August, 2017

• 15 August

  110 listed firms secure AED31.9bn H1 gains

  Abu Dhabi / WAM A total of 110 listed companies secured profited worth AED31.9 billion during H1 2017, against AED32 billion in the corresponding period last year. The positive financial results announced by national banks for the first six months of the year are fairly good given the unsatisfactory performance made by some companies whose pro-fits declined after they had ...

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• 15 August

  Dana Gas posts 71% rise in Q2 profts

  DUBAI / Reuters United Arab Emirates-based energy firm Dana Gas on Tuesday reported a 71 percent leap in second-quarter profit as energy prices rose and it cut capital spending. Dana made a net profit of $12 million in the three months to June 30. This compares to a profit of $7 million in the prior-year period, it said in a ...

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• 15 August

  Union National Bank opens Shanghai branch

  Abu Dhabi / Reuters Union National Bank (UNB), 50 percent owned by the Abu Dhabi government, has begun operations at its branch in Shanghai, becoming the first bank from the United Arab Emirates to operate a branch in mainland China, the bank said on Tuesday. The Shanghai presence will provide corporate banking services to UAE companies and trade finance to ...

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• 15 August

  Clearing system handles AED755bn cheques in H1

  ABU DHABI / WAM A total of 15.151 million cheques worth AED755 billion have been handled by the Cheque Clearing System during the first half of the year, UAE Central Bank announced Tuesday. Bounced cheques since January through the end of June are valued at AED33.9 billion, accounting for 4.5 percent only of the total value of cheques during the ...

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• 15 August

  Online registration for VAT from mid-September

  

  Abu Dhabi / WAM An online registration on tax purposes for businesses will be open effective mid-September 2017, according to the Federal Tax Authority (FTA) with an integrated system to be provided to serve the business sectors as per the highest international standards. This marks a major step underlining the UAE’s leading position in the application of a world-class tax ...

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• 15 August

  Manazel profit up 81% to AED56.5mn

  

  ABU DHABI / Emirates Business Manazel Real Estate PJSC (“Manazel”), a leading UAE developer, announced its financial results for the six months ended June 30, 2017. Manazel has continued to deliver a robust financial performance with net profit up 81% to AED56.5 million, compared to AED 31.2 million in H1 2016. Consolidated revenues for the period were up 54% to ...

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• 15 August

  Union Properties to book AED2.8 billion provisions

  

  Dubai / WAM Union Properties PJSC (“UP” or “The Company”), one of the leading property investment developers in the UAE, has reported its financial results for the second quarter of 2017. Following a thorough accounting review and in the long-term interests of the company, UP’s new management team has taken the decision to book provisions totalling AED2.8 billion, which has ...

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• 15 August

  ‘Al Maqtaa, Bahya corniche cable car project under study’

  ABU DHABI / WAM The Department of Municipal Affairs and Transport of Abu Dhabi City Municipality (ADM) has made it clear that construction of the cable car project at Al Maqtaa and Al Bahya Corniche is still under study and has not yet been officially released to contractors. The Department indicated that the cable car (Teleferic) project at Al Maqtaa ...

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• 15 August

  57% of SGI Dubai show sold out

  

  Dubai / Emirates Business International Expo Consults (IEC) part of Falak Holding, announced that the SGI Dubai 2018 show is 57 percent sold out almost 5 months prior to the show. The 21st edition of this premier sign, graphic and imaging industry event will be held from January 14-16 at the Dubai World Trade Centre (DWTC). The 2017 edition of ...

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• 15 August

  Emirates NBD launches ‘advance account’

  DUBAI / WAM Emirates NBD, a leading bank in the region, announced the launch of ‘Advance Account’, which will enable employees of the bank’s payroll customers who are new to the UAE to receive their account number on the first day of employment. Commenting on the initiative, Suvo Sarkar, Senior EVP & Group Head – Retail Banking and Wealth Management ...

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