News

  Dubai / Emirates Business Eighty three percent of people in Dubai consider themselves happy today, and 95% predict that they will be happy 5 years from now, according to a study released by the Smart Dubai Office at the first meeting of the ‘Happiness Champions’ for the Smart Dubai Happiness Agenda. Her Excellency Dr Aisha bin Bishr, Director General ...

Dubai / Emirates Business As part of the ongoing initiatives to cement Dubai’s leadership in the global maritime map, the Dubai Maritime City Authority (DMCA) launched its new ‘Maritime Dubai’ initiative. Placed under the management of ‘Dubai Maritime Cluster Office,’ the initiative seeks to sustain the local maritime sector’s exceptional achievements and lay the foundation for a new phase of ...

  Dubai / Emirates Business Gulf Navigation Holding PJSC is expanding the company’s fleet through a strategic long-term partnership with Wuchang Group, China’s heavy industry giant. The decision was made at Gulf Navigation Holding’s latest board meeting. The move aims to meet the increasing demand for transferring chemicals from the UAE and other GCC countries to global markets. The signing ...

  Abu Dhabi / Emirates Business NATRANS Expo successfully concluded its second edition at the Abu Dhabi National Exhibition Centre on Wednesday. The event was held under the patronage of His Excellency Dr. Abdullah Belhaif Al Nuaimi, Minister of Infrastructure Development, and Chairman of the Federal Transport Authority – Land and Maritime. The exhibition hosted more than 1,000 participants over ...

  Cairo / AFP Facing a weeks-long shortage in a country already restless with rising prices, Egyptian authorities this week raided a Twinkies snack cake factory and confiscated its sugar stocks — all 2,000 tonnes. The raid on Sunday on Edita Food Industries, one of Egypt’s largest producers, came as discontent with increased food prices and empty shelves bubbles to ...

  Reuters Ride-hailing service Uber plans to make Cairo a regional hub with an investment of more than $50 million in the next two years, building on its breakneck growth in the infamously traffic-clogged city, its Egypt general manager said. The company has committed to investing $250 million over the next five years in the Middle East, where Cairo, a ...

  Reuters Kuwait’s Equate Petrochemical has set initial price thoughts for a two-part US dollar-denominated bond that is expected to be sold on Thursday, according to a document from the lead arrangers. The company’s initial guidance for a long-five-year bond was at the low end of 200s basis points over midswaps, while price thoughts for a ten-year debt tranche were ...

  Reuters Kuwait’s National Real Estate Company (NREC) plans to issue a $500 million sukuk early next year to help fund new projects and to refinance existing debt, its chief financial officer said on Monday. The company is about to obtain a credit rating from Standard & Poor’s and will then seek to appoint banks to arrange the planned Islamic ...

  Bloomberg Ousted Tata Group Chairman Cyrus Mistry accused directors at India’s largest conglomerate of wrongfully dismissing him and warned that the tea-to-software giant may face 1.18 trillion rupees ($18 billion) in writedowns because of five unprofitable businesses he inherited. Mistry, who had been Tata’s chairman for almost four years, was abruptly removed from his role on Monday for non ...

  Bloomberg Posco, South Korea’s largest steelmaker, posted the largest quarterly profit since 2013 as a property and infrastructure boom in China boosts global prices, lifting earnings at Asian mills. Net income, excluding minority interests, was 539.3 billion won ($476 million) in the three months through September, after a 550 billion won loss a year earlier, the Pohang-based company said ...