can breathe a little easier. At least for now. The board declared a 12-cent dividend, holding the payout steady for another quarter despite growing concerns that it would get cut. The dividend is payable July 25 to owners of record at the close of business June 18, GE said in a statement. The decision offers ...

Bloomberg A Danish tech company that went public quickly soared far above the price that initial investors agreed to pay for the stock. Netcompany A/S, which says it wants to be a key player in helping northern Europe go digital, sold shares in an initial public offering for 155 kroner a piece, according to a pre-market announcement. When trading started, ...

Bloomberg Broadcom Inc. reaffirmed its revenue forecast for the current period and reported profit that beat estimates, indicating robust sales of chips used in data-center networks are helping to make up for lackluster demand in the smartphone business. Revenue will be about $5.05 billion, plus or minus $75 million, in the quarter ending in July, the San Jose-based chipmaker said ...

ABU DHABI / WAM The UAE has ranked 30th in the world in terms of a nation’s ability to attract foreign direct investment in 2017, up five places from 2016. According to the UN Conference on Trade and Development (UNCTAD), ‘World Investment Report 2018’, FDI to the UAE rose by eight percent to $10.4 billion in part due to rising ...

DUBAI / WAM The UAE Government has launched the 2nd phase of the customer happiness formula that includes the assessment of 250 electronic and smart services provided by different federal government departments. Ohoud bint Khalfan Al Roumi, Minister of State for Happiness and Wellbeing, said, “customer happiness formula is one of the comprehensive initiatives to develop government services and build ...

DUBAI / WAM DMCC welcomed Islamic Bank of Afghanistan as the newest member of its DMCC Tradeflow platform, a dedicated online platform for registering possession and ownership of commodities stored in UAE-based storage facilities. The collaboration will enable the bank to carry out Sharia-compliant Murabaha transactions using DMCC platform to take multi-currency trades from across the globe. DMCC Tradeflow has ...

DUBAI / WAM Dubai World Trade Centre (DWTC) events accounted for a record AED12.7 billion ($3.46 billion) in retained value towards Dubai’s economy, equivalent to 3.3 percent of emirate’s GDP in 2017, according to the latest Economic Impact Assessment report released by DWTC. The study estimates the total economic output of DWTC’s large-scale events at AED22.5 billion, an increase of ...

DUBAI / WAM The Federal Competitiveness and Statistics Authority (FCSA) signed an agreement with DP World in Dubai to build a strategic relationship and support the UN World Data Forum 2018. Hosted by the UAE in October 2018, the second edition of the forum will see the participation of more than 1,500 leaders, decision-makers, experts and specialists in the field ...

ABU DHABI / WAM Two infrastructure projects are being executed by the Abu Dhabi City Municipality in coordination with Abu Dhabi General Services Company ‘Musanada’ at Al Rahba city in Abu Dhabi at an estimated cost of AED452 million, with all construction operations scheduled for completion this year. The two projects are part of the strategic plans of the Department ...

Sharjah / Emirates Business Over the past nine years, Sharjah Investment and Development Authority (Shurooq) has accrued a portfolio of completed and ongoing projects worth AED 7.6 billion ($2.07 billion) extending across a total area of 11.74 million square metres. Following the Emiri decree No.2 to establish Shurooq, issued by His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme ...