UAE sovereign wealth fund boosts du holding with $630m stake

The United Arab Emirates’ sovereign wealth fund boosted its stake in Dubai-based telecom operator du, snapping up a stake valued at about $630 million (Dh2.3 billion). The Emirates Investment Authority bought 463.3 million shares in the phone company from Mamoura Diversified Global Holding and General Investments in a special deal, according to a statement. It […]

Damaged tanker arrives at UAE anchorage amid increased regional tensions

DUBAI: A damaged Japanese tanker arrived on Sunday at a UAE anchorage site after it was rocked by explosions in Gulf waters as Saudi Arabia accused arch-rival Iran of being behind the attack. The Kokuka Courageous was carrying highly flammable methanol through the Gulf of Oman on Thursday when it came under attack along with […]

Brace for up to 90% discounts across retail outlets on June 21 in Dubai

Yes! You heard that right. The Dubai Festivals and Retail Establishment (DFRE), an agency of the Department of Tourism and Commerce Marketing (Dubai Tourism) which organises the yearly Dubai Summer Surprises in the city said the opening day of the festival (June 21) will see retail outlets offering up to 90 per cent discounts. Speaking […]

UAE, Luxembourg discuss boosting economic ties

Dubai: The UAE’s Minister of State for Financial Affairs, Obaid Humaid Al Tayer, held a meeting with his counterpart from Luxembourg, Pierre Gramegna, who is the country’s minister of finance. The meeting was held to strengthen the UAE’s economic and trade ties with Luxembourg as well as to enhance cooperation in Islamic banking. As part […]