The month that was... JULY 2018

A GOOD ONE FOR...

Dubai banks: Several Dubaibased banks reported doubledigit rises in net profit for the second quarter in a sign of improving conditions. Profit at Emirates NBD beat analysts expectations after surging 30 per cent to Dhs2.63bn ($716.1m) following a rise in net interest income and a drop in provisions to cover bad loans. Dubai Islamic Bank also saw profit rise 14.6 per cent to Dhs1.21bn ($329.5m).

A BAD ONE FOR...

Marriott International: Dubai’s Al Habtoor Group suspended its agreement with Marriott International for the management of three hotels at the Al Habtoor City development. Marriott will no longer operate The St. Regis Dubai, W Dubai Habtoor City and The Westin Dubai Al Habtoor City from July 31, the company said in a statement. The previous month Marriott confirmed it would also no longer manage The St. Regis Dubai, Al Habtoor Polo Resort and Club.