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Bloomberg Tanzania is open to discussions with investors on the $10 billion Bagamoyo Port project, but will prioritise the interests of the East African nation, the Daily News newspaper reported, citing Tanzania Ports Authority Director General Deusdedit Kakoko. Talks on the proposed port have stalled because investors’ conditions were likely to prevent Tanzania from reaping the maximum benefit from the …

Washington / WAM The global economy is projected to grow by about 3 percent this year, but the pace has continued to weaken since April,according to the International Monetary and Financial Committee (IMFC). ”Growth is projected to pick up next year, but the outlook is highly uncertain and subject to elevated downside risks. These include trade tensions, policy uncertainty, and …

Dubai / WAM The Dubai Electricity and Water Authority (Dewa), announced the participation of 102 Chinese companies in the 21st Water, Energy, Technology and Environment Exhibition (Wetex 2019, and eight Chinese companies in the fourth Dubai Solar Show, which will run concurrently with the Wetex, the region’s largest renewable and sustainable energy exhibition. Both exhibitions will be held under the umbrella …

Bloomberg Oil steadied near $53 a barrel after two days of declines as the fragile economic environment and unresolved US-China trade war continue to deteriorate the outlook for global fuel demand. Futures in New York rose 0.4% on Wednesday in New York. The International Energy Agency (IEA) sees a “serious challenge” for Opec and other producers next year amid the …

ABU DHABI / WAM The value of grants provided by the UAE in the first half of 2019 rose to AED10.5 billion, an increase of 56.7 percent compared to the same period in 2018. The total value of registered grants provided by the country in 2018 amounted to AED13.3 billion, a growth of 14.7 percent compared to 2017, according to …

DUBAI / Emirates Business Chinese tourists to Dubai can now benefit from instant VAT refund capabilities at Dubai Airports via the We Tax Refund on the WeChat Mini Program, launched by Chinese tech giant, Tencent, and international payments service provider, Planet. With the support of Dubai’s Dubai Tourism, the new integrated service provides a seamless and secure way for visitors …

Bloomberg The International Monetary Fund (IMF) made a fifth-straight cut to its 2019 global growth forecast, citing a broad deceleration across the world’s largest economies as trade tensions undermine the expansion. The world economy will grow 3% this year, down from 3.2% seen in July, with the 2020 estimate lowered to 3.4% from 3.5%, the fund said on Tuesday in …

Bloomberg Advisers working on Saudi Aramco’s mammoth share sale may split a fee pool of as much as $450 million, according to people with knowledge of the matter, making it one of the biggest IPO pay outs globally. The oil giant is set to pay between $350 million and $450 million to a group of more than 20 banks working …

Bloomberg China wants to hold more talks this month to hammer out the details of the “phase one” trade deal touted by Donald Trump before Xi Jinping agrees to sign it, according to people familiar with the matter. Beijing may send a delegation led by Vice Premier Liu He, China’s top negotiator, to finalise a written deal that could be …

ABU DHABI / WAM Banks operating in the UAE increased their investments in bonds since the beginning of 2019 to make for losses caused by a fall in proceeds from their other investment instruments, including loans. The value of investments in bonds by banks during the first eight months of 2019 amounted to AED10.3 billion, which increased their total investments …