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Dubai / Emirates Business Noor Bank, a leading Shari’ah-compliant bank in the UAE, on Wednesday announced its year-end 2018 financial results. The bank delivered a strong performance with a net profit of AED 676 million prior to adjustments for property revaluations, amounting to a 74% improvement in underlying performance. Net profit after adjustments was AED601 million, representing a growth of ...

Abu Dhabi / Emirates Business Held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the sixth edition of the World Ocean Summit will convene in Abu Dhabi next month. The summit will provide a forum for a global gathering of over 500 ...

Dubai / WAM Keïta Aminata Maïga, First Lady of Mali, said that the UAE has become a model of providing humanitarian assistance to all countries, with tolerance at the core of its altruistic work for 2019. She made the statement while visiting Mohammed bin Rashid Al Maktoum Humanitarian and Charity Establishment. Saleh Zaher, Director of the Establishment, and Dr. Abdulaziz ...

Abu Dhabi / WAM Etihad Rail, the developer and operator of the UAE’s national railway network, has signed a Memorandum of Understanding (MoU) with ZonesCorp to establish railway and logistics facilities within the Industrial City of Abu Dhabi (ICAD). Etihad Rail’s logistic facility will complement the Higher Corporation’s Abu Dhabi Logistics City Development Project, covering an area of approximately 6 million ...

DUBAI / WAM The number of branches of foreign companies operating in Dubai has increased to 1,985 while the number of branches of GCC companies is 833, according to a report by the Business Registration and Licensing (BRL), sector in the emirate’s Department of Economic Development (DED). “These figures reflect the attractiveness of the emirate globally as well as regionally, ...

Abu Dhabi / WAM The Emirates Red Crescent (ERC), sent relief convoys to a number of Shabwa districts, Yemen, including 1,400 food baskets benefiting more than 8,120 low-income citizens as part of its humanitarian programme to help people who suffer from a difficult humanitarian situation. The distribution of food baskets targeted desert areas of Nisab and Usaylan districts in Shabwa, ...

Abu Dhabi / WAM The Khalifa Fund for Enterprise Development (KFED), signed a Memorandum of Understanding (MoU), with the Central Bank of the UAE which will enable the fund to employ the direct debit system of the Central Bank and receive payment from its’ entrepreneurs directly from their accounts in any bank which operates within the UAE. The agreement was signed by ...

Bloomberg For Mike Wirth, the future of Big Oil lies at home, under the dusty fields of West Texas. As he celebrates his first year as chief executive of Chevron Corp., Wirth sees the Permian Basin as a plentiful source of high-quality crude for years to come, but that’s not all. The low break-even costs to pump in the Permian ...

Bloomberg India is presenting a potential investment opportunity of $50 billion in battery storage facilities that could help integrate renewable energy into the grid, replace polluting diesel-fueled power and boost electric mobility, the head of American energy firm AES Corp. said. “We think India is going to be a big market for energy storage,” Chief Executive Officer Andres Gluski said. ...

Bloomberg Eskom Holdings SOC Ltd. said will cut 3,000 megawatts of power from the South African grid from 8 a.m. until 11 p.m on Wednesday, marking the fourth consecutive day of such measures. The state-owned power utility, which supplies more than 90 percent of the country’s electricity, is implementing the rolling blackouts due to a shortage of generating capacity, Eskom ...