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Bloomberg Russia’s slow-motion banking crisis claimed its biggest victim yet, forcing the central bank to provide support for other lenders to prevent panic from spreading. Bank Otkritie FC, a month removed from being Russia’s biggest private lender, was taken over by a government-backed fund set up by the central bank to consolidate the sector. The move will place at least ...

Dubai / WAM Profitability at the four largest UAE banks will remain solid in the next 12 to 18 months underpinned by solid interest income, despite pressure on fee and commission income, says Moody’s Investors Service in a new report. The four banks, First Abu Dhabi Bank PJSC (FAB), Emirates NBD PJSC (ENBD), Abu Dhabi Commercial Bank (ADCB) and Dubai ...

DUBAI / WAM The UAE is seeking to join the Board of the International Maritime Organisation (IMO) as a “Category B” member, which is supported by its leading ranking on the map of international ports, as the first placed country on a regional and Arab level and third on an international level, in terms of the quality of the infrastructure ...

ABU DHABI / WAM The UAE, represented by a senior delegation, will participate in the China-Arab States Expo 2017 that will take place from September 6-8 in Yinchuan, capital city of Ning-xia Province in northwest China. The Ministry of Economy held a coordination meeting at its headquarters in Abu Dhabi, which included the delegation that will participate in the expo, ...

DUBAI / Reuters Bank of America Merrill Lynch (BAML) and First Abu Dhabi Bank (FAB) are set to join Goldman Sachs in getting roles in the share sale of the UAE real estate development business of Emaar Properties, sources told Reuters on Tuesday. Dubai-based Emaar, the builder of the world’s tallest tower, is considering an initial public offering of up ...

Dubai / Emirates Business The third meeting of the Higher Committee for Consumer Protection (HCCP) under the chairmanship of Sultan bin Saeed Al Mansoori, Minister of Economy, witnessed discussions on various strategies for developing and promoting consumer protection in the UAE’s markets. The HCCP followed up on developments in the implementation of the recommendations forwarded during its previous meetings. Among ...

ABU DHABI / WAM The Industrial Development Bureau of the Department of Economic Development in Abu Dhabi (DED) organised a workshop titled “Developing and Improving the Industrial Licensing Procedures”. The aim of the workshop was facilitating the procedures for the industrial investors by developing and updating the industrial licensing procedures. This step will help reinforce the competitiveness of the industrial ...

DUBAI / WAM Vice President and Prime Minister of UAE and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum has approved new key projects planned to be executed by the Dubai Roads and Transport Authority over the coming period in the run-up to Expo 2020 Dubai, commending the developments already implemented by the authority as well as ...

Dubai / WAM Dubai Land Department (DLD) announced that over AED 820 million worth of brokerage commissions were made in Dubai’s real estate market between the beginning of January 2017 and the end of June this year. Yousuf Al Hashimi, Deputy Executive Director of RERA, the regulatory arm of DLD, said, “Brokers play an essential role in our sector, representing ...

SHARJAH / WAM HH Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, expressed his hope that efforts being made by Russia, Saudi Arabia and Egypt regarding Astana and Geneva negotiations on the Syrian crisis would yield fruits. “To return to the previous situation in Syria, we need a two-pronged solution: a political one, and the ...