Dubai, Nov 3: Dubai Metro services between Al Rashidya Station and Emirates Tower Station have been restored, Roads and Transport Authority(RTA) said.
The services were disrupted along the Red Line on Saturday. About 37 buses were deployed to serve the affected passengers.
RTA had first resumed operations between Al Rashidiya and GGICO Station.
Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.
The company said that the sale of an additional 450 million shares took place during the initial public offering process.
The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.
Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.
The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.
Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.
Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.
Dubai, Jul 28: Abu Dhabi Commercial Bank (ADCB) (ADCB.AD) is letting go hundreds of employees, sources said, the latest in a round of lay-offs by regional banks as pressure mounts to cut costs amid lower oil prices and the coronavirus crisis.
The UAE’s third-biggest lender is laying off 400 employees, two sources familiar with the matter said, after it had committed to not cutting staff because of the crisis.
In a statement, a spokesman said ADCB had pursued efficiency over the last decade by managing out its lowest underachievers after regular reviews, while ensuring talent was deployed in high-growth areas, such as digital banking.
“A certain number of redundancies are therefore expected every year in the normal course of business,” the bank spokesman added.
The sources said the cuts would involve ADCB’s consumer business and several in top management were among those being let go. One source said the bank was looking to close 20 branches.
In March, ADCB had declared, “No employee will be made redundant during 2020 as a result of the COVID-19 pandemic.”
UAE banks have been hit by government measures to rein in the spread of the virus, forcing many businesses to shut temporarily.
Last week, Dubai’s largest bank, Emirates NBD, reported a slump of 58% in profits. In June, sources told Reuters the bank started a new round of hundreds of lay-offs.
In May, ADCB reported a fall of 84% in first-quarter net profit as it took impairments of $292 million on debt exposure to troubled hospital operator NMC Health and payments group Finablr.
It was a major lender, with an exposure of about $981 million, to NMC Health, which went into administration this year after months of turmoil following questions over financial reporting.
New Delhi, Jun 5: As part of global efforts to combat COVID-19, the UAE has provided more than 708 tonnes of medical aid, personal protection kits and supplies to 62 countries, including India, with direct beneficiaries exceeding 708,000 health workers, a UAE Embassy statement said.
The UAE is regarded as the main lifeline for the logistic operations of the international organizations' strategic warehouses in Dubai's International Humanitarian City (IHC) where the UAE is the first responder to the global crises, especially in providing assistance in relation to the current COVID-19 pandemic, it said.
Dubai's IHC has dispatched more than 132 shipments to 98 countries around the world so far since the beginning of this year, and is working as a central hub to distribute the personal protection kits, the statement said.
While the UAE continues its constant work of supporting the global efforts aimed at curbing the spread of the COVID-19 disease, it has provided more than 708 tons of medical aid, personal protection kits and supplies to 62 countries worldwide to date, with direct beneficiaries exceeding 708,000 health workers, it said.
In addition, 65 million indirect beneficiaries profited from the UAE's global efforts in combating the spread of the virus, the statement said.
Meanwhile, Etihad Airways, effective June 10, said it will link 20 cities in Europe, Asia and Australia via Abu Dhabi.
The new transfer services will make it possible for those travelling on the airline's current network of special flights to connect easily through the UAE capital onwards to key global destinations.
Etihad recently launched links from Melbourne and Sydney to London Heathrow, allowing direct transfer connections to and from the UK capital via Abu Dhabi.
Easy transfer connections via Abu Dhabi will now be available from Jakarta, Karachi, Kuala Lumpur, Manila, Melbourne, Seoul, Singapore, Sydney, and Tokyo to major cities across Europe including Amsterdam, Barcelona, Brussels, Dublin, Frankfurt, Geneva, London Heathrow, Madrid, Milan, Paris Charles de Gaulle, and Zurich, the airline said.
Comments
Add new comment