Monday, May 29, 2017

Business News

Moody’s upgrades its UAE credit outlook

Moody’s Investor Services has upgraded its credit worthiness outlook for the UAE. The ratings agency expects to see 1.7 per cent growth in the Emirates this year, and for the government deficit to drop significantly to 1.9 per cent. Moody’s pointed to the resilience provided by the UAE’s diversified economy. ...

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UAE’s Neopharma invests AED 100 million in Japanese factory

UAE pharmaceuticals company Neopharma is investing AED 100 million in a new Japanese factory. The facility will make supplements for diabetic and pre-diabetic patients. More than a million people in the UAE are thought to have the disease. Neopharma has also invested AED 780 million in buying patents and licences, ...

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Philippines’ carrier suspends flights to Kuwait, Riyadh and Doha

Philippine’s low cost carrier Cebu Pacific has announced the suspension of flights to Kuwait, Doha and Riyadh from June, citing a “substantial oversupply of seats”. Cebu said the last flight in the Manila-Kuwait sector will be June 14, while the Manila-Doha route will be on July 1. The last flight ...

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UAE becomes second Gulf country to ratify VAT rules

Value Added Tax in the Emirates has moved a step closer, after the UAE became the second Gulf country to ratify the rules on VAT. It follows Saudi Arabia, which ratified the plan in April. It’s a significant milestone because under the terms of the GCC-wide plan, the formal process ...

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OPEC still debating duration of cuts extension: UAE

The Organisation of Petroleum Exporting Countries (OPEC) is still debating how long it will extend oil production cuts, UAE Energy Minister Suhail al-Mazroui said. This will be decided by the group at Thursday’s crunch meeting in Vienna. Speaking in Abu Dhabi before flying to the Austrian capital, Minister Suhail al-Mazroui ...

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