News

  Ajman / Emirates Business The Ajman Tourism Development Department (ATDD) announced that the emirate earned AED200 million in tourism revenues from a total of 272,021 visitors in the first half of 2016. Tourism revenues from April to June 2016 reached AED92 million, 11 percent higher compared to the same period in 2015. Total guests for the period are 129,617 ...

  Dubai / Emirates Business Ayla Oasis Development Company (Ayla), one of the largest tourism and real estate development companies in Jordan and master developer of the Ayla project in Aqaba, announced on Tuesday the hand-over of the first phase of the Island Apartments, located within the Marina district, to their owners. The apartments are situated at the heart of ...

  Dubai / Emirates Business UAE-based telecommunications service provider – du, announced the establishment of UAE 5G Innovation Gate (U5GIG). The U5GIG has been envisioned to be a consortium of technical and academic organisations in UAE as well as global telecom vendors to plan and use their expertise to define and develop a global 5G network that will radically change ...

  Dubai / Emirates Business dubizzle – the UAE’s leading classifieds property platform – released its Q2 2016 property report, revealing a mild decline in rental prices and a bottoming out of property sale prices in Dubai, as well as a decline in Abu Dhabi prices, compared to Q1 2016. With over 5 million monthly active users, and more than ...

  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 ...