Bloomberg UK billionaire Mike Ashley swooped in to rescue the House of Fraser Ltd. department-store chain for 90 million pounds ($115 million), staving off collapse for an anchor of the country’s troubled shopping districts. Ashley’s Sports Direct International Plc agreed to acquire the 169-year-old retailer’s UK stores, brand name and inventory. The move came after House of Fraser, which employs ...

ABU DHABI / WAM The UAE has been ranked as the largest donor of emergency humanitarian assistance to Yemen in the world for 2018. According to the Financial Tracking Service (FTS), a centralised source of information on humanitarian funding flows, the UAE is also the second-largest source supporting the 2018 Yemen Humanitarian Response Plan (YHRP) following the Kingdom of Saudi ...

KHARTOUM / WAM Hamad Mohammed Humaid Al Junaibi, UAE Ambassador to Sudan, and Mohammed Ahmed Ali Ibrahim, Sudanese Minister of Minerals, have discussed issues of mutual interest and investment opportunities in the mining sector. In a meeting held at the ministry’s premises in Khartoum, the Sudanese Minister lauded the excellent bilateral relations, welcoming UAE investments in all fields especially in ...

DUBAI / WAM Millions of visitors to Expo 2020 Dubai, including global leaders, will enjoy world class hospitality after organisers unveiled Dubai-based Emaar Hospitality Group, the hospitality and leisure subsidiary of global developer Emaar Properties, as its newest official partner. As the Official Hotel and Hospitality Partner, Emaar Hospitality Group will be responsible for providing exceptional service to Expo2020’s special ...

Bloomberg Oil slid in New York, reversing two gains of days, as concerns over escalating trade tensions between China and the US overshadowed signs of tighter supply. Futures dropped 1.5 percent. American crude inventories as well as those in the key hub of Cushing, Oklahoma, slipped last week, the American Petroleum Institute was said to report. China’s Ministry of Finance ...

WARSAW / WAM Dr Youssef Issa Hassan Al Sabri, UAE Ambassador to Poland, has discussed with Jerzy Kwiecinski, Minister of Investment and Economic Development of Poland, the distinguished bilateral relations and ways of enhancing cooperation in the economic, trade and investment sectors. This came in line with the embassy plan to boost relations between the UAE and Poland in all ...

DUBAI / WAM The Real Estate Regulatory Agency (RERA) at Dubai Land Department, signed a partnership agreement with Commercial Bank of Dubai (CBD) focusing on offering escrow account management services to Owners’ Association communities in Dubai. The agreement was signed by Marwan Ahmad bin Ghalita, Chief Executive Officer of RERA, and Dr Bernd van Linder, Chief Executive Officer of Commercial ...

Dubai / WAM The digital transformation of international production, coupled with Dubai’s on-going transformation into a knowledge-based economy have reshaped both the source and the composition of the flows of foreign direct investment (FDI) into the emirate. According to Dubai’s Department of Economic Development (DED), the last three years have witnessed investors from the European Union and the United States ...

ADEN / WAM An International Committee of the Red Cross (ICRC) delegation in Aden praised the UAE’s humanitarian, relief and development aid efforts in Yemen’s liberated towns and cities. The delegation’s remarks came during a meeting with Saeed Al Kaabi, UAE Humanitarian Operations Director for Yemen. The delegation included, Michel Atef, ICRC field representative, Marco Ferrarini, ICRC cooperation department representative, ...

ABU DHABI / WAM The Federal Tax Authority (FTA) announced a new campaign as part of its efforts to communicate directly and consistently with businesses. The “Tax Clinic” seeks to increase the number of registered taxable businesses and promote compliance with the timely submission of tax returns and payment of due taxes. The campaign kicks off on August 12, in ...