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Asr
15:49
Monday
22
April 2019

Fajr
Fajr
04:28
Sunrise
Sunrise
05:51
Dhuhr
Dhuhr
12:21
Asr
Asr
15:49
Maghrib
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18:51
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20:21
Markets

2,825.72 0.18%
Volume
209,069,166
Turnover
0.18%
Trades
3,029
13
Up
3
Flat
16
Down
Traded stocks 32
5,384.44 0.71%
Volume
47,524,181
Turnover
0.71%
Trades
1,173
9
Up
3
Flat
11
Down
Traded stocks 23
Most active
NMDC
4
IHC
0.96
Ekttitab
0.23
Emaar Malls
1.76
Al Qudra
0.76
Taqa
0.85
BILDCO
0.41
Aman
0.51
DIB
5.15
Emaar
5.04
FAB
16.66
Dubai Investments
1.6
DXB Entertainments
0.25
GFH
1.07
Deyaar
0.4
Dubai Investments
1.6

Emirates Business


Listed Emirati firms distribute AED39bn in 2018 dividends

Emirates Business To the tune of AED39 billion in cash dividends have been paid out by listed Emirati companies for their stockholders for the year 2018.The generous cash distributions, which earn the UAE companies the lead over other Middle East-based firms in terms of dividend payouts, are reflective of the high-yield stocks traded in the country’s two main bourses — Abu Dhabi Securities Exchange and the Dubai Financial Market, primarily the banking, real estate and the telecommunications shares.According to the official figures, the 2018 cash distributions grew 21.8 percent from AED33 billion in 2017, with banks getting the lion’s share...

UAE stocks gain AED6.2 billion

DUBAI / WAM UAE stocks maintained their upward movement and gained around AED6.2 billion in market cap at the end of the Sunday session, driven by a spree of selective purchases targeting blue chips and positive quarterly statements announced by the leading listed companies.Amidst the overall bullish sentiments, the general index of the Abu Dhabi Securities Exchange closed at 5346 points, 1.03 percent higher than the last trading session, with the Dubai Financial Market following suit, ending at 2820 points, 0.24 percent higher than the Thursday session.Accordingly, Emaar closed high at AED4.97 and Arabtec at AED 2.26, with Deyaar rising...

Bahrain’s GIB establishes Saudi arm with $2b capital

Bloomberg Bahrain-based Gulf International Bank converted its Saudi operation into a locally incorporated bank with 7.5 billion riyals ($2 billion) capi-tal, as the lender looks to boost its presence in the kingdom.The bank’s Saudi arm will be owned equally by GIB, as the Bahraini lender is known, and Saudi Arabia’s Public Investment Fund, according to a statement. Abdulla bin Mohammed Al Zamil is chairman of GIB Saudi Arabia, while GIB CEO Abdulaziz bin Abdulrahman Al-Helaissi will be executive director and CEO of the Saudi business.

Dubai economy forecast to grow by 3.8% in 2020

Abu Dhabi / WAM Government-led policy initiatives and investments, improved growth prospects in trading partners, and preparation to host Expo 2020 Dubai are providing increased private sector credit and investment in Dubai. As a result, real GDP growth rates in the short to medium term are projected to reach 2.1 percent, 3.8 percent and 2.8 percent, in the years 2019, 2020 and 2021, respectively.The Department of Economic Development (DED) on Sunday released a report about the Dubai Economy, saying that economic momentum picked up at the beginning of this year, with a surge in new business licenses and improved optimism...

UAE, Brazil discus ties, cooperation

DUBAI / WAM Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (Dewa), met Fernando Luis Lemos Igreja, Ambassador of Brazil to the UAE, as part of a series of meetings to ensure cooperation and collaboration with all diplomatic and consular missions in the UAE.The meeting was attended by Dr Yousef Al Akraf, Executive Vice President of Business Support and Human Resources at Dewa; Waleed Salman, Executive Vice President of Business Development and Excellence at Dewa; and Khawla Al Mehairi, Executive Vice President of Strategy and Government Communication at Dewa. Al Tayer welcomed Igreja, affirming the...

DSOA building ranks first in Mena region for sustainability

Dubai / Emirates Business Dubai Silicon Oasis Authority (DSOA), the regulatory body for Dubai Silicon Oasis (DSO), the integrated free zone technology park, announced that it has obtained the Leadership in Energy and Environmental Design (LEED) v4.1 Platinum certification in the Operations and Maintenance (O+M) category for its High Bay Building in DSO.Dr Juma Al Matrooshi, Deputy CEO for Operations and Client Affairs at DSOA, received the certificate from Mahesh Ramanujam, President and CEO of the US Green Building Council (USGBC), in the presence of Engineer Khalil Shalan, Vice President of Operations and Facilities at DSOA, and other representatives of...

UAE, Pfizer to establish national research lab

DUBAI / WAM Abdul Rahman bin Mohammed Al Owais, Minister of Health and Prevention (MoHAP) met with Dr Amrit Ray, Global President, R&D and Medical, Pfizer EMB, to discuss the possibility of establishing a scientific research and excellence hub in the UAE.Al Owais and Dr Ray also discussed mutual efforts to fight chronic diseases and develop innovative and integrated solutions in the field of cardiovascular diseases, according to the latest global clinical practices. They also took stock of the importance of harnessing modern techniques to provide effective patient management solutions.The meeting comes as part of the ministry’s efforts to achieve...

Global tensions to fuel oil rally, say hedge funds

Bloomberg Hedge funds are betting rising tensions around the globe will keep fueling oil’s rebound this year.Money managers boosted optimistic wagers on West Texas Intermediate crude to the highest since October in the week ended April 16, according to government data released. Total long and short positions swelled to the most in six months, a sign the rally is luring back investors after 2018’s late-year crash. The US benchmark has jumped about 40 percent this year.Oil has wavered since nearing $65 a barrel in New York for the first time in five months on April 9. Opec output cuts have...

Ras Al Khaimah, Eni ink exploration deal

Bloomberg Eni SpA signed an exploration and production agreement wi-th emirate of Ras Al Khaimah, a further push by the Italian company into the Middle East.The deal between the Rome-based hydrocarbons producer and RAK Petroleum Authority will cover Block A, which includes an area of 2,412 sq kms off the coast, according to a statement from Eni.Eni will operate 90 percent of the block, while RAK Gas LLC will be in charge of the remaining 10 percent.Earlier this year, Eni secured a deal on onshore exploration concession areas A, B & C in Sharjah. It also agreed to pay $3.3...

SoftBank international CFO Alok Sama to step down

Bloomberg SoftBank Group International Chief Financial Officer Alok Sama will step down from his post, according to an internal memo seen by Bloomberg News.He will remain a senior adviser at the company, according to the memo, which didn’t provide a reason for his departure. Sama led the execution teams for the $59 billion merger of Sprint and T-Mobile and the $34 billion acquisition of ARM Holdings Plc, among other deals, according to the memo.Sama’s departure comes against the backdrop of management upheaval at the firm. SoftBank Group’s board has investigated who was behind a shareholder campaign seeking the ouster of...

Japan’s 25% breadwinners to turn 75

Bloomberg Japan’s rapidly-aging society will see a quarter of its breadwinners turn 75 or older by 2040, the Nikkei reported, citing a study from the National Institute of Population and Social Security Research. The number of people living alone who are 75 or older will top 5 million.

Trump’s LNG push helps power German green cruise liner boom

Bloomberg President Donald Trump’s bid to dump a glut of liquefied natural gas (LNG) on Europe is getting an unlikely boost: stringent regulations on shipping emissions that are prompting the continent’s shipyards to hunt for alternatives to high-polluting diesel.The International Maritime Organization will clamp down next year on sulfur and carbon emissions from diesel-powered ships. That’s sparked a hunt for less-polluting fuels, with the global glut in LNG luring European cruise and non-cargo lines to turn to the fuel. And it’s benefiting shipyards in Germany, home to the world’s largest merchant navy fleet, which are tapping a booming cruise industry.“Germany...