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Etihad Credit Insurance aims to boost exports

Etihad Credit Insurance (ECI), which has just begun operations is aiming to boost UAE exports and diversification of the economy by providing credit insurance to exporters and investors. The federal government owned ECI, capitalised at Dh1 billion will also have the support of the Islamic Corporation for the Insurance of …

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‘This is probably the last time you’ll ever talk to me’: WhatsApp’s cofounder broke his silence about his icy relationship with Mark Zuckerberg

WhatsApp cofounder Brian Acton has broken his silence about why he left Facebook last year in an explosive interview with Forbes— and it is a gnarly Silicon Valley fight for the ages. Acton left Facebook in 2017, three years after the company acquired WhatsApp for $16 billion. His cofounder, Jan …

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Egypt plans foray into Asia bond market

Egyptian officials will tour Asia later this year to test interest in the country’s debt, part of government efforts to expand borrowing options as volatility roils emerging markets, Finance Minister Mohammad Maait said. Egypt has raised the possibility of issuing Samurai or Panda bonds in the past, but the planned …

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Emirates Steel hires BNP Paribas to coordinate $400m loan

Emirates Steel, the largest steel producer in the UAE, has hired BNP Paribas to coordinate a $400 million (Dh1.47 billion) loan financing, sources familiar with the matter said. The company, owned by Abu Dhabi’s Senaat, a state-owned investor in the emirate’s industrial sector, will use the loan proceeds to refinance …

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Careem acquires talent and technology of India’s Commut

Dubai-based ride-hailing company Careem has acquired the talent and technology of India’s third largest mass transport app — Commut — for an undisclosed amount. The Hyderabad-based Commut is a minibus shuttle service for daily office commuters in the state since November 2015. Careem said in a statement the deal will …

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UK court upholds ruling in favour of DP World

The High Court of England and Wales in London has upheld an injunction prohibiting the Port de Djibouti, a state-owned port company, from interfering with the management of a joint -venture company. The Doraleh Container Terminal (DCT) in Djibouti is a joint venture between Dubai’s DP World and the African …

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Governments had no say in Rafale offset decision: Defence Ministry

Amid media reports of former French president Francois Hollande claiming that the Indian government suggested a particular private firm for Rafale offset contract, the Defence Ministry on Friday reiterated that neither government had any say in the “commercial decision”. “The report referring to former French president Hollande’s statement that government …

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China refuses to weaken currency to boost exports

China will not stoop to competitive devaluation of its currency, Premier Li Keqiang stressed, hours after China hit back, with a softer punch than the one landed by the United States, in an escalating tariff war between the world’s largest economies. Addressing a World Economic Forum event in the port …

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GCC economies begin recovery after a slow start

Higher crude production and recovering oil prices will aid growth in an otherwise sluggish oil sector and strengthen fiscal and external balances for the GCC economies, according to ICAEW’s latest Economic Insight report for the third quarter, produced by Oxford Economics. The report forecast global crude oil price to average …

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RSA National opens cargo terminal at Dubai World Central

RSA National, a UAE-based logistics services provider, on Wednesday opened an air cargo terminal at Dubai World Central, the emirate’s second airport, as it seeks to capitalise on growth within the logistics sector. The inauguration was for the 13,000-square-kilometre first phase of the terminal that came at an investment of …

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Dubai non-oil trade jumps to Dh645b

Dubai’s non-oil foreign trade rose to Dh645 billion in the first half of 2018, an increase of Dh5 billion from 2017 figures. Dubai’s re-exports registered a Dh24 billion increase, growing by 14 per cent to Dh203 billion, reflecting the emirate’s strength as a re-export hub. Meanwhile, imports touched Dh377 billion …

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Dh50b accelerators plan for Abu Dhabi approved

His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, on Sunday announced the approval of a three-year Dh50 billion budget for the Abu Dhabi Government Accelerators Programme ‘Ghadan 21’. “Dh20 billion will be allocated to the 2019 development …

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UAE markets churn in consolidation

The Dubai Financial Market General Index (DFMGI) fell by 16.73 or 0.59 per cent last week to close at 2,809.87. Market breadth was close to even, with 17 advancing issues and 15 declining, while volume jumped. Usually, volume is not too reliable of an indicator in the Dubai market. It …

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Ras Al Khaimah’s island strategy is paying off

Other developers would be welcome to come up with their own projects at Hayat Island in Ras Al Khaimah, a 6 million square feet destination in the making. But they can’t be just any other project, according to the master-developer of Hayat Island, RAK Properties. “Their concepts will need to …

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Mosul reconstruction may revive Unesco fortunes

The United Nations’ cultural agency wants to use the reconstruction of Iraq’s second city Mosul as a way to restore its credibility and show how a fraying multilateral order can be revived, its director general said on Monday. Officially entitled the United Nations Educational, Scientific and Cultural Organisation, Paris-based Unesco …

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UAE Exchange rebrands its Australia operations

UAE Exchange on Monday announced the rebranding of its Australia operations as ‘Unimoni’ with an eye on expanding its operations in the Asia Pacific region. “Australia is key to the group’s global strategy and we are glad to launch the new brand ‘Unimoni’ in Australia,” said Ritesh Singh, executive director …

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Standard Chartered UAE appoints new CEO

Standard Chartered on Sunday announced the appointment of Rola Abu Manneh as chief executive officer of its business in the UAE. Abu Manneh succeeds Julian Wynter, who will be retiring following 26 years of service at the bank. Abu Manneh’s appointment is with immediate effect. Abu Manneh joins from First …

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47 realty projects completed in Dubai in first eight months

Forty-seven real estate projects were completed in the first eight months of the year, together adding 14,000 new homes to the marketplace. This includes 10,000 apartments and 1,575 villas, as well as 2,258 townhouses and 364 residential complexes. During the reporting period, 1,000 investors received their properties from 900 transactions, …

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