August, 2019

• 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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• 7 August

  NEC opens candidate registration centres for FNC 2019 election

  

  ABU DHABI / WAM The National Election Committee (NEC) announced the launch of candidate registration for the upcoming Federal National Council (FNC) elections. The Committee invited all eligible candidates wishing to submit their applications to do so at the candidate registration center of their respective emirate, from August 18 to 22, during the official working hours that extend from 08:00 ...

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• 7 August

  Azizi expands into retail, unveils sale of 329 outlets across Dubai

  

  Dubai / Emirates Business Adding retail units to its portfolio, Azizi Developments, one of the leading private developers in the UAE, launched the sale of 329 retail units across all of its Dubai developments. Through Azizi Retail, Azizi Developments’ division for outlets, the retail spaces are embedded into its master-planned communities and residential towers, adding leisure, shopping and eatery amenities ...

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• 7 August

  Agthia reports AED84 mn profit in first half of 2019

  

  Abu Dhabi / Emirates Business Agthia Group PJSC, one of the region’s leading food and beverage groups, this morning reported H1 2019 net profit of AED 84 million and revenues of AED 1.06 billion. Driven by the group’s endurance to adverse market conditions along with the geographical and segmental diversification, the company grew revenues 5.4 percent over the same period ...

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