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Fajr
04:48
Saturday
22
September 2018

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04:48
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Markets

2,764.38 0.86%
Volume
236,766,479
Turnover
0.86%
Trades
2,880
26
Up
3
Flat
6
Down
Traded stocks 35
4,883.42 -0.01%
Volume
103,054,247
Turnover
-0.01%
Trades
1,501
9
Up
4
Flat
12
Down
Traded stocks 25
Most active
Elaf
0.22
Siyaha
7.25
Bithor
4.9
Tasweeq
8.5
Al Mansour Bank
0.62
Khaleeg
0.19
Credit
0.44
Ameen
0.33
Lohom
4.95
Pepsi
3.59
Bithor
4.9
Khaleeg
0.19
Khaleeg
0.19
Mousil
0.17
Capital
0.26
Al Mansour Bank
0.62

Emirates Business


Adnoc hits full production of propylene at Ruwais

ABU DHABI / WAM Adnoc Refining, a subsidiary of the Abu Dhabi National Oil Company (Adnoc), on Wednesday announced it has reached full production of polymer-grade propylene from its newly commissioned Propane Dehydrogenation (PDH) unit, located in the Ruwais integrated refining and petrochemical hub.The PDH unit processes propane from two major sources, Adnoc Gas Processing and Ruwais Refinery West, to produce half a million tons per year of polymer-grade propylene. The standalone unit is part of the recently commissioned Carbon Black and Delayed Coker project.Jasem Al Sayegh, Adnoc Refining CEO, said, “The PDH unit is a key element of Adnoc...

Gulftainer wins 50-year concession for US port

SHARJAH / WAM Gulftainer, a privately-owned independent port operator and logistics company based in Sharjah, has finalised a 50-year concession with the State of Delaware in the USA to operate and develop the Port of Wilmington, significantly expanding the company’s global footprint and reach.The agreement, signed by Gulftainer’s subsidiary GT USA, will see an expected investment of up to $600 million in the port to upgrade and expand the terminal and to turn it into one of the largest facilities of its kind on the Eastern Seaboard.The port deal represents the largest operation ever run by a UAE company in...

Al Hilal Bank closes $500mn five-year sukuk

ABU DHABI / WAM Al Hilal Bank, rated A2 by Moody’s and A+ by Fitch successfully closed a $500 million five-year Senior Sukuk.The transaction, under Al Hilal Bank’s new management team, marks the first Senior Public Sukuk from the UAE since April 2018, and re-opens the Capital markets for GCC issuers. Al Hilal Bank was last in the market with a Senior Public Sukuk in 2013.The success of the transaction came on the back of an extensive marketing strategy aimed at updating International and Regional investors with regard to Al Hilal Bank’s strategy andfinancial performance.The management team, led by CEO,...

Abu Dhabi is world’s safest city

ABU DHABI / WAM Abu Dhabi has been named the safest city in the world for the second year running by Numbeo, a website that curates and collates data to develop the world’s largest user-contributed database about cities and countries worldwide.Surpassing more than 300 cities across the world, including Tokyo, Basel, Munich, and Vienna, the UAE’s capital has once again topped the list as the most secure city in the world, with the emirate’s safety index rising from 86.46 points for the first half of last year to 88.26 points during the first six months of this year.Saif Saeed Ghobash,...

Starbucks paid 2.8% effective UK tax last year

Bloomberg The European business of coffee chain Starbucks Corp. paid an effective UK tax rate of 2.8 percent last year after a payment from another part of the company boosted profits, the Financial Times reported.The company paid $5.9 million in UK taxes on a profit of $213 million in the year ended October 2017, down from earnings of $219 million a year earlier, the newspaper reported. The annual figure was inflated by a $150 million dividend from another Starbucks entity on which tax had already been paid, the FT said. The UK corporate tax rate is 19.5 percent.Starbucks, with 3,000...

Morgan Stanley sees $2.5bn equity raise for Tesla in Q4

Bloomberg Tesla Inc. could raise funds as soon as this year as Elon Musk’s company ramps up production and prepares for maturing debt, analysts at Morgan Stanley predict.The company, whose stock has slumped 25 percent in the past six weeks amid a string of controversies, could raise $2.5 billion in equity in the fourth quarter from investors that have a strategic interest in its business model, Morgan Stanley analysts including Adam Jonas wrote in a note dated Sept. 18 outlining various possibilities.Musk has repeatedly said Tesla doesn’t need to raise capital as the electric-car maker’s finances improve. Musk said last...

UAE snags top position in ICT global competitiveness index

DUBAI / WAM The United Arab Emirates has achieved a new accomplishment in ICT global competitiveness by achieving advanced ranks in the Global Competitiveness Index, according to the results published recently by the International Telecommunication Union (ITU).The results showed that the UAE is ranked first globally in the rate of mobile-broadband subscriptions, in addition to ranking first in the rate of the population covered by a mobile-cellular network, as well as the population covered by at least a 3G mobile network. The UAE also ranked second globally in Mobile-cellular subscriptions.The UAE maintained its advanced positions in other indicators, ranking 4thglobally...

Maqta Gateway, ADGM launch fintech innovators platform

ABU DHABI / WAM­­­­­ Maqta Gateway, an Abu Dhabi Ports subsidiary, and Abu Dhabi Global Market (ADGM), signed a Memorandum of Understanding (MoU) to collaborate on innovation projects, technologies and knowledge transfer. The signing took place on theside-lines of the FinTech Abu Dhabi 2018.The agreement aims to spur economic growth, creative thinking and entrepreneurism through setting up a platform from which FinTech innovator firms can test and launch products, services and business solutions within a regulated environment.Both entities will exchange expertise and partner for joint innovation projects to develop and apply technologies in the areas of digital and mobile payments,...

Malaysia eyes Dubai to explore region’s markets

DUBAI / WAM The Malaysian Franchise Association has chosen Dubai and the 3rd edition of “The Global Franchise Market Exhibition” (TGFM) to explore the emerging and lucrative markets in the Middle East and North Africa region, connect with local, regional and international franchisors and brand owners and expand their businesses within the region.TGFM, the official franchising event in Dubai, brings together leading investors, master franchisees, licensees, entrepreneurs, and leading brands, and it is expected to attract over 2,000 visitors and participants and witness the presence of over 100 leading brands from 80 countries.

Khalifa Foundation launches first food outlet market in Dubai

Dubai / WAM The Khalifa bin Zayed Al Nahyan Foundation has launched, in cooperation with the Abu Dhabi Co-operative Society, Abu Dhabi COOP, the first food outlet market that sells food supplies to UAE nationals and residents, with the exception of rice and flour, which are only available to UAE nationals, at cheap prices.The launch of the market, which is located in Nad Al Hammar, Dubai, is part of the foundation’s efforts to distribute food supplies in the Northern Emirates and help local people buy food supplies close to their homes. It is also a continuation of the implementation of...

EU offers proposals to strengthen WTO rules

Bloomberg The European Union (EU) outlined ways to bolster the World Trade Organization (WTO) in a bid to keep US President Donald Trump committed to the global commercial order that America helped shape after World War II.EU Trade Commissioner Cecilia Malmstrom presented a ‘concept paper’ aimed at strengthening WTO rules against trade-distorting subsidies, averting a deadlock in the dispute-settlement system of the organisation and enhancing its monitoring role. The bloc plans to share the ideas with trade partners at a September 20 meeting in Geneva being organised by Canada.“Despite its success, the WTO has not been able to adapt sufficiently...

Dubai non-oil trade surges to AED645 billion in H1 2018

Dubai / WAM Dubai’s non-oil foreign trade recorded AED645 billion in the first half of 2018, an increase of AED5 billion from 2017 figures.Dubai’s re-exports registered a AED24 billion increase and grew 14 percent to AED203 billion, which reflects the robust and healthy position Dubai leads as a distinctive regional and international re-export hub, while imports touched AED377 billion and exports totalled AED65 billion.The emirate’s free zones foreign trade scored an increase of 20 percent, AED43 billion in the first half of 2018 to AED257 billion. Re-export activity through free zones touched AED112 billion; with a 31 percent increase from...