Latest in Tag: UAE Highlight
Latest in Tag: UAE
CEO of Dubai’s Arabtec resigns
On 9 March, the armed forces, in cooperation with UAE’s Arabtec Construction Company announced plans to construct 1 million residential units for low-income youth.
Egypt gears for Al-Sisi’s inauguration as foreign delegations arrive
Heads of states and foreign delegations land in Cairo for the Sunday ceremony
Countries and international bodies offer congratulations to Al-Sisi on election victory
White House says it is looking forward to working with Egypt’s new president, but also shared concerns
Egypt’s financial regulator signs information-sharing agreement with Dubai counterpart
Agreement aims to enhance cooperation between the two authorities
UAE sends military vehicles to help secure presidential elections
Gulf country’s move shows continued support for Egyptian roadmap
Mehleb concludes UAE trip with high-level talks
After tense ties under Morsi’s tenure, the UAE has become one of Egypt’s largest financial backers since his ouster
Mehleb arrives in the Emirates, discusses ties
Mehleb was received in the Gulf country, which has been one of Egypt’s largest financial backers since July power shift
Etihad Airways raises EGP 770,000 for cancer hospital
A delegation from Etihad Airways, the national airline of the United Arab Emirates, visited the Children’s Cancer Hospital Egypt 57357 Wednesday to present the institution with an EGP 770,000 donation. Senior vice president of government and aero-political affairs at Etihad Airways Khaled Al Mehairbi, head of the airline’s Abu Dhabi hub Ali Al Shamsi, and …
Saudi Arabia to grant $1.3bn in petroleum shipments in May, June
The authority requested that Saudi Arabia supply large quantities of diesel fuel during the current period in order to satisfy the needs of power stations during the summer.
UAE, Saudi Arabia provide Egypt with $2.6bn in grants in Q1 2014
Egypt has made various offers to the UAE, Saudi Arabia and Kuwait regarding a number of projects, including the establishment of laboratories for refinement areas in Ain Sokhna, the North Coast, Alexandria and Upper Egypt.
Etisalat and Huawei green-light collaboration on 5G, 40G PON
The two telecom firms announced the deal following a meeting attended by more than 70 regional representatives, including Etisalat Group’s chief technical officer, Hatam Bamatraf.
PM meets with UAE Minister of State
Egypt looks forward to “enforcing fruitful cooperation” with the UAE, says Mehleb
A timeline of the deadly MERS virus
The virus is mainly focused on Saudi Arabia
UAE regulator cuts minimum sukuk size, eases securities borrowing
Reuters – The United Arab Emirates’ financial market regulator has set new rules for Islamic and corporate bonds to encourage trading in them, and amended rules on securities lending and borrowing to make it easier for foreign institutions to operate. The changes are part of plans to introduce at least two new rules covering the …
UAE’s Air Arabia bets on Ras Al Khaimah hub
The Sharjah-based budget carrier, which currently operates out of three hubs in the Gulf and North Africa region, signed an agreement with the RAK government in February declaring it the official carrier for the emirate and RAK airport as its new hub.
Egypt’s Pioneers Holding 2013 profit rises 37%
Reuters – Egyptian investment firm Pioneers Holding posted a 37% increase in net profits for last year, it said in a bourse statement on Wednesday. Pioneers made EGP 358m ($51m) in 2013 compared with EGP 260.5m in the previous year, it said. The firm, which specialises in brokerage services, said earlier this year it planned …
Emirates NBD launches brand in Egypt
NBD aims to enhance and strengthen ties between Egypt and the UAE, says NBD chairman
Dubai says agreement in principle on UAE bourse merger; no final word on bond issue
Reuters – A top Dubai economic policymaker said on Monday that an agreement to merge the two main stock markets in the United Arab Emirates, the Dubai Financial Market and the Abu Dhabi Securities Exchange, had been reached in principle but nothing had been finalised. “It is going to be very positive. The agreement has …
Barclays to sell UAE retail ops to Abu Dhabi Islamic Bank for $177m
Reuters – Barclays has agreed to sell its retail banking operations in the United Arab Emirates to Abu Dhabi Islamic Bank (ADIB) for an expected price of AED 650m ($177m), ADIB said on Sunday. The emirate’s largest Islamic bank said it aimed to acquire 110,000 customers through the deal, helping it expand into serving expatriates, …
Egypt army extends power by taking charge of Gulf aid
Bread is a politically-explosive issue in Egypt – failure to deliver it at an affordable price has triggered major riots in the past and the government wants to boost its storage capacity to reduce its reliance on international markets.
North America impairment pushes Abu Dhabi’s TAQA into 2013 loss
Reuters – Abu Dhabi National Energy Co (TAQA) posted a net loss of AED 2.52bn ($687m) for 2013 as it marked down the value of its oil and gas holdings in North America, the company said on Tuesday. The state-controlled energy investment giant swung from a profit after minority interests of AED 649m in 2012. …
Arab summit kicks off with calls to arm Syria rebels
The head of the Syrian National Coalition, Ahmed Jarba, repeated calls on the international community to supply rebels with “sophisticated weapons”.
Deutsche Bahn joins Etihad Rail in UAE railway venture
Etihad Rail DB will manage operations for the first stage of the railway, transporting granulated sulphur on a 264-kilometre (164-mile) route from Shah and Habshan to the port of Ruwais.
Qatar calls for dialogue in Egypt
Relations between Egypt and the Gulf state have been strained over Doha’s backing for Islamist president Mohamed Morsi, who was ousted by the army in July following nationwide protests.
Egypt’s Naeem Holding to cross-list on Abu Dhabi exchange
Reuters – Naeem Holding for Investments has received approval from the United Arab Emirate’s financial regulator to list on the Abu Dhabi exchange, the firm said, a further sign of closer economic ties between Egypt and the Gulf. “Coordination is ongoing with the Abu Dhabi market and the necessary measures for receiving the approval of …
Government to bid 40,000 acres in Sinai for agricultural reclamation
UAE will finance the reclamation process, and the armed forces will implement it, executive chairman of GARPAD says
Dubai lender Amlak’s Bourse suspension to be lifted
Reuters – The shares of indebted mortgage lender Amlak will resume trading on the Dubai bourse in the second half of this year, the United Arab Emirates’ economy minister said on Monday. Trading in shares of Amlak, which is in the process of restructuring debt that sources put at nearly $2bn, was suspended in November …
Dubai Investments to lift foreign ownership cap to 35%
Reuters – Dubai Investments, a diversified manufacturer and investor in property, plans to increase the limit on foreign ownership of its shares to 35% of its total capital, the company said on Sunday. Foreign investors now hold 13.7% of Dubai Investments’ shares out of the total 20% allowed, bourse data shows. The firm’s shareholders, including …
Dubai’s Emaar plans $2.5bn listing of shopping mall unit
Reuters – Dubai’s Emaar Properties said it would sell up to 25 percent of its shopping mall and retailing unit in a public offer expected to raise AED 8 to 9bn ($2.18-$2.45bn), making it one of the region’s largest equity offers since 2008. The proceeds “will be primarily distributed as dividend” to Emaar shareholders, Dubai’s …
Arab countries to send oil product aid to Egypt through September: Finance minister
Reuters – Arab countries will extend aid to Egypt in the form of petroleum products until at least September, Finance Minister Hany Kadry Dimian said on Thursday, a move that will help avert an energy crunch expected in the summer when consumption soars. Saudi Arabia, the United Arab Emirates and Kuwait have rushed to provide …