July, 2019

• 13 July

  UAE discusses deeper cooperation, connectivity at AIIB meet

  

  ABU DHABI / WAM A UAE delegation attended the fourth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB). Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, was mandated to represent the UAE at the bank’s meetings and events and on its board. Following last year’s event in Mumbai, ...

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• 13 July

  DLD, Al Tamimi launch new real estate initiative

  

  DUBAI / Emirates Business Dubai Land Department (DLD) announced the launch of a new real estate initiative known as ‘Real Estate Lawyer’ in partnership with Al Tamimi & Company. The agreement outlining the details of the initiative was drafted to facilitate growth in the real estate market by providing greater support for real estate investors and encouraging further foreign investor ...

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• 13 July

  ‘Dubai council for future’ explores ways to boost humanitarian initiatives

  

  DUBAI / WAM The Dubai Council for the Future of Humanitarian Work (DCFHW) held its second meeting to explore means of accelerating initiatives in the humanitarian field and to examine the current trends and challenges facing the sector globally. Chaired by Saeed Al Eter, Assistant Secretary-General of the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) and Director-General of the ...

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• 13 July

  UAE, Norway mark 40 years of strong cultural relations

  

  DUBAI / WAM An exhibition titled Norway-UAE: +40 Years of Culture opened at the Ministry of Foreign Affairs and International Cooperation, with the attendance of Zaki Nusseibeh, Minister of State and Jens Eikaas, Norwegian Ambassador to the UAE. The exhibition was previously on display at Mesh — The Nordic Creator’s Community in Oslo. Taking the Norwegian Seamen’s Centre in Dubai ...

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• 13 July

  Union Coop records 20% growth in H1 net profit

  

  DUBAI / WAM Union Coop, reported a 20 percent growth in net profit for the first half of 2019, compared to the previous year. The net profit for 2018 was AED237.7 million, whereas 2019 reported AED284.6 million net profit, which is a surge of AED46.9 million. CEO of Union Coop – Khalid Humaid Bin Diban Al Falasi said, “The increase ...

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• 13 July

  Didi kicks off expansion in Latin America

  

  Bloomberg Chinese ride-hailing giant Didi Chuxing launched new financial services in Brazil and Mexico as it expands in Latin America and again confronts Uber Technologies Inc. The privately-held company, which was last valued at $56 billion and facilitates 30 million rides a day, said it would partner with financial institutions to offer drivers in Mexico and Brazil a bank card ...

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• 13 July

  Emami picks Credit Suisse, Arpwood for cement unit sale

  Bloomberg Emami Group, an Indian conglomerate that runs businesses from cosmetics to a paper mill, has picked Arpwood Capital Ltd and Credit Suisse Group AG to manage the sale of its cement unit, people familiar with the matter said. The bankers will start reaching out to prospective buyers for Emami Cement Ltd, seeking a valuation of about $1 billion, one ...

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• 13 July

  Malaysia budget to account for risks scenarios from trade war

  

  Bloomberg Malaysia’s finance minister said the 2020 budget will take into account risk scenarios caused by the continuing US-China trade war even as the nation’s economy shows signs of resilience. “The government recognises the downside risk that exists from a slower global growth, especially when Malaysia’s top trade partners are experiencing an economic slowdown,” Lim Guan Eng said in a ...

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• 13 July

  Toyota swaps out Corolla for new SUV at US plant

  Bloomberg Toyota Motor Corp is abandoning plans to make its Corolla compact car at a new factory it’s building in Alabama, choosing to manufacture a sport utility vehicle there instead. The decision to switch gears at the plant in Huntsville, Alabama, reflects the “changing market demands and a growing appetite for light trucks and SUVs which are achieving record sales,” ...

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• 13 July

  South Korea’s Hyundai launches its Kona SUV in India

  

  Bloomberg A full-fledged electric vehicle just made its debut in a market known for affordable, entry-level cars. South Korea’s Hyundai Motor Co launched its Kona SUV in India, where 3.4 million new cars and SUVs hit the roads last year, and is the only major market without a real electric vehicle. The vehicle will sell starting at $36,000 in the ...

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