UAE news

Emirates SkyCargo aims to be in line with growing economic activities

55 minutes ago Emirates SkyCargo to add 100 destinations from July

Dubai – Mubasher: Emirates SkyCargo will add new destinations to its network to operate cargo flights to 100 destinations across six continents in July, according to a press release on Sunday. The new destinations include Accra, Algiers, Athens, …

Companies Investments

1 hour ago Fujifilm collaborates with GRA, Dr Reddy’s for potential coronavirus drug

Mubasher: Global Response Aid (GRA) and Dr. Reddy’s Laboratories signed an agreement with Japan’s FujiFilm Corporation for the production and distribution of Avigan.

Global Markets brief

The total number of recoveries reached 40,297

2 hours ago UAE records 683 new COVID-19 cases

UAE – Mubasher: The UAE Ministry of Health announced on Sunday 683 new coronavirus (COVID-19) cases to raise the total number of cases in the UAE to 51,540 after conducting more than 47,000 tests. The total number of recoveries reached 40,297 …

Gilead Sciences has increased the production of Remdesivir

2 hours ago UAE approves Remdesivir for treating COVID-19 patients

UAE - Mubasher: The UAE Ministry of Health and Prevention (MoHAP) has approved the use of the anti-viral drug Remdesivir in treating the coronavirus (COVID-19) patients in the country, according to a press release. The approval is supported …

The telecommunications sector led the decliners

3 hours ago ADX closes Sunday down; market cap records AED 580.97bn

Abu Dhabi – Mubasher: The main index of the Abu Dhabi Securities Exchange (ADX) went down by 0.18% or 7.80 points to settle at 4,303.92 points by the end of Sunday's trading session, reversing its upward performance on Thursday, 2 July. Turnover …

Trading Activities

The market cap value decreased by AED 390m

3 hours ago DFM closes Sunday's trading session on marginal gains

Dubai – Mubasher: The benchmark index of the Dubai Financial Market (DFM) inched up 0.02% or 0.59 points to close Sunday's trading session at 2,062.08 points, unlike its downward performance on Thursday, 2 July. A total of 242.69 million shares …

Trading Activities

DFM employees and brokers resumed their work in June

4 hours ago DFM to reopen trading floor on 7 July

Dubai - Mubasher: Dubai Financial Market (DFM) will reopen its Trading Floor and Customer Affairs counters for investors starting Tuesday, 7 July, after nearly four months of closure due to the coronavirus (COVID-19) pandemic. Since mid-March …

Trading Activities

4 hours ago ADIB sees higher demand for digital banking services in H1

Abu Dhabi - Mubasher: Abu Dhabi Islamic Bank (ADIB) has witnessed a surge in the number of digital transactions carried out across its retail and corporate business services during the first half (H1) of 2020. The bank announced that 60% of its …

Companies Investments

A Ministry of Industry and Advanced Technology was created

12:10 PM UAE establishes new government structure

UAE - Mubasher: Sheikh Mohammed bin Rashid Al Maktoum, UAE vice president, prime minister, and the ruler of Dubai, has announced the UAE's new government structure, in which around 50% of the federal entities will be merged with each other or …

Macroeconomics

The higher demand for inputs leads to higher purchasing costs

11:07 AM UAE non-oil private sector grows for first time in 2020

UAE - Mubasher: The output of the UAE's non-oil private sector increased in June for the first time since December 2019 as the country is easing the coronavirus (COVID-19) restrictions, according to IHS Markit UAE Purchasing Managers' Index (PMI). …

Macroeconomics

The company seeks to work in a more convenient atmosphere

10:05 AM Orient Insurance postpones launching in Saudi Arabia to 2022

Dubai - Mubasher: Orient Insurance Co will delay launching its business in Saudi Arabia to the middle of 2022 due to the coronavirus (COVID-19) economic impact and subsequent travel restrictions. The company was expected to start its branch …

Companies Investments

The group has developed eight projects in the UAE

09:42 AM Reportage Properties records AED 402m sales in H1-20

UAE - Mubasher: The UAE-based Reportage Properties saw AED 402 million sales during the first half (H1) of 2020, up by 200% from AED 137 million in the same period of 2019. The CEO of Reportage Group, Nasser Al Khamis, said that the surge in the …

Real estate

The number of brands in the UAE grew by 15% in 2019

2 July 05:29 PM UAE registers 1,031 trademarks in June

UAE - Mubasher: The number of trademarks that renewed their registration in the UAE climbed to 1,031 in June, when compared to around 500 in May, Emirates News Agency (WAM) reported. The rise in the number of brands renewing their registration …

Macroeconomics

2 July 04:44 PM US initial jobless claims surge 1.427m

The initial jobless claims in the US increased for the first time more than expected by 1.427 million in the week ending on 27 June.

Global Reports

Dubai's imports from Russia reached $305 million

2 July 03:22 PM Dubai's food exports to Russia amount to $114m in 2019

UAE - Mubasher: Dubai's food exports to Russia recorded $114 million in 2019, reflecting the increased cooperation between the UAE and the Russian Federation on food security, according to the Dubai media office. The emirate's imports from Russia …

Macroeconomics

2 July 02:25 PM ADX up on Thursday; market cap gains AED 3.2bn

Abu Dhabi – Mubasher: The main index of the Abu Dhabi Securities Exchange (ADX) ended Thursday's trading session in the green zone after gaining 0.62% or 26.6 points to stand at 4,311.72 points, reversing its downward performance on Wednesday, 1 …

Trading Activities

The market cap value declined by AED 150m

2 July 02:13 PM DFM closes Thursday on marginal losses

Dubai – Mubasher: The benchmark index of the Dubai Financial Market (DFM) edged down by 0.14% or 2.90 points to end Thursday's trading session at 2,061.49 points, maintaining its downward performance on Wednesday, 1 July. The market cap value …

Trading Activities

The last components was assembled this week

2 July 02:02 PM DP World to test world's first HBS container

Dubai – Mubasher: DP World will conduct the test operations of the world’s first container High Bay Store system (HBS) at Jebel Ali Port before September. The last major components of the system, developed under a joint venture by DP World …

Companies Investments

Terminus will provide the world expo with over 150 robots

2 July 01:00 PM Expo 2020 names China's Terminus as official robotics partner

UAE - Mubasher: Expo 2020 Dubai has named Terminus Technologies its Official Robotics Partner after the Chinese company had inked a long-term lease agreement at District 2020. As Expo 2020 Dubai's latest premier partner, Terminus will provide the …

Companies Investments

The airline has agreed to around 650,000 refund requests

2 July 12:22 PM Emirates refunds AED 1.9bn worth of tickets

UAE - Mubasher: Emirates airline has refunded AED 1.9 billion to its customers in the past two months, according to a press release on Thursday. The airline has agreed to around 650,000 refund requests made by its customers following the …

Management Decisions

The initiative involves postponing and reducing rent fees

2 July 12:03 PM Al Mazaya subsidiaries offer rent incentives against COVID-19

Mubasher: Al Mazaya Holding, listed on Boursa Kuwait and the Dubai Financial Market (DFM), announced that some of its subsidiaries have adopted an incentives package to support tenants and real estate investors affected by the coronavirus …

Companies Investments

DSI expected AED 1.518 billion credit losses relating to certain subsidiaries

2 July 11:44 AM DSI reveals AED 1.518bn credit loss provision reversal

Dubai – Mubasher: Drake & Scull International (DSI) announced that a reversal of provision for expected credit losses amounted to AED 1.518 billion, relating to certain subsidiaries that were disposed of during the year. Due to the disposed …

Financial Results

First Abu Dhabi Bank (FAB) was ranked second

2 July 11:09 AM Six UAE banks among Middle East's top 25 list for 2020

UAE - Mubasher: A total of six Emirati banks were placed among the Middle East's top 25 banks for 2020, according to The Banker magazine. First Abu Dhabi Bank (FAB) was ranked second in the magazine's list with a $20.79 billion capital, followed …

Sector Reports

TAQA completed a merger deal with ADPower

2 July 10:35 AM Moody's upgrades TAQA's ratings to Aa3, P-1, outlook stable

Abu Dhabi – Mubasher: Moody's Investors Service has upgraded the rating of Abu Dhabi National Energy Company (TAQA) to Aa3 from A3 and the short-term rating to P-1 from P-2, with a 'Stable' outlook. The rating agency's upgrade came following the …

Mergers and Acquisitions