May, 2019

• 1 May

  Agthia Group revenue in Q1 up 3.4 percent

  ABU DHABI / WAM Agthia Group on Wednesday reported Q1 2019 net profit of AED40 million and revenue of AED508 million, representing revenue growth of 3.4 percent compared to the same period in 2018. Dhafer Ayed Al Ahbabi, Chairman of Agthia, said, “Our core businesses maintained their growth momentum in the first quarter despite persistent market challenges. We continue to ...

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• 1 May

  Adnic Q1 net profit reaches AED52.6m

  

  ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic), on Wednesday reported its financial results for the first quarter ended March 31. Adnic achieved significant gross written premium growth by 42.8 percent to AED1.74 billion, compared to AED1.22 billion for the same period in 2018. Adnic’s net profit reached AED52.6 million. Commenting on Adnic’s performance, Sheikh Mohamed bin Saif ...

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• 1 May

  Sheikh Mohammed launches ‘Well of Hope’ competition

  

  DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, has called on government and private sector employees through his social media platforms to participate in a new innovative humanitarian competition. Launching the “Well of Hope” competition, Sheikh Mohammed bin Rashid Al Maktoum tweeted, “A new institutional humanitarian ...

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• 1 May

  New sustainability requirements for Dubai hotels issued

  

  Dubai / Emirates Business Dubai’s Department of Tourism and Commerce Marketing (Dubai Tourism) has announced 19 sustainability requirements that hotel establishments across the emirate will be mandated to comply with under new direction in line with the Dubai Sustainable Tourism (DST) initiative. The requirements have been laid out to support the emirate’s hotel establishments in their compliance with the Dubai ...

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• 1 May

  Private sector work hours reduced during Ramadan

  

  Abu Dhabi / WAM Working hours for the private sector will be reduced by two hours during the Holy Month of Ramadan, according to the Ministry of Human Resources and Emiratisation. Nasser bin Thani Al Hamli, Minister of Human Resources and Emiratisation, issued the decision as per Article 65 of Federal Law No. 08 of 1980. The minister extended his ...

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• 1 May

  Tolerance is like oxygen, says Nahyan bin Mubarak

  

  Abu Dhabi / WAM “Tolerance is like oxygen and the people of the UAE are the trees helping equally to produce the oxygen of tolerance,” Sheikh Nahyan bin Mubarak Al Nahyan, the UAE’s Minister of Tolerance said on Wednesday. “The greater the participation of the country’s people in promoting tolerance, the more harmonious, peaceful and prosperous the country will be.” ...

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• 1 May

  Adnoc Distribution net profit jumps 6.6% to $157mn in Q1

  

  Abu Dhabi / Emirates Business Adnoc Distribution, the UAE’s largest fuel and convenience retailer and a company listed on Abu Dhabi Securities Exchange (ADX), on Wednesday reported that its first quarter 2019 net profit increased by 6.6% to AED 578 million ($157 million) when compared with the same period last year. Excluding inventory gains recorded in Q1 2018, the 2019 first ...

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• 1 May

  Supreme Council of Energy reviews progress of 2030 demand strategy

  

  DUBAI / WAM The Supreme Council of Energy held its 55th meeting, chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates Airline and Group. The meeting agenda covered several topics, notably the progress related to the ‘Demand Side Management Strategy 2030’ to reduce energy and water ...

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• 1 May

  US stocks increase amid tech gain as Fed looms; oil slumps

  

  Bloomberg US stocks edged higher as Apple Inc’s upbeat sales projection boosted technology shares, while Treasuries climbed before the Federal Reserve’s decision. The S&P 500 Index looked for a fourth day of gains and a fresh record and tech-heavy Nasdaq indexes outperformed as the iPhone maker again closed in on a $1 trillion market valuation. Advanced Micro Devices Inc’s outlook ...

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• 1 May

  Asia’s best bond returns not enough to attract investors

  

  Bloomberg Even with Asia’s top performance, foreign investors are still not convinced to buy Philippine bonds. Local-currency notes in the Philippines have yielded almost 10 percent this year through April, compared with less than 2 percent for China and India, data compiled by Bloomberg show. High taxes, a less liquid market, and tedious documentary requirements are some of the gripes ...

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