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Bloomberg Starbucks will launch its first all-day dining cafe in Shanghai, featuring fresh Italian food, the US coffee giant said in a statement. The move signals part of the company’s effort to “to play the long game in China,” according to Belinda Wong, CEO of Starbucks China. The coffee chain, which now operates more than 3,700 stores in 158 cities ...

DUBAI / WAM Emaar Malls – the shopping malls and retail business majority-owned by Emaar Properties, recorded a full-year 2018 net profit of AED2.230 billion, a growth of 7 percent over the Fiscal Year (FY), 2017 net profit of AED2.086 billion. Revenue for FY 2018 was AED4.446 billion, 23 percent higher than FY 2017 revenue of AED3.629 billion. Recording consistent ...

Emirates Business Aldar Properties PJSC (Aldar) reports robust financial results for the 12 months to December 31, 2018 – a transformational year with strong momentum building in the second half that has continued into 2019. The company posts AED 6.3 billion revenue, up 2%, supported by asset acquisitions and development revenue recognition as projects under construction achieve milestones. The company’s ...

ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic) on Wednesday reported its financial results for the full year ended December 31, 2018. Adnic delivered a strong set of results, with gross written premiums up by 10.1% year-on-year to AED 2.91 billion driven by growth across core lines of business. Net technical profit of Adnic increased by 22.8% to ...

Bloomberg Oil climbed for a second day after Saudi Arabia pledged to deepen production cuts and US President Donald Trump said he might extend a deadline for additional tariffs on China. Futures in New York added as much as 1.5% after rising 1.3% on Tuesday. The world’s biggest crude exporter will continue to curb output more than required by a ...

ABU DHABI / WAM Etihad Airways will introduce the Boeing 787-9 Dreamliner on its daily service from Abu Dhabi to Chengdu, China, effective July 1, replacing the Airbus A330-200 currently operating the route. Also from July 1, the airlines’ daily service from Abu Dhabi to Shanghai will be upgraded from the 787-9 to the larger 787-10 Dreamliner. Once the changes ...

DUBAI / WAM Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum attended the launch of the new brand for Dubai International (DXB) that signifies Dubai Airports’ transition from airport operator to a consumer-led company committed to making the world’s busiest international airport, the world’s best. On this occasion, ...

ABU DHABI / WAM Tawazun Economic Council has announced the launch of the Defence and Security Development Fund with a capital of AED2.5 billion (equivalent of $680 million). The Fund contributes to the enablement of the defence and security sector and its contribution to economic development in the United Arab Emirates. The Defence and Security Development Fund will have presence ...

ABU DHABI / WAM The National Central Cooling Company, Tabreed, has entered into a 30 year concession for a contracted cooling capacity of 20,000 refrigeration tonnes (RTs) with Andhra Pradesh Capital Region Development Authority (APCRDA), to build, own, operate and transfer India’s first district cooling system in Amaravati – the new capital of Andhra Pradesh. This will be Tabreed’s first ...

Sharjah / WAM Air Arabia (PJSC) on Wednesday announced financial results for the fourth quarter (October to December) 2018, delivering a strong operational and financial performance. Air Arabia reported a net profit of AED 26 million for the fourth quarter 2018, in line with the strong net profit recorded in the same period last year. Turnover for the three months ...