July, 2023

• 23 July

  American Air offers to add $1bn to pending pilot deal

  

  BLOOMBERG American Airlines Group Inc said changes it offered in a pending contract agreement with pilots would increase the value to more than $9 billion over four years, matching terms of a competitor’s more-lucrative offer. The proposal adds more than $1 billion to the tentative agreement between the carrier and the Allied Pilots Association, including a “significant” increase in compensation, ...

  Read More »
• 23 July

  Onex shoots for $750mn with launch of transportation fund

  

  BLOOMBERG Onex Corp is seeking $750 million for a new fund dedicated to transportation investments, people familiar with the matter said, a test of its ability to raise money in a tough climate for private equity. The Toronto-based firm has hired eight people for the fund, led by Wes Dick, a former senior executive at aircraft leasing firm BBAM LLC. ...

  Read More »
• 23 July

  Canadian retail sales starting to stall as higher rates bite

  

  BLOOMBERG Canadian consumers may be ready to wind down their spending, with retail sales data showing waning momentum at the end of the second quarter. Receipts for retailers were flat in June, according to an advance estimate from Statistics Canada released. That followed a 0.2% increase a month earlier, missing the 0.5% gain expected by economists in a Bloomberg survey. ...

  Read More »
• 23 July

  Dubai seeks to unlock a new phase of high-powered growth for its family business sector

  

  DUBAI / WAM In Dubai’s awe-inspiring economic growth story, family businesses stand tall as architects of growth, innovation and value creation. Generating over 40 percent of the emirate’s GDP, the sector represents Dubai’s indomitable spirit of enterprise. Now, as the emirate seeks to unlock a new phase of high-powered growth for its economy, the government is introducing a spate of ...

  Read More »
• 20 July

  COP28 chief, Bangladeshi PM call for world’s most vulnerable to be placed at heart of climate action

  

  DHAKA / WAM Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and COP28 President-Designate, met with the Sheikh Hasina, Prime Minister of Bangladesh, as he continued his discussions with global leaders to focus on delivering for COP28. Following his speech in Brussels, he continued to share his core action agenda to fast-track a just energy transition; ...

  Read More »
• 20 July

  UAE President sends written letter to his Colombian counterpart with COP28 invitation

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a written letter to President Gustavo Petro of Colombia, which included an official invitation to the Conference of the Parties to the UN Framework Convention on Climate Change (COP28), which will be held at Expo City Dubai this November. The letter was delivered by ...

  Read More »
• 20 July

  Two major pacts announced at UAE-Türkiye Business Forum

  

  ABU DHABI / WAM The UAE-Türkiye Business Forum, held in Abu Dhabi, witnessed the unveiling of two major agreements aimed at catalysing investment across key sectors of both nations’ economies. The two announcements, designed to enhance cooperation between the business communities in the two countries, were announced during the Business Forum, which aims to increase economic partnership and drive investments ...

  Read More »
• 20 July

  AD Ports, Chinese firm sign pact to build strategic relationship

  

  ABU DHABI / WAM AD Ports Group and China Machinery Engineering Group Corporation (CMEC GROUP), a state-owned key enterprise directly managed by the central government of China, have recently signed a Memorandum of Understanding (MoU) to establish a strategic cooperative relationship. The MoU details how the two companies will explore opportunities globally, particularly in the Middle East, Central Asia, South ...

  Read More »
• 20 July

  UAE ranks first globally in mobile internet speed in June

  

  ABU DHABI / WAM The UAE has ranked first globally in mobile internet speed for the month of June, with a download speed of 204.24 Mbps and an upload speed of 22.72 Mbps, according to the Speedtest Global Index published by Ookla, a web service that provides analysis of Internet access performance metrics. According to the index, the UAE topped ...

  Read More »
• 20 July

  Real estate mortgages in Ajman totalled AED1.5bn in H1 2023

  

  AJMAN / WAM Omar bin Omair Al Muhairi, Director-General of the Department of Lands and Real Estate Regulation in Ajman, confirmed that statistics on real estate mortgages showed a rise in value during the first half of 2023. A total of 972 mortgage transactions valued at AED1.5 billion were recorded, a 41 percent increase compared to the same period in ...

  Read More »