finance & economy

August 18, 2018

Fidu Properties, a Chinese company planning to invest AED2 billion in the Dubai property market by the end of 2018, has sought clarity from regulatory authorities on the use of telesales to prospective customers in the emirate.

As per a recent directive, RERA has urged real estate brokers to stop making unsolicited telemarketing calls or face up to AED50,000 fine.

The brokerage firms will need to obtain permission from RERA if they wish to proceed with telemarketing or SMS messages, while communication via WhatsApp was strictly not allowed, the directive said.

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August 18, 2018

UAE-based Azizi Developments has announced that construction on its flagship waterfront community project in Meydan One, Azizi Riviera, is now 20 percent complete.

Comprising of 16,000 units, ground floor works are completed across the mid-rise buildings that comprise of seven to ten floors at the AED12 billion ($3.3 billion) project.

With first floor construction ongoing, and second and third floors expected to commence construction in August, Azizi Riviera is progressing towards timely completion, the developer said in a statement.

Mirwais"...

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August 18, 2018

DP World today announced robust financial results for the six months to 30th June 2018. On a reported basis, revenue grew 14.4 percent and adjusted EBITDA increased by 7.9 percent.

Commenting on the latest results, DP World Group Chairman and CEO, Sultan Ahmed bin Sulayem, said, 'DP World is pleased to report like-for-like earnings growth of 5.2 percent in the first half of 2018 and attributable earnings of $593 million. Adjusted EBITDA grew 7.9 percent to $1,322 million with margins at 50.3 percent on a reported basis and 54.4 percent on a like-for-like basis. This robust performance has been delivered in an uncertain trade environment,"...

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August 18, 2018

Rimini Street, Inc. (Nasdaq: RMNI), a global provider of enterprise software products and services, and the leading third-party support provider for Oracle and SAP software products, today announced it has been honored with a Stevie® Award in the Innovation in Customer Service Management, Planning & Practice category for its ultra-responsive, premium level service in the Asia-Pacific region. This honor marks the"...

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August 17, 2018

Guidewire Software, Inc. (NYSE: GWRE), the provider of the industry platform Property and Casualty (P&C) insurers rely upon, today announced that Zurich Insurance Group (Zurich) has selected Guidewire Cyence™ Risk Analytics (Cyence) to leverage the cyber risk knowledge and insights the solution provides to help the company prospect, underwrite, and price risks. Zurich will roll out Cyence globally with an emphasis on enhanced analytics and intelligence for risk selection.

Unprecedented technological advances of the 21st century have shifted the nature of risk across the P&C insurance industry. Ever-evolving cyber risks present"...

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August 17, 2018

Investors in the Abraaj Growth Markets Health Fund (“AGHF” or “the Fund”) have today underlined their strong commitment to AGHF by announcing the appointment of global consulting firm, AlixPartners, to oversee the separation of AGHF from the Abraaj Group to ensure the long term success of the Fund in delivering accessible, affordable and quality healthcare in developing countries.

AGHF is a US$1 billion investment fund with a mandate to provide affordable, high-quality healthcare to under-served low and middle-income patients throughout Sub-Saharan Africa and South Asia, with performance measured by both financial returns"...

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August 16, 2018

The United Arab Emirates (UAE) has the most competitive economy in the Mena region, said a new study from the World Bank Group and the World Economic Forum.

The Arab World Competitiveness Report 2018, launched today, ranked the UAE as the 17th most competitive country in the world. The other Mena nations to crack the top-30 globally were Qatar (25th) and Saudi Arabia (30th). The rankings are based on 12 factors, from education to infrastructure, that are critical for productivity and economic growth.

While the report cited improvements over the last decade in areas like infrastructure development and technological advancement across the region, it said many countries are struggling to diversify"...

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August 16, 2018

Dubai-based dnata, one of the world’s largest air services providers, has launched passenger handling operations at New York-JFK Airport.

Already providing ground handling to over 50 airlines in the United States, the launch customer at JFK is Copa Airlines, the flag carrier of Panama, which operates four daily flights with an annual capacity of 364,000 passengers between New York and Panama City using the Boeing 737 aircraft.

Having been awarded with over 40 new contracts in the United States in the past 12 months, dnata said in a statement that it continues"...

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August 16, 2018

The UAE’s top four banks have performed well in the second quarter of this year on the back of higher net interest income and lower provisioning for bad loans and are forecast to maintain “stable” profitability into 2019, according to a new report.

First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank and Dubai Islamic Bank posted a combined 21 per cent year-on-year increase in second quarter net profit to Dh8 billion, Moody’s Investors Services said in a report released on Wednesday.

'We expect core profitability for the large UAE"...

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August 16, 2018

Dubai Exports, the export promotion agency of the Department of Economic Development (DED), said it has concluded a successful visit to Hong Kong, attracting buyers and importers eager to source products from Dubai to Far Eastern markets.

The visit, led by Mohammed Al Kamali, deputy CEO of Dubai Exports, aimed to strengthen relations with key stakeholders as part of enabling UAE-based companies to expand their international presence in the Far East.

“Dubai Exports has already received enquiries from 71 buyers in Hong Kong interested in sourcing products from"...

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