February, 2020

• 12 February

  Under Armour stumbles on path to recovery

  

  Bloomberg For the past few months, Under Armour Inc executives have promised that 2020 would be the coming-out party of a brand-new company, a shift from defense to offense after a multiyear restructuring and a change in leadership. After revealing fourth-quarter results and 2020 projections that trailed analysts’ expectations, the company issued a sobering set of expectations for investors. Revenue ...

  Read More »
• 12 February

  Bed Bath & Beyond falls on ‘sales doldrums’

  Bloomberg Bed Bath & Beyond Inc fell sharply after reporting that a key measure of sales contracted in December and January, the latest sign the home-furnishings retailer faces a tough road back to growth. “We are experiencing short-term pain in our efforts to stabilise the business, including the pressures of store traffic trends,” Chief Executive Officer Mark Tritton said in ...

  Read More »
• 11 February

  UAE medicine stockpiles ‘sufficient’ for coronavirus outbreak: Minister

  

  ABU DHABI / WAM Abdul Rahman bin Mohammad bin Nasser Al Owais, Minister of Health and Prevention, has stressed that the UAE was among the first countries that stocked up sufficient quantities of materials required for state-of-the-art checkups to detect the new coronavirus. More than 500 staff members work round the clock on communication, medical investigations and logistical support related ...

  Read More »
• 11 February

  DIP attracts investments worth AED42 billion over two decades

  

  DUBAI / WAM Dubai Investments Park (DIP), unveiled that the master-planned complex, designed and developed to provide immaculate facilities, setting new standards in the region, attracted investments in excess of AED42 billion over two decades, signifying the emergence of DIP as a successful business model, facilitating a conducive environment. Considered one among the largest integrated developments in the Middle East, ...

  Read More »
• 11 February

  UAE, UK discuss ways to bolster cooperation

  

  LONDON / WAM The 19th UAE-UK Taskforce meeting took place on Tuesday in London, co-hosted by Dr. Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, and Dr Andrew Murrison, UK Minister of State for the Middle East and North Africa. The high-level UAE delegation, which included officials from the Ministries of Foreign Affairs and International Cooperation, Justice, Defence, ...

  Read More »
• 11 February

  ADFD inks deal with US agency on private sector investments

  

  ABU DHABI / WAM The Abu Dhabi Fund for Development (ADFD), on Tuesday signed a Memorandum of Understanding (MoU) with the United States International Development Finance Corporation (DFC), an independent agency of the US Government. The areas of collaboration outlined by the MoU include the exchange of knowledge and expertise between the two parties especially in the field of financing private ...

  Read More »
• 11 February

  FTA bans waterpipes, e-cig without digital tax stamp

  

  ABU DHABI / WAM Importing any type of waterpipe tobacco or electrically heated cigarette plugs that are not marked with ‘Digital Tax Stamps’ will be prohibited across UAE as of March 1, asserted Federal Tax Authority (FTA). The ban is in keeping with the timeline set for launching phase two of ‘Marking Tobacco and Tobacco Products Scheme’, the FTA explained, ...

  Read More »
• 11 February

  Adnic’s net profit increases 20.7% to AED284.3m in 2019

  

  ABU DHABi / WAM The Abu Dhabi National Insurance Company (Adnic) on Tuesday reported its full year financial results for the year ended December 31, 2019, announcing a net profit up 20.7 percent year-on-year to AED284.3 million. According to Adnic’s press release, gross written premium increased by 29 percent year-on-year to AED3.76 billion and net technical profit increased by 1.6 ...

  Read More »
• 11 February

  UAE ministry offers family consultation via Instagram

  

  DUBAI / WAM The Ministry of Community Development launched the “Taaluf Live” service during the UAE Innovation Month of February 2020, a social sustainable development channel that provides family consultations for the first time through the ministry’s Instagram account (mocduae), including regular weekly episodes aimed at promoting communication and direct interaction with the members of the community. The service is ...

  Read More »
• 11 February

  Fujairah unveils AED1.9b Mohamed bin Zayed City

  

  ABU DHABI / WAM The Follow-Up Committee of the Initiatives of the UAE President has completed the construction of the AED1.9 billion Mohamed bin Zayed City housing project in Fujairah. The city has been set up in line with the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, under the directives of His Highness Sheikh Mohamed bin ...

  Read More »