June, 2019

• 26 June

  ADFG-Shuaa merger to create AED2.8bn entity

  

  Bloomberg Abu Dhabi Financial Group (ADFG) agreed to a reverse merger with Shuaa Capital PSC that will create an investment bank managing $12.8 billion of assets. The deal values the Abu Dhabi firm’s equity at AED1.5 billion ($408 million) to AED1.6 billion, ADFG Chief Executive Officer Jassim Alseddiqi said in an interview on Wednesday. It also gives the combined entity ...

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• 26 June

  Investment Corporation of Dubai revenues hit $63b

  DUBAI / WAM The Investment Corporation of Dubai (ICD) announced its consolidated financial results for the year ended on December 31, 2018, achieving record revenues of AED232.4 billion ($63 billion) and a net profit of AED21.4 billion. Revenues increased 15.7 percent from the prior year with increases achieved in all key segments and net profit was AED21.4 billion, a decrease ...

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• 26 June

  Oil jumps to 4-week high as US stockpiles drop

  

  Bloomberg Oil rose to a four-week high after an industry report signalled a bigger-than-forecast drop in US crude stockpiles, adding impetus to a rally that’s been driven by a tense standoff between Washington and Tehran. Futures in New York gained as much as 2.3 percent. The American Petroleum Institute reported that inventories fell by 7.55 million barrels last week, according ...

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• 26 June

  UAE, Mexico explore ways to boost ties

  MEXICO CITY / WAM UAE Ambassador to Mexico Ahmed Hatem Al Menhali met with Mexican Assistant Secretary of Communications and Transportation Carlos Alfonso Moran Moguel. The two sides explored ways of enhancing cooperation between the two countries across different sectors. Al Menhali and Moguel emphasised that their cooperation and partnership would support bilateral projects and initiativ-es, particularly those of overall ...

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• 26 June

  Trump warns of ‘Plan B’ on China trade with billions more in tariffs

  Bloomberg US President Donald Trump said substantial additional US tariffs would be placed on goods from China if there’s no progress on a trade deal after his planned meeting with Chinese counterpart Xi Jinping at the G-20 Summit in Japan. “My Plan B with China is to take in billions and billions of dollars a month and we’ll do less ...

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• 26 June

  Rakez Media Zone license issuance up 177% in May

  

  RAS AL KHAIMAH / WAM The number of new media licences and freelancer permits issued under the Rakez Media Zone has jumped 177 percent to 360 companies and freelancers in May, up from 130 in May 2018. Of the new licences registered, 150 belong to companies and the rest to freelancers. Rakez issues media licences to companies in the fields ...

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• 26 June

  17th Irena Council meet concludes in Abu Dhabi

  

  ABU DHABI / WAM The 17th meeting of the International Renewable Energy Agency (Irena), Council concluded on Wednesday in Abu Dhabi. Chaired by Luxembourg, the event marked the first official Council meeting hosted by Francesco La Camera, newly appointed Director-General of Irena. Over the course of two days, around 360 government representatives from 116 countries discussed the challenges facing the ...

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• 26 June

  ADGM announces launch of new fintech, innovation initiatives

  

  ABU DHABI / WAM Abu Dhabi Global Market (ADGM), announced its upcoming launch of a new initiative, ‘FinTech 50’, and the third edition of the ‘Innovation Challenge’, as part of the fintech Abu Dhabi Festival 2019. The ADGM Innovation Challenge poses a set of fintech problem statements that represent the various challenges that financial institutions, corporates, and consumers face in ...

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• 26 June

  Abu Dhabi airport records 564,042 passengers on Eid holidays

  ABU DHABI / WAM Abu Dhabi International Airport (AUH), handled 564,042 passengers during the nine-day-long Eid Al Fitr holiday, the beginning of the summer season. During the holiday period, between May 31 and June 8, AUH welcomed 200,867 origin and destination (O&D) travelers, and a total of 361,764 transit passengers. The top five destinations for passengers departing from AUH were: ...

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• 26 June

  FTA to refund housing tax worth AED17.5m

  ABU DHABI / WAM Khalid Ali Al Bustani, Director-General of the Federal Tax Authority (FTA), revealed that the FTA approved 390 requests to refund housing tax worth AED17.52 million, in implementation of the vision of the UAE’s leadership to create a modern housing system for UAE citizens and provide them with the best living standards. In statements to Emirates News ...

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