News

  Bloomberg China Evergrande Group’s debt-fueled expansion spree shows no signs of slowing down. Even as soaring interest payments and marketing costs ate into first-half profit, a top executive at the Chinese developer said late Tuesday that the company wants to acquire brokerage and trust companies as well as smaller rivals — deals that would add to about $6 billion ...

  Bloomberg Billionaire Guo Guangchang called China’s peer-to-peer lending industry “basically a scam,” arguing that players in the multi-billion dollar sector, troubled by collapses and frauds, lack the ability to price risk. Guo was responding to a question at a post-earnings briefing by his conglomerate Fosun International Ltd. in Hong Kong about any P2P investments by the firm. Chief Financial ...

  ABU DHABI / WAM The UAE Banks Federation announced that the MoU regarding the ownership and operation of the mWallet platform has been signed by all 16 UAE equity partner banks in the entity. The mWallet platform, which is the financial component of the UAE Smart Government initiative, or the mobile wallet, was initially unveiled in 2014 as an ...

  Dubai / EMIRATES BUSINESS Emirates Islamic, one of the leading Islamic financial institutions in the UAE, on Tuesday announced that it successfully closed a US$ 250 million tap of its earlier US$ 750 million 5-year Sukuk issued in May 2016. This is under the bank’s US$ 2.5 billion Certificate Issuance Programme. The tap generated an order book of US$ ...

Dubai / EMIRATES BUSINESS The Smart Dubai Office hosted 30 MBA students from the International Institute of Management Development (IMD), Switzerland for an interactive Smart Dubai workshop held at His Highness the Ruler’s Court yesterday. The one hour workshop included HE Dr Aisha Bin Bishr, Director General of the Smart Dubai Office sharing an overview of the office, its current ...

Dubai / EMIRATES BUSINESS The ICT Fund, the financing tool of the Telecommunications Regulatory Authority (TRA), announced it is organizing the UAE Drones for Good Award and the UAE AI Robotics for Good Award, two different sets of competitions each having local and international categories. The awards aim to encourage innovative ideas and designs intended to help serve humanity using ...

  ABU DHABI / WAM Abu Dhabi Ship Building (ADSB) announced the commissioning of the company’s first floating dock, located in Mina Zayed, with the aim of expanding its commercial service offerings. Commenting on the occasion, Dr Khaled Al Mazrouei, CEO of Abu Dhabi Ship Building, said, “We are proud to announce this latest milestone for Abu Dhabi Ship Building. ...

  Sharjah / Emirates Business Sharjah’s Department of eGovernment (DeG) has announced that it is hosting a workshop to bring together 30 of the emirate’s departments as part of the forthcoming GITEX Technology Week 2016 (GITEX). Taking place on September 1, the activity being held under the umbrella of the Government of Sharjah is being organised to review its preparations ...

  Sharjah / WAM Sharjah will host the second edition of ‘Investing in the Future’ (IFFMENA), a conference that aims to overturn negative cultural stereotypes that hinder women’s progress in the region. Taking place on October 19-20, under the theme ‘Building the Resilience of Women and Girls in the Arab Region,’ the event focusses on advocacy for Arab women and the ...

  Dubai / WAM Dubai Municipality (DM) has clarified its stand on the issue of a product known as Green Coffee 1000, which claims to have weight loss benefits. The Municipality said that the issue of Green Coffee 1000 is not a rumour to be confirmed or denied. According to a press release issued by the UAE Ministry of Health in May ...