November, 2018

• 5 November

  New Toys ‘R’ Us owners mull physical stores in 2019

  

  Bloomberg The hedge funds that now own the Toys ‘R’ Us brand plan to relaunch the toy retailer as a standalone operation next year, according to people familiar with the matter. Solus Alternative Asset Management and Angelo Gordon will look to raise capital to help revive the chain, which closed its last stores at the end of June, and are ...

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• 5 November

  Kraft Heinz shares sink

  Bloomberg Kraft Heinz Co. shares sank in late trading on Thursday after the packaged-food company posted quarterly profit that missed estimates, dragged down by sluggish sales growth and higher costs. Earnings per share were 78 cents in the quarter, excluding some items, trailing the average analysts’ estimate of 81 cents. Adjusted EBITDA in the key US region was down 16 ...

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• 4 November

  Emaar Malls’ 9-month profit up 9%

  

  DUBAI / WAM Emaar Malls, the shopping malls and retail business majority-owned by Emaar Properties, has recorded a growth in net profit of 9 percent during the first nine months of the year to AED1.639 billion ($446 million), compared to the same period in 2017 at AED1.507 billion ($410 million). Revenue for the first nine months of the year was ...

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• 4 November

  Non-resident bank deposits outstrip loans by AED63bn

  ABU DHABI / WAM Non-resident deposits acr-oss UAE’s banking system reported solid growth during first nine months of ye-ar, with their growth outst- ripping retail loans provided to non-residents by AED63 billion by end of Q3. The expansion in banks’ holdings of deposits corroborates investor confidence in the UAE banking sector, reckoned the first in the region in terms of ...

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• 4 November

  UAE non-oil private sector remains robust

  

  Emirates Business Emirates NBD Purchasing Managers’ Index (PMI) — a composite indicator designed to give an accurate overview of operating conditions in the non-oil private sector economy — released its October data. Non-oil private sector companies in the UAE reported another sharp increase in new business during October. Anecdotal evidence suggested that promotional activity was partly linked to the improvement. ...

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• 4 November

  Abu Dhabi consumer confidence rises in Q2

  ABU DHABI / WAM The results of the General Index on Consumer Confidence in Abu Dhabi’s economic performance in Q2, issued by the Department of Economic Development — Abu Dhabi, showed a considerable improvement in confidence and optimism levels among consumers in Abu Dhabi. The confidence represent one of the key enablers supporting busin- ess environment and economic performance.

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• 4 November

  FCA launches unified national customs strategy

  ABU DHABI / WAM The Federal Customs Authority (FCA) launched the country’s first unified national customs strategy in Abu Dhabi, in cooperation with local customs departments, under the patronage of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and with the attendance of its strategic partners. Ali bin Subaih Al Kaabi, Customs Commissioner ...

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• 4 November

  Emirates Steel signs iron ore supply deal with Brazil’s Vale

  

  Abu Dhabi / Emirates Business Emirates Steel, the only integrated steel plant in the UAE, has signed a four-year (2018-2021), high value contract with Brazilian firm Vale, the world’s largest producer of iron ore and iron ore pellets, to supply iron ore pellets for its steel production in Abu Dhabi, United Arab Emirates. Emirates Steel and Vale have a long-standing ...

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• 4 November

  UAE, Ireland to strengthen transportation cooperation

  

  ABU DHABI / WAM Dr Abdullah bin Mohammed Belhaif Al Nuaimi, Minister of Infrastructure Development and Chairman of the Federal Authority For Land and Maritime Transport, on Sunday received Aidan Cronin, Ambassador of Ireland to the UAE. During the meeting, the two sides discussed issues focusing on following up the maritime affairs discussed during the visit of the Minister to ...

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• 4 November

  Noor Bank selects Microsoft to help drive its digital transformation

  

  Dubai / Emirates Business Noor Bank, a leading Shari’a-compliant bank in the UAE, on Sunday announced a significant partnership with Microsoft that will drive digital transformation within the bank’s operations to engage customers, empower employees, optimise operations and transform products and services. Within its decade-long presence, Noor Bank has grown at a substantial pace, and today provides a broad range ...

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