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Bloomberg Meicai, a Chinese startup that helps farmers sell vegetables to restaurants, and supermarket operator Wumart Stores Inc are among firms picked for the next round of bidding for German food wholesaler Metro AG’s $1.5 billion Chinese business, people with knowledge of the matter said. Local grocery chain Yonghui Superstores Co and Suning Holdings Group, the parent company of Chinese ...

Bloomberg A strike by airline pilots across Scandinavia is set to erode profits at SAS AB as investors and passengers await news of a breakthrough in labour talks. Since starting, the strike already looks set to cause almost 3,000 cancellations, affecting about 280,000 passengers. SAS, in a written comment to Bloomberg, said the development is having a “very negative effect ...

Dubai / Emirates Business Emirates has renewed its support to Mauritius and the memorandum of understanding (MoU) which outlines joint activities to promote the two countries. His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman and Chief Executive, Emirates Airline and Group met a VIP delegation from Mauritius and Seychelles at Arabian Travel Market, 2019. A Memorandum of Understanding was ...

ABU DHABI / WAM The Federal Authority for Nuclear Regulation (FANR), the nuclear regulator in the UAE, has developed the nation’s first automated import and export control system for nuclear related items. Fully integrated with the Abu Dhabi General Administration of Customs, FANR’s NuTech Portal system has reduced approval time for the clearing of shipments from Abu Dhabi Customs by ...

Bloomberg The number of new licenses approved for foreign businesses in Saudi Arabia rose by 70 percent in the first quarter from a year earlier, according to the Saudi Arabia General Investment Authority. Applications from British and Chinese companies drove the increase, rising by 86 percent and 71 percent, respectively, Ibrahim Al Omar, governor of Sagia, as the kingdom’s investment-promotion ...

DUBAI / WAM Nasdaq Dubai on Sunday welcomed the listing of a $1.5 billion sukuk by Islamic Development Bank (IDB). The listing underlines Dubai’s role as the largest centre globally for sukuk listings by nominal value currently totalling $60.89 billion. IDB now has 10 sukuk listed on the Middle East’s international financial exchange with a total value of $12.54 billion. ...

ABU DHABI / WAM Total assets of the 10 UAE banks which disclosed their Q1-2019 financial stateme-nts soared to AED1.3 trillion, 3.1 percent up from AED1.26 trillion during corresponding period last year. According to financial analysts and international consultancy firms, the financial statements released recently by the UAE banks have beaten expectations, with the national banks outperforming other sectors in ...

Emirates Business Sharjah Investment and Development Authority (Shurooq) has unveiled three new luxury hospitality projects worth AED 130 million at ATM 2019, which are nearing completion and slated for an official launch in the second half (H2) of 2019. Situated in three distinct historical and natural sites across the emirate of Sharjah, the three projects are Al Faya Lodge at ...

Abu Dhabi / Emirates Business Etihad Airways unveiled a major Economy transformation programme starting with the cabin upgrade and refurbishment of 23 narrow-body Airbus A320 and A321 aircraft. The retrofit programme, which includes new personalised wireless streaming entertainment to smartphone and tablet devices, is scheduled for completion in August this year. The airline is also introducing a new and improved ...

Dubai / WAM Emirates Steel, the only integrated steel plant in UAE and a subsidiary of General Holding Corporation (Senaat), reaffirmed its commitment to developing and implementing best practices in health and safety while celebrating World Steel Safety Day. During the week, the company will welcome local, international organisations to exhibit their innovative health and safety solutions and foster dialogue ...