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Union Properties reports net loss of Dh2.3 billion in 2017

Union Properties, one of the leading real estate developers in the UAE, reported a net loss of Dh2.3 billion for the 12 months ending December 31, 2017, compared with a net profit of Dh211 million in the corresponding period of last year.

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Drake & Scull returns to profitability with Dh656 million revenues in Q4 2017

Drake and Scull International (DSI), which went through a recapitalisation and ownership restructuring exercise last year, returned to profitability with 11 percent increase in revenues to Dh656 million and profits reaching Dh0.7 million in the fourth quarter of 2017.

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Middle East could automate 20 million jobs, worth US$366 billion in wage income

An estimated 45 percent of existing jobs in the Middle East could be automated, according to McKinsey & Company’s latest report, The Future of Jobs in the Middle East, launched at the World Government Summit.

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Middle East could automate 20 million jobs, worth US$366 billion in wage income

An estimated 45 percent of existing jobs in the Middle East could be automated, according to McKinsey & Company’s latest report, The Future of Jobs in the Middle East, launched at the World Government Summit.

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UAE's Mars mission hits new milestone with final design

The final designs of the Hope Probe, the Arab World’s first interplanetary mission were unveiled in Dubai on Sunday. Details of the much-discussed Mars 2117 plan, which aims to create the first human settlement on Mars, and UAE’s astronaut programme, which will train Emiratis in space exploration, were also discussed. The MSRBC also released plans of the ‘KhalifaSat’ its third and UAE’s first completely indigenously built-satellite.

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Business conditions in Dubai improve at strongest pace in five months

Business conditions in Dubai appears to have improved at strongest pace in five months, according to a latest monthly economy tracker index by Emirates NBD. “Dubai Economy Tracker Index rises to 56.0 in January, from 54.7 in December 2017 with strongest employment growth in over two years,” the seasonally adjusted Emirates NBD Dubai Economy Tracker Index shows.

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Strength of US dollar makes London real estate lucrative to GCC buyers

The strength of the US dollar, to which a range of Gulf currencies have historically retained a fixed peg, has positively positioned property assets in London, creating a strong appetite for a London-based investment. “London remains the most preferred location for investment amongst Middle East Family offices owing to factors like close trading links that date back to the 1800’s, around 39 direct daily flights from the Gulf, and a 175% rise in capital value in the last 20 years,” Faisal Durrani, Partner and Head of Research at Cluttons, says.

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Dubai Investments buys Union Properties’ stake in Emicool for Dh500 million

Dubai Investments PJSC, the leading, diversified investment company listed on the Dubai Financial Market, has acquired additional 50 per cent stake in Emirates District Cooling LLC [Emicool] from its joint venture partner Union Properties for Dh500 million. Following this acquisition, Dubai Investments owns 100 per cent stake in Emicool.

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Dubai’s GDP to grow 3.2% to US$105.95 bn in 2017

Dubai’s read gross domestic product (GDP) at constant price is expected to record 3.2 per cent in 2017 US$105.95 billion (Dh388.85 billion) in 2017, up from US$102.67 billion (Dh376.8 billion) in 2016, according to a latest report by Dubai Economy – the trade licensing and economic regulatory body of the Government of Dubai.

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Dubai’s GDP reaches US$102.67 bn in 2016

Dubai’s read gross domestic product (GDP) at constant price recorded 2.9 per cent in 2016 to Dh376.8 billion (US$102.67 billion), according to a latest report by Dubai Economy – the trade licensing and economic regulatory body of the Government of Dubai.

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