March, 2018

• 5 March

  Airbus signals job cuts for troubled jumbo

  

  Bloomberg Airbus SE is preparing to announce jobs cuts at two troubled aircraft programmes that have been weighing on earnings for years. The planemaker’s management will meet with its European Works Council on Wednesday to explain reductions in the manufacturing rates of the A380 superjumbo and A400M military-transport programmes and “discuss associated implications for the workforce,” it said in a ...

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• 5 March

  Airlines back a startup bringing friendliness back to the skies

  

  Bloomberg Volantio Inc., the Atlanta-based startup that helped United Airlines Inc. manage its overbookings in the wake of the Dr. Dao scandal last summer, is telling investors it’s cracked a seemingly impossible code: generate more money for airlines while improving customer satisfaction. Eight months into its lifespan, the company—which helps airlines preventatively rejigger inventory by offering buyouts to flexible passengers—closed ...

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• 4 March

  Union Coop posts record AED2.9bn revenue in 2017

  DUBAI / WAM Driven by a robust performance and operation, Union Coop, the largest consumer cooperative in the UAE, posted revenues of AED2.9 billion in 2017, the highest since it was founded in 1982. Khaled Humaid Al Falasi, CEO of Union Coop, said shareholders’ rights grew 19 percent in 2017 to AED 2.5 billion from AED2.1 billion in 2016. He ...

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• 4 March

  DP World to begin work on Somaliland freezone

  

  DUBAI / WAM The final agreement to develop a greenfield economic free zone in Somaliland to complement the growth of the Port of Berbera has been signed between DP World and its government in Dubai. The global trade enabler expects to break ground on the 12 square kilometre free zone project this year. Located next to the port, it will ...

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• 4 March

  Indonesia lists $3bn sukuks on Nasdaq Dubai

  DUBAI / WAM The government of Indonesia on Sunday listed two sukuks with a total value of $3 billion on Nasdaq Dubai. The collaboration underlines the close relations between the UAE and Indonesia, the world’s most populous Muslim country, as well as Dubai’s growth as the global capital of the Islamic Economy. The Indonesian government is the largest sukuk issuer ...

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• 4 March

  EGA ‘well prepared’ for US tariff threat

  ABU DHABI / Reuters Emirates Global Aluminium (EGA) said on Sunday it was “well prepared” for any market conditions should US President Donald Trump go ahead with sweeping tariffs on steel and aluminium imports. “Alongside Europe, Asia and the United Arab Emirates, the US is an important market for EGA,” the company’s spokesman told Reuters. “We are well prepared for ...

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• 4 March

  Al Hilal Global Sukuk Fund delivers 17.78% dividend

  Abu DHABI / WAM Al Hilal Bank has announced the dividend payout of its Al-Hilal Global Balanced Fund. The Fund, which was launched in 2014, distributed a 17.78% dividend to all registered unit holders as of February 8, constituting 100% of the distributable income as verified by the Fund’s independent auditors. Al Hilal Global Balanced Fund aims to generate appropriate ...

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• 4 March

  ENOC awards jet fuel pipeline contract for Al Maktoum Airport

  

  DUBAI / WAM ENOC Group, through its subsidiary Horizon Terminals, has awarded the Engineering, Procurement and Construction (EPC) contract for a 16.2-kilometre jet fuel pipeline that links its storage terminals in Jebel Ali with Al Maktoum International Airport (DWC) in Dubai South, to Dubai-based Albanna Engineering. The construction of the pipeline is expected to be completed in 24 months and ...

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• 4 March

  Dubai to host first-of-its-kind global smart energy summit

  

  Dubai / WAM Top-level regional and global government officials and power decision makers will join pioneers of energy, space and technology when the inaugural sector-defining Global Smart Energy Summit (GSES), gets under way at Dubai World Trade Centre on March 6. The three-day thought leadership summit will see more than 110 high-profile speakers address 700-plus delegates across more than 100 ...

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• 4 March

  President issues law to establish ADDHC as public joint stock firm

  Abu Dhabi / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued, in his capacity as Ruler of Abu Dhabi, a law to establish the Abu Dhabi Development Holding Company (ADDHC), as a public joint stock company. According to the law, the new company will be an independent corporate body that enjoys full legal status to practice ...

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