DUBAI / Emirates Business Majid Al Futtaim, the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa, on Sunday announced that Carrefour will open ten new stores in the UAE in 2017, setting it on target to reach 140 hypermarkets and 210 supermarkets in the countries in which Majid Al Futtaim operates by 2018. …
Read More »Abu Dhabi / Emirates Business Al Hilal Bank announced the appointment of Craig Bell as Chief Financial Officer (CFO), in line with its strategic direction to further reinforce its management with superior expertise from the global financial industry. Bell will lead Al Hilal Bank’s financial strategy development and its execution which directly contributes to its future growth plans with …
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Dubai / WAM The Dubai Financial Market (DFM) successfully attracted 2,627 new investors during the first nine months of 2016 including 418 institutions, lifting the total number of DFM-registered investors to approximately 839,000. The foreign investors’ ownership in DFM also increased to 22.2 percent during the period, in a strong indication of their confidence in the market and its …
Read More »Dubai / Emirates Business With an aim to celebrate the achievements and to recognize the contribution of individuals and institutions in the Islamic retail banking and finance industry, Cambridge IF Analytica is organizing and hosting the Islamic Retail Banking Awards 2016 on November 28 at Dusit Thani Hotel in Dubai. The award ceremony will take place at the conclusion …
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Abu Dhabi / Emirates Business Abu Dhabi National Insurance Company (ADNIC), one of the region’s leading multi-line insurance providers for individuals and corporates, signed a Memorandum of Understanding (MoU) with the Mohammed bin Rashid Al Maktoum Foundation (MBRF) to support ‘My Family Reads’ initiative and activities that promote reading and disseminate knowledge and culture among the family members. “As …
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Dubai / Emirates Business DAMAC Properties, one of the leading luxury real estate developers in the region, unveiled AKOYA Fresh, a collection of 3-bedroom villas in an international golf community, presenting millennials, including young professional couples and families, with a refreshing way of life. Priced at AED 1.2 million payable over 3 years, each villa comes with a plot …
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DHAKA / AP By government accounts, four foreign-backed cellphone operators owe $500 million to Bangladesh in unpaid taxes. By the companies’ accounts, the figure is closer to $50 million — if it isn’t zero. As the legal row drags into its fourth year without resolution, telecommunications analysts warn it is putting pressure on the industry that is Bangladesh’s single …
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Bloomberg State-backed Shanghai Electric Power Co. agreed to pay buyout firm Abraaj Group $1.77 billion for a controlling shareholding in Pakistani utility K-Electric, gaining access to 2.5 million customers in the south Asian country’s most populous city. Abraaj is selling its 66.4 percent stake in K-Electric through its KES Power unit, according to a statement posted on its website, …
Read More »BEIJING / AP A senior US official urged China to work with the US to close a loophole on North Korean coal imports that Washington believes has been critical to propping up the isolated country’s finances. Deputy Secretary of State Antony Blinken said in Beijing ahead of talks with Chinese officials that Chinese coal imports from North Korea contributed …
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Wellington / AFP Peter Jackson’s “Lord Of The Rings” and “Hobbit” series have proved to be as precious to New Zealand’s economy as any magical ring as millions flock to the country for a glimpse of Middle Earth, making tourism the main driver of growth. For years, coffers have been supplemented mainly by booming sales of dairy products from …
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