Bloomberg Oil climbed to near a five-month high after an industry report pointed to a third straight weekly drop in American crude stockpiles. Futures in New York rose past $42 a barrel after losing 0.8% Tuesday. The American Petroleum Institute reported inventories fell by 4.01 million barrels last week. The improving picture in the US overshadowed lingering concerns about the ...

Dubai / WAM Emaar Properties has revealed H1 revenues of AED9 billion and over AED2 billion in net profit, according to a statement by the real estate Dubai-based giant on Wednesday. Mohamed Alabbar, Founder of Emaar, said: “Our performance in the first half of 2020 has demonstrated our fundamental ability to retain strength and act with agility and speed in ...

Dubai / WAM Abu Dhabi Islamic Bank (ADIB) reported a net profit of AED587.6 million and AED 2.5 billion in net revenue for H1 2020. In a statement, the bank said net revenue for H1-2020 decreased to AED2,556.6 million from AED2,887.1 million in H1 2019. Jawaan Awaidah Al Khaili, Chairman of ADIB, said: “This period demonstrated the resilience of bank’s ...

Sharjah / WAM The Eastern Region of the emirate of Sharjah, which includes Kalba, Khor Fakkan and Dibba Al Hisn, is witnessing the implementation of various development projects related to roads, infrastructure, tourism, heritage, environmentally-friendly hotels and resorts that will shape the future of the region. HH Dr Sheikh Sultan bin Muhammed Al Qasimi, Supreme Council Member and Ruler of ...

Abu Dhabi / WAM Leading experts and economists participating in an e-symposium here on Wednesday highlighted the various growth challenges and risks of depression facing the global economy. Addressing the concluding symposium – The Future of Global Economy: Growth Challenges and Risks of Depression – as part of the TRENDS Global Economic E-Forum, they tackled the future of the global ...

Abu Dhabi / WAM Noura bint Mohammed Al Kaabi, Minister of Culture and Knowledge Development, has said that the world is celebrating on Wednesday World Youth Day, under the theme, “Involving Youth in Global Efforts,” to highlight the participation of the youth in local and international events and present their achievements in all sectors. On the occasion, Al Kaabi pointed ...

Abu Dhabi / emirates business Watania’s net profit jumps to AED16.6 million during the first six months of 2020 from AED7 million as compared to the same period last year – a growth of 136%, declared Dr Ali Saeed Bin Harmal Al Dhaheri, Chairman of the Board of National Takaful Company. The lockdown imposed on account of the pandemic saw ...

DUBAI / WAM Dubai Land Department (DLD), in cooperation with Property Finder, launched the fourth edition of Mo’asher, Dubai’s official sales price index. The base year for Mo’asher is 2012 and the base month for the monthly index is January 2012, with the base quarter for the quarterly index being Q1 2012. A strong momentum in June laid the foundation ...

DUBAI / WAM The Beit Al Khair Society announced that its overall spending in the first half of 2020 amounted to AED119.3 million which benefitted 24,618 vulnerable families and a total of three million people. Abdeen Taher Al Awadhi, Director General of society, stated that the second quarter witnessed progress in the types and value of aid provided by the ...

Abu Dhabi / WAM The Federal Tax Authority (FTA) clarified via a guide that Value Added Tax (VAT) is applied on e-commerce services (also known as “electronic commerce”, sometimes referred to as the “digital economy”) upon their actual use or enjoyment in the UAE. Users should note that although many of the general rules of VAT apply to e-commerce, there ...