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Markab Capital, Italian firm to set up civil aircraft factory in UAE

ABU DHABI / GULF TIME The Emirati company “Markab Capital” signed a strategic partnership agreement with the Italian company “Super Jet International” to establish a factory for the assembly, installation and production of civil aircraft in UAE. The factory, which is scheduled to be completed in 2025, is the first of its kind in the Arab world, through which civil ...

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Al Fardan Exchange forays into UAE’s education sector

ABU DHABI / GULF TIME As one of the UAE’s leading institutions in the field of finance, Al Fardan Exchange under the umbrella of Al Fardan group has now ventured into the education sector with the inauguration of the Al Fardan Banking Training Institute. With corporate social responsibility at its core, the institute is aimed at developing and empowering UAE ...

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MBRGI contribution to UNHCR pushes total to AED100 million

DUBAI / WAM The Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) and the United Nations High Commissioner for Refugees (UNHCR) have signed two agreements amounting to $12.5 million (approximately AED46 million) to address the nutrition needs of forcibly displaced people. These bring MBRGI’s cumulative support for refugees to $27.2 million (AED100 million) in two years. The agreement is part ...

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EDB approves AED6.1 billion worth of loans during 2022

ABU DHABI / WAM Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of the UAE, conducted a board meeting to review its results for the period ending December 31, 2022. The board discussed the bank’s milestone achievements over the course of the year, in addition to its ambitions for 2023 as the bank ...

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China’s economy shows strong recovery as Covid Zero era ends   

BLOOMBERG China’s economy is showing signs of a stronger rebound after Covid restrictions were abandoned, with manufacturing posting its biggest improvement in more than a decade, services activity climbing and the housing market stabilising. The manufacturing purchasing managers’ index rose to 52.6 last month, the National Bureau of Statistics said, the highest reading since April 2012. A non-manufacturing gauge measuring ...

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Dubai South, dnata partner to set up seamless cargo handling connectivity

DUBAI / WAM Dubai South and dnata, a global air services provider, have entered into a partnership to develop a digitally driven Gate Control mechanism for cargo handling terminals at Dubai South’s Logistics District. The Gate Control mechanism will enable the seamless flow of goods through the free zone’s gates, with companies based at the Logistics District and movers transporting ...

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Four potential Unesco sites located in Sharjah

SHARJAH / WAM The Sharjah Archaeology Authority revealed early this month that four important Sharjah ancient sites had been added to the preliminary Unesco World Heritage List. In preparation for the final submission of the cultural landscape file for the central region, the authority has recorded all the following: the site of Mleiha: the pre-Islamic period in the southeast of ...

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China’s ICBC lists AED8 billion green bonds on Nasdaq Dubai

DUBAI / WAM The Industrial and Commercial Bank of China Limited (ICBC), the world’s largest bank by assets, celebrated the listing of four green bonds worth a total value of $2.2 billion on Nasdaq Dubai, and Zhang Yiming, ambassador of the People’s Republic of China to the UAE, rang the market opening bell to mark the occasion. Accompanying Zhang Yiming ...

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Yahsat revenue jumps 6% to AED1.6 billion in 2022

ABU DHABI / WAM Al Yah Satellite Communications Company (Yahsat) on Tuesday announced its consolidated financial results for the fourth quarter and full year for 2022. For the twelve-month period, Yahsat delivered growth in revenue and adjusted Ebitda, which increased 6% and 7% respectively year-on-year, meeting and exceeding financial guidance targets. Highlights for the full year include revenue of AED1.6 ...

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‘1 Billion Meals’ initiative distributes 5.4mn meals in Bangladesh refugee camps

DUBAI / WAM The “1 Billion Meals” initiative, the region’s largest food donation drive to support the underprivileged and undernourished in 50 countries across four continents, on Tuesday announced the completion of the distribution of 5.4 million meals in Rohingya refugee camps in Bangladesh, in collaboration with the United Nations’ World Food Programme (WFP). Thanks to the partnership between Mohammed ...

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