July, 2017

• 26 July

  State airline asked S Africa for $772mn

  Bloomberg South African Airways asked the government for $772 million as part of a recapitalization plan aimed at returning the state-owned carrier to profit, according to Finance Minister Malusi Gigaba. The request was included in a one-year corporate plan submitted by the airline to the National Treasury in March, Gigaba said in a written reply to a question from opposition ...

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• 26 July

  Air Baltic closes in on sale as Lazard lines up bidder shortlist

  

  Bloomberg Air Baltic Corp., the Latvian carrier that’s gone from near collapse to launch customer for Bombardier Inc.’s largest C Series jetliner, aims to secure a strategic investor as soon as the end of this year after attracting a global lineup of potential bidders. Lazard Ltd., which is managing the sale, has drawn up a shortlist including other airlines as ...

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• 25 July

  Pearl, gemstone trade in Abu Dhabi up 25.6%

  

  ABU DHABI / WAM Abu Dhabi’s trade in pearl, gemstones and precious metals surged to AED4.9 billion during the first four months of the year, posting an impressive growth of 25.6 percent over the corresponding period last year, according to Statistics Centre-Abu Dhabi. The trade inflowing via the country’s air, land and sea ports of entry accounted for 8.4 percent ...

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• 25 July

  UAE benefits from rebound in global trade and tourism

  

  DUBAI / Emirates Business The UAE is benefitting more from the rebound in world trade flows and growth in global tourism than other GCC economies, according to ICAEW. In a new report, released on Tuesday, the accountancy and finance body says the UAE has a more favourable economic outlook because it is the most diversified economy in the GCC. Fuel ...

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• 25 July

  ADNOC slashes September crude allocation by 10%

  Dubai / Reuters Abu Dhabi National Oil Co (ADNOC) has cut its crude allocations by 10 percent for September for the majority of its customers, an ADNOC spokesman said on Tuesday. Reuters reported earlier that the company had notified two term buyers in Asia that they would receive 10 percent less crude for September, according to two sources familiar with ...

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• 25 July

  DP World reports 10.7% gross volume growth in Q2

  

  DUBAI / WAM DP World Limited handled 34.0 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals in the first half of 2017, with gross container volumes growing by 8.2 percent year-on-year on a reported basis and 7.7 percent on a like-for-like basis, with second quarter growth rates accelerating to 10.7 percent year-on-year on a reported basis ...

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• 25 July

  Global infra investment need to reach $97.5 trillion by 2040

  

  DUBAI / Emirates Business A ground-breaking new report by the G20’s Global Infrastructure Hub (GI Hub) outlines infrastructure investment needs globally and individually for 50 countries and seven sectors to 2040. The report, Global Infrastructure Outlook, reveals the cost of providing infrastructure to support global economic growth and to start to close infrastructure gaps is forecast to reach $94 trillion ...

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• 25 July

  UAE, Japan discuss ways to boost economic, trade ties

  

  DUBAI / WAM Abdullah Al Saleh, the Ministry of Economy’s Under-Secretary for Foreign Trade and Industry, discussed various means of developing economic and trade co-oper- ation with Japan during a meeting with Yasushi Akahoshi, President of the Japan External Trade Organisation (JETRO) in Dubai. The two sides expressed satisfaction with their advanced level of economic and trade relations and their ...

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• 25 July

  ENEC completes Barakah cold testing

  

  ABU DHABI / WAM The Emirates Nuclear Energy Corporation has successfully completed cold hydrostatic testing, CHT, at Unit 2 at the Barakah Nuclear Energy Plant located in Al Dhafra Region of Abu Dhabi. The completion of this milestone, which concluded approximately 12 months after the same tests were successfully completed on Unit 1, demonstrates a commitment to achieving the highest ...

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• 25 July

  Abu Dhabi consumer price inflation hits 2.1%

  

  ABU DHABI / WAM The Statistics Centre – Abu Dhabi (SCAD) has issued its most recent statistical report showing detailed results of the Consumer Price Index (CPI), for June 2017, as compared to 2014, as well as the consumer price record calculations for the same month based on the level of prosperity of local families and regions and the contribution ...

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