ABU DHABI / WAM The UAE Cabinet approved restructuring of board of the UAE Space Agency under the chairmanship of Dr Ahmad bin Abdullah Humaid Belhoul Al Falasi, Minister of State for Higher Education and Advanced Skills. The Board of Directors includes Hamad Obaid Al Mansouri, Chairman of the Mohammed bin Rashid Space Centre as Vice President; Khalid Abdullah Al ...

DUBAI / WAM Dubai Investments, leading, diversified investment company listed on the Dubai Financial Market, has reported net profit of AED491 million for the six month period ended on June 30, an increase of AED11 million compared to AED480 million for the same period last year. Company’s total assets grew to AED19.04 billion compared to AED17.0 billion as on December, ...

Bloomberg Majid Al Futtaim Holding LLC, the Dubai-based conglomerate which operates Carrefour SA stores in the Middle East, posted a 13 percent increase in revenue during the first half, as the company’s regional expansion helped weather the impact of value-added taxation at home. Sales climbed to AED17.8 billion ($4.85 billion) from a year earlier despite “adverse market conditions,” Chief Executive ...

Bloomberg Dubai’s main equity gauge posted its biggest monthly gain in a year, powered by a revival in the banking sector as better-than-estimated earnings help UAE stocks escape this year’s doldrums. The DFM General Index has surged 4.8 percent in July. In Abu Dhabi, the ADX General Index posted its largest monthly gain in more than two years, advancing 6.6 ...

SHARJAH / WAM The Sharjah Chamber of Commerce and Industry (SCCI) and a delegation from Belarus examined areas of economic cooperation between Sharjah and Belarus, in addition to reviewing ways to enhance economic relations and mutual investment opportunities between the various economic sectors of both sides. Mohamed Ahmed Amin, Acting Director-General of the SCCI, and Igor Bondarev, Head of the ...

ABU DHABI / WAM In yet another indicator of the growth in economic sentiments in the country, the number of automatic teller machines (ATM), operated by banks in the UAE hit a total of 5261 by end of June, an increase of 42 facilities from 5219 in the same month in 2017, according to CBUAE statistics. The continued rise in ...

Bloomberg Societe Generale SA said a former trader who insists he was made a scapegoat for the bank’s role in a rate-rigging scandal should face up to criminal charges in the UK before a Paris court rules on his bid for more than $9 million in compensation. The French lender disputed Stephane Esper’s lawsuit at a hearing, saying that employment ...

Bloomberg Standard Chartered Plc, one of the biggest financiers of global trade, isn’t losing sleep over an increasingly fractious relationship between the world’s two largest economies. Standard Chartered is well-positioned to deal with the fallout of a lasting dispute between the two nations, the bank said as it reported first-half profit that beat analysts’ estimates. Despite the escalation of US ...

Bloomberg Stuart Scott, the former head of currency trading at HSBC Holdings Plc, won a last-ditch battle to block his extradition to the US, where he would face wire-fraud charges. Scott was charged, along with his ex-boss Mark Johnson, by the US Justice Department in July 2016 with front-running a $3.5 billion currency order from Cairn Energy Plc in 2011 ...

Bloomberg Jielun Zhu, the former head of Asia healthcare investment banking at Jefferies Financial Group Inc., is joining I-Mab Biopharma Co. as chief financial officer, people familiar with the matter said. In his new Hong Kong-based role, Zhu will focus on helping I-Mab with a planned initial public offering in the city, according to the people. The Chinese biotech firm ...