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Asr
15:44
Wednesday
19
June 2019

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03:57
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05:30
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Markets

2,639.48 0.41%
Volume
140,767,639
Turnover
0.41%
Trades
4,068
24
Up
3
Flat
4
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Traded stocks 31
4,974.84 1.27%
Volume
51,478,607
Turnover
1.27%
Trades
2,879
17
Up
1
Flat
5
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Traded stocks 23
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NBF
4.75
Gulf Cement
0.8
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1.21
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3.83
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3.06
DNIR
4
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0.64
Al Madina
0.22
FAB
14.82
DIB
5.13
Emaar
4.34
ADCB
8.49
UPP
0.34
Salama
0.59
DXB Entertainments
0.2
GFH
0.88

Gulf Business


19/06/2019

Dubai’s DIFC enacts new employment law, introduces paternity leave

A new employment law has been enacted for the the Dubai International Financial Centre (DIFC) by Sheikh Mohammed bin Rashid Al Maktoum, Ruler of Dubai and Vice President and Prime Minister of the UAE.The newly-enacted law addresses issues such as paternity leave, sick pay and end-of-service settlements.Employer-focused provisions include expansion of employee duties, reduction of the statutory sick pay, limiting the application of mandatory late penalty payments for end-of-service settlements and recognising settlement agreements between employers and employees.Provisions focussed on employees include the introduction of five days of paternity leave and penalties for discrimination. Penalties have also been introduced to...
18/06/2019

Over 3.9 million used public transport in Dubai during the Eid holidays

Over 3.9 million used public transport in Dubai during the Eid holidays Staff writer Thursday 13 June 2019Over 3.9 million people used public transport in Dubai during the Eid Al-Fitr holidays this year, an increase of 2.9 per cent compared to the Eid holidays in 2018, the Roads and Transport Authority (RTA) has said.A total of 3,906,107 users travelled by public transport this year, compared to 3,794,320 users during Eid Al-Fitr holidays in 2018.The breakdown of public transport ridership during the Eid holiday this year was as follows: Metro (1,589,912 riders), Tram (69,737 riders), public buses (1,218,945 riders), marine transport...
18/06/2019

Dubai’s Emirates will soon replace all plastic straws onboard flights

Dubai’s Emirates will soon replace all plastic straws onboard flights Staff writer Monday 17 June 2019Dubai airline Emirates has announced plans to reduce single-use plastics on board its aircraft.As of June 1, eco-friendly paper straws have been introduced and all Emirates flights will soon be plastic straw-free.The airline said it has been working on various long-term sustainability initiatives.Along with 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 retail purchases will also be replaced with paper bags.These initiatives will remove an estimated 81.7...

18/06/2019

Saudi offers Jeddah festival visitors e-visas in ‘three-minutes’

Saudi Arabia will offer e-visas to visitors who buy tickets online for the 41-day ‘Sea and Culture’ festival being held in Jeddah.Organisers have said the e-visas will be issued in “three minutes”.Once visitors buy a ticket, they can get the e-visa by logging on to the Sharek e-Visa website and following the instructions.“Making it quick and easy to obtain an entry visa will encourage more tourists to discover the beauty of Jeddah,” said Raed Abuzinada, general supervisor of the Jeddah Season.The Jeddah Season festival, which runs from June 8 until July 18, is part of the kingdom’s efforts to boost...
17/06/2019

Video: SpiceJet flight from Dubai lands safely in Indian airport after burst tyre

Video: SpiceJet flight from Dubai lands safely in Indian airport after burst tyre Staff writer Wednesday 12 June 2019A flight operated by Indian carrier SpiceJet from Dubai managed to land safely in the city of Jaipur after one of its tyres burst.Flight SG-58, a Boeing 737 jet which was carrying 189 passengers, landed safely at around 9am in the morning, news agency ANI reported.“While the aircraft was descending at Jaipur, pilots were informed by Jaipur ATC of suspected tyre burst in Dubai. The crew followed their procedures and landed safely in Jaipur,” a SpiceJet spokesperson was quoted as saying.“Passenger were...
17/06/2019

Dubai Airports to impose ban on single use plastics from 2020

Dubai Airports to impose ban on single use plastics from 2020 Gulf Business Monday 10 June 2019Single use plastics will be banned from consumer spaces at the Dubai International Airport from January 1, 2020, operator Dubai Airports has announced.“At an airport that hosts some 90 million people per year, we believe we can make a tangible difference by eliminating single use plastics in consumer spaces,” said Eugene Barry, executive vice president, Commercial at Dubai Airports.“Today we are making a commitment to work with all of our concession and hospitality partners to achieve that goal effective January 1, 2020.”On World Environment...

16/06/2019

Abu Dhabi sovereign fund ADIA buys full ownership of New York office block

Abu Dhabi Investment Authority (ADIA) said on Wednesday it had bought a 25 per cent stake in 330 Madison Avenue from Vornado Realty Trust, gaining full ownership of the office block close to New York’s Grand Central Station.ADIA, which the Sovereign Wealth Fund Institute estimates manages nearly $700bn in assets, has between 5 per cent to 10 per cent of its portfolio in real estate.The stake was bought by a subsidiary of ADIA, a spokesman of ADIA told Reuters, adding ADIA already owned 75 per cent of the property for 30 years.ADIA did not disclose the value of the deal,...
16/06/2019

Dubai’s property developer The First Group in talks for financing

The First Group, a Dubai-headquartered developer and real estate investor, is considering different financing options, a company’s spokeswoman told Reuters in an email.According to a financial source familiar with the matter, the firm is looking at potentially issuing US dollar-denominated sukuk, or Islamic bonds.“The First Group is currently considering different financing structures in order to explore potential opportunities currently available in the region,” said the spokeswoman.“Given the confidential nature of these conversations we are not able to disclose the exact details currently under discussion,” said the spokeswoman.
16/06/2019

Dubai Municipality restores traditional markets in Deira

Dubai Municipality has completed a project to revive the traditional markets of Deira and preserve its “distinctive architecture”, it announced on Saturday.The project aimed to revitalise the area’s traditional markets while also adding “creative touches” to the surrounding modern buildings to enhance the area’s historical feel.It also looked to restore the markets as a commercial centre for residents and tourists.More than 220 historical buildings had their facades renovated, while the traffic routes around the neighbouring urban spaces were modified.The oldest commercial complex in Dubai was restored and rehabilitated following specialised studies focused on restoring the architectural authenticity of the markets,...

16/06/2019

New insolvency law enacted by Dubai’s DIFC, lawyers say move will boost confidence

Dubai International Financial Centre (DIFC) has enacted a new insolvency law, it was announced on Tuesday.The law, signed off by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, aims to “balance the needs of all stakeholders in the context of distressed and bankruptcy related situations in DIFC”, a statement said.It will facilitate a more efficient and effective bankruptcy restructuring regime, it added.The new regulation, which will come into effect on June 13, 2019, introduces a new debtor in possession bankruptcy regime.The law also provides for a new administration process where...
16/06/2019

BP raises Saudi oil reserves 12% in first big change in 30 years

BP has raised estimates for Saudi Arabia’s crude oil reserves by 12 per cent, marking the first major change to the country’s estimated reserves since 1989.In its benchmark 2019 Statistical Review of World Energy, BP recalibrated some Saudi gas reserves as oil, allowing Riyadh to close in on Venezuela’s top spot as the world’s largest reserves holder.BP said Saudi Arabia’s proved oil reserves were revised to 297.7 billion barrels at the end of 2018 from 266.2 billion a year earlier, only slightly behind 303 billion in Venezuela.Canada was third with 168 billion barrels, followed by Iran with 156 billion and...
15/06/2019

JW Marriott Dubai in Deira to suspend operations next month

The JW Marriott Dubai hotel in Deira will suspend operations next month, operator Marriott International announced on Monday.The reason for the closure of the four-star hotel was not disclosed.“Marriott International has found it necessary to suspend operations at the JW Marriott Dubai in Deira due to circumstances beyond our control that have interfered with our ability to continue to operate the hotel,” a brief statement said.“The hotel will not be open for business as of midnight (GST) on Sunday, May 12, 2019. We are working closely with impacted associates, guests and business partners and taking steps to promote a smooth...