August, 2019

• 7 August

  18 national banks report AED24.5bn profit in H1

  

  ABU DHABI / WAM The combined net profits of 18 national banks listed on the country’s financial markets rose to AED24.5 billion in the first half of 2019, compared to AED21 billion in the same period of 2018, an increase of 16.6 percent. These statistics reflect the solidity of the UAE’s banking sector, despite the slowdown faced by its counterparts ...

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• 7 August

  Trump tech tariffs would add $1bn monthly to import costs

  

  Bloomberg US technology companies would pay an additional $1 billion a month or more in tariffs if President Donald Trump follows through on his threat to impose duties on additional Chinese imports next month, a trade group said. Trump said last week that he plans to add a 10 percent tariff on essentially all remaining Chinese imports — a category ...

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• 7 August

  Takaful records AED65 million profit in first half

  ABU DHABI / WAM Abu Dhabi National Takaful (ADNTC) announced a combined net profit of AED65.4 million in H1, achieving significant growth of 35 percent compared to AED48.5 million for same period last year. According to financial results as at end of second quarter on June 30, the underwriting profit reached AED46 million showing an increase of 27 percent compared ...

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• 7 August

  Gold tops $1,500 amid US-China trade tensions

  

  Bloomberg Gold futures rallied above $1,500 an ounce on sustained demand for the traditional haven as the US-China trade war festers, global growth slows and central banks around the world ease monetary policy. The metal advanced 2.6 percent an ounce on Comex to highest since 2013. The move extends this year’s climb to 18 percent, with gains underpin-ned by inflows ...

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• 7 August

  Air Arabia Q2 profit up 75% to AED210mn

  

  Sharjah / Emirates Business Air Arabia (PJSC) announced strong financial and operational results for the second quarter of this year ending on June 30, as the Middle East and North Africa’s first and largest low-cost carrier continued to deliver robust and sustained performance. Air Arabia registered a record net profit of AED 210 million for the three months ending on ...

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• 7 August

  Etihad to fly Dreamliners to Jakarta, Maldives

  

  ABU DHABI / WAM Etihad Airways will introduce the Boeing 787 Dreamliner on its flights from Abu Dhabi to Jakarta, Indonesia, and will upgrade its daily morning service to Male, Maldives, to the wide-body aircraft on a seasonal basis, it was announced on Wednesday. In a press statement, the carrier said the airline’s two daily scheduled services from Abu Dhabi ...

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• 7 August

  Adnoc seals investment deal with Vitol oil storage unit

  

  ABU DHABI / WAM The Abu Dhabi National Oil Company (Adnoc) on Wednesday announced a strategic investment in global storage terminal owner and operator VTTI BV (VTTI). As part of this agreement, Adnoc will acquire a 10 percent equity stake in VTTI. Following the transaction, VTTI will be owned 10 percent by Adnoc, 45 percent by IFM Global Infrastructure Fund ...

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• 7 August

  China investments in focus at Ajman Free Zone meet

  

  DUBAI / WAM The Chairman of Ajman Free Zone, Sheikh Ahmed Bin Humaid Al Nuaimi has met with Tielan Peng, Chairman of Hunan Group and Gulf Chinese Trading Corporation to discuss further strengthening trade opportunities between the two organisations. The Gulf Chinese Trading Corporation is a committed investor in Ajman and is the entity behind the China Mall which was ...

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• 7 August

  Fujairah oil product stockpiles hit 2-week high

  FUJAIRAH / WAM Refined oil products stockpiles in Fujairah rebounded in the past week, on higher supply of marine fuel and other heavy distillates and residues, according to data released on Wednesday by Fujairah Oil Industry Zone. Total inventories at the Middle East bunkering hub rose 5.9 percent week on week to 19.327 million barrels, bringing the total back to ...

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• 7 August

  Empower awards AED25mn network extension deal

  

  DUBAI / WAM Emirates Central Cooling Systems Corporation (Empower) on Wednesday announced that it has awarded an AED25 million contract to extend its cooling service pipeline network in order to meet the needs of major development projects in Dubai. This extension work will be completed by the end of 2019, and will link ‘Al Wasl Tower 2020’ and the ‘Yotel ...

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