Bloomberg South African Airways is making progress with its plan to reach profitability in the next three years, even it faces challenges such as a jump in fuel prices, Chief Executive Officer Vuyani Jarana said in an interview. Jarana said he expects losses until the company can break even or achieve profitability at the end of the 2021 financial year ...

Bloomberg The board of Norwegian Air Shuttle ASA has started looking for someone who might be able to replace Bjorn Kjos as chief executive officer when the 72-year-old steps down, according to a report in Nettavisen. Nettavisen said Kjos feels he has been running on “overtime” and that he hopes he won’t still be CEO three years from now. Potential ...

Abu Dhabi / WAM The UAE gross bank assets amounted to AED2.8 trillion by the end of August 2018, four percent up from AED2.694 trillion by the end of December 2017, according to Central Bank of UAE statistics released on Sunday. Gross credit increased to around AED1.633 trillion by the end of August, a growth of 3.3 percent from AED1.58 ...

DUBAI / WAM Dubai Futures Foundation and Haykal media have kicked-off the region’s first ever EmTech Mena 2018, a platform designed to address the future trends of technology in an evolving world. The event is held under the patronage of HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council. Organised ...

Bloomberg The rise of US shale oil is set to extend well into the 2020s, stealing market share from the Organization of Petroleum Exporting Countries (Opec), the group said in its latest World Oil Outlook. Total supply from outside of the Opec will surge by 8.6 million barrels a day from 2017 to 2023, to 66.1 million barrels a day ...

Abu Dhabi / WAM The Export Unit Value Index in the Emirate of Abu Dhabi was up to 87.3% during Q2, a growth of 7.6% from 81.2% during the same period in 2017, according to Statistics Centre- Abu Dhabi (SCAD), while the Import Unit Value Index likewise rises to 108.7% during the same monitored period from 103.4% as compared to ...

Abu Dhabi / WAM Jamal Saif Al Jarwan, Secretary-General of the UAE International Investors Council, described the ties between the UAE and Saudi Arabia as strong on all levels due to the support of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques and King of Saudi ...

DUBAI / WAM Nakheel has signed a construction contract for Dragon Towers, its new, twin-building residential complex with a total development value of AED713 million ($194mn), to be built at Dubai’s rapidly-expanding Dragon City mixed-use community. Under the AED552 million contract, handed to UAE-based Ali Mousa and Sons Contracting, mobilisation will begin immediately, with anticipated completion in 2021. Nakheel also ...

DUBAI / WAM Dubai Healthcare City Authority (DHCA), the governing body of Dubai Healthcare City (DHCC), on Sunday announced a partnership with the Traditional Chinese Medicine and Technology Industrial (GMTCM), Park from Macao to advance the field of complementary and alternative medicine (CAM), in the free zone. Both parties will contribute to cementing the ongoing cooperation between the UAE and ...

Dubai / WAM Commercial Bank of Dubai (CBD), and PwC Middle East, signed an agreement on an innovation programme that will help the bank in its objective to become default digital and in providing customer experience by collaborating with fintech startups, and effectively leveraging emerging technology as a tool. The agreement was signed by Dr Bernd van Linder, CEO of ...