News

  Dubai / Emirates Business UAE’s leading financial institution, Mashreq announced that Abdul Kadir Hussain, Head of its Asset Management unit and CEO of Mashreq Capital (DIFC) Ltd has decided to leave the institution for personal reasons. Kadir will be replaced by Aamir Peracha, Managing Director and Head of Equities and Derivatives at Mashreq. Hussain leaves behind a strong management ...

  Abu Dhabi / Emirates Business Mohammed Rasool Khoory & Sons Group in partnership with the Turkish Bagul family, launched Petek Restaurant & Sweets, a famous name in Turkey for over one hundred years. The new restaurant is located in Rolex Building – World Trade Center in Corniche Road in Abu Dhabi. During the occasion, the board member of Mohammed ...

  Bloomberg Gulf oil exporters must cut spending and narrow their budget shortfalls to keep their currencies pegged to the dollar, the International Monetary Fund said. While substantial foreign assets have allowed the countries to fix the value of their currencies to the greenback, keeping the status quo comes at a price as lower crude prices strain public finances, the ...

  Geneva / WAM The UAE has been elected to chair the Finance Committee of the International Labour Organization during their 105th conference that was held in Geneva, votes cast by the participating states of the committee marked the UAE as the leading representative. The Finance Committee comes with great responsibilities and was formed by the organization to study, discuss, adopt ...

  DUBLIN / Reuters Qatar’s sovereign wealth fund is set to buy a major stake in Irish telecoms firm Eir, the Irish Times reported on Thursday, in a move that would likely support its plans to hold off from a stock market flotation for now. The Qatar Investment Authority (QIA) is on course to acquire York Capital, Eir’s second-largest shareholder’s ...

  ABU DHABI / WAM Abu Dhabi City Municipality(ADM) underlined the importance of upgrading procedures to provide the best services, ensure optimal service management, and adopt top asset management practices through concerted efforts with all partners. To this effect, a workshop was organised by a number of infrastructure assets management teams in collaboration with the Opus Middle East Company, and ...

  DUBAI / WAM Dubai Customs, represented by the Jebel Ali Customs Centres Management, organised the largest public auction yet, in cooperation with DP World. As many as 533 containers were auctioned this time, comprising 35 categories of new and used goods that went under the hammer at the 3-day public auction. The auction, overseen by Dubai Customs’ Jebel Ali ...

  Copenhagen / WAM A partnership of leading international organizations, including the United Nations, announced the launch of a first-ever global standard to measure food loss and waste while at the Global Green Growth Forum (3GF) 2016 Summit currently underway in Copenhagen, Denmark. The Food Loss and Waste Accounting and Reporting Standard (FLW Standard) is a set of global definitions ...

  AMMAN / WAM The Gulf Organisation for Industrial Consulting (GOIC) participated in the 8th AFAQ Economic Conference, held recently under the title “Modern Economic Issues” in Amman, Jordan. Mohammed bin Khamis Al Mukhaini, Assistant Secretary-General for Industrial Information and Studies at GOIC, said, “It was an important opportunity to discuss challenges that various economic sectors face and to exchange ...

  ALKESH SHARMA / Emirates Business Economic diversification, through reducing dependence on oil revenues, is the only path to success in the UAE’s corporate ecosystem. Small and Medium Enterprises (SMEs) and start-ups, which are considered the backbone of any economy, could play a crucial role in facilitating this diversification. Buoyed by the great government and bank support, SMEs and start-ups ...