News

Air Arabia net profit reaches AED114mn in first quarter

  Sharjah / Emirates Business Air Arabia PJSC reported strong financial results for the first quarter of 2016 exceeding analyst expectations as the Middle East’s first and largest low cost carrier continued to deliver outstanding performance and attract new customers. Air Arabia reported a net profit of AED114 million for the three months ending March 31, 2016, 34 percent higher ...

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Global annual spend on airport security to hit $12.67bn in 2023

  ALKESH SHARMA / Emirates Business As the Middle East region surpasses global surge in air traffic, airlines and airports in this part of the world are making huge investments to spruce up the security of passengers and premises. Massive funds have been moved towards airport system upgrades to ensure seamless passenger experience, focussing solely on the security segment. UAE ...

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Majid Al Futtaim wins at MENA Digital Awards

  Abu Dhabi / Emirates Business Majid Al Futtaim has been awarded two prestigious awards at the MENA Digital Awards 2016 (MDA) and the Festival of Media Awards MENA 2016. The retail pioneer won in two categories: “Best Mobile App” for City Centres’ mobile app at the MDA, as well as “Best Engagement Strategy” for the Corporate Sustainable Responsibility angle ...

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Etihad Airways’ new premium lounge opens at Melbourne airport

  Abu Dhabi / Emirates Business Etihad Airways officially opened its spectacular new Premium Lounge at Melbourne Airport, offering guests a stylish, comfortable environment in which they can relax, re-energise, dine, work or be entertained pre-flight. A natural light filled space with floor-to-ceiling glass, it offers expansive views across the runway. At more than 800m2 with seating capacity for up ...

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GCC retail market far from being saturated

  Dubai / Emirates Business According to Abu Dhabi-based Business DNA, the region’s retail sector is far from being saturated, and expects the industry to see a growth of 7% to 12% in 2017. The company sees 2016 as a correction year for the industry, even as it looks to drive growth of Abu Dhabi’s underrated retail market. Business DNA ...

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Australian budget opens door to Islamic finance

  SYDNEY / Reuters The Australian government has proposed removing tax barriers to asset-backed financing arrangements as part of its federal budget, a move likely aimed at facilitating interest-free transactions used in Islamic finance. Islamic finance is gradually catching on in Australia, with National Australia Bank Ltd (NAB) helping fund a A$160 million ($114 million) Brisbane property purchase in February, ...

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India’s auto sales rise at fastest pace in 5 months

  New Delhi / Bloomberg Maruti Suzuki India Ltd., Hyundai Motor Co. and Renault SA paced India’s biggest gain in passenger vehicle sales in five months, as new compact SUVs, hatchbacks and minicars drew buyers to their showrooms. Deliveries of passenger vehicles, including sport utility vehicles and vans, climbed 11 percent to 242,060 units last month, the Society of Indian ...

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Top China paper warns of crisis risk over debt

  Jakarta / Bloomberg China must turn off the taps of credit-driven growth to avoid a financial system crisis in the face of rising bad loans and other risks, the Communist Party’s official mouthpiece newspaper said on Monday, citing an unnamed “authoritative” source. The prominent article, in question-and-answer format, started on the front of the broadsheet paper and took up ...

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Good rain forecast in India lifts growth prospects

  New Delhi / Bloomberg After back-to-back droughts battered India’s farmers, a forecast for above-normal rainfall this year is brightening the outlook for Asia’s third-largest economy. Economists at DBS Bank Ltd., State Bank of India and Standard Chartered Plc say India’s gross domestic product this year may grow more than they previously predicted if the monsoon is as good as ...

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Eurozone ministers wrangle over Greece debt relief

  BRUSSELS / AFP Eurozone finance ministers on Monday tackled crucial talks on unlocking vital cash and debt relief for Greece just hours after Greek lawmakers adopted unpopular reforms demanded as part of the country’s bailout. The 19 ministers, meeting in Brussels, are aiming to finally sign off on the long-delayed first review of Greece’s massive EU-IMF bailout — the ...

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