February, 2020

• 18 February

  STEP Conference 2020 closes with deals worth AED600m

  

  DUBAI / WAM The 9th edition of the STEP Conference, the leading technology festival for emerging markets, under the theme, “the World in Dubai”, just concluded with over AED600 million worth of funding deals announced between companies, regional and homegrown start-ups. The two-day event drew 7000 visitors with a total of 300 international and local exhibitors from 24 countries and ...

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• 18 February

  Dubai Cares programme to empower refugees, youth

  

  DUBAI / WAM Dubai Cares announced the launch of three innovative educational programmes in Jordan, aimed to empower Syrian refugees and Jordanian children, along with educators and government representatives. The launch of the programmes was witnessed by a Dubai Cares delegation, led by the organisation’s Chief Executive Officer Dr. Tariq Al Gurg, at the Um Farwah Primary School in Jordan’s ...

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• 18 February

  Deal signed to help UAE firms increase exports across globe

  

  ABU DHABI / WAM The newly established Abu Dhabi Exports Office (Adex), and the Abu Dhabi Chamber of Commerce and Industry (Abu Dhabi Chamber), signed a Memorandum of Understanding (MoU), to cooperate on a series of initiatives. Through the partnership, the two entities aim to leverage the innovative financial products and services offered by the Adex to elevate the international ...

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• 18 February

  DP World to delist from Nasdaq Dubai

  

  DUBAI / WAM DP World’s parent company Port and Free Zone World has offered to acquire the 19.55 percent of DP World’s shares traded on Nasdaq Dubai, returning the company to private ownership. According to a statement released by the company, the move will enable DP World to focus on its medium-to-long-term strategy of “transforming from a global port operator ...

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• 18 February

  Solution to Libyan crisis is political, says Gargash

  

  MUNICH / WAM Dr Anwar bin Mohammed Gargash, Minister of State for Foreign Affairs, emphasised the UAE’s support for a political solution to the Libyan crisis and highlighted in this regard Germany’s efforts through the Berlin track, considering it the only manner of achieving security and stability in Libya. In his speech before the first meeting of the International Follow-Up ...

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• 18 February

  Oyo reports $335m loss on revenue of $951m

  

  Bloomberg Oyo Hotels & Homes, the Indian lodging startup, reported a four-fold increase in revenue for the year ending in March 2019, a dated but detailed disclosure of results at the controversial company backed by SoftBank Group Corp. The six-year-old Oyo increased revenue to $951 million for the fiscal year 2019, from $211 million for the previous year. Losses climbed ...

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• 18 February

  US factories in China are open, but with worker shortage

  

  Bloomberg Most US factories in China’s manufacturing hub around Shanghai will be back at work this week, but the “severe” shortage of workers due to the coronavirus will hit production and global supply chains, according to the American Chamber of Commerce in Shanghai. While about 90% of the 109 US manufacturers in the Yangtze River delta expect to resume production ...

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• 18 February

  Beijing auto show delayed by virus

  Bloomberg China’s annual auto show, which was scheduled to be held in Beijing in April, will be pushed back because of the novel coronavirus outbreak. The new date for the Beijing International Automotive Exhibition, originally scheduled for April 21-30, will be announced at a later date, the organiser said. The postponement of the show in the world’s largest auto market ...

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• 18 February

  China shutdown ripples across India from drugs to electronics

  

  Bloomberg India, the world’s second-most populous nation, is facing the ripple effects of shutdowns in China with production of medicines to mobile phones being hit as supply chain disruptions prolong. Prices of paracetamol, the most commonly used analgesic, have jumped by 40% in India, while the cost of azithromycin, an antibiotic used for treating a variety of bacterial infections, has ...

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• 18 February

  Coffers are depleted in coronavirus-hit China

  

  Bloomberg China’s provinces are facing the economic fallout from the coronavirus with depleted ammunition, given they were already bracing for a deterioration in public finances before the outbreak hit. More than half of mainland provinces expect slower expansion of revenue in 2020 than last year’s average local income growth, according to their budgets published before the disease outbreak became widespread ...

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