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2,797.00 0.04%
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87,823,270
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0.04%
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1,441
17
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5
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5,039.12 -0.31%
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833
11
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Al Qudra
0.91
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0.4
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0.52
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1.2
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5.17
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15
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0.23
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0.43
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0.88
DXB Entertainments
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Gulf Business


18/08/2019

Fears of a global economic downturn are ‘exaggerated’ – Kuwaiti minister

Kuwait is “fully committed” to implementing an agreement between oil exporting countries to cut production in order to support crude prices, Oil minister Khaled al-Fadhel said on Monday.He said his country has cut its own output by more than required by this agreement.“The compliance of Kuwait was close to 160 per cent last July,” he was quoted as saying by the official news agency KUNA.He said fears of a global economic downturn, which have weighed down on prices, were “exaggerated,” and global demand for crude should pick up in the second half, helping reduce the surplus in oil inventories gradually.
18/08/2019

Abu Dhabi to boost tourism sector with new Dhs600m fund

Abu Dhabi’s Department of Culture and Tourism (DCT) has announced a new Dhs600m fund to boost leisure and business activities in the emirate.The economic yield of this new fund is pegged at Dhs1.6bn by way of increased overseas visitors and enhanced business activities around the entertainment sector.The purpose of the package will be to provide multi-purpose financing that will encourage partnerships with global entertainment bodies to undertake new projects in Abu Dhabi.It will also as scale-up existing entertainment events in the UAE while encouraging them to set up events in Abu DhabiThe fund will work in tandem with the ‘Advantage...
17/08/2019

Welcoming the world: Jumeirah’s CEO on the Dubai brand’s bold new strategy

The iconic sail-shaped “seven-star” hotel Burj Al Arab – built 20 years ago – continues to proudly stand as one of the most popular symbols of Dubai.The luxurious hotel, which has recently seen several refurbishments, also claims to have another feather in its cap – of being the most followed hotel on Instagram with over 887,800 followers.For the hotel’s developer, Dubai’s homegrown brand Jumeirah Group, taking bold and “audacious” steps has been part of its DNA, claims CEO José Silva, who took over the role just over a year ago, in March 2018.“The brand was always very ambitious, very audacious....

16/08/2019

Bahrain’s sovereign wealth fund appoints new CEO

Bahrain’s sovereign wealth fund, Mumtalakat, has appointed Khalid al-Rumaihi as its new chief executive officer.Rumaihi was a member of the board of directors of Mumtalakat and head of the Board Investment Committee since 2015, a statement from the fund said on Tuesday.He also led the Bahrain Economic Development Board (EDB)as chief executive.Rumaihi replaces Mahmood Alkooheji, who was chief executive since Mumtalakat was established in 2006.
16/08/2019

Mohamed Yousuf Naghi Motors acquires Ford and Lincoln dealership in Saudi

Mohamed Yousuf Naghi Motors acquires Ford and Lincoln dealership in Saudi Reuters Wednesday 14 August 2019Saudi automotive company Mohamed Yousuf Naghi Motors has acquired the Ford Motor and Lincoln distributorship from Al Jazirah Vehicles Agencies Co in the western and southern regions of Saudi Arabia, the law firm advising the deal said on Wednesday.Law firm Abdulaziz Alajlan & Partners advised the Saudi group on the acquisition as well as the negotiation and execution of the distribution arrangements with Ford and Lincoln in these regions, it said in a statement.Mohamed Yousuf Naghi Motors is a prominent Saudi automotive family business and...
15/08/2019

Emirates announces revised Hong Kong flight schedules

Emirates announces revised Hong Kong flight schedules Staff Writer Tuesday 13 August 2019On Monday, Emirates cancelled two of its flights, EK384 from Bangkok to Hong Kong and EK385 from Hong Kong to Bangkok.The announcement came on the same day that Hong Kong International Airport on Monday cancelled all departures on Monday, and asked passengers not to travel to the airport.However, Emirates has now issued a statement confirming the resumption of its flight to Hong Kong on Tuesday, but with revised timings.It said that EK 386 from Dubai to Hong Kong will depart at 8pm on Tuesday, while EK 387 from...

15/08/2019

Oil demand impacted by global vehicle production slump

Oil demand impacted by global vehicle production slump Reuters Tuesday 13 August 2019Global vehicle production is falling at the fastest rate since the financial crisis – depressing manufacturing output, freight and the consumption of oil and other commodities.Global motor vehicle output declined last year by 1 per cent, the first annual decrease since 2009 and only the third fall in 20 years, according to data from the International Organization of Motor Vehicle Manufacturers (OICA).But output is on course to drop much faster in 2019, with production up so far in Japan, but down slightly in America and plunging in other...
14/08/2019

Saudi Aramco’s first-half net income falls 12%

Saudi Aramco, the world’s top oil producer, reported first-half net income of $46.9bn on Monday, down from $53.02bn a year earlier.By comparison, Apple Inc, the world’s most profitable listed company, made $31.5bn in the first six months of its financial year.Aramco said it generated total revenues, including other income related to sales, of $163.88bn in the first half of this year, down from $167.68bn a year earlier.Aramco, the world’s biggest oil producer, is also taking a 20 per cent stake in the oil to chemicals business of India’s Reliance Industries Ltd, Reliance chairman Mukesh Ambani said on Monday, in one...
14/08/2019

Emaar Q2 profit falls 7.4% as Dubai property market cools

Dubai’s largest listed developer Emaar Properties’ second-quarter profit fell 7.4 per cent as the Middle East financial hub’s property market continues to cool.The emirate’s oversupplied residential real estate market, down by at least a quarter since the middle of 2014, is showing no signs of a recovery.Emaar made a net profit of Dhs1.37bn ($373m) in the April-June period, according to Reuters calculations based on a company bourse statement on Sunday, compared to Dhs1.48bn in the 2018 second quarter.EFG Hermes estimated Emaar would make Dhs1.55bn in net profit.Second-quarter revenue contracted 3.6 per cent to Dhs5.68bn, Reuters calculated.The developer of the world’s...

14/08/2019

Abu Dhabi’s Etihad says it will not express interest to reinvest in Jet Airways

Abu Dhabi’s Etihad says it will not express interest to reinvest in Jet Airways Reuters Monday 12 August 2019Abu Dhabi’s Etihad Airways said on Monday it will not express interest in reinvesting in India’s bankrupt Jet Airways because of unresolved issues concerning the Indian airline’s liabilities.Jet has invited prospective bidders to express interest and last week extended the deadline to August 10.Etihad acquired a 24 per cent stake in Jet in 2013, at a time when the Indian airline needed significant financial support, but since then the Abu Dhabi-based airline has been seeking “advanced solutions” to help resolve issues facing...
14/08/2019

Emirates, Etihad flights to Hong Kong affected after airport closure

Emirates, Etihad flights to Hong Kong affected after airport closure Aarti Nagraj Monday 12 August 2019Dubai airline Emirates announced on Monday that its flights to Hong Kong had been cancelled after the closure of the airport by authorities due to protests.“The operations of Emirates flights EK384 from Bangkok to Hong Kong and EK385 from Hong Kong to Bangkok on August 12 has been cancelled due to protests at Hong Kong International Airport and subsequent ‘Flight Stop’ put in place by Hong Kong Airport authorities,” the airline said in a statement on its website.“We are monitoring the situation closely, and aim...
14/08/2019

Abu Dhabi’s Aldar Properties issues contracts worth Dhs1 bn

Aldar Properties in its quarterly update issued today said that infrastructure work on its Alreeman project began this month following the appointment of Tristar Engineering and Construction LLC as the main contractor for the project.The contract awarded to Tristar was valued at Dhs794m for the 2.8-million-square-metre mixed-use development in Alshamkha.Read: Abu Dhabi government awards contracts worth Dhs5bn to AldarLast month, Aldar said that 75 per cent of the first phase of newly launched Alreeman II development sold out on the first day of sales, generating Dhs420m in sales.The development is a Dhs1.7bn master-planned residential community, available exclusively for purchase by...