July, 2019

• 30 July

  Primark seeks rent cuts after rival insolvencies

  

  Bloomberg Primark is asking landlords to cut its rents in an attempt to compete with rivals that used insolvency proceedings to reduce costs and remain open, the Sunday Times reported, without saying where it got the information. The fast-fashion retailer is asking for cuts of as much as 30 percent on contracts with several years left in exchange for lease ...

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• 30 July

  Beyond Meat stock falls on plan to sell more shares

  

  Bloomberg Beyond Meat Inc plummeted 11 percent on a plan by inside shareholders and the faux-meat company to sell more than 3 million shares, just three months after it went public. The transaction will let early investors such as Kleiner Perkins and Obvious Ventures and executives including Chief Executive Officer Ethan Brown take profits on a small portion of their ...

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• 29 July

  Mubadala invests AED70b across key sectors in 2018

  

  ABU DHABI / AGENCIES Abu Dhabi’s Mubadala Investment Company on Monday released its full-year 2018 annual review showcasing operational performance and significant scale across sectors with strong growth potential. Despite global macroeconomic turbulence in the fourth quarter of the year, the group delivered stable financial results, with total comprehensive income at AED12.5 billion. In line with Mubadala’s strategy to diversify ...

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• 29 July

  UAE Central Bank’s balance of deposit certificates hits $42b

  

  Abu Dhabi / WAM The balance of the UAE Central Bank’s deposit certificates rose to record levels during the first half of 2019, reaching around AED155.8 billion at the end of June, according to statistics issued by the bank highlighting its policy of withdrawing surplus liquidity. The value of surplus liquidity withdrawn in June amounted to around AED8.8 billion. The ...

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• 29 July

  UAE signs visa-waiver pact with Equatorial Guinea

  ABU DHABI / WAM The Ministry of Foreign Affairs and International Cooperation (MoFAIC) announced signing of a mutual entry visa exemption agreement between UAE and Equatorial Guinea, which come into force from July 28. The agreement stipulates that UAE citizens may travel to Equatorial Guinea and stay up to 90 days without requiring pre-entry visa. It also stipulates that holders ...

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• 29 July

  China feasts on record Saudi oil imports amid Iran sanctions

  

  Bloomberg China has tapped Saudi Arabia for a record volume of crude as the world’s biggest exporter plugs a shortage from sanctions-hit Iran. Asia’s biggest buyer shipped 7.72 million metric tonnes of crude, or 1.89 million barrels a day, from Saudi Arabia last month, according to data from China’s General Administration of Customs. Shipments from the Opec producer made up ...

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• 29 July

  Sheikh Mohamed’s visit to China a success on all fronts

  

  BEIJING / WAM Dr Ali Obaid Al Dhaheri, Ambassador of the UAE to China has said that the visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to China, has achieved many political, economic and cultural successes. In an exclusive interview with the Emirates News ...

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• 29 July

  US proposal to WTO on ‘developing nation tag’ will not affect UAE

  

  ABU DHABI / WAM The Ministry of Economy said that the two proposals by the United States of America to the World Trade Organisation (WTO) related to developing member countries and the benefits granted to countries with the special status will not affect the UAE’s current obligations to the organisation. It also noted that the UAE will not oppose related ...

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• 29 July

  Etihad adds 4th daily flight to London Heathrow

  ABU DHABI / WAM Etihad Airways is to boost its services from Abu Dhabi to London Heathrow by adding a fourth year-round daily service between the two capitals, launching on October 27. The new service introduces a convenient mid-morning departure from Abu Dhabi and a late evening departure from London Heathrow and follows the introduction of additional seasonal services this ...

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• 29 July

  Cityscape Global to focus on transformational tech

  

  DUBAI / WAM The Cityscape Global Conference 2019 will reflect PropTech’s high sector profile with its theme: ‘Adapting to Change: Charting a Course in an Era of Transformation.’ PropTech – the technology that is transforming the real estate and development eco-system – is being prioritised by the upcoming Cityscape Global exhibition in Dubai and its content platforms with exhibitors saying ...

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