News

  Bloomberg Russia will only take its battle against inflation so far. Reserves and the ruble’s free float is where it draws the line. Authorities are looking at how to keep tapping a wealth fund to cover the budget deficit even though their method of doing so floods the economy with excess cash, according to four officials familiar with the ...

  Frankfurt / AFP Consumer confidence in Germany is on the rise as households feel that robust domestic demand, rising wages and low inflation will keep Europe’s biggest economy on a growth path, a poll found on Wednesday. “In contrast to the weather, German consumer sentiment is showing itself from its sunny side,” market research company GfK said in a statement. ...

  Bloomberg GAM Holding AG agreed to buy Cantab Capital Partners LLP for $217 million in cash and deferred payments based on future revenue from fees. The acquisition enables Zurich-based GAM to introduce a computer-driven trading system focused on long-only and alternative strategies, the Zurich-based asset manager said in a statement on Wednesday. Cantab Capital, a firm based in Cambridge, ...

  DUBAI / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, approved Executive Council Resolutions numbers (22), (23), (24), (25), (26), (27), (28) and (29) of 2016, approving new appointments at the Department of Economic Development, DED. The new Resolutions include the appointment of Ali Ibrahim Mohamed Ismael ...

  Abu Dhabi / EMIRATES BUSINESS Etihad Airways and Abu Dhabi Global Market (ADGM) signed a landmark agreement that sees the airline become the Official Airline Partner of ADGM. The agreement harnesses the roles of both entities as ambassadors of Abu Dhabi and key players in delivering on Abu Dhabi’s vision as a world-leading business, tourism, and cultural destination.

  Dubai / Emirates Business There is room in the global market for an official ‘Made-in-UAE’ trademark, one that would play an instrumental role in the growth of the country’s manufacturing sector, according to Erwin Bamps, CEO of Emirates-based yacht and boat builder, Gulf Craft. A government regulated national label would not only lend credibility to the country’s producers through ...

  Dubai / WAM Under the directive of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai Parks and Resorts will extend its support to the proposed development of a Six Flags theme park in Saudi Arabia. This directive calls for an exception to the destination’s GCC exclusivity clause with American theme ...

  Dubai / Emirates Business The Dubai Hotel Market Overview prepared by JLL for The Hotel Show Dubai 2016 reveals that 621 new hotel rooms opened in Dubai during Q1 2016, and 9,400 additional rooms will be added to the market by the end of the year. New properties opening in the coming months include: W Dubai – Al Habtoor ...

  Abu Dhabi / WAM The Executive Committee of the Executive Council, chaired by Saeed Eid Al Ghafli, Chairman of the Executive Office, adopted the implementation plan of the future vision of Mussafah, which aims to limit the current and future challenges that faces the region by setting a practical steps to address them and enhance development. The Committee adopted a ...

  Dubai / Emirates Business Smart Dubai Office (SDO) held an introductory meeting at the headquarters of Dubai Customs, during which HE Dr Aisha bint Butti bin Bishr, Director General of SDO, showcased the Smart Dubai Happiness Agenda, which follows systematic and science-based methods to enable Dubai City to create the opportunities that would lead to happiness across the city ...