February, 2018

• 13 February

  UAE, India sign pact for direct trade in dirham and rupee

  New Delhi / WAM The UAE and India have reached a historic agreement which will enable businesses on both sides to bypass the US Dollar or any other foreign currency and trade directly in UAE Dirhams and the Indian Rupee. The agreement will mean large savings for business communities on both sides as trade between the UAE and India soars ...

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• 13 February

  Emaar Development profit up 30%

  

  DUBAI / Emirates Business Emaar Development PJSC, the UAE build-to-sell property development business majority-owned by Emaar Properties PJSC recorded a growth in net profit during full-year (January to December) 2017 by 30 percent to AED2.74 billion ($747 million), compared to the net profit of AED2.11 billion ($575 million) in year 2016. Total revenue for FY 2017 was AED 8.86 billion ...

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• 13 February

  UAE banks eye end to $22bn Saudi debt saga

  DUBAI / Reuters Banks in the United Arab Emirates are hopeful of recovering some funds in 2018 from the multibillion-dollar collapse of Saudi Arabia’s Saad Group and Ahmad Hamad al-Gosaibi & Bros Co (AHAB) nearly a decade ago, a senior banking official told Reuters. The two conglomerates defaulted in 2009 in Saudi Arabia’s biggest financial meltdown, leaving international and regional ...

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• 13 February

  New satellite to monitor UAE, get data on environmental aspects

  

  DUBAI / WAM Hussain Nasser Lootah, Director-General of Dubai Municipality has announced that the municipality will launch a satellite aimed at collecting data and is capable of monitoring the UAE from space. He made the announcement while speaking at the opening session of the second day of World Government Summit. Lootah said the satellite will be capable of determining different ...

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• 13 February

  Emirates NBD top banking brand in UAE

  

  DUBAI / WAM Emirates NBD on Tuesday announced its position as the UAE’s most valuable banking brand with a $3.534 billion brand valuation in The Banker’s annual brand valuation league table. The bank also secured a spot among the top 100 global banking brands, coming in seventy-first worldwide up from seventy-fifth in 2017. Emirates NBD has moved up four places ...

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• 13 February

  British MP hails UAE’s ‘innovative approach’

  ABU DHABI / WAM Leo Doherty, a British Member of Parliament currently visiting the UAE with a delegation from the UK-UAE All-Party Parliamentary Group (APPG), described himself as ‘very impressed by the UAE’s innovative approach to governance, including e-Governance.’ This was, he said, “something from which the British Government could take some important lessons.” Docherty, a former army officer who ...

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• 13 February

  NCM, NRIAG join hands to boost seismology cooperation

  

  ABU DHABI / WAM The National Centre of Meteorology (NCM), and the National Research Institute of Astronomy and Geophysics in Egypt (NRIAG), have signed a Memorandum of Understanding (MoU), on scientific research cooperation in the field of Seismology, as one of the requirements for maintaining sustainable development. The MoU aims to exchange seismic information around the clock to contribute in ...

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• 13 February

  Daemaar opens doors to its first retail store in Abu Dhabi

  

  ABU DHABI / Emirates Business Daemaar Group opened doors to its first retail store UPIM (Unico Prezzo Italiano Milano) at Khalidiya Mall, Abu Dhabi marking its entry into the retail sector. UPIM is a famous Italian value brand known for its unique prices with Italian quality which deals in Mens, Womens & Childrens fashion wear. The new Fashion store which ...

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• 13 February

  Etisalat’s ‘Hello Business Hub’ to strengthen SMBs, startups

  

  Dubai / Emirates Business Etisalat announced the launch of the ‘Hello Business Hub’, aimed at assisting Small and Medium Businesses (SMBs) to give them the flexibility and ease the process of setting up a business to kick-start their operations in the UAE, as well as services tailored for SMBs beyond telecommunications services, all under one roof. Etisalat’s newly launched Hello ...

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• 13 February

  VP, WTO chief discuss global trade, economic situation

  

  Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, on Tuesday received Roberto Azevedo, Director-General of the World Trade Organisation (WTO), who is participating at the World Government Summit (WGS 2018). During the meeting, Sheikh Mohammed and Azevedo discussed a number of topics related to global trade ...

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