News related to UAE News

Kinder chocolates 'don't cause cancer', UAE health experts say

DUBAI // Nutritionists have poured cold water on the Kinder chocolate scare that erupted after a watchdog said an ingredient was carcinogenic. Parents who were worried that mineral oil aromatic hydrocarbons were being passed on to children through the chocolate are being reassured after the alarm was raised by German watchdog Foodwatch. While advising against overindulging in chocolate, health experts say the risk from hydrocarbons is low […]

July 18

Nice attack: Emiratis safe in France, says UAE embassy

PARIS // The UAE embassy in Paris said on Friday that there were no Emiratis among the casualties in Thursday night’s lorry attack in Nice, according to the latest reports from French police. At least 84 people were killed when a large lorry ploughed through revellers gathered for the Bastille Day fireworks on the French Riviera. In a statement via Twitter, the embassy urged Emiratis to fully […]

July 15

Columns, Featured

Abu Dhabi megabank to reshape UAE banking

|By Matein Khalid| The merger of Abu Dhabi banks First Gulf Bank and NBAD creates the largest bank in the Middle East, a regional colossus with $170 billion in assets, competitive funding cost in the global interbank/capital markets and a market value greater than Credit Suisse, Standard Chartered Bank (SCB) and Deutsche Bank. This is the biggest game changer event in UAE banking and finance since the […]

July 07

Ramadan is not an excuse to slow down at work

It is the duty of all to work hard with full dedication during shortened working hours Ramadan is a month for Muslims to feel closer to God and look inward into their soul. It is a time to foster bonds with family and loved ones. It is a month of caring, empathising with the needy and doing good deeds. But with this journey of introspection also comes […]

June 22

Reading Nation auction of rare Quran manuscripts in Dubai

Rare Quran manuscripts, paintings and number plates auctioned to raise funds for Reading Nation campaign A priceless collection of historic manuscripts and artifacts is being auctioned at Madinat Jumeirah, Dubai to raise funds for the ongoing Reading Nation Ramadan campaign. Here’s our coverage of the event as it happened. (Inputs from Mary Achkhanian, Staff reporter) Campaign collects Dh40 million The charity auction held for Reading Nation campaign launched by […]

June 21

Qatar Convicts Dutch Woman Who Reported Rape but Will Let Her Return Home

A 22-year-old Dutch woman detained for three months in Qatar on suspicion of adultery after she reported being drugged and raped was given a one-year suspended sentence on Monday and will be allowed to return home, the Dutch Foreign Ministry said. The woman, identified only as Laura and described as being from the Dutch city of Utrecht, was held and prosecuted on charges of adultery and alcohol […]

June 13

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Columns

A central banker and the end of banking alchemy

|By Matein Khalid|Dr. Mervyn King broke with tradition by publishing his book “The End of Alchemy: money, banking and the future of the global economy”. After all, retired governors of the Bank of England do not, as a rule, do not write/publish books, let alone write books that lambast the City of London’s culture of greed and hubris. It is no coincidence that Dr. King quotes T.S. […]

June 10

UAE Cabinet approves national tolerance programme

ABU DHABI // The Cabinet approved a national programme for tolerance on Wednesday as the country marks the holy month. Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, made the announcement while pledging that the country would continue to promote the principles of tolerance set by Sheikh Zayed, the Founding Father. “Tolerance is a key value of our ancestors and our Founding Fathers,” said Sheikh […]

June 08

Duo arrested for possessing 4.6kg of heroin

DUBAI // Two Asian men have been arrested in possession of 4.6kg of heroin. The anti-narcotics department at Dubai Police said on Wednesday that the men were arrested in mid-May for possession, trafficking and abuse of the drug. Police said the first suspect was looking for someone to smuggle the heroin to a neighbouring country, according to Aletihad, the English-language sister newspaper of The National. Major General […]

June 01

A library in his UAE home, open to everyone

Dubai resident M. N. Vivekanandan with his ‘Share ‘n’ Care Library in his home. Dubai: If you’re a student based in the UAE and looking for books to rent, Dubai resident M. N. Vivekanandan has initiated an easy way to do so. The 16-year-old student has a collection of over 1,000 books in his home’s ‘Share ‘n’ Care Library’. He told […]

June 01

Dubai Parks and Resorts rights issue oversubscribed 1.25 times

Dubai: Dubai Parks and Resorts said on Tuesday its Dh1.68 billion rights issue was oversubscribed 1,25 times at the end of trading on May 23, underlining strong investor support. Total subscription as at close of May 23 amounted to Dh2.1 billion, the company said in a statement. The rights issue is intended to primarily finance the development of Six Flags Dubai, […]

May 25

UAE to allocate 15 per cent of budget to humanitarian aid over four years

The UAE on Tuesday announced that it would allocate 15 per cent of its projected budget to humanitarian contributions over the next four years. Dr Maytha Al Shamsi, Minister of State, made the pledge while addressing a session of the World Humanitarian Summit in Istanbul, highlighting the directives of President Sheikh Khalifa, Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, and Sheikh Mohammed bin Zayed, […]

May 25

Dh21.3m fund to save the dugong

ABU DHABI // A Dh21.3 million fund has been launched to save the endangered dugong and its seagrass ecosystems across the Indian and the Pacific oceans. The Mohammed bin Zayed Species Conservation Fund will launch 38 projects in Indonesia, East Timor, the Solomon Islands, Sri Lanka, Malaysia, Madagascar, Mozambique and Vanuatu, the state news agency Wam reported. “The presence of dugong and seagrass in a marine ecosystem […]

May 22

UAE indices extend losses as traders reposition

Markets move ‘sideways-to-soft’ ahead of Ramadan amid fears international markets will not be robust Dubai: UAE indices fell on Monday, extending losses for another session as traders repositioned themselves ahead of the Ramadan season. The Dubai Financial Market General Index (DFMGI) closed 0.43 per cent lower at 3,290.37, while the Abu Dhabi Securities Exchange General index closed 0.66 per cent lower at 4,345.31. “UAE markets are moving […]

May 17

Closer alignment between CFO and CIO is crucial to successful finance transformation, reveals new Oracle study

INTERNATIONAL. /PRNewswire/ — The CFO has never been held more accountable for the company’s success, and the ability of finance teams to extract value from company data is the key to delivering on the chief executive’s expectations. Oracle’s study, Modern Finance: Driving Transformation from Within, found that closer alignment between the CFO and CIO is crucial if finance leaders are to effectively help the business achieve its […]

May 12

Middle East employment freeze looms as economic confidence plummets among the world's hirers

UAE. The latest Global Economic Conditions Survey from ACCA and IMA, released today, found that more half of firms are either cutting or freezing employment, while only 14% are increasing investment in staff. Responding to the findings, Faye Chua, ACCA head of business focus said: “Take North America out of the equation and the economic picture painted by this survey isn’t a pretty one. Emerging markets are […]

April 24

Columns

Another Fed policy blunder

|By Matein Khalid| I was surprised by the dovishness of the Federal Reserve’s FOMC policy statement last week given the white hot US labour market and metrics of wage inflation. Hence the $29 rally in gold, the plunge in the Volatility Index to 15, the fall in the US dollar and the surge in oil/mining shares. The Yellen Fed is still worried about deflation risk in China, Europe […]

March 23

Economy

‘Trump win will see Arab money pullout’

Gulf Arabs could pull billions in investment money from the United States if Donald Trump wins the presidency later this year, billionaire UAE businessman Khalaf Al Habtoor told Reuters. Trump, front-runner to be the Republican presidential candidate, triggered outrage around the world when he advocated a temporary ban on Muslims entering the United States. The United States “will lose their businesses, people will cancel any plans of […]

January 16

Investing

‘Made in China’ global equities crash

|By Matein Khalid| This was the ghastliest week for global risk assets since September 2011. Not even 290,000 new US jobs in December could negate the raw fear on Wall Street generated by the 10% fall in Shanghai, a yuan depreciation, market meltdowns of 6 – 7% in Tokyo, Hong Kong, Frankfurt, Mumbai and New York. Four months ago, I had published a KT article titled “History’s […]

January 12

Economy

Concern over safety of high-rises

A blaze that engulfed a Dubai skyscraper on New Year’s Eve – the emirate’s third high-rise fire in three years – has raised fresh questions about the safety of materials used on the exteriors of tall buildings across the wealthy region. Hundreds of gleaming towers rose up in Gulf Arab states, especially the United Arab Emirates and Qatar, during the past decade’s economic boom. Ultra-modern, flamboyant designs […]

January 03

Columns

Twilight of easy money

|By Matein Khalid| In retrospect, the last six years were a unique period in global central banking, an epic monetary experiment that averted a Great Depression after Lehman’s failure and interbank/credit contagion plunged the world into recession in 2008-9. Yet the Fed (and later Bank of Japan, ECB and even PBOC) quantitative easing also led to asset bubbles, credit market excesses, currency wars and the mispricing of […]

December 22

GIB opens new wholesale banking branch in Abu Dhabi

Gulf International Bank (GIB) has inaugurated its wholesale banking brand in Abu Dhabi. The opening of the new office supports the bank’s strategic objectives to grow and develop business across the GCC region, said a statement. Dr Yahya Alyahya, chief executive officer, said: “It gives us great pleasure to inaugurate a full commercial branch in Abu Dhabi. The dynamism and pace of progress of the UAE market […]

December 16