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UAE

Dubai’s July non-oil business growth slowest since 2012

The index fell to 53.1 in July from 55.5 in June, recording the slowest growth rate since March 2012

AW Rostamani Group’s car rental unit to invest Dhs 400m in expansion

The company aims to double its fleet to 10,000 vehicles by 2020

Indian Prime Minister Narendra Modi to visit UAE in August

Modi, who is likely to visit on August 16 and 17, will be the first Indian prime minister to visit the United Arab Emirates in 34 years

Dubai introduces innovation fee to develop Museum of Future

A fee of Dhs10 will be levied by some government institutions on certain transactions to support innovation

Emirates to upgrade all its London flights to A380

Following the upgrade, the airline will offer 70 A380 flights per week into the UK, more than any other country on the Emirates network

Moody’s sees UAE property firms’ adoption of IFRS 15 as positive

The new accounting policy will help in appropriately reflecting the companies’ financial performance and increase transparency, a new report says

Sheikh Mohammed launches UAE Innovation Week

The innovation week will see the UAE’s education, health, energy, environment, space, economy and service sectors present their innovations

RAK Ceramics acquires its Iranian subsidiary RAK Iran

The firm, whose Iran unit booked losses last year, did not specify if it is planning to expand its operations once sanctions are lifted

Air Arabia Q2 net profit falls 14%, beats forecasts

The Sharjah-based airline made a net profit of Dhs 146.2m in the three months to June 30

Dubai mall firm Majid Al Futtaim H1 revenue rises 7%

The privately-owned firm said in a statement revenue for the six months to June 30 was Dhs 13.7bn

UAE telecom sector opens to fixed-line competition

The liberalisation, which started in July, follows about five years of negotiations in which du has been seeking access to larger rival Etisalat’s networks

UAE hands over 4 major development projects in Egypt

The projects include 100 schools, 78 health clinics, four bridges and 600 public city buses

Emirates inks codeshare deal with Bangkok Airways, expands Southeast Asian network

The deal will add 14 more cities to Emirates’ network, allowing it to connect passengers to new tourist destinations in Thailand, Cambodia and Myanmar

Dubai’s Damac Properties Q2 profit surges

The developer reported a net profit of Dhs 1.42bn ($386.6m) for the three months to June 30

UAE telco du Q2 profit falls 8%, in line with estimates

The firm made a net profit of Dhs 502m in the second quarter of 2015

UAE savings from fuel price reform to swell in coming years -IMF

The IMF estimated that the UAE’s reform would save it about $500m by the end of this year

Anti-Houthi fighters score more gains in south Yemen

Yemeni military sources said the United Arab Emirates had sent in dozens of tanks and heavy artillery pieces to the fighters in recent days

Mohamed Alabbar to acquire stake in YNAP from Richemont

Emaar Misr says Alabbar now non-executive chairman

Emaar Misr had previously said that the board would vote whether to amend Alabbar’s position due to his other commitments in the real estate sector

Dubai property investment reaches Dhs 53bn in H1 2015

Indians accounted for Dhs 7.8bn of transactions during the first half of 2015, DLD figures show

Flydubai to start new passenger services from DWC

The airline will also continue its operations at Dubai International

Sheikh Mohammed approves plans for two residential communities for citizens

Two communities, consisting of 1,400 and 1,000 villas, will be built for nationals in Wadi Safa and Al Aweer 1

UAE July non-oil business growth rebounds from 22-month low

The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index rose to 55.8 points last month from 54.7 in June

Abu Dhabi’s Aldar Properties Q2 net profit rises 18%

The state-linked builder made a profit of Dhs 601m in the second quarter of 2015

Dubai’s Meydan to build world’s tallest residential tower, longest indoor ski slope

The new project boasts the world’s tallest residential tower, longest indoor ski slope, largest dancing fountain, highest observation deck and highest sky restaurant

Abu Dhabi rents to rise in 2015 as supply tightens

The capital’s housing stock saw the lowest level of growth in the last five years, potentially pressuring rents to rise

Emirates Reit to develop new Dhs 208.3m school in Akoya development

The real estate investment trust fund will build the facility and lease it to Jebel Ali School

Emirates launches A380 service to Madrid

The new service will add 2,900 seats per week between Dubai and Madrid, bringing the total number of weekly seats to and from Spain to over 22,000

UAE Q2 job growth slows as oil prices plummet

Recruitment activity in the United Arab Emirates during Q2 2015 slipped by one per cent from the previous quarter, a new study found

Dubai Metro sees 88m riders in H1 2015

Dubai Metro’s red line saw 55.7 million travellers in H1 2015 while the green line saw 32.4m million riders

Dubai’s Emaar Properties Q2 net profit rises 16%

The developer made a net profit of Dhs 1.18bn in the second quarter of 2015