Dubai / Emirates Business Islamic Arab Insurance Company (Salama), the UAE’s largest and oldest takaful provider, announced its audited financial results for the year ended December 31, 2019, reporting a net profit of AED 55 million. The gross written premium grew by 6.25% to reach AED 1,106 million in 2019 compared to AED 1,041 million in 2018. Salama’s focus on ...

ABU DHABI / WAM The UAE on Wednesday launched a fund for unifying national efforts to combat the coronavirus (Covid-19) pandemic. Titled “The Fund of the United Arab Emirates: Homeland of Humanity”, the fund has been launched in coordination with the National Emergency Crisis and Disasters Management Authority (NCEMA) the Emirates Red Crescent (ERC) and other humanitarian and charity organisations ...

Bloomberg Oil turned lower on an unprecedented hit to consumption, even as policy makers attempted to kickstart the global economy. Futures in London erased earlier gains to trade down 4.2%. The boss of trading house Vitol Group said demand is down about 15 million to 20 million barrels a day and will shrink further with India’s decision to go into ...

ABU DHABI / WAM Driven by country-level economic incentives and stimulus packages, the UAE financial markets continued their rebound for the second straight day, with listed companies posting combined gains of AED61 billion in market cap in the two sessions of Tuesday and Wednesday. Abu Dhabi’s main stocks index was up 7.23 percent to 3,915 points on Wednesday, driven by ...

Bloomberg The euro area is preparing to make available credit lines from its bailout fund worth up to 2% of each country’s output, as the region’s finance ministers seek to lay out the next phase of their fiscal response to the coronavirus outbreak. The tentative progress comes as an array of forecasts and sentiment indicators have pointed to a severe ...

ABU DHABI / WAM In line with precautionary measures to ensure the health and safety of visitors, the Department of Culture and Tourism – Abu Dhabi, DCT Abu Dhabi, has decided to temporarily close all cultural sites in the emirate starting from Wednesday until further notice. They include Bait Al Oud, Berklee Abu Dhabi and Al Qattara Art Centre. These ...

Dubai / WAM His Highness Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, chaired the Annual General Meeting of Dubal Holding LLC (DH), the investment arm for the Government of Dubai for power and energy, commodities, mining and industrial projects, at the Ruler’s Court. Saeed Mohammed Al Tayer, Vice Chairman of Dubal Holding, the ...

ABU DHABI / WAM The UAE cabinet chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved a series of decisions that benefit subscribers of the Federal Authority of Water and Electricity, and seeks to support retails, hotels and industrial sectors. The move is part of the UAE’s ...

DUBAI / WAM Hessa Essa Buhumaid, Minister of Community Development, announced the introduction of new smooth procedures across all its customer happiness centres for the benefit of the general public across the UAE. “This step confirms the ministry’s commitment to ensure the continuity and flexibility of all government services in light of the directives of the smart government to reduce ...

Dubai / WAM As part of precautionary measures against the novel coronavirus Dubai’s Roads and Transport Authority (RTA) announced several proactive and preventive measures to protect the health of public transport riders. Measures taken include controlling the number of riders per metro/bus to maintain a safe distance between riders. Bus doors will be controlled by the driver. The front/middle doors ...