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Reuters Banks pushed Qatar’s stock market higher on Monday while Saudi Arabia’s market edged down as telecommunications firm Mobily plunged in the wake of a bigger-than-expected quarterly loss. The Qatari index added 0.8 percent to 9,579 points, outperforming the rest of the region and closing at its highest level since June 5, when a diplomatic crisis with neighbouring Arab states ...

ABU DHABI / WAM The total foreign currency supply at the UAE Central Bank surged to AED338.34 billion by the end of June, a growth of AED47.6 billion from early 2017, according to statistics recently issued by the bank. A month-on-month review indicated that the total supply increased by AED15.93 billion in June from AED322.41 billion in May. The bank ...

ABU DHABI / WAM A total of AED4 billion worth of grants and concessionary loans has been provided by Abu Dhabi Fund for Development (ADFD), to Egypt spanning across 64 development projects. ADFD and the Government of Egypt have long enjoyed close and strategic ties. The constructive cooperation between the two parties continues to promote sustainable development in vital economic sectors ...

ABU DHABI / Agencies Abu Dhabi Islamic Bank (ADIB) on Sunday posted an 8.7 percent rise in second quarter profit, above analysts’ expectations. Higher fee income boosted second-quarter revenues by 3.9 percent, the bank said in a statement. The emirate’s largest sharia-compliant bank made a net profit of AED551.6 million ($150.3 million) in the three months ending June 30, compared ...

Abu Dhabi / Emirates Business Abu Dhabi-based Baron Point Petroleum Services Company L.L.C. (“Baron Point Petroleum”) has joined hands and engaged a joint-venture (“JV”) with PetroVietnam Oil Corporation (“PV Oil”), the national oil and gas company of Vietnam, to finance, build and operate petroleum product pipelines and storage space in Vietnam, and to source and trade petroleum products in the ...

SHARJAH / WAM Residents and tourists in the UAE are set to enjoy the ultimate desert experience with an AED15 million extension to Al Badayer Oasis project. A premium leisure development form Sharjah Investment and Development Authority, Shurooq, Al Badayer Oasis has announced expansion to its under-construction facility, with the resort expected to pull in hordes of city-dwellers keen to ...

DUBAI / WAM Emirates NBD on Sunday launched FaceBanking, a first-to-market service that will offer the bank’s customers instant video and live chat with advisors on its revamped Online Banking platform as well on the Mobile Banking App. FaceBanking is a significant addition to Emirates NBD’s growing portfolio of digital banking innovations, all designed to create a customer-first banking experience ...

ABU DHABI / WAM The Tourism Development and Investment Company (TDIC) master developer of major tourism, cultural and residential destinations in Abu Dhabi, announced the achievement of significant stages in the development of its Mamsha Al Saadiyat project, with all concrete groundwork laid and the structure for all buildings now complete. Located close to the Saadiyat Cultural District, Mamsha Al ...

Dubai / Emirates Business du has delighted customers by expanding its retail footprint in the capital, Abu Dhabi, where it currently has 15 stores. du hosted the Grand Opening of its 76th retail store in the UAE at the popular Yas Mall, which has attracted over 40 million visitors since opening in 2014. du’s existing presence in Yas Island includes ...

Dubai / Emirates Business The market for drones in the GCC is expected to reach $1.5 billion by 2022, presenting a massive opportunity for regional telecom operators, according to Strategy&, formerly Booz & Company, and part of PwC network. By leveraging their capabilities and resources, these companies can play a central role in the development of regional drone industry. Originally ...