News

Bloomberg Uber Technologies Inc. appointed Tony West as chief legal officer, the first major hire for the new chief executive officer since taking over last month. West, the outgoing general counsel at PepsiCo Inc. and a former senior official at the US Justice Department, will join the ride-hailing company next month as it faces at least five federal criminal probes ...

Bloomberg When Toys “R” Us Inc. filed for bankruptcy last month, it vowed to keep operating stores, boosting investor optimism that the impact on the biggest toymakers this holiday season would be limited. But with Hasbro Inc.’s weaker-than-expected sales forecast and Mattel Inc.’s revenue trailing projections— and both companies citing Toys “R” Us as a key reason—the retailer’s struggles are ...

Bloomberg A post-earnings surge in Amazon.com Inc. shares on Friday pushed Jeff Bezos to the top of the Bloomberg Billionaires Index for the first time, vaulting him ahead of Bill Gates who had held the top spot as the richest person on Earth for more than four years. The founder and chief executive officer of the retail juggernaut added $10.4 ...

DUBAI / Agencies Nakheel on Wednesday announced a net profit of AED4 billion for the first nine months of 2017, a 2.5 percent increase on the same period last year. Nakheel has handed over almost 1,200 units to customers so far this year. The company’s core business of residential development combined with its growing hospitality, retail and leasing businesses all ...

Bloomberg Abu Dhabi’s Mubadala Investment Co. is weighing its first investment in Saudi Arabia together with the kingdom’s sovereign fund and started talks to invest in US technology companies. The sovereign fund is considering investing in technology, real estate and industrial sectors in Saudi Arabia, CEO Khaldoon Al Mubarak said. The kingdom is ‘a tremendous market’ and Mubadala is exploring ...

ABU DHABI / WAM Abu Dhabi is gearing up to showcase Agriscape 2017, an international exhibition dedicated to agricultural investments abroad and organised by the Abu Dhabi Food Security Alliance (ADFSA), in collaboration with the Food Security Centre – Abu Dhabi (FSCAD). The event is held under the patronage of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister ...

Dubai / WAM Etihad Energy Services Company (Etihad ESCO), a company owned by Dubai Electricity and Water Authority (DEWA), signed an agreement with Dubai Airports for the retrofitting of Terminals 1, 2 and 3 of Dubai International Airport (DXB), and the Dubai International Airport Hotel at Concourse B. According to the agreement, Etihad ESCO will offer the best practices that ...

DUBAI / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, on Wednesday honoured the first batch of Masar Godolphin programme at Madinat Jumeirah in Dubai. HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council was also present on ...

Dubai / Emirates Business In the continued effort to achieve the vision of “UAE Centennial Plan 2071”, Emirates airline and a consortium of industry partners are announcing a partnership to build the world’s first sector-wide Experimental (X) Lab to co-create the next era of human transportation at Area 2071. The Aviation X-Lab is a historic effort to host airlines, manufacturers, ...

ABU DHABI / Emirates Business Etisalat Group on Wednesday announced its consolidated financial statement for the three months ending on September 30, 2017. The company’s consolidated net profit after Federal Royalty amounted to AED 2.4 billion, resulting in a net profit margin of 19% and increased year over year by 29%. The group consolidated revenues amounted to AED 12.9 billion, ...