December, 2018

• 17 December

  H&M price cuts take shine off sales growth

  

  Bloomberg Hennes & Mauritz AB reported its fastest quarterly sales growth in three years, though analysts said the big question is how much the struggling Swedish retailer cut prices on clothes to clear excess inventory. The shares fell in Stockholm trading. Revenue rose 12 percent to 56.4 billion kronor ($6.2 billion) in the three months through November, according to a ...

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• 17 December

  The man taking on Boeing with a $22bn jet order at stake

  

  Bloomberg The crash of a Boeing Co. plane that killed 189 people in Indonesia is spiralling into a $22 billion feud between the aircraft maker and one of Asia’s most influential aviation bosses. In a rare public dispute between the planemaker and one of its biggest customers, the head of PT Lion Mentari Airlines has threatened to cancel an order ...

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• 16 December

  Emirates Steel seals $400mn refinancing

  

  ABU DHABI / WAM Emirates Steel, the only integrated steel plant in the UAE and a subsidiary of the General Holding Corporation (Senaat), has finalised a significant $400 million loan refinancing deal that will enable the company to accelerate deleveraging, increase financial flexib- ility, simplify its debt structure and fund its growth plans. The new financing replaces Emirates Ste-el’s outstanding ...

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• 16 December

  E-commerce in UAE set to hit AED100bn by 2020

  

  ABU DHABI / WAM The UAE has accomplished significant achievements during its transition to a digital economy over the past five years. These accomplishments have helped to reinforce the competitiveness of the UAE’s national economy, according to indexes published by international organisations, including World Economic Forum, which ranked the UAE as the leading Arab and regional e-commerce centre in 2017. ...

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• 16 December

  AED474 million projects on track for Abu Dhabi Police: Musanada

  ABU DHABI / WAM Abu Dhabi General Services Company, Musanada, revealed that work is progressing as planned in line with the agreed schedule in eight new building projects for Abu Dhabi Police General Headquarters totalling AED474 million. The projects include construction of the Civil Defence Centre at Al Falah region, three police stations at Al Falah, Al Saadiyat and Al ...

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• 16 December

  Shuaa Capital expands footprint with acquisition of Kuwaiti firm

  

  DUBAI / WAM Shuaa Capital announced the commencement of its post-acquisition integration and consolidation efforts with Kuwait based Amwal International Investment Company, Amwal, following the completion of the public tender process. The acquisition of Amwal aligns with Shuaa’s vision of delivering long-term shareholder value, in addition to the prospects of meaningful synergies between Shuaa Capital’s existing capital markets business and ...

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• 16 December

  Joint Arab Vision for Digital Economy launched

  

  Abu Dhabi / WAM 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, and with the attendance of H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Interior, the 1st Arab Digital Economy Conference began on Sunday ...

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• 16 December

  ‘UAE a vital partner in achieving global peace’

  Dubai / WAM Khalifa Al Shaer Al Suwaidi, Acting Secretary-General of the Mohammed bin Rashid Al Maktoum Tolerance Award, said that the announcement of President His Highness Sheikh Khalifa bin Zayed Al Nahyan declaring 2019 as the ‘Year of Tolerance’ is an essential step in promoting tolerance and encouraging it to become a community practice. In a statement, Al Suwaidi ...

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• 16 December

  Cold hydrostatic testing at Barakah Unit 3 complete

  

  Abu Dhabi / WAM The Emirates Nuclear Energy Corporation (Enec), successfully completed Cold Hydrostatic Testing (CHT), at Unit 3 of the Barakah Nuclear Energy Plant in Abu Dhabi. The testing, which is a crucial step towards the completion of Unit 3 of the 4-unit Barakah plant, incorporated the lessons learned from Units 1 and 2 and represents a significant milestone in ...

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• 16 December

  ERC provides 100 tonnes of food aid to Yemeni residents

  HODEIDAH / WAM The Emirates Red Crescent (ERC), has continued the distribution of humanitarian and relief aid to residents of the Red Sea coast of Yemen. The aid is a continuation of the humanitarian and relief efforts of the UAE in the Yemeni arena as part of a strategic plan to support the newly liberated cities and districts of Yemen, ...

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