News

Bloomberg Growth in Europe’s largest economy unexpectedly picked up in April, reversing a slowdown at the start of the year. A Purchasing Managers’ Index for manufacturing and services rose to 55.3 from 55.1, IHS Markit said on Monday. Economists surveyed by Bloomberg predicted the measure would drop to 54.8. “Growth of Germany’s private sector steadied in April, to arrest the ...

Bloomberg British outsourcing firm Capita Plc’s shares pared some of this year’s heavy losses, rising as much as 14 percent in London, after the company announced a restructuring aimed at saving hundreds of millions of pounds. Capita, which provides customer-service functions for the likes of Marks & Spencer Group Plc and is responsible for collecting BBC license fees, is targeting ...

Bloomberg Economic momentum in the euro area kept a steady pace in April after softening earlier in the year, in a sign that growth in the region is set to continue albeit at a slower pace. A composite Purchasing Managers’ Index remained unchanged at 55.2, IHS Markit said on Monday. Economists surveyed by Bloomberg predicted a decline to 54.8. While ...

ABU DHABI / WAM In a significant milestone for Adnoc Distribution’s international growth plans, the Saudi Ministry of Municipal and Rural Affairs (MOMRA) has awarded the company a license to own, operate and manage service stations in the Kingdom. The announcement was made in Riyadh on Sunday. Adnoc Distribution announced plans to open at least one service station in the ...

ABU DHABI / WAM The Founder’s Memorial, a permanent national tribute commemorating the late Sheikh Zayed bin Sultan Al Nahyan, welcomed members of the public for the first time on Sunday as it celebrated its official opening. Situated on the Abu Dhabi Corniche, the memorial invites visitors to embark on a journey of discovery into the life and legacy of ...

DUBAI / WAM Master developer Nakheel on Sunday awarded a contract worth AED595 million for the construction of Nad Al Sheba Mall, its new, 1.4 million square foot shopping, dining and entertainment destination that has a total development value of AED825 million. Nakheel has appointed Metac General Contracting Company to build the mall, which will have 200 shops, restaurants and ...

ABU DHABI / WAM The Department of Culture and Tourism — Abu Dhabi on Sunday announced that it has signed a Memorandum of Understanding (MoU) with Al Dana Leather Product Factory, Al Mandoos. This follows DCT Abu Dhabi’s long-term strategy to transform Emirati-owned businesses into exceptional leisure attractions for visitors and tourists, thus creating unique experiences with deep insights into ...

SHARJAH / WAM Khalid Jasim Al Midfa, Chairman of the Sharjah Commerce and Tourism Development Authority, said the tourism sector in Sharjah has contributed over AED7 billion ($1.91 billion), or 8.5 percent, to the emirate’s total gross domestic product (GDP) of AED83 billion. He also said that the yearly number of tourists visiting Sharjah exceeds 1.7 million, which is the ...

ABU DHABI / WAM The UAE Central Bank has withdrawn AED 6.00 billion out of excess liquidity in the market during March after it met the market needs for cash in January and February. The move fits within the Central Bank’s mandate to direct the country’s credit policy, and to regulate and oversee the monetary and banking policy, ensuring their ...

Dubai / Emirates Business A study conducted by Citi and Publicis Media has revealed 67 percent of residents in the UAE consider cashback to be one of the most important features of a credit card. In response to the survey’s findings, Citi UAE launched the Citi cashback credit card. The new Citi cashback credit card addresses client preferences by providing ...