finance & economy

April 23, 2019

The UAE Space Agency and Mohammed bin Rashid Space Centre (MBRSC) have announced that 85 percent of the Hope Probe project has been completed.

In a joint statement, the two organisations confirmed that most of the main parts of the project have been completed and are currently undergoing testing.

The probe has already entered an intensive testing phase to ensure its readiness before the launch date, with less than 500 days are remaining for the launch, the statement added. It is planned to reach Mars by 2021, coinciding with the 50th anniversary of the founding of"...

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April 23, 2019

Dubai developer Meraas has signed an agreement with Singapore-based Chinese company Samanea Group that will see a AED1 billion ($272 million) mall come to fruition in 2021 near Dubai International City.

The inaugural Big C Forum witnessed the signing, with six key Chinese manufacturers and businesses also inking the letter of intent, a statement said.

Samanea Group will develop the 570,000 sq ft retail outlet which will focus on home appliances and furniture from small, medium and big Chinese businesses seeking a foothold in the GCC market. The mall will also hold"...

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April 23, 2019

(AETOS Wire)-- Reference is made to the joint press release by Thales (Euronext Paris: HO) and Gemalto (Euronext Amsterdam and Paris: GTO) dated 16 April 2019 on the results of the Post-Closing Acceptance Period in relation to the recommended all-cash offer by Thales for all the issued and outstanding shares of Gemalto (the Offer).

Thales and Gemalto jointly announce today that, at their request, Euronext has confirmed that the ordinary shares in the capital of Gemalto will be delisted from Euronext Amsterdam and Euronext Paris effective on 29 May 2019.

The"...

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April 22, 2019

ABU DHABI, 21st April, 2019 (WAM) -- 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 Dubai Financial Market, primarily the banking, real estate and telecommunications shares.

According to official figures, the 2018 cash distributions"...

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April 22, 2019

Oversupply in the Dubai property market “will balance out” over next couple of years, according to Damac Properties’ senior vice president, marketing and corporate communications.

Speaking to Arabian Business, Niall McLoughlin said the market is competitive, but is already experiencing the bottom of the cycle.

“You have to look at the market in general. It’s the bottom of the cycle and it’s very competitive, [but] we’re optimistic for the next couple of years with the supply-demand dynamic out of Dubai,” he said.

"...

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April 22, 2019

Markaz Knowledge City (MKC), India's first knowledge city developed at an estimated investment of US$ 435 million (INR 30 billion) and spanning over 125 acres of land in the South Indian state of Kerala, will go functional at full-scale this year promising massive investment returns for Indian expatriates.

The education-focused integrated infra-development and the futuristic township combining cultural, educational, residential and commercial properties located at Kaithapoyil in Kozhikode, Kerala, offers attractive returns for investors. Once fully operational, the development with multiple projects spanning over a total of 3 million square"...

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April 22, 2019

  • Worldwide revenue of $7.9 billion decreased 4% sequentially, but increased 1% year-on-year
  • International revenue of $5.0 billion decreased 5% sequentially, but increased 3% year-on-year
  • North America revenue of $2.7 billion decreased 3% sequentially and 3% year-on-year
  • Pretax operating income of $908 million decreased 6% sequentially and 7% year-on-year
  • EPS was $0.30
  • Cash flow from operations was $326 million
  • Quarterly cash dividend of $0.50 per share was approved

(AETOS Wire) -- Schlumberger Limited (NYSE: SLB) today reported"...

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April 22, 2019

The Coca-Cola Company (TCCC) has signed a 10-year agreement for the exclusive naming rights of the brand new indoor multipurpose arena in Dubai. Now known as the Coca-Cola Arena, the breath-taking venue is the largest of its kind between Istanbul to Singapore and will further establish Dubai as a major destination for world music tours, sporting competitions, family shows and corporate events.

The venue, with an impressive capacity of 17,000, is scheduled to open in June this year. The Coca-Cola Arena will put Coca-Cola at the centre of the entertainment landscape in the region and will join a growing number of entertainment venues around the"...

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April 21, 2019

The UAE's Eltizam Asset Management Group, a real estate asset management company, is seeking acquisitions of facilities and property management firms in the country and the wider Arabian Gulf to expand its regional footprint.

The company has earmarked Dh200 million for mergers and acquisitions in 2019 and 2020, Eltizam said on Saturday. It is in talks with several companies to finalise deals by the end of this year as it plans to expand in Oman, Kuwait and Saudi Arabia through joint ventures, mergers and acquisitions.

'We want all services that our clients"...

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April 21, 2019

(AETOS Wire)-- Andersen Global is excited to announce the addition of its first collaborating firm in South Africa. Tabacks Attorneys and Corporate Law Advisors, headquartered in Johannesburg, South Africa, has signed a Collaboration Agreement with Andersen Global, an international association of member and collaborating firms. South Africa marks the tenth country in Africa in which Andersen Global has a presence.

Led by Chairman David Woodhouse, Tabacks has a team of 27 lawyers who offer legal assistance and commercial advice to a diverse clientele in construction, manufacturing, energy, mining, explosives,"...

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