Bloomberg Strains are spreading in China’s $15 trillion shadow banking industry as investors pull back from the debt-like savings products that helped drive leverage to dangerous levels. Most affected are some $3.8 trillion of so-called trust products, until now the fastest-growing shadow banking segment and a popular way for debt-ridden property developers and local governments to raise funds from millions ...

Abu Dhabi / WAM The Abu Dhabi National Oil Company (ADNOC) on Tuesday signed an agreement with Lotte Chemical Titan (LCT), one of the largest polyolefin producers in South East Asia, for the sale of up to one million tonnes per year of naphtha to the Malaysian petrochemicals’ company, over the next three years. The long-term agreement, which builds upon ...

Abu Dhabi / WAM The Ministry of Finance has welcomed the European Union’s decision to remove the UAE from its list of uncooperative tax havens, in recognition of the transparent procedures the State has been adhering to, and will continue to do so, locally and internationally. Younis Haji Al Khoori, Under-Secretary of the Ministry of Finance, said, “The European Union’s ...

Abu Dhabi / WAM The National Petroleum Construction Company (NPCC), part of Senaat Abu Dhabi, has won an Engineering, Procurement, Construction (EPC) contract for 5 Well Platforms and Pipeline for Ratna field from ONGC as part of offshore oil and gas infrastructure development on the west coast of India. This contract includes survey, design, engineering, procurement, fabrication, load out, transportation, ...

Bloomberg Emirates, the world’s biggest airline by international traffic, has mandated eight banks including HSBC Holdings Plc and Standard Chartered Plc to manage a sale of Islamic bonds, according to two people with knowledge of the transaction. The Dubai government-owned carrier also picked Citigroup Inc, BNP Paribas SA, Emirates NBD PJSC, Dubai Islamic Bank PJSC, Abu Dhabi Islamic Bank PJSC ...

DUBAI / Reuters Demand for business loans in the United Arab Emirates has increased marginally during the fourth quarter of the last year, mainly because of stronger demand in Dubai, a central bank survey showed on Tuesday. The total demand for personal loans was flat, according to the survey. The net balance measure for business lending — the weighted percentage ...

DUBAI / Emirates Business Consumers are confident they’re safe online, but hackers have proven otherwise, stealing AED 3.86 billion from 3.72 million consumers in the UAE in the past year, according to the 2017 Norton Cyber Security Insights Report, released by Norton by Symantec on Tuesday. Within the last year more than half (52%) of the country’s adult online population ...

DUBAI / Emirates Business Dubai Land Department (DLD) announced the completion of the first phase of its building classification project, which was launched earlier in 2015 as an initiative from DLD to survey real estate projects across Dubai. Phase one focused specifically on (non-freehold) old areas in Dubai. His Excellency Sultan Butti bin Mejren Director General of DLD said: “This ...

Dubai / Emirates Business Dubai Aerospace Enterprise (DAE) Ltd. announces that it has received the M&A Deal of the Year award from Airline Economics during its Aviation 100 Global Leader Awards ceremony in Dublin, Ireland. This award is recognition of DAE’s high-profile acquisition of the leading aircraft lessor AWAS in 2017, which propelled DAE into the top tier of global ...

DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, reviewed the progress of Dubai Creek Tower, the global icon in the heart of the 6 square kilometre Dubai Creek Harbour. His Highness was accompanied by HH Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of ...