News

Bloomberg PayPal Holdings Inc. is teaming up with Indonesian venture-capital firm Alpha JWC Ventures to back emerging financial technologies that can be developed for Southeast Asia. Under the partnership, Jakarta-based Alpha JWC will contribute as much as $5 million in funding for PayPal Incubator, said Alpha JWC Managing Partner Will Ongkowidjaja. After being selected by PayPal and Alpha JWC senior ...

DUBAI / WAM Industrial readiness in the trade sector and technology advancements could bridge the current $1.5 trillion trade finance gap, with potential to inject new growth in trade, according to a report on ‘The Future of Trade’ from DMCC, the world’s flagship Free Zone and Dubai government authority on commodities trade and enterprise. The research highlights the emerging impact ...

ABU DHABI / WAM The UAE foreign assistance to Yemen has reached a total of AED13.82 billion ($3.76 billion) in the last three years, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) announced. Since April 2015 and until April 2018, the UAE has continued to provide necessary relief aid to Yemeni citizens across a number of humanitarian and development ...

ABU DHABI / WAM The air transport agreement signed between the United Arab Emirates and the United States in 2002 is the legal framework governing the air transport relationship between the two countries and reflects the open skies policy adopted by both countries. The two sides have signed a record of discussion reflecting the strong relationship and the importance of ...

ABU DHABI / WAM Sultan bin Saeed Al Mansouri, Minister of Economy, and a senior Lebanese economic delegation, led by Mohamed Shuqair, Chairman of the Lebanese Economic Authorities, discussed ongoing economic and commercial ties between the UAE and Lebanon across a range of sectors, as well as their potential future development, while highlighting the importance of promoting cooperation between their ...

ABU DHABI / WAM Aldar Properties announced it delivered a net profit of AED668 million for the first quarter (Q1) of 2018, up 4 percent from same period last year’s AED641 million. Talal Al Dhiyebi, Chief Executive Officer of Aldar Properties, said, “Aldar started 2018 strongly with the announcement of a historic partnership with Emaar to develop the next era ...

DUBAI / Emirates Business Amanat Holdings announced its results for the first quarter ending on March 31. Amanat recorded a net profit of AED 14.4 million, an 11% increase compared to same period in 2017. Total income rose to AED 28.3 million rising 12% compared to same period in 2017. This positive performance was mainly driven by a robust increase ...

DUBAI / WAM DP World UAE Region, including Jebel Ali Free Zone (Jafza) has reaffirmed its position as the region’s top trade and logistics hub by generating 29.4 million metric tonnes (MT) of trade, valued at $83.1 billion in 2017. The figures contribute 23 percent to the total value of trade in Dubai, 70 percent of the value of all ...

Dubai / WAM Emirates Development Bank (EDB) board of directors has held its third meeting of 2018, chaired by Obaid Humaid Al Tayer, Minister of State for Financial Affairs and Chairman of the EDB Board of Directors. During the meeting, the board discussed various items on the agenda, making numerous decisions and implementing the recommendations previously taken by the executive ...

Dubai / WAM Dubai Tourism forged a strategic alliance with China’s internet conglomerate, Tencent to elevate the positioning of Dubai as the preferred destination for Chinese travellers, and enhancing their holistic experience across the city. The agreement will result in ecosystem-wide strategies spanning the Tencent network to expand Dubai Tourism’s marketing reach and penetration within China — one of the ...