July, 2019

• 23 July

  Smart Dubai’s app processes AED4bn worth of transactions

  

  DUBAI / Emirates Business The DubaiNow platform and application has processed 7.5 million transactions, worth AED4 billion, since its launch in 2015, making it the city’s preferred portal for transactions with government services, asserted Smart Dubai and the Dubai Department of Finance (DoF). The application was designed to provide a single, centralised service platform that offers fast, seamless, and paperless ...

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• 23 July

  Mohamed honoured by Chinese university

  

  BEIJING / WAM His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, was awarded an honorary professorship from China’s Tsinghua University for his role and initiatives in support of advanced science, technology and innovation. This came during the visit of His Highness Sheikh Mohamed bin Zayed Al ...

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• 23 July

  Dewa to build 68 substations worth AED8bn in next 3 years

  

  DUBAI / WAM Dewa plans to build 68 new 132/11 kilovolt (kV) substations over the next three years, at a projected value of AED8 billion. This supports the directives of the wise leadership, and shows Dewa’s commitment to expanding its infrastructure to meet the growing demand for power in Dubai. “We are inspired by the vision of His Highness Sheikh ...

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• 23 July

  Etisalat profit surges 3.1% to AED4.4b in first half of 2019

  

  ABU DHABI / WAM The consolidated net profit of the Etisalat Group amounted to AED4.4 billion during the first half of the year ending on June 30, representing a 3.1 percent increase year-on-year. According to financial results, the subscriber base reached 143 million, representing a year-on-year increase of two percent. While the consolidated revenues reached AED25.9 billion, the consolidated EBITDA ...

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• 23 July

  Dubai-China trade hits AED36 billion in Q1

  

  DUBAI / WAM The Dubai-China bilateral trade hit as much as AED139 billion in 2018, and was valued at AED36 billion in the first quarter of 2019. Telecoms, phones, personal computers, aluminium, gold, automobiles, and engines topped the list of the most traded commodities between Dubai and China. China has been Dubai’s top trading partner since 2014, after the emirate ...

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• 23 July

  Blackstone mulls Cheniere Energy stake sale

  

  Bloomberg Blackstone Group is considering selling its stake in Cheniere Energy Partners LP, according to people familiar with the matter, seven years after agreeing to invest about $1.5 billion in the owner of the first major liquefied natural gas export terminal in the US. The private equity firm is working with an adviser on a potential sale of its interest ...

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• 23 July

  German clean-energy fund to invest in US solar projects

  

  Bloomberg Germany-based clean-energy fund Hep Kapitalverwaltung AG agreed to invest $50 million to $80 million annually in a partnership to develop small solar projects in the US. Hep and ReNew Petra, a North Carolina-based renewable energy company, plan to jointly develop more than 100 megawatts of solar annually, according to a statement. Their venture, Emerald Hills Holding, will enable ReNew ...

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• 23 July

  China’s Oriental Energy plans trading unit IPO

  Bloomberg Oriental Energy Co, China’s biggest importer of liquefied petroleum gas (LPG), is considering an initial public offering (IPO) of its trading and logistics unit on the Singapore stock exchange. The company is in discussions with the exchange and the city-state’s government about the share sale for its subsidiary Oriental Energy (Singapore) International Trading Pte, according to an official at ...

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• 23 July

  China’s BAIC buys 5% stake in Daimler, boosts ties

  

  Bloomberg One of Germany’s most storied industrial icons just became more Chinese. Daimler AG’s Chinese partner, state-backed Beijing Automotive Group Co (BAIC), is buying a 5 percent stake in the Mercedes-Benz maker, cementing a more than decade-long alliance of the auto manufacturers. Together with Daimler’s top shareholder — Zhejiang Geely Holding Group Co’s billionaire owner Li Shufu — the transaction ...

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• 23 July

  Home-loan curbs to deepen crisis for Indian developers

  

  Bloomberg The liquidity crunch facing property firms and their lenders in India may deepen after the National Housing Bank restricted certain mortgage-payment plans that developers typically use to push sales. The nation’s housing regulator advised home financiers to cease offering advances for so-called subvention plans. Such plans are staggered or back-end payment contracts where the builder pays the interest on ...

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