News

  AP Three Egyptian dailies said that Cairo was proposing to IMF delegates an 18-month reform program in return for a $12 billion loan over three years to shore up its economy, but that differences remained between the two sides on how to proceed. The reports by the privately-owned Al-Shorouk, Al-Masry Al-Youm and Al-Watan said the two sides were at ...

  Abu Dhabi / WAM The Tourism Development and Investment Company (TDIC), master developer of major tourism, cultural and residential destinations in Abu Dhabi, announced on Monday that the construction of Mamsha Al Saadiyat, the first residential development within the Saadiyat Cultural District, is well underway. The project was awarded in April of this year to a joint venture between ...

  Bloomberg The wave of office buildings under construction in London is a bigger threat to rents and values than the risk of companies moving out after the UK’s vote to leave the European Union, according to UBS Group AG. “We saw a build-up of oversupply of office space long before Brexit which can’t be stopped,” Thomas Wels, global head ...

  AFP Chinese appliance giant Midea said on Monday it had secured almost 95 percent of German robotics firm Kuka, in the face of European fears over losing control over the high-tech company. The company already held 13.51 percent of Kuka — a world-leading manufacturer of industrial robots — before its June offer of 115 euros per share, which valued ...

  Bloomberg Bulgaria and Russia agreed to resurrect the canceled South Stream natural gas pipeline across the Black Sea and the Belene nuclear power plant as the Balkan country seeks to reduce payments over unfulfilled contracts awarded to Russia by international courts. Bulgaria and Russia agreed to set up working groups that will seek ways to resume work on the ...

  Frankfurt / AFP Tens of thousands of Delta Airlines passengers around the world were stranded on Monday by a computer outage that the company said had grounded all its flights. It blamed a power failure at its hub in Atlanta. “Delta has experienced a computer outage that has affected flights scheduled for this morning,” the company said in a ...

  Abu Dhabi / WAM Abu Dhabi National Exhibitions Company (ADNEC) on Monday announced H1 results that demonstrate strong operating performance and continued growth. The company registered AED1.32 billion in direct and indirect economic impact and drew more than 812,000 visitors to its conferences and exhibitions at Abu Dhabi National Exhibition Centre and Al Ain Convention Centre in H1 2016. With ...

  Dubai / WAM Dubai Industrial Park (DIP) the dedicated industrial hub within Dubai Wholesale City, is opening up 70 pre-built storage and light industrial unit warehouses for lease to meet the dynamic needs of the region’s manufacturing and logistics sector. The ready-to-use warehouses and storage spaces are available for short-term and long-term lease. Ranging in size from 5,000 to 10,000 ...

  Dubai / WAM The Roads and Transport Authority (RTA) announced the expansion of the Abra service on Dubai Fountain Lake by launching the Burj Plaza Station, which will enable more visitors to view the Dubai Fountain shows. Mansour Al Falasi, Director of Marine Transport, RTA Public Transport Agency, said, “Launching Burj Plaza Station for electric abras aims to attract more ...

  Dubai / Emirates Business As part of its Future Partnership Program, Dubai Future Foundation (DFF) announced that it will host the ‘Build Earth Live’ contest organized by ‘Astie’ for the Hyperloop Designs in September this year in Dubai. The event includes designing a hyperloop link project that will reduce the distance between Dubai and Fujairah to less than 10 minutes ...