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Markets

2,797.00 0.04%
Volume
87,823,270
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0.04%
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1,441
17
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5
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Traded stocks 34
5,039.12 -0.31%
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67,517,823
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833
11
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Al Qudra
0.91
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4.35
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0.4
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4.28
NBF
3.88
Ithmaar Holding
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Ekttitab
0.2
Al Salam
0.52
DIB
5.12
Sharjah Islamic Bank
1.2
Emaar
5.17
FAB
15
AAN
0.23
Manazel
0.43
GFH
0.88
DXB Entertainments
0.23

Emirates Business


Dewa awards AED1.43b deal for Hatta hydro power station

DUBAI / WAM Dubai Electricity and Water Authority (Dewa), awarded the Strabag Dubai LLC, Strabag AG, Andritz Hydro and Ozkar consortium the construction contract for the AED1.437 billion pumped-storage hydroelectric power station at Hatta.This is part of the Comprehensive Development Plan for Hatta, launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.The project is the first of its kind in the Arabian Gulf and will generate 250 MW. The project is expected to last up to 80 years and is scheduled to be commissioned by February 2024....

UAE voices support for peaceful transition of power in Sudan

KHARTOUM / WAM The UAE on Saturday expressed its support for Sudan in its quest to create a polit-ical system capable of achieving the development of the state and driving the country towards a prosperousfuture, affirmed Dr Sultan bin Ahmad Sultan Al Jaber, Minister of State.In a statement following his participation in the ceremony held in Khartoum to sign the Constitutional Declaration by the Transitional Military Council (TMC) and Forces of Freedom and Change alliance, Dr Al Jaber reiterated the UAE’s principled position that supports every effort that achieves security, stability and prosperity for Sudan and its people.The UAE is...

Fear factor for US consumer is rising, fuelling recession risk

Bloomberg If self-reinforcing recession fears are the greatest risk to the record-long US expansion, as posited by Bank of America Corp. Chief Executive Officer Brian Moynihan, the latest consumer sentiment report hinted that those concerns may be starting to emerge.“We have nothing to fear about a recession right now except for the fear of recession,” Moynihan said in a Bloomberg Television interview. Recession risks are low because of steadfast household spending, which remains the backbone of the economy, he said.Indeed, government figures this week showed retail sales advanced in July by a hearty 0.7%, the most in four months. Purchases...

Hiring in Australia soars as new jobs defy forecast

Bloomberg Australia’s labour market surged in July, adding almost three times the forecast number of jobs, while unemployment remained stuck at 5.2% as the workforce swelled to a fresh record.The economy added 41,100 roles from the previous month, with more than three-quarters of them full-time, the statistics bureau said in Sydney. Economists had forecast a gain of just 14,000. The participation rate, which wasn’t expected to move, slightly rose to a new high of 66.1%.“The rebound in employment growth likely reflects the rebound in hiring intentions after the federal election, which temporarily disrupted firms’ hiring plans,” said Sarah Hunter, head...

Power Cement shuts a third of capacity on Pakistan downturn

Bloomberg Pakistan’s Power Cement Ltd. has suspended almost a third of its output as demand and prices fall amid an economic downturn and higher costs bite.The second largest producer in the country’s south has shut about 3,150 tons per day of old, high-cost production capacity after market conditions rendered them unviable. Newer lines accounting for 7,700 tons remain operational.The old units were closed because they are “inefficient lines,” Chairman Nasim Beg said in a message. “The output of these is not competitive under the present conditions.”The cutback is the latest evidence that Prime Minister Imran Khan’s measures to lift the...

Alibaba’s Tsai buys Brooklyn Nets, Barclays arena for $3.5b

Bloomberg There’s a new owner of the Brooklyn Nets.Alibaba Group Holding Ltd. Executive Vice Chairman Joe Tsai exercised his option to buy the rest of the team that he didn’t already control — along with the Barclays Center arena — ending Mikhail Prokhorov’s ownership tenure and bringing another deep-pocketed international presence to the National Basketball Association.Financial terms weren’t disclosed, but a person familiar with deal said Tsai paid about $3.5 billion, including debt, for the team and building in total.Tsai — who has a net worth of $10.3 billion, according to the Bloomberg Billionaires Index — previously bought a 49%...

Private funding needed for Asia infra: Singapore

Bloomberg Governments in Asia are seeking to tap private investment for the region’s substantial infrastructure needs as the current rate of public financing is “insufficient and unsustainable,” said Indranee Rajah,Singapore’s second minister for finance and education.Globally, government financing accounts for 40% of infrastructure expenditure, and 70% in emerging markets, while in Asia, this stands at 90%.“This rate of government financing is unsustainable and governments are looking at how to crowd-source private sector investments to help fill the gap,” added Rajah., who is also a minister in the Prime Minister’s office. “A marriage between the public sector project needs and private...

Bank of Sharjah plans to issue dollar bonds

Bloomberg Bank of Sharjah PJSC plans to issue dollar-denominated bonds later this year to help the United Arab Emirates lender repay existing debt, people with knowledge of the plan said.The company wants to raise about $500 million in a sale likely to take place in September or October, according to the people, who asked not to be identified because the details are private. The bank, based in the emirate of Sharjah, and will use the proceeds to help settle notes maturing in June next year, they said.“We’re exploring multiple options for an issue of senior unsecured securities, including private placements...

Emiratis exempt from pre-entry visa to visit South Africa

ABU DHABI / WAM Emiratis holding diplomatic, special, mission and ordinary passports are now exempt from pre-entry visas to visit South Africa. According to the South African Department of Home Affairs, UAE was added to visa waiver list, with the possibility of UAE citizens travelling to South Africa to stay for a period up to 90 days effective from August 15.Ahmed Sari Al Mazrouei, Under-Secretary of MoFAIC, said that the visa waiver decision reflects strong ties between the two countries.

Adnec adds AED2.3bn to Abu Dhabi economy in H1

ABU DHABI / WAM The first half of 2019 saw an input of AED2.3 billion into the Abu Dhabi economy, revealed the Abu Dhabi National Exhibitions Company on Wednesday.In a statement, the company said that its Abu Dhabi National Exhibition Centre (Adnec ), and Al Ain Convention Centre (AACC) contributed AED2.3 billion to the Abu Dhabi economy in H1 2019, taking the company’s cumulative economic impact to AED34.3 billion since its establishment in 2005.“The company’s direct and indirect contribution to the UAE capital’s economy increased by 45 percent this year, compared to the same period in 2018,” the statement continued,...

UAE donates clothes, food for Eid in Yemen

RED SEA COAST / WAM The UAE is continuing to normalise humanitarian conditions and improve the living conditions of Yemenis in all liberated governorates, with ERC distributing clothes and food for Eid to needy families living in the Red Sea Coast.ERC representatives said Eid clothes distribution project covers 700 families in Khawkhawh, Hais and At Tuhayta districts, and included the distribution of 2,000 food parcels to 14,000 citizens.The beneficiaries expressed their gratitude and appreciation to the UAE leadership, the government and the people for the humanitarian initiatives.

KhalifaSat captures image of Grand Mosque of Makkah

DUBAI / WAM An image of the Grand Mosque of Makkah was taken by KhalifaSat on the first day of Eid Al Adha during the Hajj pilgrimage of this year.KhalifaSat was fully developed at the Mohammed bin Rashid Space Centre’s facilities by Emirati engineers and was launched into space in October 2018.It has five patents and seven space innovations making it the most advanced satellite of its category in the world. KhalifaSat provides images with specifications that meet the highest international standards in space images.These high-resolution detailed images help organisations in government and private sectors get accurate data allowing them...