UAE, France discuss defence cooperation
Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, received a call from Sébastien Lecornu, French Minister of Defence. During a phone call, the two sides discussed cooperation relations between the two friendly countries, especially with regard to defence and military issues and ways to further develop them to serve the mutual […]
UAE’s Averda International signs $30mln IFC loan to fund expansion
International Finance Corporation (IFC) is providing a $30 million loan to UAE-based waste management company Averda International to support its expansion in Oman, Morocco, and South Africa. This is IFC’s first investment in the private waste management sector in Africa and the Middle East, the World Bank member institution and Averda said in a joint […]
Dubai-based waste management firm Averda gets $30mln IFC loan to support growth plans
Dubai-based integrated waste management company Averda announced on Thursday that it has signed a $30 million loan agreement with the International Finance Corporation (IFC) to drive its growth plans in Oman, Morocco, and South Africa. Averda said in a press statement that the agreement marks IFC’s first investment in the private waste management sector in […]
Eid Al Adha 2022 in UAE: Top 5 holiday destinations to explore
UAE residents will get a long weekend in July as the UAE marks Eid Al Adha. As per astronomical calculations, the Islamic festival would be from Friday, July 8, to Monday, July 11. That means it’s going to be a four-day weekend for public and private sector employees in the UAE. The actual dates will […]
Kanoo Group prepares for foreign listing
Yusuf Bin Ahmed Kanoo Group board chairman Khalid Mohammed Kanoo said efforts are underway to carry out internal organisation in preparation for listing about 40pc of the company’s shares for public subscription on international stock exchanges such as England, Dubai and Abu Dhabi, in addition to the Bahrain Stock Exchange. The move follows a […]
Dubai’s ASNIC says major shareholder considering sale
Dubai-based Al Sagr National Insurance Company (ASNIC) has announced that a major shareholder is considering selling its stake in the company. In a statement to the Dubai Financial Market (DFM), the company said it had received a letter from a major shareholder about the potential sale of its 47.078 percent stake. The company said it […]
Air Works to provide line maintenance services at DXB
Air Works, a leading MRO and aviation services provider in India, has entered into a long-term agreement with UAE-based Mach Technik Aircraft Maintenance to provide line maintenance services at the Dubai International Airport (DXB). The development marks the maiden expansion of Air Works’ International Line Maintenance business to foreign shores. With a pan-India presence across […]
Emirates NBD REIT’s 2021 net income drops 18% to $9.5mln
The net rental income of ENBD REIT, the Shariah-compliant real estate investment trust managed by Emirates NBD Asset Management Ltd., fell by nearly 18 percent to $9.5 million for the full year of 2021. The company attributed the drop in net income to a 15 percent drop in gross income due mainly to the renegotiation of […]