News

  Dubai / Emirates Business Mashreq, one of the leading financial institutions in the UAE, on Wednesday has reported its financial results for the first half ending June 30, 2016. The bank has posted a net profit for the first of 2016 AED 1.1 billion, which stable compared to the normalized net profit of 1H 2015. Mashreq’s CEO, HE AbdulAziz ...

  ABU DHABI / WAM Aldar Properties PJSC (Aldar)on Wednesday awarded contracts of AED 440 million to National Projects and Construction LLC (NPC) for Nareel Island, its master planned island community, and for Al Merief, the distinctive community in Khalifa City. Set to be carried out over a 16-month period, the work on both developments has commenced and covers infrastructure, utilities ...

  ABU DHABI / WAM Companies registered with Tas’heel’s online services and which employ over 1,000 workers, will be required to hire Emirati citizens for data entry positions starting in 2017, the Ministry of Human Resources and Emiratisation announced on Wednesday. Saqr Ghobash, Minister of Human Resources and Emiratisation, said that any violations will cost the company additional work permits. ...

  ABU DHABI / WAM The Emirates Nuclear Energy Corporation (ENEC) has announced the completion of yet another milestone in the development of the country’s first nuclear energy plant, with the successful installation of its Unit 3 Reactor Vessel (RV) at Barakah. The installation is a critical step in the continued progress and delivery of the country’s third nuclear energy unit ...

  Dubai / Emirates Business Deyaar Development PJSC (“Deyaar”), one of Dubai’s leading property developers and real estate service providers, on announced its financial and operational results for the second quarter and six month period ending June 30, 2016. Bolstered by higher revenues, which increased 16% percent from AED 116 million in H1 2015 to AED 135 million in H1 ...

  DUBAI / WAM Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (DEWA) recently received a delegation from China National Petroleum Corporation, CNPC, Middle East, as part of a series of meetings DEWA has with international companies. The delegation included Wang Baoji, Vice President of CNPC Middle East, and Zhang Lei, Manager of the President’s Office ...

  ABU DHABI / WAM The Department of Municipal Affairs and Transport at Abu Dhabi City Municipality will start renovation of Sheikha Fatima Park (formerly Khalidiya Ladies Park), at a cost of AED94 million. The project, which started in June and is slated for completion in July, 2018, is intended to meet the needs and aspirations of the community, nurture ...

  Bloomberg BHP Billiton Ltd, the world’s biggest mining company, forecast that iron ore production could be flat this fiscal year, while it sees petroleum output declining as much as 17 percent and the prices of its top earning materials remaining volatile. Capital spending on oil assets will plunge 44 percent to about US$1.4 billion in the year, after petroleum ...

  Bloomberg A crippling drought in Vietnam will probably cause the government to miss its 6.7 percent growth target this year, adding to pressure on new Prime Minister Nguyen Xuan Phuc as he seeks to reassure investors of his economic reforms. The economy will need to expand 7.6 percent in the second half of the year to achieve its full-year ...

  Bloomberg Japan’s largest mobile phone carriers are poised to report the highest quarterly profit in at least a decade, a rare bright spot as aggregate earnings at the nation’s largest companies slump under a stronger yen and weak consumer confidence. Operating income at the three largest carriers will probably rise 6 percent in aggregate to 858 billion yen (US$8 ...