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ABU DHABI / WAM Chinese media outlets have praised the UAE’s support to China in its fight against the new coronavirus. All prominent media have highlighted the UAE’s symbolic gesture of illuminating important landmarks in the country with the Chinese flag and supportive messages in Mandarin. The reports also appreciated the message of support from His Highness Sheikh Mohamed bin …

Dubai / WAM The total full-year net profit recorded by the Dubai Investments, which is listed on the Dubai Financial Market, amounted to AED657.6 million in 2019, compared to AED651.4 million in 2018. The company’s financial statistics showed that its earnings per share increased to EPS of 15.5 fils in 2019, compared to 15.3 fils in 2018. The company’s total …

Dubai / WAM DP World handled 71.2 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in 2019, with gross container volumes flat year-on-year on a reported basis and up 1.0% on a like-for-like basis. Like-for-like gross volumes in fourth quarter of 2019 accelerated to 2.1% with growth driven by Asia Pacific and Africa. Jebel Ali handled …

Dubai / WAM Hub71, Abu Dhabi’s tech ecosystem officially launched WeWork x Hub71 – three floors of beautifully designed workspace offering 1,200 desks for members to innovate, collaborate and connect – in the award-winning international financial centre, Abu Dhabi Global Market, on Al Maryah Island, Abu Dhabi. The grand launch event was attended by Hub71’s strategic partners, senior government officials, …

ABU DHABI / WAM The UAE on Monday announced the suspension of all flights to and from China, with the exception of the country’s capital, Beijing, which will remain unaffected. The General Civil Aviation Authority (GCAA), said that the suspension would come into force on February 5 – until further notice – adding that the decision is part of precautionary …

Bloomberg Chinese oil demand has dropped by about 3 million barrels a day, or 20% of total consumption, as the coronavirus squeezes the economy, according to people with inside knowledge of the country’s energy industry. The drop is probably largest demand shock the oil market has suffered since the global financial crisis of 2008 to 2009, and the most sudden …

ABU DHABI / WAM Emirates Global Aluminium (EGA), on Monday announced it has secured a $600 million revolving credit facility with a syndicate of UAE and international banks. According to a press release issued by EGA on Monday, the three year committed facility, priced at a competitive margin, replaces uncommitted facilities extended to EGA separately by a number of banks. …

Bloomberg The Organisation of Petroleum Exporting Countries (Opec) and its allies considered how to respond to a plunge in oil prices, with Russia signaling for the first time it was open to Saudi Arabia’s push for an emergency meeting. Potential dates being discussed are February 8-9 and February 14-15, though for now the next regular meeting on March 5-6 remains …

Bloomberg A $22 billion injection into Chinese markets won’t be enough to prevent the country’s stocks and currency falling on Monday, but it may ease a global sell-off sparked by the spread of the coronavirus. That’s according to analysts after the People’s Bank of China and other regulators announced a slew of measures to shore up their financial markets when …

Bloomberg The Arab League should adopt a united stance towards US President Donald Trump’s Mideast plan, which is unlikely to achieve peace and stability for Palestine and Israel, its Secretary General Ahmed Aboul Gheit said. “Today’s meeting is a message that the Palestinians are not alone,” Gheit said on Saturday at the start of an emergency meeting of Arab foreign …