April, 2018

• 3 April

  Senaat’s operating profit up 16% to AED2.1 billion

  ABU DHABI / WAM Senaat, one of the leading industrial investment holding companies in the UAE, announced on Tuesday a 16 percent increase in operating earnings in 2017 compared to 2016. The Abu Dhabi-based group said its earnings before interest, tax, depreciation and amortisation (Ebitda) rose to AED2.1 billion from AED1.8 billion a year earlier as revenues surged 18 percent ...

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• 3 April

  AED38.4bn in social benefits, subsidy by govt in nine months

  ABU DHABI / WAM The value of subsidy and social privileges and benefits provided by the Federal Government during the first nine months of 2017 amounted to AED38.4 billion against AED34 billion during the corresponding period in 2016, according to the Ministry of Finance data. These include price subsidies, social benefits and other privileges provided to UAE nationals, including plots ...

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• 3 April

  UAE banks’ lending hits AED7.4 billion in two months

  

  ABU DHABI / WAM Lending by UAE banks for industrial and business operations amounted to AED7.4 billion during the first two months of the year, a growth of 1 percent over the end of last year, bringing to AED755 billion the cumulative balance of funding provided to industrial and business activities. The gross credit lent to the industrial and business ...

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• 3 April

  Abu Dhabi group takes stake in US venture fund

  DUBAI / AGENCIES 500 Startups, a Silicon Valley venture fund with a track record of investing in young companies, said on Tuesday Abu Dhabi Financial Group (ADFG) had acquired a strategic stake in the firm. Through this investment, ADFG will hold a strategic stake and will be injecting substantial capital to accelerate the growth of 500’s key initiatives, expand into ...

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• 3 April

  Investment Corp of Dubai raises $1.2 billion loan

  DUBAI / Reuters Investment Corporation of Dubai (ICD), the Dubai government’s main investment arm, has raised a $1.2 billion loan needed to refinance existing debt, banking sources said. The loan was led by Citi, Dubai Islamic Bank, Emirates NBD, HSBC, ICBC and Standard Chartered. The Dubai sovereign wealth fund, whose portfolio includes stakes in companies such as Emirates Airline and ...

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• 3 April

  EGA opens new dedicated freight station at Khalifa port

  

  ABU DHABI / WAM Emirates Global Aluminium (EGA) and Abu Dhabi Ports have launched a facility that will reduce trucking of EGA’s aluminium within the Khalifa Industrial Zone Abu Dhabi (KIZAD) by over 290,000 kilometres per year, reducing costs and environmental emissions. The new container freight station will be used to load metal into containers for transfer onto ships for ...

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• 3 April

  ADIA to establish presence in ADGM

  ABU DHABI / WAM The Abu Dhabi Investment Authority (ADIA) on Tuesday announced its intention to establish a presence at the Abu Dhabi Global Market (ADGM) in the International Financial Centre of Abu Dhabi. ADIA manages a global investment portfolio that is diversified across more than two-dozen asset classes and sub-categories. ADIA’s managing director Sheikh Hamed bin Zayed Al Nahyan ...

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• 3 April

  UAE to get bulk of EU visitors to GCC

  

  DUBAI / WAM Arrivals from Europe to the GCC will increase 17% over the period 2018 to 2020, driven by extra flights, routes, competitive fares, and the rising number of mid-market hotels throughout the region, according to the latest data published ahead of Arabian Travel Market 2018, which takes place at Dubai World Trade Centre from April 22-25. According to ...

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• 3 April

  VP, Bahraini foreign minister discuss regional issues

  

  DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, on Tuesday received Sheikh Khalid bin Ahmed Al Khalifa, Minister of Foreign Affairs of Bahrain, on the sidelines of the Arab Media Forum. The Bahraini Foreign Minister conveyed the greetings of King Hamad bin Isa Al Khalifa of ...

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• 3 April

  Sheikh Ahmed bin Mohammed bin Sultan Al Qasimi passes away

  SHARJAH / WAM The Court of HH Dr Sheikh Sultan bin Mohammed Al Qasimi, Supreme Council Member and Ruler of Sharjah, on Tuesday mourned the death of Sheikh Ahmed bin Mohammed bin Sultan Al Qasimi, who passed away on Tuesday morning. Sheikh Ahmed was the brother of HH Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy ...

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