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ABU DHABI / WAM Abu Dhabi Commercial Bank PJSC on Tuesday reported net profit of AED4.840 billion for the fiscal year 2018, up 13% on year. The robust performance is supported by record operating income, optimal management of cost of funds and lower impairment charges, ADCB said in a press release on Tuesday. As a result of the Bank’s strong ...

DUBAI / Emirates Business Breakbulk Middle East, the GCC’s leading breakbulk and project cargo sector event, held a press conference on Tuesday in anticipation of the event’s fast approaching 4th annual edition. This year’s two-day conference and exhibition will be held under the patronage of HE Dr Abdullah Belhaif Al Nuaimi, the UAE Minister of Infrastructure Development and the Chairman ...

SHARJAH / WAM GE and Japan’s Sumitomo Corporation have reached a public-private partnership milestone by signing a 25 year Power Purchase Agreement (PPA) with the Sharjah Electricity and Water Authority (Sewa), to develop, build and operate a 1.8 gigawatt (GW), combined cycle power plant in Hamriyah. Equipped with GE’s HA technology, including the world’s largest and most efficient heavy-duty gas ...

Bloomberg Increased surveillance and government interference with reporting amid a crackdown on Xinjiang’s Muslims fueled a “significant deterioration” in the work environment for correspondents in China last year, the country’s foreign journalists’ organisation said. Reporting grew much harder in the far western region, where the detention and “re-education” of up to 1 million minority Muslim Uighurs has attracted global outcry, ...

Bloomberg NATO approved the accession protocol for soon-to-be renamed North Macedonia, weeks after the former Yugoslav republic and Greece settled a decades-long dispute that hindered its membership. At the center of a tug-of-war for influence between Russia and the West, the Balkan state cleared its biggest hurdle to joining the military alliance last month by agreeing to change its name ...

Bloomberg Nigeria’s Senate asked the Supreme Court to rule on whether President Muhammadu Buhari breached the constitution by suspending Chief Justice Walter Onnoghen, stoking political tensions in the West African nation just weeks before a general election. The case marks a key legal test to Onnoghen’s ouster last week that’s sparked condemnation from the opposition and legal community because the ...

Bloomberg Theresa May faces losing control of Brexit to Parliament on Tuesday in a series of crucial votes that will shape Britain’s split from the European Union. Despite a last minute gamble aimed at buying off rebels in her Conservative Party, the prime minister was expected to face a knife-edge battle to block a proposal that would hand Parliament the ...

Abu Dhabi / WAM The United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (Sama) on Tuesday announced in a joint statement the launch of the common digital currency project ‘Aber’, which will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies. This comes under the framework of ‘Proof-of-Concept’, which can ...

Abu Dhabi / WAM The Government of the United Arab Emirates announced on Tuesday that it initiated World Trade Organisation (WTO), dispute-settlement proceedings against Qatar following its ban of the sale of UAE products in Qatari markets. The move comes following the Qatari Ministry of Economy’s ban on the sale of consumer goods manufactured in the UAE, Saudi Arabia, Bahrain and ...

Dubai / WAM Dubai Land Department (DLD) launched its real estate promotion plan for the Real Estate Investment Promotion Investment Management Sector during a press conference held on Tuesday in presence of HE Sultan Butti bin Mejren, Director General of DLD. During the conference, Majida Ali Rashid, CEO of the Real Estate Investment Promotion Investment Management Sector at DLD, discussed ...