News

Bloomberg Sigfox’s co-founder is eyeing a listing in 2019 and pondering a pre-IPO round later this year, after reassuring investors about the future of the French startup. With money from backers including Salesforce.com Inc. and Samsung Electronics Co., Sigfox has expanded its network for connected objects, added sizable customers and is on track to become profitable in the fourth quarter, ...

Bloomberg Puerto Rico faces a “dangerous financial dilemma” because of the US Treasury Department’s delay in providing billions of dollars of disaster relief needed to help it recover from the wreckage caused by Hurricane Maria, the island’s governor said in a letter to Senate and House leaders. Treasury’s “misguided delay and policy decisions contrary to Congressional intent” for the community ...

ABU DHABI / WAM Emirates Global Aluminium (EGA) on Tuesday reported net profit for 2017 of AED3.3 billion ($900 million), a 59 percent increase on 2016. EGA’s revenue increased to AED20.5 billion in 2017 compared to AED17.1 billion in 2016. Adjusted EBITDA stood at AED6.7 billion, an increase of 31 percent from AED5.1 billion in 2016. EGA’s adjusted EBITDA margin ...

DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower), the world’s largest district cooling services provider, has announced that it has paid AED400 million as dividends to its shareholders, from the profit of the company for the year ended on December 31, 2017. The company has earlier declared a net profit of AED 772mn in 2017, an increase of 20% ...

ABU DHABI / WAM The ninth edition of the Global Financial Markets Forum (GFMF) was launched at Emirates Palace under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The event is being hosted by First Abu Dhabi Bank (FAB) in cooperation with the ...

ABU DHABI / WAM Abu Dhabi Airports announced that it has signed a memorandum of understanding (MoU) with San Bernardino International Airport Authority (SBIAA) linking Al Bateen Executive Airport with San Bernardino International Airport in San Bernardino, California. The MoU was signed by Abdul Majeed Al Khoori, Acting Chief Executive Officer of Abu Dhabi Airports and Michael Burrows, Executive Director ...

DUBAI / WAM DP World, the Suez Canal Authority and the Suez Canal Economic Zone (SCZone) signed an agreement to implement the first phase of development of an integrated industrial and residential zone in Sokhna, Egypt. The agreement, which establishes a clear timetable of actions required to execute the first phase of the project spanning 30 square kilometres, was signed ...

Abu DHABI / Reuters A final decision on a new system of setting Emirates Interbank Offered Rates (EIBOR), which will be more efficient and more closely based on real data from the market, is expected to be taken this year, the UAE central bank governor said on Tuesday. “It’s ongoing and we’re having final discussions with the banks,” Mubarak Rashid ...

Dubai / Emirate Business Damac Properties has awarded a construction contract worth approximately AED600 million to China State Construction Engineering Corporation (CSCEC) for the construction of one of the towers at Aykon City, Damac’s premiere luxury master development on Sheikh Zayed Road overlooking Dubai Canal. The contract covers main works construction for the tower which consists of serviced apartments within ...

Dubai / Emirates Business Indian nationals, who form the largest foreign investor group in Dubai’s real estate, have bought properties worth AED 83.65 billion in the last five years – from 2013 to 2017 – in Dubai’s property sector, according to statistics compiled by Dubai Land Department. They invested AED15.6 billion in Dubai’s real estate in 2017, AED 12 billion ...