July, 2017

• 15 July

  Fined for arriving early? Wal-Mart puts its suppliers on notice

  

  Bloomberg Long known for squeezing its vast network of suppliers, Wal-Mart Stores Inc. is about to step up the pressure. The focus this time is delivery scheduling, and the company’s not messing around. Two days late? That’ll earn you a fine. One day early? That’s a fine, too. Right on-time but goods aren’t packed properly? You guessed it — fined. ...

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• 12 July

  Non-oil businesses account for 72.5% of Abu Dhabi GDP

  

  ABU DHABI / WAM Abu Dhabi’s 2016 Gross Domestic Product (GDP) at current prices surged to AED791.371 billion, posting an annual growth of 2.8 percent over 2015 GDP of AED770.11, with non-oil activities contributing a staggering and unprecedented 72.5 percent of the GDP- the highest since the emirate’s shipment of its first crude in the 1960s , according to the ...

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• 12 July

  FAB, Goldman, JPMorgan, HSBC vie for roles in listing ADNOC unit

  

  ABU DHABI / Reuters Abu Dhabi’s national oil company (ADNOC) is weighing proposals from Goldman Sachs, First Abu Dhabi Bank (FAB), HSBC and JPMorgan for lead roles in the listing of its retail business, sources familiar with the matter said. Rothschild is in a strong position for an advisory role to the deal that could raise $1.5 to $2 billion ...

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• 12 July

  UAE stocks gain AED4.3bn driven by property sector

  

  ABU DHABI / WAM Driven by a high level of liquidity targeting a set of blue chips, the Dubai Financial Market (DFM) recorded an impressive volume spike, auguring well for a price improvement over the coming days. Reflecting the same bullish view, the Abu Dhabi Securities Exchange (ADX) closed high thanks to a noticeable rise in Etisalat’s share which closed ...

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• 12 July

  UNB posts AED951.1mn net profit in first 6 months

  ABU DHABI / WAM The Union National Bank (UNB) and InvestBank came in front of the pack in revealing their Q2 financial results, reflecting the UAE banking sector’s unwavering commitment to the rules and regulations of the Securities and Commodities Authority (SCA). A total of AED177.9 million in net profit have been revealed by the InvestBank for the first half ...

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• 12 July

  Etihad increases frequency to Egypt, Nigeria

  ABU DHABI / Emirates Business Etihad Airways is adding year-round flights between its Abu Dhabi hub and both Cairo and Lagos later this year to cater to growing demand to and from the United Arab Emirates. A fifth daily scheduled service will be introduced on the Cairo route, effective 1 October 2017, taking frequency to the Egyptian capital up from ...

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• 12 July

  ‘Talent, innovation are pillars of sustainable development’

  

  Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, visited the Dubai Design District, d3, where he reaffirmed the importance of nurturing talent and innovation, which, he said are “fundamental pillars of sustainable development”. He was accompanied by HH Sheikh Maktoum bin Mohammed bin Rashid Al ...

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• 12 July

  RAK records double-digit growth in visitor arrivals

  

  Ras Al Khaimah / Emirates Business Ras Al Khaimah Tourism Development Authority (RAKTDA), which develops the emirate’s tourism infrastructure and initiates its domestic and overseas promotions, has revealed Ras Al Khaimah is on track to surpass its annual visitor target after the emirate’s hotels reported a 10 per cent year-on-year increase in international guest arrivals during the first six months ...

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• 12 July

  Dubai Properties invests AED10mn for Remraam works

  

  Dubai / Emirates Business Dubai Properties, a leading Dubai-based real estate master developer and asset manager of renowned destinations across the emirate, has announced an investment of AED10 million for planned enhancements in the popular Remraam community, strategically located in Dubailand. Dubai Properties has awarded the contract to build 450 new free visitor parking spaces within the community to Gulf ...

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• 12 July

  UAE mGovernment activates e-participation on Sharik.ae

  DUBAI / WAM Within the scope of efforts to enhance the e-presence of the federal government, the UAE mGovernment, the Telecommunications Regulatory Authority (TRA) has, in coordination with the federal government entities, launched a comprehensive plan to activate the e-participation portal, Sharik.ae. The portal currently includes dozens of e-consultations that have been launched by government entities to communicate with the ...

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