All News

February 23, 2020

Nissan's new chief executive Makoto Uchida doesn't have time to work his way into the job. He is effectively on probation and has a matter of months to show he can revive the ailing car maker, according to three people familiar with the thinking of some on the company's board.

The mission: the new boss must prove to the board he can accelerate cost-cutting and rebuild profits at the 86-year-old Japanese giant, and that he has the right strategy to repair its partnership with France's Renault.

The pressure intensified last week when Nissan, which has had a"...

Continue Reading >

February 23, 2020

US retail group L Brands Inc said on Thursday it will sell a controlling stake in its Victoria's Secret unit to investment firm Sycamore Partners, valuing the lingerie brand at $1.1 billion (Dh4.04bn) as it focuses on its core Bath & Body Works brand.

The private equity firm will own 55 per cent of Victoria's Secret, the world's best known specialty retailer for lingerie, while L Brands will keep a 45 per cent stake. The company's Bath & Body Works, which sells soaps and home fragrances, would be run as a standalone company.

Chief executive Leslie"...

Continue Reading >

February 23, 2020

The UAE Central Bank said it is monitoring recent job cuts in the financial sector to ensure the reduction in headcount does not 'adversely' impact the market and that Emiratisation efforts continue.

The regulator issued a statement on Saturday addressing the impact of downsizing in the banking and financial sector on the UAE economy and consumers.

'We are closely following the recent occurrences of downsizing amongst financial institutions in the country to ensure that downsizing is not adversely affecting regulatory compliance and market conduct,' the banking"...

Continue Reading >

February 23, 2020

UAE-based Modon Properties said work is set to begin soon on the Dh2.7-billion ($735 million) Jabal Al Dhanna residential project coming up on the coast of Al Dhafra region.

Modon is a master developer mandated by the Abu Dhabi government to build vibrant and sustainable communities and develop strategic mixed-use projects in the emirate.

The announcement from Modon comes on the back of an inspection tour by Sheikh Hamdan"...

Continue Reading >

February 23, 2020

Engie, a global leader in energy transition, has announced the full commissioning of the 250 MW Kadapa solar project in the south Indian state of Andhra Pradesh. Construction work at the 500-hectare site began in September 2018.

The project was successfully completed with close to 1.9 million safe man hours and as per the highest quality standards, despite extreme weather and geographical conditions.

The 200 MW phase was commissioned ahead of schedule in May 2019 and this milestone supports Engie’s ambition to be a major renewables development partner as India becomes one of the fastest growing countries in global energy transition.

The remaining 50 MW were recently commissioned"...

Continue Reading >

February 23, 2020

The UAE's Federal Authority for Nuclear Regulation (FANR) has announced that it will oversee the commissioning phase of Barakah Nuclear Power Plant Unit 1 which will include loading the nuclear fuel assemblies into the unit.

The FANR announcement comes following Nawah's obtaining the operating licence and beginning fuel loading at Unit 1 of the Barakah Nuclear Power Plant.

The Emirati nuclear watchdog said its"...

Continue Reading >

February 23, 2020

Petrofac, the international service provider to the oil and gas production and processing industry, has been awarded an engineering, procurement, construction and commissioning contract worth $40 million by Sharjah National Oil Corporation (SNOC).

The contract was won by Petrofac’s engineering and production services (EPS) division, said a statement from the Jersey-registered Petrofac.

This comes as part of the"...

Continue Reading >

February 23, 2020

Telecommunication has become a major part of life.

Everything is now at our fingertips, thanks to telecom technology advancements. The telecom sector has grown exponentially and is now a development engine in the UAE. The UAE telecom sector, dominated by Etisalat and Du, has a well-developed infrastructure with a high penetration. The country has a youthful population, with about 66 per cent of its 9.54 million population in the 25-34 age group, that has helped bring to the forefront technologies like cloud computing, big data and remote processing. The sector is set to face major changes, with the launch of 5G and IoT around the globe.

Here"...

Continue Reading >

February 23, 2020

Abu Dhabi is preparing to launch new regulations on organising holiday homes as demand for alternatives to hotels and hotel apartments continues to grow.

According to the Department of Culture and Tourism - Abu Dhabi, the new rules will ensure all properties available to holiday-makers, which will be available on all international online platforms, are licenced and meet Abu Dhabi's service standards.

The regulations will also level the playing field for the sector as current unlicenced and therefore unregulated units increase pressure on the prices of hotel rooms as"...

Continue Reading >

February 23, 2020

Healthcare providers in the UAE are facing serious challenges to ensure the quality of services to patients and sustaining their operations due to delayed payments from insurance companies. Leading healthcare players in private sector said insurance firms hold their payments - worth millions of dirhams - and have taken up to six months to be cleared, causing serious disruption in their cash flows, leaving them with no choice but to borrow from banks to continue running their operations.

Market insiders said healthcare providers have been sustaining heavy operating expenditures by taking loans and investing more money to set up a new department that"...

Continue Reading >