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Bloomberg More traditional companies in Hong Kong and Singapore are set to benefit from a “new business cycle” globally as their economies recover from the pandemic, according to Citigroup Inc.’s private-banking arm. Cyclical and undervalued stocks will outperform in both jurisdictions supported by fiscal stimulus, with Hong Kong probably coming out of a yearlong recession this quarter, Ken Peng, head ...

Abu Dhabi / WAM The world’s leading oil, gas, and petrochemical CEOs will join a virtual roundtable hosted by Abu Dhabi National Oil Company (Adnoc) on June 16, to discuss critical issues facing the industry and share best practices on effective response to Covid-19, as oil markets continue to rebalance amid encouraging signs of economic revival. Adnoc convened this special ...

Dubai / WAM Dubai Islamic Bank (DIB) has successfully closed a $1 billion long five-year sukuk with a profit rate of 2.95 percent per annum, which is equivalent to 245 basis points (bps) over the equivalent tenor Mid Swap Rate. In a statement by the bank on Wednesday, DIB’s $1 billion Sukuk is a landmark transaction as it is the ...

Abu Dhabi / WAM Outward personal remittances during Q1 increased by 7.8% or AED3 billion from AED38.4 billion to AED 41.4 billion compared to same period of 2019, according to official figures released by UAE central bank on Wednesday. “The outward personal remittances that were settled via banks rise by 16.9% or AED1.4 billion. Outward personal remittances that were settled ...

Bloomberg The head of the International Monetary Fund (IMF) called on private creditors to join the Group of 20 in providing debt relief for the world’s poorest nations, saying that the alternative to suspension and restructuring is defaults. A debt-service suspension would provide time for restructuring debt on a case-by-case basis in nations where debt sustainability needs to be restored, ...

Abu Dhabi / WAM Means to advance cooperation opportunities between the Abu Dhabi Fund for Development (ADFD) and Colombia were discussed over a virtual meeting. Mohammed Saif Al Suwaidi, Director General of ADFD held a video conference with Marta Lucia Ramirez, Vice President of Colombia, where both parties focused discussions on relations between the UAE and Colombia and ways to ...

ABU DHABI / WAM The central bank of the UAE (CBUAE) has projected the recovery of economic activity to commence in the second half of the year. The first quarter economic activities witnessed mixed movements, with the UAE economy performing well during the first two months of 2020. The bank affirmed — in the Quarterly Economic Review 2020 published on ...

ABU DHABI / WAM Inspired by the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and as per the directions of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy ...

ABU DHABI / WAM Etihad Engineering, the Maintenance, Repair and Overhaul (MRO) arm of Etihad Aviation Group, has been expanding its operations in aircraft maintenance and parking, to meet the new requirements of airline operators as fleets have been grounded due to the Covid-19 pandemic. In a statement on Wednesday, Etihad Engineering said, “The MRO provider continues to adapt to ...

Abu Dhabi / WAM Tawam Hospital in Al Ain has announced the launch of two mobile Covid-19 screening clinics for individuals that show symptoms of the disease. The hospital – an Abu Dhabi Health Services Company (Seha) facility – noted that the clinics are stationed in two different locations. The first clinic is based opposite Al Jimi Malla, while the ...