December, 2017

• 23 December

  Bombardier chief dials down new-plane ambitions

  

  Bloomberg Bombardier Inc. is scaling back plans to begin a new aircraft programme, preferring instead to focus on generating cash flow and whittling down about $9 billion in debt, said Chief Executive Officer Alain Bellemare. “Over the past few years there was an overinvestment in aerospace,’’ Bellemare said in an interview. “We don’t want to jump and launch an investment …

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• 23 December

  China’s airlines set to fly world over riding on $1.3bn subsidies

  

  Bloomberg China is set to become the world’s biggest aviation market in five years thanks to hefty subsidies from local governments beseeching airlines to fly mainland tourists overseas. Local governments, especially those outside mega cities like Beijing, Shanghai and Guangzhou, spent at least $1.3 billion subsidising airlines in 2016, mostly for them to start direct services to far-flung places such …

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• 23 December

  Tencent, JD back online retailer in ‘Alibaba battle’

  

  Bloomberg Tencent Holdings Ltd. and JD.com Inc. will buy a slice of one of China’s largest online retailers for $863 million, forging an alliance to take on Alibaba in e-commerce and digital payments. The pair agreed to buy shares in US-listed Vipshop Holdings Ltd. at a premium of 55 percent to their previous close. The deal comes with a business …

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• 23 December

  FedEx boosts annual forecast amid strong start to holiday season

  

  Bloomberg FedEx Corp. raised its annual profit forecast, citing “solid demand trends” and a rebound from a June cyberattack at its TNT Express unit in Europe. The operator of the world’s largest cargo airline is on track for a record season of holiday deliveries, Chief Executive Officer Fred Smith said in a statement. Shipments to homes are increasing as more …

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• 20 December

  Mega malls to drive GCC retail market to $300bn

  

  DUBAI / Emirates business Mega malls are boosting the GCC’s retail market to nearly $300 billion by 2018, driving investment in aluminum ceilings to enhance the customer experience, mall safety and sustainability, industry experts said on Wednesday. Thanks to new mega-malls from Mall of the World in Dubai, to Al Maryah Central in Abu Dhabi and Mall of Saudi in …

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• 20 December

  Aldar buys Abu Dhabi office tower for AED658 million

  

  ABU DHABI / WAM Aldar Properties, Abu Dhabi’s leading listed property development, investment and management company, has comp- leted the acquisition of International Tower, a high-quality office tower located in Capital Gate district of Abu Dhabi for AED658 million. International Tower comprises 39,000 sqm NLA of Grade A commercial space and will immediately contribute to Aldar’s net operating income supported …

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• 20 December

  Mideast air passenger numbers forecast to grow 7% next year

  

  DUBAI / WAM Middle East passenger numbers are forecast to grow 7% in 2018 according to the International Air Transport Association. Aviation will feature heavily in the programme at Arabian Travel Market (ATM) 2018, which is being held between April 22-25 at the Dubai World Trade Centre. Alan Peaford, current president of the UK’s Institute of Internal Communications, said, “Aviation …

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• 20 December

  Limitless makes AED412.4mn early payment to banks

  DUBAI / WAM Dubai-based real estate developer Limitless will close out 2017 with an early payment of AED412.4 million to banks and trade creditors on Thursday, December 21. The payment, a week ahead of the due date, comprises AED297.1 million to banks and AED115.3 million to trade creditors. Once made, Limitless will have repaid almost half of its outstanding bank …

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• 20 December

  Etisalat innovation centre to spur digital transformation

  DUBAI / WAM Etisalat, on Wednesday, announced the opening of its ultramodern ‘Open Innovation Centre’ in Dubai taking the lead in creating a hub to showcase the most innovative solutions and help drive digital transformation by enabling the use of latest technologies. The Open Innovation Centre is the first of its kind in the region showcasing digital innovation, its capabilities …

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• 20 December

  Emirates to launch London Stansted service from June ’18

  

  DUBAI / Emirates Business Emirates on Wednesday announced that it is to launch a new daily route from Dubai (DXB) to London Stansted (STN) on June 8, 2018. With its strategic position close to the tech and pharma hubs of Cambridge and Peterborough, Emirates will be the first Middle Eastern airline to operate out of the popular North East London …

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