July, 2017

• 31 July

  Gulf Petrochem Group seals $150 million financing deal

  Dubai / Emirates Business Gulf Petrochem Group (GP) has successfully raised $150 million from a group of international and local financial institutions based in the GCC. In an environment of continued low global oil prices, the financing will be used to support the group’s activities around the world. The borrowing will take the form of an 8 year term loan ...

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• 31 July

  Dubai Investments posts AED480mn profit in H1

  DUBAI / WAM Dubai Investments has reported net profit of AED480 million for the six month period ended June 30th, 2017, compared to AED516 million in the same period last year. The company’s total assets grew to AED16.42 billion and the total income during the period was AED1.28 billion. The results include 8 percent growth in rental income to AED459 ...

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• 31 July

  UAE a ‘stand out’ country in WEF’s Digital Evolution Index ranking

  

  DUBAI / Emirates Business The World Economic Forum (WEF) has released its Digital Evolution Index (DEI) for 2017, classifying the UAE as a “stand out” country with an overall score of 3.22, which makes it the most advanced market in the Arab world and 22nd on a global level. Stand Out countries are “highly advanced digitally, and exhibit high momentum.” ...

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• 31 July

  DWC’s passenger growth up 35%

  DUBAI / Emirates Business Passenger numbers at Dubai World Central (DWC), Dubai’s second airport, grew by more than 35 percent in the first half of the year, according to the traffic report issued by operator, Dubai Airports. DWC welcomed 554,993 passengers in the first half of 2017 compared to 410,278 passengers during the first six months last year, a growth ...

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• 31 July

  Li Ka-shing’s Hutchison to sell Fiber unit for $1.9 bn

  

  Bloomberg I Squared Capital agreed to pay HK$14.5 billion ($1.9 billion) in cash to buy the fixed-line assets of billionaire Li Ka-shing’s Hong Kong telecommunications business, giving the investor group control of a fiber-optic network serving corporate customers and residents. Hutchison Telecommunications Hong Kong Holdings Ltd. shares surged the most in more than six years on Monday. The company announced ...

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• 31 July

  Sohu surges as its Chinese search engine plans US IPO

  

  Bloomberg Sohu.com Inc. rose the most in almost five years after its chairman said the Chinese company’s search engine subsidiary Sogou is on a “very good trajectory” as it prepares for a public listing in the US. Sohu told investors on Monday it planned to file paperwork with the US Securities and Exchange Commission for an initial public offering of ...

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• 31 July

  China bond buyers quiz taxi drivers on market

  

  Bloomberg In China, taxi rides aren’t just a form of transportation any more. They’ve also become useful for bond buyers doing due diligence. Dining out at restaurants is also helpful. It’s all part of a boom in field trips by market participants coming to grips with a new reality in China: the potential for bond defaults. After decades when authorities ...

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• 31 July

  India may block Fosun’s $1.3 bn gland acquisition

  

  Bloomberg India is poised to reject Shanghai Fosun Pharmaceutical Group Co.’s proposed $1.3 billion takeover of an Indian drugmaker, according to people familiar with the matter, scuppering the biggest-ever Chinese acquisition in the country. The Cabinet Committee on Economic Affairs, which is chaired by Prime Minister Narendra Modi, has decided to block the Chinese firm’s purchase of an 86 percent ...

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• 31 July

  Macau luxury hotel misses its opening

  

  Bloomberg 13 Holdings Ltd. missed a Monday deadline to open its luxury hotel in Macau, a condition of a HK$3 billion ($384 million) loan from Bank of Communications Co. for the gaming project just off the Cotai strip, according to people familiar with the matter. The $1.6 billion development, started by 13 Holdings co-chairman Stephen Hung, formerly co-head of Asia ...

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• 31 July

  Amazon, Wal-Mart finally give hydrogen power a reason to be

  

  Bloomberg Andy Marsh sees his future — and it’s forklifts. His tiny company, Plug Power Inc., makes hydrogen fuel cells, and for years he struggled to find customers. No longer. In April, Amazon.com Inc. agreed to try out the technology in forklift fleets at 10 of its warehouses. And in July, Wal-Mart Stores Inc. matched Amazon’s $600 million deal with ...

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