Bloomberg The looming threat of Amazon.com Inc. siphoned billions in market cap from Under Armour Inc. to FedEx Corp. to Walgreens Boots Alliance Inc.— more than $30 billion combined—in October. Companies are gearing up to face Bezos’s behemoth heading into the holiday season, with some appearing ready to get creative as the state of their industries is shaken. CVS Health …

DUBAI / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, has issued Law No. 15 of 2017 regulating inheritance, wills and probate for non-Muslims. The law, which is applicable to the wills and assets of non-Muslims based in Dubai including the Dubai International Financial Centre (DIFC) creates a …

Abu Dhabi / WAM Al Jazira Sports and Cultural Club and Majid Al Futtaim officially broke ground, on Tuesday, on City Centre Al Jazira, the new AED1.4-billion lifestyle destination coming to Abu Dhabi. The new project will bring to the capital an integrated shopping, lifestyle and entertainment destination, contributing to Abu Dhabi’s vision that aims to develop a competitive, sustainable …

Bloomberg The International Monetary Fund expects the UAE economic growth to nearly triple next year as Abu Dhabi benefits from an expected recovery in oil exports. The UAE’s GDP will expand 3.4 percent in 2018 from 1.3 percent this year, largely on expectations that growth in oil-rich Abu Dhabi will surge to 3.2 percent from 0.3 percent this year. Dubai’s …

Dubai / WAM Dubai Investments, the leading, diversified investment company listed on the Dubai Financial Market, has reported net profit of AED350 million for the quarter ending September 30th, 2017, an increase of 4.8 percent over the AED334 million achieved during the same quarter last year. The company’s net profit for the first nine months of 2017 was AED830 million, …

Dubai / Reuters United Arab Emirates energy producer Dana Gas did not redeem some $700 million of its Islamic bonds when they matured on Tuesday as a dispute on the validity of the sukuk drags on in British and UAE courts, sources familiar with the matter said. Dana refuses to redeem its bonds because it claims changes in the interpretation …

Dubai / Reuters Dubai-based Emirates REIT, a sharia-compliant real estate investment trust, plans to issue a debut Islamic bond of at least $300 million by the end of this year, said a source close to the company. The sukuk, to be denominated in US dollars, could potentially replace all of the company’s outstanding debt, said the source, who spoke on …

ABU DHABI / WAM With the approval and blessings of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, the new ministers of the UAE government took the oath on Tuesday before His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, at Mushrif Palace in Abu Dhabi, in the presence …

Dubai / Emirates Business Etisalat and RAKBANK on Tuesday signed a Memorandum of Understanding (MoU) for Managed Point of Sale Services. As part of the strategic partnership, Etisalat shall provide RAKBANK with last-mile Point of Sale (PoS) operations as its outsourced and managed service partner, a first-of-its-kind approach in the UAE payments and banking industry. The MoU was signed by …

DUBAI / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has directed the Knowledge and Human Development Authority (KHDA), to draft a plan to increase percentage of Emirati students admission in private schools, which are rated good and above 100 percent, over the next three years. His remarks …