Dubai announces new coronavirus economic support worth over $400 million - Reuters:
Dubai has announced a new package worth 1.5 billion dirhams ($408 million) to help the economy cope with the effects of the coronavirus pandemic, the crown prince of the emirate, Hamdan Bin Mohammed Al-Maktoum, said on Twitter on Saturday.
The package is the third announced by Dubai, the second-largest and second-wealthiest member of the United Arab Emirates federation. The three packages are worth a total of 6.3 billion dirhams, Sheikh Hamdan said.
The latest intervention includes cancelling certain fines imposed by the government and the customs department, tax reimbursements to hotels and restaurants, financial guarantee refunds to the construction sector and exonerating private schools from licensing renewal fees.
The Dubai support measures come on top of initiatives implemented at the federal level, especially by the UAE central bank, to ease financial and liquidity requirements on lenders and businesses.
Abu Dhabi, the UAE capital and the largest and wealthiest member of the seven-member federation, has also introduced its own stimulus packages.
Saturday 11 July 2020
Moody's assigns provisional Baa2 to #Sharjah's GMTN Programme | ZAWYA MENA Edition
Moody's assigns provisional Baa2 to Sharjah's GMTN Programme | ZAWYA MENA Edition:
Moody's Investors Service has assigned a provisional rating of Baa2 to the Government of Sharjah's Global Medium Term Note (GMTN) Programme.
The Baa2 rating on the emirate’s proposed GMTN programme mirrors the Government of Sharjah's long-term issuer rating (Baa2), with a stable outlook.
“The stable outlook on the issuer rating is supported by Sharjah's relatively diversified economy, low external vulnerability risks and a credible currency peg afforded by membership in the federation of the UAE, ample funding sources, and high-income levels contributing to shock absorption capacity.”
It is also indicating a degree of resiliency at the current rating level despite pressures on creditworthiness globally associated with the coronavirus shock, according to Moody’s.
Moody's Investors Service has assigned a provisional rating of Baa2 to the Government of Sharjah's Global Medium Term Note (GMTN) Programme.
The Baa2 rating on the emirate’s proposed GMTN programme mirrors the Government of Sharjah's long-term issuer rating (Baa2), with a stable outlook.
“The stable outlook on the issuer rating is supported by Sharjah's relatively diversified economy, low external vulnerability risks and a credible currency peg afforded by membership in the federation of the UAE, ample funding sources, and high-income levels contributing to shock absorption capacity.”
It is also indicating a degree of resiliency at the current rating level despite pressures on creditworthiness globally associated with the coronavirus shock, according to Moody’s.
Ambani’s Jio Receives $4 Billion Payment For Stake Sales - Bloomberg
Ambani’s Jio Receives $4 Billion Payment For Stake Sales - Bloomberg:
Jio Platforms Ltd., the digital services business controlled by billionaire Mukesh Ambani, has completed the sale of 6% of its shares for about $4 billion.
Saudi Arabia’s Public Investment Fund closed a deal for a 2.3% stake for 113.7 billion rupees ($1.5 billion), according to an exchange filing from Jio’s parent, Reliance Industries Ltd. Silver Lake purchased 2.1% of the shares. The other investors were L Catterton and General Atlantic.
The transactions -- announced earlier this year -- helped Reliance declare itself free of net debt ahead of its goal. Jio Platforms had earlier also sold about 10% stake to Facebook Inc.
All told, Jio has now sold about 25% of its shares to buyers including Facebook and U.S. private equity firms KKR & Co., and Silver Lake.
Jio Platforms Ltd., the digital services business controlled by billionaire Mukesh Ambani, has completed the sale of 6% of its shares for about $4 billion.
Saudi Arabia’s Public Investment Fund closed a deal for a 2.3% stake for 113.7 billion rupees ($1.5 billion), according to an exchange filing from Jio’s parent, Reliance Industries Ltd. Silver Lake purchased 2.1% of the shares. The other investors were L Catterton and General Atlantic.
The transactions -- announced earlier this year -- helped Reliance declare itself free of net debt ahead of its goal. Jio Platforms had earlier also sold about 10% stake to Facebook Inc.
All told, Jio has now sold about 25% of its shares to buyers including Facebook and U.S. private equity firms KKR & Co., and Silver Lake.
Coronavirus: Emirates set to cut 9,000 jobs, citing pandemic - BBC News
Coronavirus: Emirates set to cut 9,000 jobs, citing pandemic - BBC News:
The president of Emirates said the Middle Eastern airline is set to cut as many as 9,000 jobs because of the coronavirus pandemic.
It is the first time the world's biggest long-haul carrier has disclosed how many jobs will be lost.
Prior to the crisis, Emirates had 60,000 staff.
Sir Tim Clark said the airline had already cut a tenth of its staff but said: "We will probably have to let go of a few more, probably up to 15%."
The global airline industry has been severely impacted by coronavirus, with activity all but grinding to a halt.
In an interview with the BBC, Sir Tim said Emirates was "not as badly off as others".
The president of Emirates said the Middle Eastern airline is set to cut as many as 9,000 jobs because of the coronavirus pandemic.
It is the first time the world's biggest long-haul carrier has disclosed how many jobs will be lost.
Prior to the crisis, Emirates had 60,000 staff.
Sir Tim Clark said the airline had already cut a tenth of its staff but said: "We will probably have to let go of a few more, probably up to 15%."
The global airline industry has been severely impacted by coronavirus, with activity all but grinding to a halt.
In an interview with the BBC, Sir Tim said Emirates was "not as badly off as others".