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Bloomberg The International Monetary Fund expects the UAE economic growth to nearly triple next year as Abu Dhabi benefits from an expected recovery in oil exports. The UAE’s GDP will expand 3.4 percent in 2018 from 1.3 percent this year, largely on expectations that growth in oil-rich Abu Dhabi will surge to 3.2 percent from 0.3 percent this year. Dubai’s ...

Dubai / WAM Dubai Investments, the leading, diversified investment company listed on the Dubai Financial Market, has reported net profit of AED350 million for the quarter ending September 30th, 2017, an increase of 4.8 percent over the AED334 million achieved during the same quarter last year. The company’s net profit for the first nine months of 2017 was AED830 million, ...

Dubai / Reuters United Arab Emirates energy producer Dana Gas did not redeem some $700 million of its Islamic bonds when they matured on Tuesday as a dispute on the validity of the sukuk drags on in British and UAE courts, sources familiar with the matter said. Dana refuses to redeem its bonds because it claims changes in the interpretation ...

Dubai / Reuters Dubai-based Emirates REIT, a sharia-compliant real estate investment trust, plans to issue a debut Islamic bond of at least $300 million by the end of this year, said a source close to the company. The sukuk, to be denominated in US dollars, could potentially replace all of the company’s outstanding debt, said the source, who spoke on ...

ABU DHABI / WAM With the approval and blessings of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, the new ministers of the UAE government took the oath on Tuesday before His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, at Mushrif Palace in Abu Dhabi, in the presence ...

Dubai / Emirates Business Etisalat and RAKBANK on Tuesday signed a Memorandum of Understanding (MoU) for Managed Point of Sale Services. As part of the strategic partnership, Etisalat shall provide RAKBANK with last-mile Point of Sale (PoS) operations as its outsourced and managed service partner, a first-of-its-kind approach in the UAE payments and banking industry. The MoU was signed by ...

DUBAI / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has directed the Knowledge and Human Development Authority (KHDA), to draft a plan to increase percentage of Emirati students admission in private schools, which are rated good and above 100 percent, over the next three years. His remarks ...

Abu Dhabi / Emirates Business The Tourism Development and Investment Company (TDIC), master developer of major tourism, cultural and residential destinations in Abu Dhabi, has on Tuesday released an additional building for sale at Mamsha Al Saadiyat, Saadiyat Island’s spectacular beachfront community currently under development. Building 1 also known as the Azure building, offers investors and prospective homeowners a compelling ...

DUBAI / Emirates Business Emirates, recognized this year as the Best Airline in the World in the inaugural TripAdvisor Travelers’ Choice Awards, is celebrating 10 years in Canada. Since the inaugural flight in October 2007, Emirates has carried over 1.2 million passengers through its Toronto – Dubai route. In Canada, Emirates’ established codeshare partnerships with WestJet and Alaska Airlines enable ...

Abu Dhabi / WAM Abu Dhabi Airports welcomed airBaltic’s first flight arriving from Riga, Latvia. The maiden flight marks the commencement of a direct service four times a week between Abu Dhabi International Airport (AUH), and Riga International Airport (RIX), by airBaltic. The inaugural flight arrived at 7:25 am on October 30 and was welcomed with the traditional water cannon ...