News

  Bloomberg Anglo American Plc said diamond production rose in the third quarter, as the industry continued to rebound. The company maintained full-year forecasts for most of the commodities it produces, while saying its Kolomela iron-ore mine will marginally exceed its goal. Third-quarter output of the gems climbed 4 percent to 6.3 million carats from 6 million carats a year ...

  Bloomberg Europe’s ability to sign trade deals with the rest of the world was thrown into doubt after Belgium’s government said it had failed to persuade its regional parliaments to sign up to a proposed pact between the European Union and Canada. Despite weeks of talks, Belgium Prime Minister Charles Michel said he hadn’t convinced the Socialist-controlled, French-speaking region ...

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan issued federal law decrees pertaining to bankruptcy, the Federal Judicial Authority and Federal Supreme Court. Sheikh Khalifa issued the Law Decree No. 9 for 2016 on bankruptcy. He also issued Law Decree no. 11 for 2016, amending certain provisions of the federal Law No. 3 for ...

  ABU DHABI / EMIRATES BUSINESS The Board of Management of Federal Authority for Nuclear Regulation (FANR) approved its budget for next year at a meeting chaired by Board Chairman, Abdulla Nasser Al Suwaidi. The senior management provided the board with updates to key FANR activities, including the status of its review of the application for an Operating License for ...

  SHARJAH / EMIRATES BUSINESS The United Arab Bank (UAB), announced its financial results for the nine months ending September 30. Performance in the third quarter reflects continued positive traction against the bank’s transformation strategy. Aided by a substantial 44% reduction in Provisions for Credit Losses, stable Non-Interest Income and material cost savings from its streamlined operating model, UAB recorded ...

  RAS AL-KHAIMAH / WAM Ras Al-Khaimah Port, one of the emirate’s five port facilities, now established a new free zone area that comes under the licence jurisdiction of RAK Maritime City Freezone Authority. Commenting on the new facility, Captain Clifford Brand, CEO of Ras al-Khaimah Ports, said, “We believe that introducing a free zone alternative within RAK Port will ...

  DUBAI / WAM Dubai Islamic Bank (DIB) on Monday announced its results for the period ended September 30, with a group net profit increased to AED3,011mn, up 7% compared with AED2,801mn for the same period in 2015. Mohammed Ibrahim Al Shaibani, Chairman of Dubai Islamic Bank, said, “Despite somewhat difficult times for the global economy, the UAE economy and ...

  SHARJAH / WAM Sharjah Investment and Development Authority (Shurooq) announced that it will finalise the new extension of Al Majaz Waterfront, a tourist destination in Sharjah, by the end of this year, at a total cost of AED 35 million. The phase two extension project, that is currently 90 percent complete, will add 53,000 square feet to the total ...

  Dubai / Emirates Business Smart Dubai Government Establishment (SDG), the technology arm of Smart Dubai Office which assumes the responsibility for managing and supervising the implementation of Dubai Government’s electronic and smart transformation, revealed the signing of a Memorandum of Understanding (MoU) with Emaratech, an IT and software company, to prepare a work plan and conduct a feasibility study ...

  Jeddah / Emirates Business Saudi Arabia and the UAE are leading the upward trend for the fire safety systems market in the Gulf Cooperation Council (GCC), as stringent government regulations fuel demand for the replacement of existing and outdated equipment. According to consultancy firm 6Wresearch, the GCC’s fire safety systems market was worth US$1.36 billion in 2015, with Saudi ...