July, 2017

• 25 July

  Alibaba, Paytm in talks to invest $200 million in India’s Bigbasket

  

  Bloomberg Chinese e-commerce giant Alibaba Group Holding Ltd. and its Indian associate Paytm E-commerce Pvt are in talks to invest about $200 million for a stake of roughly 20 percent in India’s leading online grocer, Bigbasket, according to a person with direct knowledge of the negotiations. Alibaba and Paytm are in a 60-day exclusive pact with Bigbasket and are conducting ...

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• 25 July

  Eniverse, Skycart to unveil drone delivery service tech to UAE

  

  Dubai / Emirates Business In line with Emirate of Dubai’s efforts to become the world’s smartest city by the end of 2017, Eniverse Technologies – a Dubai based technology group – and Skycart – a San Francisco based drones company – have announced their new partnership to create ‘Space Autonomous Drones’ in Dubai, a company that will introduce one of ...

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• 24 July

  Surplus reserves at UAE banks surge to AED42.8bn in June

  

  ABU DHABI / WAM Surplus reserves at UAE banks and other financial institutions surged to AED42.8 billion by the end of June, a growth of 77.6 percent, or AED18.7 billion, from AED24.1 billion in the first month of the year 2017, according to UAE Central Bank statistics. The figures reflect the resilience of the UAE banks’ solvency position, not only ...

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• 24 July

  NPCC ranked 5th EPC firm in MENA

  

  ABU DHABI / WAM NPCC, a member company of SENAAT – Abu Dhabi, one of the UAE’s largest industrial investment holding companies, is ranked 5th in the annual list of Top 30 Engineering, Procurement and Construction (EPC), Companies in the Energy sector in the Middle East and North Africa region, as compiled by Oil & Gas Middle East magazine. The ...

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• 24 July

  ADNOC in talks with banks to obtain ‘huge’ syndicated loan

  

  DUBAI / Reuters State-owned energy giant Abu Dhabi National Oil Co (ADNOC) is in talks with regional and international banks to obtain a syndicated loan worth several billion US dollars, banking sources familiar with the discussions said on Monday. The loan will be ‘huge’, two bankers said; a third said it was expected to be in a range of $4 ...

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• 24 July

  Youth manpower capable of achieving nation’s ambitions

  

  ABU DHABI / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, has received a delegation from the UAE Space Agency, which was accompanied by representatives of the space sector in the UAE. The delegation presented a demonstration on the most important accomplishments in UAE space ...

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• 24 July

  DubaiPay generates AED12bn in a year with over 10mn transactions

  

  Dubai / Emirates Business Statistics announced by Smart Dubai revealed that its DubaiPay portal for payment online and via smartphones registered a 15 percent increase in the amounts collected between June 1, 2016 and June 1, 2017, and a surge of 13 percent in number of transactions carried out over the same period. On the other hand, the number of ...

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• 24 July

  flydubai Russia network adds 3 new destinations

  DUBAI / WAM Dubai-based airline flydubai, on Monday, announced the addition of three destinations to its Russian network, bringing its presence in the country to ten points. This autumn, the airline will launch flights to Makhachkala and Voronezh, and resume services to Ufa. Flights from Dubai to Makhachkala and Voronezh will operate twice a week, from October 31 and October ...

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• 24 July

  Amlak completes first phase of Mirdiff residential project

  

  DUBAI / Emirates Business Amlak Finance PJSC, a leading specialized real estate financier in the Middle East, has announced the completion of the first phase of its new residential development project in Mirdiff. This marks the first time which Amlak has developed a fully-owned property. The project consists of 54 villas and is scheduled for completion by Q4 of this ...

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• 24 July

  DCCI to take part in Sydney world chambers congress

  

  Dubai / Emirates Business The Dubai Chamber of Commerce and Industry (DCCI) has announced that it will be actively participating in the 10th World Chambers Congress which is being organised and hosted by the International Chamber of the Commerce’s World Chambers Federation (WCF). The Congress will take place on September 19-21 in Sydney, Australia, with around 12,000 chambers of commerce from ...

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