News

  Emirates Business Chestertons KSA has released its Q2 2016 report for Riyadh, the first ever analysis of the Saudi capital by the leading property consultant. The report highlights that there is increasing demand for affordable housing, as Riyadh’s population growth continues to outstrip property market supply. The Riyadh Real Estate Market Overview for Q2, 2016, points out that Riyadh’s ...

  Bloomberg China should keep the 50 percent cap on foreign ownership in local passenger-vehicle joint ventures for at least another five to eight years to ensure Chinese carmakers are ready for full-fledged competition, according to the state-backed auto association. The government can consider lifting the limit on different parts of the automotive industry according to their maturity, starting with ...

  Bloomberg Tencent Holdings Ltd. has surpassed China Mobile Ltd. to become the country’s most valuable corporation, underscoring the growing importance of a vibrant private economy over lumbering state-owned enterprise. Tencent rose 4.2 percent to HK$210.20 in Hong Kong on Monday, reaching a market value of HK$1.99 trillion ($256.6 billion) and joining the ranks of the world’s 10 largest public ...

  Bloomberg The first increase in base wages in four months is unlikely to offer much relief to the Bank of Japan as it undertakes a review of policies meant to stoke inflation and growth. Average monthly base pay, excluding overtime and bonuses, rose 0.4 percent in July from a year earlier to 241,518 yen ($2,326), the labor ministry said ...

  Bloomberg South Korea’s financial regulator said Hanjin Shipping Co. will seek stay orders in 43 countries to protect its vessels from being seized, after its court receivership filing last week roiled companies’ supply chain before the year-end shopping season. Applications in 10 countries will be made this week and the remainder soon, the Financial Supervisory Commission said in a ...

  SHARJAH / WAM The Sharjah Islamic Bank PJSC (SIB) successfully issued a US$500 million sukuk (Islamic finance bond) in international capital markets, eliciting an outstanding response from investors and garnering orders to the tune of US$1.6 billion, thus resulting in being 3.2 times over-subscribed. With a maturity of five years, the sukuk was priced at a spread of 185 ...

  Dubai / WAM Schneider Electric, a global leader in energy management and automation, ranked Masdar Institute among its top 12 finalists in the sixth edition of its globally-renowned, annual ‘Go Green in the City’ student competition. Launched in 2011, ‘Go Green in the City’ is a platform that invites business and engineering students (second-year undergraduate or higher) to develop ...

  Dubai / WAM The UAE cabinet on Sunday adopted the National Space Policy of the UAE, the most important element in the national plan to develop the space sector. The Space Policy is rudimentary for driving the entire sector forward within the framework of the UAE National Agenda, part of the UAE Vision 2021. The UAE is working towards a stable ...

  Sharjah / WAM Sharjah Media Centre (SMC) invited submissions from journalists and media professionals to compete in the new ‘Best Press Report/Feature’ category of the fourth edition of the Sharjah Government Communication Award (SGCA) submissions for which are open from October 1 to January 20. Tariq Saeed Allay, SMC Director, said that through its numerous initiatives, the SMC seeks to ...

Abu Dhabi / WAM The Ministry of Human Resources and Emiratisation has declared a public holiday from Sunday, September 11th till Tuesday, September 13, for private sector employees on the occasion of Eid Al Adha. It added that the employees in private firms will enjoy the three-day paid holiday. According to Article No. 74 of the Federal Law No.8 of 1980 ...