June, 2020

• 16 June

  UAE leads Mena region in global competitiveness

  

  ABU DHABI / WAM For the fourth year in row, the United Arab Emirates is leading the Mena region in the IMD World Competitiveness Yearbook 2020, issued by the World Competitiveness Centre of the World Institute for Management Development (IMD) in Lausanne, Switzerland, which puts the UAE at 9th place among the most competitive countries in the world. The UAE ...

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• 16 June

  Oil demand recovery may take a couple of years: IEA

  

  Bloomberg Global oil demand will rebound next year as the world emerges from the coronavirus pandemic, but recovering to pre-crisis levels may take a couple of years, the International Energy Agency (IEA) said. Fuel use around the world will remain 2.5% lower next year than in 2019, largely because of the “the dire situation of the aviation sector,” the Paris-based ...

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• 16 June

  FAB issues 1.4b Chinese yuan Formosa bond

  

  Abu Dhabi / WAM First Abu Dhabi Bank (FAB) announced the issuance of the largest Chinese Yuan (CNH) dual listed Formosa bonds from the Mena region, with a CNH 1.4 billion five-year issuance. Despite the challenging market backdrop, FAB attracted a high quality orderbook of over CNH 1.6 billion, which enabled the bank to upsize its target issuance from CNH ...

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• 16 June

  UAE condemns Houthi drone attack on Saudi Arabia

  Abu Dhabi / WAM The UAE condemned Iranian-backed Houthi terrorist militia’s attempts to target civilian areas in Khamis Mushait, Saudi Arabia with explosive-laden drones intercepted by Coalition forces. In a statement, the Ministry of Foreign Affairs and International Cooperation, the UAE reiterated its full solidarity with Saudi Arabia against any threats to its security and stability, affirming support for all ...

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• 16 June

  Mena energy investments to hit $792bn in next 5 years: Apicorp

  

  DAMMAM / WAM The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution, estimates that planned and committed investments in the Mena region will exceed $792 billion over the next five years (2020–2024). According to Apicorp’s Mena Energy Investment Outlook 2020-2024, the amount marks a $173mn decline from the $965bn in last year’s five-year outlook. The overall decline in ...

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• 16 June

  UAE-Australia non-oil trade reaches AED14.5b

  

  ABU DHABI / WAM The non-oil trade exchange between the UAE and Australia totalled AED14.5 billion in 2019, a 17.4 percent increase compared to 2018, reflecting the increasing trade between the two countries, as per a recent report issued by the “Commercial Policies and International Organisations Department” of the Ministry of Economy. The report was issued as part of the ...

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• 16 June

  UAE, US review regional and global developments

  

  ABU DHABI / WAM His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, reviewed ways of fostering the bilateral relations between the UAE and the United States, in a video call with John Rakolta Jr., US Ambassador to the UAE. His Highness Sheikh Abdullah and Ambassador Rakolta discussed the importance of boosting joint cooperation ...

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• 16 June

  Injazat, Hub71 to give UAE startups greater access

  

  ABU DHABI / WAM Injazat, the UAE-based leader in digital transformation and a Mubadala-owned company, and Hub71, Abu Dhabi’s Tech Startup ecosystem, have formed a new partnership to support the commercial development of local startups and to accelerate the adoption of advanced technologies by large enterprises in the UAE. In a joint statement on Tuesday, the companies said that under ...

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• 16 June

  DIB lists $1b sukuk on Nasdaq Dubai

  

  Dubai / WAM Nasdaq Dubai, the region’s international financial exchange, announced it has welcomed the listing on Tuesday of a $1 billion Sukuk by Dubai Islamic Bank (DIB) the largest Islamic bank in the UAE. In a statement, Nasdaq Dubai added that the Sukuk was nearly 4.5 times subscribed with a profit rate of 2.95 percent per annum, with nearly ...

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• 16 June

  Strata completes construction of its JV facility with Solvay

  

  AL AIN / WAM Strata Manufacturing, the advanced composite aero structures manufacturing company wholly-owned by Mubadala Investment Company, has announced the completion of works on the Strata Solvay Advanced Materials (SSAM) high-tech facility in Al Ain, a joint venture with Solvay, Belgium’s materials and chemicals company. The completion of the SSAM facility heralds the beginning of Strata’s diversification journey, with ...

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