News

  Bloomberg American International Group Inc. agreed to sell commercial and consumer units in nations including Argentina and Turkey to Prem Watsa’s Fairfax Financial Holdings Ltd. for $240 million as Chief Executive Officer Peter Hancock narrows his company’s focus. Fairfax will also acquire renewal rights on the portfolio of business written by AIG’s Central and Eastern European operations in countries ...

  Bloomberg Walt Disney Co. decided not to pursue a bid for Twitter Inc. partly out of concern that bullying and other uncivil forms of communication on the social media site might soil the company’s wholesome family image, according to people familiar with management’s thinking. The producer of family fare like “Finding Dory” had gone so far as to hire ...

  DUBAI / EMIRATES BUSINESS Emirates NBD, the UAE’s largest lender, delivered a solid set of financial results with net profit up 8% to AED 5.4 billion for the first nine months of 2016. The operating performance was helped by higher recoveries and a modest increase in total income, driven by higher core fee income and asset growth which offset ...

  ABU DHABI / WAM Mohammed Thani Murshid Al Rumaithi, Chairman of the Federation of the UAE Chambers of Commerce and Industry and Chairman of Abu Dhabi Chamber, has with Alexander Efimov, Ambassador of the Russian Federation to the UAE, and discussed boosting cooperation between the Emirate of Abu Dhabi and Russia. Al Rumaithi said that in order to improve ...

  Bloomberg SSE Plc, Britain’s second-biggest energy supplier, agreed to sell a 16.7 percent stake in its Scotia Gas Networks distribution business to the Abu Dhabi Investment Authority. The 621 million-pound ($755 million) sale will be completed by the end of this month, SSE said on Monday in an e-mailed statement. The Perth, Scotland-based company, which will keep a 33.3 ...

  AJMAN / WAM The Ajman Tourism Development Department (ATDD) launched Ajman Visitors’ Guide in Braille, the tactile writing system used by the blind and visually impaired. The move follows the directives of HH Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and HH Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman. Aimed ...

  Dubai / WAM In its efforts to achieve the Smart Dubai Initiative, the Dubai Electricity and Water Authority (DEWA), has announced that it is making use of Microsoft HoloLens, the world’s first self-contained holographic computer to enhance its operations, improve productivity, accelerate innovation and provide best quality of efficient services to its customers. The Smart Dubai Initiative was launched by ...

  Sharjah / Emirates Business Sharjah Islamic Bank (SIB) posted a net profit increase of 12.5% for the nine month ending September 30 to reach AED 335.8 million compared to AED 298.4 million for the same period last year. Total assets increased by 6.5% to reach AED 31.8 billion at the end of the 3rd Quarter 2016 compared to AED ...

  Abu Dhabi / WAM The Third Gulf Film Festival opened at Al Thuraya Hall in Rotana Beach Hotel, Abu Dhabi. Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture and Knowledge Development, who is also the patron, opened the festival which is organised by the Ministry of Culture and Knowledge Development in collaboration with the General Secretariat of the Gulf ...

  Dubai / WAM Dubai Airports will partner with Huawei to design and build the world’s first Tier III certified Modular Data Centre Complex (MDCC) at Dubai International (DXB), it was announced on Monday. The design and construction contract was signed during GITEX Technology Week, one of the biggest annual ICT trade shows. The project will serve one of the world’s ...