October, 2017

• 23 October

  Garuda sees profit in 2018 on cost cuts after loss this year

  

  Bloomberg PT Garuda Indonesia is targeting a return to profit next year after a loss in 2017 as the flag carrier works to reduce expenses and operations improve. The airline is predicting a profit of $75 million in the second half ending December but won’t be able to post a profit for the 12-month period following a larger loss in ...

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• 23 October

  The real competition begins as Amazon’s HQ2 deadline arrives

  

  Bloomberg The deadline to submit proposals for Amazon.com Inc.’s second headquarters, dubbed HQ2, has arrived, and about 100 cities are expected to compete for the project. Amazon’s preferences for HQ2, which will cost more than $5 billion and create 50,000 jobs over the next two decades, include a metropolitan area with a population of more than 1 million, access to ...

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• 23 October

  Chocolate price may rise post Halloween

  

  Bloomberg Chocolates are cheaper for Halloween, but prices are likely to rebound by Christmas thanks to rising demand for cocoa beans. A global surplus sent cocoa prices plunging for most of the past two years, which helped to temper retail chocolate costs. There are signs that the overhang is beginning to ebb as consumers eat away the excess. Grindings, a ...

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• 22 October

  Dubai launches Digital Wealth, IoT strategy

  

  DUBAI / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, launched the flagship Dubai Internet of Things (IoT), Strategy, and the Data Wealth initiative to safeguard the emirate’s digital wealth and award Dubai Digital Certificates to outstanding government and private entities. The initiative, which was launched at Smart ...

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• 22 October

  Emaar plans to sell 20% of its property business via IPO

  

  Bloomberg The company that helped build entire neighbourhoods in Dubai plans to sell part of its business in the UAE in an initial public offering. Emaar Properties PJSC, which spearheaded a building boom in the emirate over the past 15 years and built the world’s tallest skyscraper in Dubai, will sell 20 percent of its real-estate development business, according to ...

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• 22 October

  ADCB Q3 profit rises 9 percent

  

  DUBAI / Reuters Abu Dhabi Commercial Bank (ADCB) posted a 9 percent rise in third-quarter net profit on Sunday helped by a rise in net interest and non-interest income. Abu Dhabi’s second-largest bank by assets made a net profit attributable to shareholders of AED1.09 billion ($296 million) in the three months to September 30, up from 999 million a year ...

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• 22 October

  Smart Dubai, DESC strike deal to safeguard Dubai’s digital wealth

  

  DUBAI / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, attended the signing of an MoU between Smart Dubai Office (SDO) and Dubai Electronic Security Centre (DESC) to safeguard Dubai’s digital wealth and implement the Dubai Digital Certificates. HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown ...

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• 22 October

  NBF Q3 profit up 11.9%

  

  FUJAIRAH / WAM National Bank of Fujairah (NBF) announced its results for the nine month period ending September 30, 2017, posting an operating profit of AED228.7 million in the period, a rise of 11.9 percent quarter-on-quarter, and an increase of 5.2 percent for the nine month period compared to 2016. According to a press release from the bank, this reflects ...

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• 22 October

  UAE calls for youth at heart of UN sustainable cities agenda

  

  NEW YORK / WAM The UAE has called on the international community to take into consideration the concerns of young people in implementing the urban agenda and to enhance their effective participation in creating sustainable cities and human settlements suitable for all. In a statement delivered by the UAE youth representatives to the United Nations, Sarah Al Suwaidi and Omar ...

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• 22 October

  UAE, Indian state discuss economic, trade relations

  DUBAI / WAM Sultan bin Saeed Al Mansouri, Minister of Economy, and N. Chandrababu Naidu, Chief Minister of the Indian State of Andhra Pradesh, have discussed the means of consolidating the joint economic and trade co-operation between the UAE and Andhra Pradesh, by focussing on potential opportunities in the fields of innovation and advanced technology, along with infrastructure, logistical services, ...

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