December, 2019

• 4 December

  Egypt vows $6.2bn to support industry

  

  Bloomberg Egypt on Wednesday launched a $6.2 billion initiative to support local industry, as the nation looks to boost private sector growth in the next phase of its economic revival program. Under the new plan, factories with sales of under 1 billion pounds would be able to secure loans at a reduced interest rate of 10%, central bank Governor Tarek ...

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• 4 December

  Abu Dhabi’s Waha Capital sells its stake in AerCap

  

  Abu Dhabi / WAM Waha Capital recorded a net gain of AED40 million through the divestment of its remaining stake in New York-listed AerCap Holdings NV, according to a press statement issued by the company on Wednesday. Waha Capital, which has been a shareholder in AerCap since 2010, has been reducing its stake gradually in recent years to re-allocate capital ...

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• 4 December

  IsDB lists €1b green sukuk on Nasdaq Dubai

  Dubai / WAM Nasdaq Dubai on Wednesday welcomed the listing of a one billion euro green sukuk by Islamic Development Bank (IsDB), the multilateral lender which finances development across its 57 member nations. It is IsDB’s first green sukuk, issued under its Sustainable Finance Framework. It is also third Sukuk listing this year on the region’s international exchange by IsDB, ...

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• 4 December

  ECI receives AA- rating with stable outlook from Fitch

  

  Dubai / WAM The Etihad Credit Insurance (ECI), has been assigned Insurance Financial Strength, IFS, Rating and an Issuer Default Rating (IDR), of AA- (Very Strong) with Stable Outlook from Fitch Ratings. The rating reflects ECI’s systemic importance to the UAE given its important role in the diversification of the country’s economy, and confirms ECI’s strong financial position and capability ...

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• 4 December

  13th Al Dhafra Festival begins December 9

  

  Abu Dhabi / WAM Inspired by Emirati culture and local heritage, the 13th edition of Al Dhafra Festival 2019 will kick off on December 9 under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces. The festival features an impressive line-up of events including, ...

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• 4 December

  UAE, Indonesia ink deal to roll out ‘world logistics passport’

  

  Dubai / WAM A Memorandum of Understanding (MoU) was signed between Customs World, a subsidiary of the Ports, Customs and Free Zone Corporation, and the Indonesian Logistics and Forwarders Association, to share information that benefits both parties in order to boost the bilateral exchange of goods between the two countries through the use of the World Logistics Passport (WLP), programme. This ...

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• 4 December

  Italy breaks ground for its pavilion at Expo 2020 Dubai

  Dubai / WAM Italy, among the first countries participating in the Universal Exposition to start building its own pavilion, has broken ground at Expo 2020 Dubai. Themed ‘Beauty connects people’, it will showcase its finest minds, talent and expertise and feature Innovation Hub, an innovatively designed structure inspired by the most advanced sustainability and circular economy standards. The groundbreaking ceremony ...

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• 4 December

  DP World acquires 77% stake in leading marine logistics provider

  

  Dubai / WAM Unifeeder, a 100 percent owned subsidiary of DP World PLC, has announced the acquisition of a 77 percent stake in the Feedertech Group. The deal, which is expected to close in the first quarter of 2020, is the latest step in DP World’s vision to build end-to-end logistics capability to serve the needs of shipping lines and ...

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• 4 December

  555,000 quake-hit Albanians benefit from UAE relief aid

  

  TIRANA / WAM The UAE has embarked on relief operations in support of 555,000 quake-stricken Albanians, in implementation of the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and under the follow-up of HH Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al ...

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• 4 December

  HK should boost spending to aid economic growth: IMF

  

  Bloomberg The International Monetary Fund (IMF) urged Hong Kong’s government to boost spending to support the territory’s convulsing economy, citing a range of risks from trade tensions to political unrest. Greater fiscal support would help bolster growth while maintaining longer-term sustainability, the fund said in its latest regular review of the economy, known as an Article IV Consultation. “Government spending ...

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