UAE news

Contracts worth a total of $788.7 million were signed in Q3-17
12 minutes ago Orascom Construction seals $1.54bn deals in 9M
Cairo – Mubasher: Orascom Construction has signed a total of $1.54 billion contracts across the Middle East and North Africa (MENA) region and the U.S. during the first nine months of 2017, board member Osama Bishai said. Following the addition of …
Union Properties fell 0.4%
31 minutes ago DFM records 5 session-low Tuesday
By: Mahmoud Gamal Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index dropped 0.23% or 7.7 points on Tuesday to close at 3,409 points, registering its fifth successive loss on the back of the real estate sector. The DFM continued …
Oil prices increase amid optimism of controlling the market
59 minutes ago Oil prices rise amid optimism stronger OPEC control
Mubasher: Oil prices jumped during Tuesday’s trades ahead of initial data regarding US oil stockpiles, as investors welcomed the resolutions by the Organization of Petroleum Exporting Countries (OPEC) to impose further market control. By 10:43 am …
Hillside Dubai tower’s sales will be launched in the first quarter of 2018
2 hours ago Sweid & Sweid, Banyan Tree launch Hillside Dubai
Dubai – Mubasher: UAE-based developer Sweid & Sweid on Tuesday announced the closing of a deal with Singapore’s Banyan Tree Holdings to develop a Banyan Tree Residences tower in Dubai "Hillside Dubai".  Spanning 110,000 square feet, the …
Orascom Construction Q3 profits down 19%
2 hours ago Orascom Construction profits up 6% in 9M
Cairo – Mubasher: Orascom Construction on Tuesday reported a 19% year-on-year drop in consolidated profits for the third quarter of 2017 due to lower revenues. Net profit amounted to $23.5 million in the three months ended September 2017, compared …
The VAT will be applied in UAE by January 2018
3 hours ago UAE’s VAT may face obstacles - DCCI CEO
Dubai- Mubasher: Unreadiness of a large number of small and medium-sized enterprises (SMEs) poses a challenge to put value-added tax (VAT) into effect early 2018, president and CEO of Dubai Chamber of Commerce and Industry (DCCI) Hamad Buamim told …
The UAE complex was developed by Al Farwaniya Property Developments
3 hours ago Kuwaiti consortium to pump $1.2bn in UAE’s Reem Mall
Mubasher: A consortium of three Boursa Kuwait-listed companies announced financing the Reem Mall Complex in Abu Dhabi, the UAE, according to recent statements. Agility Public Warehousing, United Projects Company for Aviation Services (UPAC), and …
The private sector will have the lion’s share of these energy projects
3 hours ago UAE to launch AED 600bn energy projects by 2050
Abu Dhabi – Mubasher: The total cost of energy projects in the UAE is expected to reach AED 600 billion (163.38 billion) by 2050, the UAE’s minister of energy and industry Suhail bin Mohammed Al-Mazroui has said. The private sector will have the …
Dubai economy to grow 4% in 2018- CEO
3 hours ago Dubai economy to grow 4% in 2018- CEO
Dubai- Mubasher: Hamad Buamim, president and CEO of Dubai Chamber of Commerce and Industry, expected that Dubai economy to continue growth trajectory of 3% and 4% by 2018. The chamber’s recent studies demonstrated that the local investment …
QIC stated in September that the renewal was not possible
3 hours ago QIC extends Abu Dhabi’s branch licence
Doha – Mubasher: Qatar Insurance Company (QIC) on Tuesday announced renewing the business licence of its branch in Abu Dhabi. In September, QIC had said that the renewal was not possible owing to the political situation in the GCC, following the …
Oil prices declined in line with the anticipation for the OPEC meeting
4 hours ago Kuwait crude oil rises 70 cents – KPC
Mubasher: The price of Kuwait’s crude oil increased by 70 cents to settle at $59.14 per barrel (pb) on Monday compared to $58.44 pb on Friday, according to the latest data issued by the Kuwait Petroleum Corporation (KPC). At the global level, oil …
Lulu Group expands in UAE
4 hours ago Lulu Group opens 5th hypermarket in Sharjah
Dubai – Mubasher: The UAE-based Lulu Group has inaugurated its fifth hypermarket in Sharjah. The Emirati group now has 139 outlets inside and outside the UAE, the hypermarket retail chain said in a statement. The group had previously stressed that …
Agility’s subsidiary ink $457m credit facility
5 hours ago Agility’s subsidiary inks $457m credit facility
Mubasher: Agility Public Warehousing on Tuesday announced, through its subsidiary United Projects Company for Aviation Services (UPAC), that the Abu Dhabi-based Al Farwaniya Property Company LLC has signed a seven-year senior credit facility for a …
Arabtec’s unit wins AED 950m deal
09:31 AM Arabtec’s unit wins AED 950m deal
Dubai – Mubasher: Target Engineering Construction Company (Target), the wholly-owned subsidiary of the UAE-based, Arabtec Holding handed over a new project at a value of AED 950 million. The contract includes implementing the second phase of …
UAE bourses may rise Tuesday
08:58 AM UAE bourses to rebound Tuesday – Analysts
By: Mahmoud Gamal Dubai – Mubasher: The UAE bourses are expected to rebound into positive territory on Tuesday as prices are likely to reach attractive levels, analysts told Mubasher. Market analyst Gamal Abdel Hameed said that the indices of the …
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12:29 AM Eni, BP interested in Iraq’s Majnoon field
Mubasher: The UK’s BP and Italy’s Eni have expressed their interest in developing the giant Majnoon oil field in Iraq, Reuters reported on Monday. Other oil companies are also keen on developing the field, which Royal Dutch Shell plans to leave …
Gold declined by more than $21 on Monday
12:26 AM Gold prices down 1.6% as USD rises
Mubasher: Gold prices dropped 1.6%, as the US dollar rose supported by the uncertainty regarding negotiations for forming a new government in Germany. The price of gold futures for December delivery lost more than $21.2 and reached $1,275.3 per …
Nymex futures reached $56.09 per barrel
12:22 AM Oil prices down Monday
Mubasher: Oil prices fell on Monday, amid a growing anticipation of the Organization of the Petroleum Exporting Countries (OPEC) summit, which will take place on 30 November. Nymex futures for December delivery fell 0.8% to the level of $56.09 per …
US Federal Reserve Chair Janet Yellen
20 November 11:20 PM Yellen to resign from Federal Reserve in February
Mubasher: US Federal Reserve Chair Janet Yellen announced on Monday that she will resign from the Board of Governors once Jerome Powell is confirmed and sworn in to replace her after her term expires next February. Although Yellen’s term would end …
Saudi crude imports registered 6.55 million barrel per day in September
20 November 07:03 PM Saudi oil imports down to 79M low - JODI
Riyadh - Mubasher: The Joint Organisations Data Initiative (JODI) revealed that Saudi oil imports declined to 6.55 million barrel per day, compared to 6.71 million barrels per day in August. Data showed that in September Saudi crude imports …
The company is negotiating agreements with SEWA
20 November 06:57 PM Quantum Eurostar eyes AED 250m energy efficiency projects in UAE
By: Amr Adel Dubai – Mubasher: Quantum Eurostar Energy Solutions Company’s (Qesco) on Monday unveiled a plan to launch new projects in the field of efficient energy use with a total cost of AED 250 million in the coming period. There are new seven …
Toshiba to sell $5.4bn shares to avoid delisting
20 November 05:51 PM Toshiba to sell $5.4bn shares to avoid delisting
Mubasher: Toshiba on Monday announced that the company is planning to sell new shares valued at $5.4 billion to foreign investors so as to meet the company’s needs and avoid delisting. The Japanese company seeks to sell 2.28 billion shares valued …
Written premiums increased by 15%
20 November 05:28 PM UAE insurance firms recover after long-term losses - Analysis
By: Mahmoud Gamal Dubai – Mubasher: Insurance companies listed on the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) saw over a 50% increase in net profits in the first nine months of 2017, pushed up by government …
Moody’s also changed the bank’s outlook to stable
20 November 05:22 PM Moody's downgrades Al-Hilal Bank's ratings to A2
Abu Dhabi - Mubasher: Moody's Investors Service has downgraded Al Hilal Bank (AHB) long-term issuer rating to A2 from A1, and also downgraded its baseline credit assessment (BCA) to ba3 from ba2. The ratings agency has also changed the outlook on …
Residents are predicted to spend up to $2.9 billion on super expensive cars
20 November 05:18 PM Luxury cars top UAE residents’ buying in 2017
Mubasher: GCC citizens have often made headlines with excessive spending, especially on luxury items. Most people often dream of having big fortunes and wonder what they would do if they won a lottery or got rich suddenly. For some in the GCC …