February, 2020

• 4 February

  Fed rate cuts do no favours for spring homebuyers

  

  The Federal Reserve cut interest rates three times last year and pledged not to increase them absent meaningful increases in wages and inflation — welcome news for the labour market and economic expansion. But in a twist, the shift wasn’t welcomed by one group of people: would-be homebuyers. Although lower mortgage rates mean more households can afford a higher purchase ...

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• 3 February

  WeWork officially opens in UAE

  Dubai / WAM Hub71, Abu Dhabi’s tech ecosystem officially launched WeWork x Hub71 – three floors of beautifully designed workspace offering 1,200 desks for members to innovate, collaborate and connect – in the award-winning international financial centre, Abu Dhabi Global Market, on Al Maryah Island, Abu Dhabi. The grand launch event was attended by Hub71’s strategic partners, senior government officials, ...

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• 3 February

  UAE suspends all China flights except for Beijing

  

  ABU DHABI / WAM The UAE on Monday announced the suspension of all flights to and from China, with the exception of the country’s capital, Beijing, which will remain unaffected. The General Civil Aviation Authority (GCAA), said that the suspension would come into force on February 5 – until further notice – adding that the decision is part of precautionary ...

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• 3 February

  China oil demand drops by 20%

  

  Bloomberg Chinese oil demand has dropped by about 3 million barrels a day, or 20% of total consumption, as the coronavirus squeezes the economy, according to people with inside knowledge of the country’s energy industry. The drop is probably largest demand shock the oil market has suffered since the global financial crisis of 2008 to 2009, and the most sudden ...

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• 3 February

  Economic activities’ output in Abu Dhabi hits $345bn

  

  ABU DHABI / WAM The total production of all economic activities in the Emirate of Abu Dhabi amounted to AED1,268.1 billion ($345 billion) in 2018 from AED1,120.5 billion in 2017, according to an economic survey by Statistics Centre – Abu Dhabi on Monday. The value added by all economic activities stood at AED849 billion in 2018 compared to AED733.5 billion ...

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• 3 February

  Emirates Global Aluminium gets $600mn revolving credit facility

  

  ABU DHABI / WAM Emirates Global Aluminium (EGA), on Monday announced it has secured a $600 million revolving credit facility with a syndicate of UAE and international banks. According to a press release issued by EGA on Monday, the three year committed facility, priced at a competitive margin, replaces uncommitted facilities extended to EGA separately by a number of banks. ...

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• 3 February

  Abu Dhabi, Dubai discover new shallow gas reserves

  

  ABU DHABI / WAM The United Arab Emirates announced on Monday the discovery of 80 trillion standard cubic feet (TSCF), of shallow gas resources in place within the area between Saih Al Sidirah and Jebel Ali in the Emirates of Abu Dhabi and Dubai respectively. This new discovery reinforces the nation’s goal of achieving gas self-sufficiency, enabling major development projects ...

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• 3 February

  Dubai to highlight rapid transformation of global airports

  

  DUBAI / WAM Key decision-makers of airports will be congregating at the 20th edition of the Airport Show at the Dubai World Trade Centre (DWTC) across four spacious halls from June 22, for three days, to highlight the latest aviation technologies on display from around the world. It will be held under the patronage of HH Sheikh Ahmed bin Saeed ...

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• 3 February

  dnata begins catering operations in Canada

  

  Vancouver / Emirates Business dnata, one of the world’s largest air services providers, continues to expand its global catering network. The company commenced operations in Canada by opening a new, 48,000ft2 (4,460m²) facility at Vancouver International Airport (YVR). dnata’s latest expansion represents a multi-million dollar investment and is expected to create 80 new, direct jobs with the company over the ...

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• 3 February

  New York’s Nasdaq Tower displays UAE Nation Brand logo

  

  DUBAI / WAM Celebrating the display of the UAE Nation Brand’s logo and slogan, “Make It Happen”, on the Nasdaq Tower big screen in Times Square, New York City, representatives of the UAE Nation Brand Office, Dubai International Financial Centre (DIFC), and Nasdaq Dubai participated in ringing the market-opening bell of Nasdaq Dubai. A space of great prominence, Nasdaq’s electronic ...

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