July, 2017

• 23 July

  Abu Dhabi Fund provides AED4bn for Egypt’s 64 development projects

  

  ABU DHABI / WAM A total of AED4 billion worth of grants and concessionary loans has been provided by Abu Dhabi Fund for Development (ADFD), to Egypt spanning across 64 development projects. ADFD and the Government of Egypt have long enjoyed close and strategic ties. The constructive cooperation between the two parties continues to promote sustainable development in vital economic sectors ...

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• 23 July

  ADIB Q2 net profit up 8.7% to AED551.6mn

  

  ABU DHABI / Agencies Abu Dhabi Islamic Bank (ADIB) on Sunday posted an 8.7 percent rise in second quarter profit, above analysts’ expectations. Higher fee income boosted second-quarter revenues by 3.9 percent, the bank said in a statement. The emirate’s largest sharia-compliant bank made a net profit of AED551.6 million ($150.3 million) in the three months ending June 30, compared ...

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• 23 July

  Baron Point inks deal with PV Oil for $150mn project

  

  Abu Dhabi / Emirates Business Abu Dhabi-based Baron Point Petroleum Services Company L.L.C. (“Baron Point Petroleum”) has joined hands and engaged a joint-venture (“JV”) with PetroVietnam Oil Corporation (“PV Oil”), the national oil and gas company of Vietnam, to finance, build and operate petroleum product pipelines and storage space in Vietnam, and to source and trade petroleum products in the ...

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• 23 July

  Shurooq investments in Al Badayer Oasis increase to AED60mn

  

  SHARJAH / WAM Residents and tourists in the UAE are set to enjoy the ultimate desert experience with an AED15 million extension to Al Badayer Oasis project. A premium leisure development form Sharjah Investment and Development Authority, Shurooq, Al Badayer Oasis has announced expansion to its under-construction facility, with the resort expected to pull in hordes of city-dwellers keen to ...

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• 23 July

  Emirates NBD debuts FaceBanking on online platform

  DUBAI / WAM Emirates NBD on Sunday launched FaceBanking, a first-to-market service that will offer the bank’s customers instant video and live chat with advisors on its revamped Online Banking platform as well on the Mobile Banking App. FaceBanking is a significant addition to Emirates NBD’s growing portfolio of digital banking innovations, all designed to create a customer-first banking experience ...

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• 23 July

  TDIC announces new milestone in Mamsha Al Saadiyat project

  

  ABU DHABI / WAM The Tourism Development and Investment Company (TDIC) master developer of major tourism, cultural and residential destinations in Abu Dhabi, announced the achievement of significant stages in the development of its Mamsha Al Saadiyat project, with all concrete groundwork laid and the structure for all buildings now complete. Located close to the Saadiyat Cultural District, Mamsha Al ...

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• 23 July

  du expands retail presence in Abu Dhabi with new store in Yas Mall

  

  Dubai / Emirates Business du has delighted customers by expanding its retail footprint in the capital, Abu Dhabi, where it currently has 15 stores. du hosted the Grand Opening of its 76th retail store in the UAE at the popular Yas Mall, which has attracted over 40 million visitors since opening in 2014. du’s existing presence in Yas Island includes ...

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• 23 July

  GCC drone market set to hit $1.5 billion by 2022

  

  Dubai / Emirates Business The market for drones in the GCC is expected to reach $1.5 billion by 2022, presenting a massive opportunity for regional telecom operators, according to Strategy&, formerly Booz & Company, and part of PwC network. By leveraging their capabilities and resources, these companies can play a central role in the development of regional drone industry. Originally ...

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• 23 July

  Works in progress on four infra projects in Abu Dhabi: Musanada

  

  Abu Dhabi / WAM The Abu Dhabi General Services Company, Musanada, has revealed that work is progressing as planned across four infrastructure projects in Mohammed Bin Zayed city, as part of its efforts to achieve the objectives of the Abu Dhabi Plan, aiming to provide sustainable infrastructure for the community and economy of the emirate, in line with the best ...

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• 23 July

  ‘Dubai economy poised to grow further over next two years’

  

  DUBAI / WAM Dubai’s economy is expected to expand further over the next two years after having outperformed global economic growth and defied downward trends that prevailed worldwide in 2016, said HH Sheikh Ahmed bin Saeed Al Maktoum, Second Deputy Chairman of the Executive Council and Chairman of Economic Development Committee. The results of Dubai Plan 2021 Annual Report ‘Dubai ...

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