April, 2017

• 13 April

  Cathay names new CEO to boost revenue

  

    Bloomberg Cathay Pacific Airways Ltd. named Rupert Hogg as its chief executive officer, replacing Ivan Chu, as Asia’s biggest international airline struggles to revive earnings after reporting its first annual loss in eight years. Hogg, 55, chief operating officer since March 2014 and a 30-year veteran at parent Swire Group, will take over May 1, Hong Kong-based Cathay said ...

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• 13 April

  Carrefour gets Brazilian boost ahead of unit’s IPO

  

    Bloomberg Carrefour SA’s plan to sell shares in its Brazilian unit got a boost as the retailer’s sales in the country surged, flying in the face of record unemployment and a weakening economy. Revenue in Brazil rose 5.6 percent on a like-for-like basis in the first quarter, outpacing the 1.4 percent gain in group sales, the French grocer said ...

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• 12 April

  VP, Mohamed launch National Space Program

  

    Dubai / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, launched on Wednesday the UAE National Space Program and approved the program’s strategy. The ...

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• 12 April

  Sharjah-Italy seminar highlights bilateral business relations

    SHARJAH / WAM Sharjah FDI Office Invest in Sharjah the entity responsible for intensifying the Sharjah Government’s efforts to promote the emirate’s business and investment opportunities in key international markets, concluded its maiden trade mission to Italy. During their three-day promotional tour from April 10-12, Invest in Sharjah organised a Sharjah-Italy Seminar in the city of Padua, and participated ...

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• 12 April

  Union National Bank Q1 profit increases to AED452 million

  

    ABU DHABI / WAM The Union National Bank (UNB) on Wednesday reported a net profit of AED452 million in the first three months of 2017, compared to AED 450.0 million in the same period a year ago, according to the bank statement on April 12. Mohammad Nasr Abdeen, Chief Executive Officer, UNB, said, “The liquidity situation in the market ...

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• 12 April

  Saudi debut Islamic bond gets $25 billion orders

    DUBAI / WAM Saudi Arabia’s debut US Dollar-denominated Islamic bond has attracted more than US$25 billion of investor orders so far, according to Bloomberg. The fall in global oil prices has prompted the kingdom to prepare what may be the world’s largest initial public offering of state-owned oil company, Saudi Arabian Oil Co, Aramco. The company last week sold ...

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• 12 April

  Arab economies projected to grow 2.7% in 2018: AMF

  

    Abu Dhabi / WAM Arab economies are projected to grow by 2.3 percent in 2017 as a result of the decline in growth rate of the Arab oil-exporting countries to 1.8 percent. This is due to the decline of oil production reflecting the commitment of these countries to the OPEC agreement to adjust production quantities to balance the world oil ...

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• 12 April

  Mohamed restructures Abu Dhabi Media’s board

    Abu Dhabi / WAM In his capacity as Chairman of the Executive Council of Abu Dhabi, His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, issued a resolution restructuring the Abu Dhabi Media Company’s board of directors under the chairmanship of Noura Mohammed Al Kaabi. The resolution ...

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• 12 April

  Mashreq Bank posts a 3% rise in net profits

  

    Abu Dhabi / WAM Mashreq, a UAE-based bank, posted a three percent increase in the year 2017’s first quarter net profits, with earning per share reaching AED3.08 as of March 2017. The bank in a statement attributed the increase in net profits to AED 546 to a 15% decrease in impairment allowance, a 3.6 percent year-on-year decline in net interest ...

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• 12 April

  UAE to strengthen trade exchange with Azerbaijan

    Dubai / WAM The existing economic cooperation levels between UAE and Azerbaijan do not reflect the true potential boasted by the two countries, according to Sultan bin Saeed Al Mansouri, UAE Minister of Economy. The minister’s statements came in the run up to the 6th meeting of the UAE-Azerbaijan Joint Commission on Economic, Commercial and Technical Collaboration to be held ...

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