Home GCC UAE

UAE

UAE non-oil business growth slows marginally in May – PMI

Output growth rose to a three-month high index reading of 62.8 points in May but the increase in new orders fell.

Etihad starts Boeing 787-9 Dreamliner services to Brisbane

The service will replace Etihad’s daily one-stop flight via Singapore.

UAE tourist spending up 5% in Q1 2015 – report

American tourists accounted for 21 per cent of the overall UAE tourism spend in Q1 2015.

UAE issues law against doping in horse races

The new rule prohibits the administration of banned substances to horses and lays out strict penalties to offenders.

Abu Dhabi fund ADIA manages more of its billions in-house

The proportion of its assets managed by external fund managers fell to 65 per cent last year from 75 per cent in 2013, the authority said.

Etihad Airways rejects subsidy claims, attacks U.S. airline ‘oligopoly’

The Abu Dhabi airline said U.S. Open Skies policy did not prohibit airlines from receiving shareholders loans.

Solar Impulse 2 forced to land in Japan

Poor weather conditions forced the plane to land in Nagoya, officials said.

Majid Saif Al Ghurair appointed new chairman of Dubai Chamber

The chamber also elected two new vice chairmen and other executive committee members.

Etihad starts A380 services to Sydney

The A380 will now operate one of the airline’s two daily services between Sydney and Abu Dhabi.

UAE’s midday work ban to begin from June 15

Firms found flouting the rules will be fined Dhs 5,000 per worker while the penalty will rise to Dhs 50,000 if a large number of labourers are found to be working.

Revealed: Biggest banks in the UAE

The top 10 biggest lenders in the UAE by 2014 total assets, taken from the Gulf Business Top 50 GCC Banks.

UAE clears MERS patients, Saudi finds 11 new cases

Gulf countries have been seeing a seasonal surge in the number of MERS cases, a trend that has been worrying experts.

GCC’s construction sector to boom despite oil price drop

The Gulf’s construction sector is estimated to reach a value of $172 billion in 2015, a new study said.

Real estate ranked as favoured asset class by UAE investors – survey

Stocks and precious metals were the other favoured asset classes among UAE investors, a Franklin Templeton survey found.

UAE’s R Holding launches retail projects worth Dhs700m

The company is currently building five retail projects in Ajman and two in Dubai, a statement said.

Ramadan likely to start on June 18, Eid to fall on July 17 – Astronomers

Fasting hours are anticipated to stretch for up to 15 hours and 15 minutes at the beginning of the holy month.

Emirates to sponsor FA Cup for the next three years

The FA, which will rebrand the competition as The Emirates FA Cup, did not release any financial details.

Emirates to launch daily service to Bologna in Italy

The service is scheduled to begin on November 3, 2015 and will increase Emirates’ weekly flights serving Italy to 56.

UAE’s Rakbank buys 79.23% of RAK National Insurance in tender offer

The lender acquired 87.15 million shares at a total value of Dhs317.2 million ($86.37 million), it said in a bourse filing on Thursday.

Phase 1 of Meydan Sobha’s District One project on track for 2016 completion

The developer said it has recorded strong investor interest in the project and has sold out all villas in the first phase.

UAE bank ADIB eyes capital-boosting measures to back growth

The bank will convene shareholders soon to vote on a rights issue worth Dhs504 million and raise its sukuk limit to $3 billion from the existing $2 billion ceiling.

Nakheel to launch retail space for lease at Ibn Battuta Mall extension

The developer will launch 766,000 sq ft of additional shop and restaurant space for lease at the mall on June 1.

Etihad posts 52.1% rise in 2014 net profit on strong passenger growth

The airline carried 14.8 million passengers in 2014, an increase of 22.3 per cent year-on-year.

Etihad to support 23,400 jobs, add $2.9bn to US economy in 2015 – study

By 2020, the airline will have committed $41 billion to the US’ GDP, an Etihad-commissioned study by Oxford found.

Abu Dhabi fund ADIA names Pandtle head of US internal equities

Pandtle, who previously worked at Eagle Asset Management, will oversee the management of US-focused equity portfolios run by the fund.

New Bollywood movie ‘Dishoom’ to film in Abu Dhabi

The movie, starring John Abraham and Varun Dhawan, is scheduled to film in the emirate in late 2015.

Nakheel says work on The Pointe mall at Palm Jumeirah 30% complete

The developer says Dhs800 million mall on track for opening in 2016.

Dubai’s Marka acquires stake in UK-based e-commerce site Icons

The company purchased a 65 per cent stake in sports merchandise retailer Icons for a value of Dhs15.3 million.

Dubai Aerospace sells US aircraft maintenance firm StandardAero

The terms of the transaction were not disclosed but earlier reports hinted that the sale was worth at least $1.8 billion.

Dubai’s Marka to invest Dhs250m in 2015, eyes two deals

The company is looking to close deals in the UAE’s hospitality and retail sectors, officials said.