News

Bloomberg Mandarin Oriental International Ltd. has received interest from potential buyers of the Excelsior hotel in Hong Kong in what would be a test of the resilience of demand for the city’s commercial real-estate assets that has sent prices soaring. There were at least five bids for the property valued at $3.8 billion, including a Chinese-backed consortium of Sun Hung ...

Bloomberg Philippine President Rodrigo Duterte said $975 million will not be enough to rebuild the southern city of Marawi, citing massive damage caused by the conflict between government troops and IS-linked militants that’s been running for almost four months. Duterte also said he wants the budget that was slashed from the Commission on Human Rights to be spent instead on ...

Bloomberg Toshiba Corp. is aiming to finalise a deal to sell its memory chips business to a group led by Bain Capital at a September 20 board meeting, despite opposition from partner Western Digital Corp., according to people familiar with the matter. Toshiba’s effort faces resistance because the Bain group now includes several Western Digital competitors, including Seagate Technology Plc, ...

Bloomberg Rising gold prices and government measures to enforce compliance in the Indian jewellery industry are deadening demand in the world’s second-largest bullion market at the start of the traditional festival season when buying usually explodes. “If you ask me, I wouldn’t purchase gold even if it was Diwali,” Prathamesh Mallya, chief analyst at Angel Commodities Broking, said, referring to ...

Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, announced the largest single-site Concentrated Solar Power (CSP) project in the world, which will be built at a total cost of AED14.2 billion. The CSP project, which represents the fourth phase of the Mohammed bin Rashid Al ...

Abu Dhabi / WAM The United Arab Emirates (UAE), has been ranked the most attractive destination for Foreign Direct Investment (FDI), among the Arab countries in 2016, accounting for 29 percent, or US$9 billion, of the total inflow investment, according to a study issued by the Ministry of Economy. “The UAE also topped the Arab countries in terms of new ...

Abu Dhabi / WAM Tawazun Economic Council has hosted its 7th annual Defence Contractors Council, DCC, meeting in London, featuring successful partnerships and potential opportunities and projects. The meeting was attended by representatives from international defence companies, key industry players and other Tawazun partners. Tareq Abdul Raheem Al Hosani, CEO of Tawazun Economic Council, said, “The Defense Contractors Council is ...

Dubai / Emirates Business Dubai Land Department (DLD) announced that it signed an agreement with Mashreq Bank concerning banking solutions for the transaction services of the ‘Tarweej’ real estate promotion initiative. The agreement was signed by His Excellency Sultan Butti bin Mejren, Director General of DLD, and His Excellency Abdul Aziz Al Ghurair, CEO of Mashreq Bank. Commenting on the ...

Dubai / WAM His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance and Chairman of Dubai Municipality, has approved the awarding of an AED1.3-billion contract for rain and groundwater drainage system for districts around the Al Maktoum International Airport, Expo Dubai 2020 and near urban centres. The project will cover a total ...

Dubai / WAM In the first week of the current school year, the Roads and Transport Authority (RTA), has installed ‘smart signs’ to interact with motorists whilst driving in school zones. The smart signs are capable of detecting and displaying driving speeds, and sending direct friendly messages to the motorists through expressive emoticons. According to a statement released by RTA, ...