News

Abu Dhabi / WAM The UAE Armed Forces signed seven new deals worth AED 468 million on the second day of the Unmanned Systems Exhibition (Umex), and the Simulation and Training Exhibition, SimTEX 2020, taking the total value of deals to AED 624,962,659. “The total value of external deals reached AED 25,821,190,” said Staff Brigadier Fahad Nasser Al Thehli, Spokesman ...

DUBAI / WAM DP World, the leading enabler of global trade, and one of the world’s largest port operators, announced on Monday it has completed the acquisition of Fraser Surrey Docks from Macquarie Infrastructure Partners, alongside its partner, Caisse de dépôt et placement du Québec, thus complementing DP World’s footprint in Canada, which also includes terminal operations in Vancouver, Nanaimo, ...

ABU DHABI / WAM The UAE Space Agency has announced the details of the new UAE Space Law issued by President His Highness Sheikh Khalifa bin Zayed Al Nahyan. The announcement was made during an introductory workshop for the UAE Space Law, organised by the UAE Space Agency and held in Abu Dhabi. Previously, the law was passed by the ...

ABU DHABI / WAM First Abu Dhabi Bank (FAB), concluded its General Assembly Meeting on Monday at FAB’s headquarters in Abu Dhabi. According to a statement released by FAB, all items on the agenda were discussed and approved including the distribution of 74 percent cash dividends – AED0.74 per share, implying total cash dividends of AED8.08 billion – for the ...

Bloomberg President Xi Jinping urged China to “spare no effort” to contain the coronavirus outbreak in Beijing, as the nation’s top legislature postponed its annual legislative session in the capital to help check the disease’s spread. Xi issued his warning in a conference call attended by more than 170,000 government and ruling party officials — the biggest of its kind ...

Bloomberg China said an announcement that the quarantine of Wuhan would be eased was prematurely issued without approval from top officials. The lockdown of the Chinese city where the novel coronavirus emerged would remain fully in place, it said. The abrupt about-turn within a matter of hours added to the confusion emanating from the devastated city of 11 million which ...

Bloomberg Six months after Mukesh Ambani laid out a road map to make Reliance Industries Ltd free of net debt by early 2021, his plan has hit a few bumps thanks to the government. Prime Minister Narendra Modi’s administration has petitioned a court to halt a proposed stake sale by Reliance Industries to Saudi Arabian Oil Co, threatening a key ...

Bloomberg South Korea warned its fragile economic recovery is under threat from the coronavirus that has spread dramatically across the country over the past week, and pledged action to minimise the fallout. The country’s currency and the main stock index plunged. The epidemic poses a “large concern that it will limit the trend of economic recovery started late last year,” ...

Bloomberg Hong Kong is being threatened by a “Tsunami-like” cataclysm, the city’s finance chief has warned, as the new coronavirus devastates businesses already hobbled by months of anti-government protests. The financial hub’s lack of a bankruptcy process will only exacerbate the pain. Unlike in the US, Australia and rival Singapore, businesses in Hong Kong don’t have recourse to any corporate ...

Bloomberg Bangkok’s condominium market, once a favourite of Chinese investors, faces a bleak year as the novel coronavirus outbreak keeps buyers away. Foreigners are set to account for as little as 10% of purchases in 2020, down from a fifth two years ago, consultancy Agency for Real Estate Affairs estimates. Chinese buyers used to provide the bulk of overseas interest ...