October, 2017

• 24 October

  Boeing invests in drone startup in push for automated technology

  

  Bloomberg Boeing Co. is investing in Pittsburgh-based Near Earth Autonomy, a self-guided drone startup, marking its first financial backing for a company specialising in autonomous technology since establishing the HorizonX venture fund in April. Boeing, the world’s largest aerospace company, declined to specify the size of the investment. Near Earth Autonomy authorized the sale of about $10 million in equity, ...

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• 24 October

  Amazon gets 238 proposals for second headquarters

  

  Bloomberg Amazon.com Inc.’s second headquarters, dubbed HQ2, has lured 238 proposals extending across 54 states, provinces, districts and territories in North America, the company said. Only seven US states refrained from bidding: Arkansas, Hawaii, Wyoming, North Dakota, South Dakota, Montana and Vermont, according to a map Amazon published on its website. Cities are battling for Amazon’s investment of $5 billion ...

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• 24 October

  F-35s hobbled by parts shortages, slow repairs, audit finds

  

  Bloomberg The Pentagon is accelerating production of Lockheed Martin Corp.’s F-35 jet even though the planes already delivered are facing “significantly longer repair times” than planned because maintenance facilities are six years behind schedule, according to a draft audit. The time to repair a part has averaged 172 days—“twice the programme’s objective”—the Government Accountability Office, Congress’s watchdog agency, found. The ...

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• 23 October

  Dubai realty transactions hit AED204bn in 9 months

  

  Dubai / Emirates Business Dubai Land Department (DLD) announced that the total value of real estate transactions for the first nine months of this yearreaching AED 204 billion, achieved through 52,170 transactions. According to the report, there were a total of 37,633 transactions for land, residential units and buildings, generating a value of over AED 88 billion. There were also ...

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• 23 October

  UAE central bank warns against bitcoin

  Abu Dhabi / WAM The UAE Central Bank has warned against Bitcoin, terming it as unofficial and lacking sufficient supervision. The warning was made by Mubarak Rashed Al Mansouri, Governor of the UAE Central Bank, on the sidelines of the Islamic Financial Services Board Summit which started in Abu Dhabi on Monday. “Some nations have announced that they are not ...

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• 23 October

  UAE leads region in global postal services index

  DUBAI / WAM The UAE has been ranked first among Arab countries in terms of quality and performance of postal services. Chairman of Emirates Post Group, Mohammed Sultan Al Qadi, said that the UAE’s top regional ranking on the Integrated Index for Postal Development (2IPD), is a great achievement, and constitutes a new element on the postal policy map for ...

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• 23 October

  Islamic banks account for 20% of UAE banking sector’s total assets

  

  ABU DHABI / WAM The UAE is home to eight Islamic Banks, accounting for approximately 20 percent of total assets in the banking sector, which comprises 23 percent of total domestic credit as of the end of August 2017, Mubarak Rashed Al Mansouri, Governor of the UAE Central Bank, said. “The growth of Islamic banking has been supported by robust ...

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• 23 October

  ADIB profit surges 13%

  

  ABU DHABI / WAM Abu Dhabi Islamic Bank (ADIB) Group announced on Sunday that its net profit for the first nine months of 2017 rose 13 percent year-on-year to AED1.69 billion. “Net profit for the third quarter of 2017 delivered a 10.8 percent year-on-year rise,” the bank said in a press statement. Revenues increased by four per cent for the ...

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• 23 October

  ADX, Nasdaq Dubai sign deal to develop index futures contract

  

  DUBAI / WAM Abu Dhabi Securities Exchange (ADX), and Nasdaq Dubai signed an agreement to develop and launch an Index Futures contract based on the Abu Dhabi General Index (ADI), on Nasdaq Dubai’s derivatives platform. The ADI indicates the performance of ADX listed stocks and is widely tracked by the investment and trading community locally and internationally. The ADI’s value ...

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• 23 October

  Area 2071 will be dedicated to innovation, industry of future

  

  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 12 Memorandums of Understanding (MoUs) between Area 2071 and various local and international partners. Area 2071 seeks to find innovative solutions to current and future development challenges faced in a number of sectors. This ...

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