All News

June 19, 2019

Kuwait-headquartered real estate developer Al Mazaya Holding has inked Islamic financing agreements with a local bank worth $136.6m (KD41.5m) weeks after it announced separate financing agreements worth $90.4m (KD27.5m) on Dubai Financial Market, where it is listed.

In a missive to the Dubai bourse, Al Mazaya said the funds would be used for the “refinancing and reprofiling [of] existing outstanding facilties utilised by the group over past years”.

The group’s real estate operations and investments will also be financed under the deal, which is expected"...

Continue Reading >

June 19, 2019

ABU DHABI, 18th June, 2019 (WAM) -- Non-oil trade exchange between the UAE and Costa Rica grew 33 percent from US$19.8 million in 2017 to $26.3 million in 2018 following the opening of their embassies in Abu Dhabi and San Jose in 2017 and 2018, respectively, according to a report by the Ministry of Foreign Affairs and International Cooperation.

'UAE's exports to Costa Rica totaled $2.2 million in 2017, with imports estimated at $16.4 million and re-exports at $1.2 million,' added the report, released to mark the current visit paid by Ahmed Ali Al Sayegh, Minister of State, to San Jose.

'UAE's"...

Continue Reading >

June 19, 2019

ABU DHABI, 18th June, 2019 (WAM) -- The United Arab Emirates drew up to AED111.7 billion in FDI during the period from 2016 through 2018, bringing its overall volume of foreign investments to circa AED511 billion.

According to the World Investment Report 2019, recently released by the United Nations Conference on Trade and Development, the UAE ranked 27th globally in attracting FDI flows in 2018, three positions up from its 2017's classification by UNCTAD.

Overall, the report said, the UAE received in 2018 direct foreign investments of more US$10.4 billion, maintaining"...

Continue Reading >

June 19, 2019

Lootah Real Estate Development, a leading UAE-based real estate group, has announced the launch of Senaeyat, a company that provides lease-to-own industrial warehouses for businesses of different sizes.

Located in a major industrial growth hub in Dubai, Dubai Industrial Park, Senaeyat is the first to offer a lease-to-own model for clients, in which they can have full ownership of the pre-built industrial warehouses within 10 years.

Senaeyat has acquired a total of 3 million sq ft of land for the whole project, which will be offered in two phases. The first one includes one million sq ft, and the second, two million sq ft.

Phase One of the project has four different built-up areas –"...

Continue Reading >

June 19, 2019

Fashion Forward may have been away for a while, but it certainly hasn’t been idle.

Having skipped the spring summer 2019 season, Fashion Forward Dubai is set to return on October 30, for its next four day fashion event.

To be held at d3, the new season won’t only be offering the regions best fashion and jewellery designers. For the first time, it will also offer a platform to allow the regional and international buyers that attend the shows to purchase looks straight off the runway.

It"...

Continue Reading >

June 19, 2019

American Express, the US financial services and credit card firm, is targeting single-digit revenue growth in the Middle East this year, as it boosts its number of merchant partnerships and launches new products and services amid higher consumer spending.

“The reason we are seeing growth is because we are expanding and targeting new segments and introducing new products,” said Mazin Khoury, chief executive of American Express Middle East, in an interview with The National. “It’s not double-digit growth, but we are seeing growth in spending overall in the region and believe that will continue.”

Mr"...

Continue Reading >

June 19, 2019

Emirates has made a network-wide commitment to reduce single-use plastics on board its aircraft.

Eco-friendly paper straws have been introduced and all Emirates flights will soon be plastic straw-free, the airline said in a statement.

Emirates said it has been working on various long-term sustainability initiatives. In addition to plastic straws, plastic swizzle sticks and stirrers will also be replaced with eco-friendly alternatives by the end of the year.

From August, plastic bags used for inflight"...

Continue Reading >

June 19, 2019

The escalating trade war between the world’s two biggest economies is denting regional and global demand for steel, forcing the UAE’s Emirates Steel to rationalise its cost base to offset the impact of slower sales, its chief executive said.

'It’s difficult, challenging, and there is no sell, you see a trend of slowing demand not only in the region but also the whole world,” Saeed Al Remeithi told The National.

'Also from the raw materials point of view, prices are going up,” he added.

Emirates"...

Continue Reading >

June 19, 2019

An exquisite 19th-century French theatre outside Paris that fell into disuse for one and half centuries has been restored with the help of a 10 million euro donation from oil-rich Abu Dhabi.

The Napoleon III theatre at Fontainebleau Palace south of Paris was built between 1853 and 1856 under the reign of the nephew of emperor Napoleon I.

It opened in 1857 but was used only a dozen times, which has helped preserve its gilded adornments, before being abandoned in 1870 after the fall of Napoleon III.

But"...

Continue Reading >

June 19, 2019

DUBAI, 18th June, 2019 (WAM) -- Dubai Customs took an active part in the WCO IT/TI Conference and Exhibition, which was held between 12th-14th June, 2019, in the Azerbaijani capital, Baku.

Ahmed Mahboob Musabih, Director-General of Dubai Customs headed the delegation to the conference which took place under the theme 'New technologies for SMART borders – New opportunities for Trade, Travel, and Transport' and explored implications of the digital world on Customs and other Government agencies in the future.

'For the first time, the WCO has merged its two"...

Continue Reading >