News

  DUBAI / Emirates Business GCC Financial Technology (FinTech) startups are cashing in on the always-connected banking habits of Millennials, say industry experts ahead of GITEX 2016. There is a surge in growth of “moneyhawks” — the high-income, and under-35-year-old customers who want constant mobile access to their banking and finance accounts. Banks often struggle to profit from their customers. ...

  Sharjah / Emirates Business Teachers in Sharjah received a boost to their critical thinking abilities thanks to an initiative from Sharjah Public Library (SPL), a subsidiary of Sharjah Book Authority. The institution recently concluded an ‘Integrating Thinking Skills Programme’ workshop that was held in collaboration with Mawhiba Training and Positive Motivation Centre with the aim of training female teachers ...

  Reuters Saudi Binladin Group (SBG) has requested a second extension on an 817 million riyal ($217.9 million) Islamic loan being used to fund construction at the kingdom’s Grand Mosque, sources aware of the matter said. The talks to delay the loan repayment, originally due to mature on July 15, came after the Saudi government failed to fully reimburse the ...

Bloomberg OurCrowd Ltd., a website that connects investors to a pool of mostly Israeli and U.S. startups, said it raised $72 million to expand its operations and invest in other businesses. Jon Medved, the chief executive officer and co-founder of OurCrowd, said the new funds will be split evenly between the venture arm and the company itself, which plans to ...

DUBAI / WAM In his capacity as Ruler of Dubai, the Vice President and Prime Minister of the UAE, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has issued Decree No. 27 of 2016 forming the Board of the Emirates Global Centre for Accreditation. According to the Decree, the Director-General of Dubai Municipality chairs the board with Hussein Salem Al ...

  DUBAI / WAM flydubai on Tuesday announced its half-year results for 2016 and reported total revenue of AED 2,302 million (US$627 million), an increase of 5.4 percent compared to the same period last year. A loss of AED89.9 million (US$24.5 million) was also reported which is 39 percent lower than H1 of the previous year. During the period, passenger ...

  DUBAI / WAM Dubai Aerospace Enterprise (DAE) Ltd. announced the signing of a definitive agreement to acquire 80 percent of Jordan Aircraft Maintenance Limited from The Abraaj Group. The terms of the transaction were not disclosed. Joramco has a solid track record as a leading independent commercial aircraft maintenance, repair and overhaul (MRO) facility serving a wide range of ...

  ABU DHABI / WAM Researchers at the Masdar Institute of Science and Technology have developed a novel type of ‘buckypaper’, a thin film composed of carbon nanotubes, or grids, that have better thermal and electrical properties. Researchers believe the innovative buckypaper could be used to create ultra-lightweight composite materials for numerous aerospace and energy applications, including advanced lightning strike ...

  Abu Dhabi / Emirates Business Abu Dhabi Ports, the master developer, operator and manager of the ports and Khalifa Industrial Zone in the Emirate, has seen a successful first half of 2016 with new remarkable results announced on Tuesday. This comes in parallel with the prosperous economic growth witnessed in the emirate of Abu Dhabi, reaffirming its prestigious commercial ...

  Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, commended the sports achievements of the UAE National Paralympic team at the 2016 Rio Paralympic Games in Rio de Janeiro, Brazil. The team won seven gold, silver and bronze medals. While meeting the members of the team at Zabeel ...