finance & economy

July 23, 2017

Business confidence across the Middle East has fallen sharply in the last quarter and is now at its lowest level since the second quarter of 2016, according to the latest edition of the Global Economic Conditions Survey (GECS).

The region is also likely to face further challenges over the coming year, according to the quarterly survey of global CFOs and finance professionals, conducted by ACCA (the Association of Chartered Certified Accountants) and IMA (the Institute of Management Accountants).

“The"...

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July 23, 2017

QNB Group, the largest financial institution in the Middle East and Africa, has recently commenced operations in the city of Mumbai, the economic capital of the Republic of India.

The start of the Group’s operations in the Republic of India comes in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia by 2020, in addition to establishing a foothold in highly competitive markets.

Through its new branch in India, the Group offers a full spectrum of"...

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July 22, 2017

Dubai port operator DP World has signed an agreement with the Indonesian government to advise on the development of the Kuala Tanjung greenfield port and logistics zone and Belawan port in North Sumatra.

As part of the contract, DP World will share its expertise and experience in increasing efficiencies, training and development for employees and developing multi-modal transport hubs, a statement said.

DP World Group chairman and CEO, Sultan Ahmed Bin Sulayem, said: 'This partnership highlights Indonesia’s efforts to accelerate development of its ports and trade infrastructure, something we can help with given our global experience of advising governments on connecting with international"...

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July 22, 2017

Stella McCartney has just unveiled its womenswear autumn/winter 2017 advertising campaign, and aside from showing off some seriously beautiful clothes, the company and its eponymous designer are raising a very important issue.

A lifelong vegan, McCartney has structured her fashion house as an extension of her values, opting to only use cruelty-free materials. She champions the idea that luxury can be responsible, with 53 per cent of the womenswear collections made using sustainable, regenerated and recycled materials.

This season, however, the house is going a step"...

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July 22, 2017

Saeed Mohammed Al Tayer, MD & CEO of Dubai Electricity and Water Authority (DEWA), has confirmed that DEWA has made significant progress on the supply, extension and commissioning of 25km of major water transmission pipelines across various parts of Dubai.

This supports DEWA’s strategy to enable the comprehensive development of electricity and water for the Dubai Plan 2021, and achieve customer expectations by delivering the highest standards of availability, reliability and efficiency.

'We endeavour to increase production and operational efficiencies,"...

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July 21, 2017

Deyaar Development PJSC, one of the UAE’s leading property development and real estate services companies, on Thursday announced its financial results for the first half of 2017.

The company reported 135 percent year-on-year increase in revenue to AED316.4 million from AED134.9 million in the same period last year, for the six months ending June 2017. The rise was driven by sales of its properties and the construction progress of The Atria and Mont Rose projects, both of which currently exceed 75 percent completion.

Deyaar also recorded a healthy growth in net"...

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July 21, 2017

The Sharjah Airport Authority has signed two commercial agreements with Gama Support Services, the first for building and operating a new private jet terminal at the Sharjah International Airport with an investment of over AED110 million, while the second grants Gama the right to provide ground handling services to business jet owners and crew members at the terminal.

Ali Salim Al Midfa, Chairman of the Sharjah Airport Authority, and Richard Lineveldt, General Manager of Gama Support Services, signed the two agreements in the presence of senior officials from both organisations.

The"...

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July 20, 2017

Emirates NBD (ENBD), a leading bank in the region, delivered a record set of results for the first half (H1) of the year with a net profit of Dh3.9 billion ($ 1.06 billion) as compared to a net profit of Dh3.7 billion during the same period in 2016, marking a rise of five per cent.

Net interest income improved 2 per cent year-on-year due to loan growth and helped by a recent improvement in margins. Net interest margin improved since the beginning of the year as loans reset at higher rates and funding costs improved as liquidity conditions eased. The operating performance was also supported by a control on expenses and lower provisions. The bank’s"...

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July 20, 2017

Dubai International Hospitality Week, DIHW, will take place from 18th-20th September at the Dubai World Trade Centre, and will include six co-located trade shows.

Endorsed by Dubai’s Department of Tourism and Commerce Marketing, the largest hotel and foodservice expo in the Middle East will feature GulfHost, The Hotel Show and The Leisure Show, The Speciality Food Festival, SEAFEX Middle East, and yummex ME.

DIHW is expected to bring together more than 2,000 of the world’s top hospitality brands from across the Americas, Europe, Asia, Africa and the Middle"...

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July 20, 2017

The number of start-up funding deals in the UAE surged in the first half of the year following Amazon's high-profile acquisition of local online retailer Souq.com and a US$150 million investment in the ride-hailing service Careem.

The rise in the number of investments also comes amid intensifying efforts by governments in the region to help small businesses get off the ground as they seek to diversify economies away from oil revenues, cultivate talent and promote entrepreneurship.

According to the start-up online community platform Magnitt, $140m was invested in 87 transactions, excluding money invested in Souq and Careem, during the first half of the year compared to 75 deals valued at $193m"...

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