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Huawei gets caught up in China territory controversy - Dotemirates
16/08/2019

Huawei gets caught up in China territory controversy

China's Huawei, the tech giant under scrutiny for its alleged links to the Chinese government, has become caught up in a controversy surrounding the representation of Taiwan.Huawei has come under fire for allegedly implying in its smartphone settings that Taiwan is independent.Despite a backlash on social media, Huawei has declined to comment.It is the latest firm - and an unexpected one - to get caught up in this kind of controversy.Global brands such as Versace, Coach, Givenchy, and Swarovski all faced similar criticism this week for listing Hong Kong, Macau, and Taiwan as a separate countries or regions - not...


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Business News

08/09/2019

Mag Development launches Dh8b residential projects in Dubai

Mag Development, the real estate development arm of Mag Holding Group, on Sunday announced the launch of its Dh8 billion residential projects and a comprehensive programme of Dh120 per day payment option to own a property in Dubai - a move that will boost the company's presence in the emirate's real estate sector. An investment of Dh8 billion will be injected into the market to provide four major projects: Mag City, Meydan, Al Furjan Villas, and MPL Tower in Jumeirah Lakes Towers. The new programme provides customers with the opportunity to pay Dh120 per day to own a house without...
08/09/2019

Air freight volumes hit by trade war flare-up

Freight volumes handled by Middle Eastern airlines dropped by 5.5 per cent in July 2019 compared to the year-ago period as across the globe air cargo continued to suffer from weak global trade and the intensifying trade dispute between the US and China, the International Air Transport Association (Iata) said. Iata data for global air freight markets shows that demand, measured in freight tonne kilometers (FTKs), contracted by 3.2 per cent in July 2019, compared to the same period in 2018. This marks the ninth consecutive month of year-on-year decline in freight volumes. For Middle East airlines, the freight volume...
08/09/2019

Oil nations to do ‘whatever necessary’ to balance market: UAE

ABU DHABI: Oil producers will do “whatever necessary” to rebalance a crude market depressed by trade tensions and an uncertain global outlook, the United Arab Emirates’ energy minister said Sunday.Suheil Al-Mazrouei warned however that with the US-China trade row hanging over the world economy, additional output cuts may not be the best way to boost sagging prices.Deeper production cuts are “not a decision that we take easily,” the minister said ahead of the four-day World Energy Congress starting Monday in Abu Dhabi, where a key meeting of oil ministers will also be held on Thursday.Mazrouei told a press conference that...

08/09/2019

Danube Properties opens office in Kerala

Danube Properties has launched operations in the south Indian state of Kerala by opening its sales and marketing office in Kochi. Present on the occasion was Rizwan Sajan, founder and chairman of Danube Group; Atif Rahman, director and partner of Danube Properties; and Bollywood actress Sunny Leone; along with other senior management of the company. This is the developer's third marketing and sales office in India - after it launched operations in Mumbai in 2016 and Delhi in 2017. India is one of the UAE's strongest economic partners with huge investments from both countries. In 2018, Indian investors have accumulated...
08/09/2019

Shuaa Capital to exit non-core units, sells 2 units

Financial services group Shuaa Capital on Sunday announced that it would exit from non-core business and sell two of its units to Abu Dhabi-listed International Holdings Company (IHC). The company said in a statement to Dubai Financial Market that it would sell Shuaa Securities Brokerage and market-making businesses in the UAE to IHR RSC Ltd, a subsidiary of IHC, pending regulatory approval. "Under the terms of the all-cash deal, IHC will acquire the operations of both businesses, which currently function as stand-alone business units within Shuaa. This sale is part of the strategy of the combined entity to exit non-core...
08/09/2019

Miral announces AED625 million Yas Village development

ABU DHABI, 8th September, 2019 (WAM) -- Miral, an Abu Dhabi Government-backed developer, has announced its investing AED625 million in Yas Village, a property development project on Yas Island. Phase one construction works commenced in May 2018 and is now 40 percent complete, with Singapore-based Steppe Capital partially investing in the development. Commenting on the announcement, B.R. Kiran, Chief Portfolio Officer of Miral, said, "Yas Village, the first affordable residential development on Yas Island, brings a modern and welcoming living community to the Island. As we continue to attract quality investments within Miral’s various ongoing and upcoming projects on Yas...