July, 2019

• 2 July

  Saudi Aramco prepares for mega IPO

  Bloomberg Saudi Arabia is restarting preparations for a potential initial public offering of oil giant Aramco, months after putting the planned listing on hold, people familiar with the matter said. Aramco, the world’s most profitable company, held talks with a select group of investment banks to discuss potential roles on the offering, according to the people. Detailed work on the ...

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• 2 July

  DLD launches new initiative to attract investors

  

  DUBAi / Emirates Business Dubai Land Department (DLD) announced the launch of the Real Estate Investment Opportunities (REIOs) initiative during a press conference. The new initiative is a new way to attract investors from all economic sectors. Before the launch of the project, a feasibility study was conducted, and the most prominent international experiences and local and global practices were ...

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• 2 July

  SEC approves AED197.6m in housing support

  SHARJAH / WAM The Sharjah Executive Council (SEC) approved the second batch of housing support beneficiaries for 2019. The payment includes 274 beneficiaries acro-ss two categories — 96 grants and 178 loans — with the total valued at AED197.6 million. The announcement came during a SEC meeting on Tuesday at the Ruler’s office in Sharjah. The meeting was chaired by ...

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• 2 July

  MySyara unveils Mideast’s first car-maintenance app

  

  Emirates Business The Middle East’s first car maintenance app — MySyara — launched its interactive platform in partnership with Shell Lubricants, providing users with complete car care solutions at the touch of a button. Disrupting the auto-care industry, Mysyara is the first smart phone application — available on iOS and android — that provides 360 car-care solutions including battery change, ...

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• 2 July

  Noor Abu Dhabi a pillar of sustainability plans

  

  ABU DHABI / wam Abu Dhabi is a leading international partner in addressing climate change, with ‘Noor Abu Dhabi’ as a pillar of the emirate’s sustainability plans to preserve the global ecosystem, said Awaidha Al Marar, Chairman of the Abu Dhabi Department of Energy. Al Marar added that Abu Dhabi’s commitment to implementing the Paris Agreement 2015 and its dedication ...

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• 2 July

  Emirati banks invest $24.6b in Saudi, Egypt

  

  ABU DHABI / WAM The value of investments of Emirati banks in Saudi Arabia and Egypt increased to AED90.4 billion ($24.6 billion) at the end of the first quarter of 2019, accounting for 15.5 percent of the banks’ total assets invested abroad, worth around AED582 billion in March 2018. According to statistics from the UAE Central Bank, the value of ...

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• 2 July

  Emirates deploys two A380s to Muscat

  DUBAI / WAM Emirates airline has announced the first arrivals of its double daily A380 services to Muscat. Flights EK 862 and EK 864 were each welcomed with water cannon salutes upon arrival, ushering in the new services to Oman’s capital, Muscat. EK862 departs Dubai at 08:25, arriving in Muscat at 09:40. The return flight, EK 863, departs Muscat at ...

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• 2 July

  Dubai Chamber joins global coalition to spur climate action

  

  DUBAI / WAM Dubai Chamber of Commerce and Industry has announced that it has joined more than 450 other chambers of commerce from around the world in signing the Chambers Climate Coalition, a groundbreaking global initiative that aims to take bold and collective climate action. The Coalition, unveiled during the 11th World Chambers Congress in Rio de Janeiro, commits chambers ...

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• 2 July

  100% foreign ownership in 122 UAE economic activities

  

  ABU DHABI / WAM The UAE Cabinet, chaired by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the sectors and economic activities eligible for up to 100 percent foreign ownership in the UAE. The decision aims to support the growth environment and to reaffirm UAE’s position on ...

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• 2 July

  UAE non-oil private sector economy accelerates in Q2

  

  Dubai / Emirates Business The non-oil private sector economy in UAE accelerated in the second quarter of the year, according to Emirates NBD Purchasing Managers’ Index (PMI) survey for June. The headline seasonally adjusted index — a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy — posted 57.7 in June, down ...

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