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Bloomberg HNA Commercial REIT is seeking to add arrangers to its planned Singapore initial public offering as Bank of America Corp. walks away from the deal, people with knowledge of the matter said. The property trust, backed by embattled Chinese conglomerate HNA Group Co., has been reaching out to investment banks to gauge their interest in taking a senior role ...

Bloomberg Western Digital Corp. said it will move forward with arbitration to get a say over Toshiba Corp.’s sale of its chip unit after the Japanese company agreed to provide notice before closing. The companies announced they’d reached an agreement providing for two weeks’ advance notice. The two manufacturers, which are in a joint venture to produce memory chips, submitted ...

ABU DHABI / WAM The total trading value of foreign investments in Abu Dhabi Securities Exchange (ADX) hit AED26.9 billion during H1, 2017, accounting for 47.3 percent of ADX total trading during the same period, which amounted to around AED56.5 billion, reflecting foreign investors’ growing confidence in the country’s economy. Foreign non-Arab investors topped the list with AED15.9 billion of ...

ABU DHABI / Agencies First Abu Dhabi Bank (FAB), created by a merger of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB) on Wednesday reported a net profit of AED2.56 billion for the second quarter. This is the first combined results of Abu Dhabi’s two biggest banks, FGB and NBAD, after their merger in April to create ...

BLOOMBERG Abu Dhabi Ports is considering an initial public offering (IPO), joining a growing list of state entities in the United Arab Emirates seeking to sell shares, according to people familiar with the matter. The government-run ports operator has met investment banks in recent weeks and may decide on financial advisers soon, the people said, asking not to be identified ...

ABU DHABI / WAM Notifying the customers and the market of the actual changes to the lifting schedule provides transparency and credibility of oil production cut compliance, Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy has stated. The minister made the statements on his Twitter on Wednesday, expressing hope that Abu Dhabi National Oil Company’s (ADNOC) decision to cut ...

DUBAI / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has emphasised the importance of creating a new generation of young leaders who are capable of shaping the future of the UAE and the world in various fields. His Highness Sheikh Mohammed bin Rashid made the remarks on ...

DUBAI / WAM Twenty developers, designers and entrepreneurs came up with mobile solutions inspired by the themes of Opportunity, Mobility and Sustainability at the SAP & Expo 2020 Dubai Hackathon, with the winning team wowing the judges with their app to enhance the visitor experience. The SAP, Expo 2020 Dubai’s Innovative Enterprise Software Partner, challenged participants at the hackathon, a ...

Abu Dhabi / Emirates Business Etisalat Group announced its consolidated financial statements for H1 ending June 30, 2017. The revenues amounted to AED 15.4 billion representing 3% increase year over year, while net profit amounted to AED 4.2 billion representing 7% increase year over year. The subscriber base reached 12.4 million representing Year over Year increase of 2%. Group consolidated ...

JAKARTA / WAM A visit paid recently by a delegation representing the Federation of UAE Chambers of Commerce and Industry to Indonesia has resulted in tangible results that will reflect positively on the growing partnerships between the business communities in the two countries. The visit included meetings with representatives of the public and private sectors in the Asian country where ...