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Mubadala’s investment will translate into a 1.85 percent equity stake in Jio Platforms on a fully diluted basis. — Courtesy photo
India’s Reliance Jio Platforms to sell $1.2bn stake to Abu Dhabi’s Mubadala
ABU DHABI — Jio Platforms, India’s leading digital services platform and a wholly-owned subsidiary of Reliance Industries, announced on Thursday that Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor, will invest $1.2 billion (AED4.4bn) in Jio Platforms at an equity value of $65 billion (AED239bn) and an enterprise value of $68 billion (AED250bn). Mubadala’s investment will translate into a 1.85 percent equity stake in Jio Platforms on a fully diluted basis.With this investment, Jio Platforms has raised $11.6 billion (AED43bn) from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala...
June 05, 2020

India’s Reliance Jio Platforms to sell $1.2bn stake to Abu Dhabi’s Mubadala

Etihad recently launched links from Melbourne and Sydney to London Heathrow, allowing direct transfer connections to and from the UK capital via Abu Dhabi. — WAM photo
Etihad Airways to offer transfer flights connecting key cities
ABU DHABI — Etihad Airways will link 20 cities in Europe, Asia and Australia via Abu Dhabi, effective June 10.In a statement by the airline on Thursday, the new transfer services will make it possible for those traveling on the airline’s current network of special flights to connect easily through the United Arab Emirates capital onward to key global destinations.Etihad recently launched links from Melbourne and Sydney to London Heathrow, allowing direct transfer connections to and from the UK capital via Abu Dhabi.Throughout June, Etihad is continuing to operate a network of special flights from Abu Dhabi to previously announced destinations across its international network. Easy transfer connections via Abu Dhabi will now be available from Jakarta, Karachi, Kuala Lumpur, Manila,...
June 04, 2020

Etihad Airways to offer transfer flights connecting key cities

he Sharjah Airport Authority has welcomed the decision of government agencies to open airports for transit flights.  — WAM photo
Sharjah Airport Authority welcomes resumption of transit flights
SHARJAH — The Sharjah Airport Authority has welcomed the decision of government agencies to open airports for transit flights, indicating that this decision is a step in the right direction, and comes within the policy of progressive economic openness that the UAE has committed to.In conjunction with Sharjah Airport’s announcement of its full readiness for the return of operations, Ali Salim Al Midfa, SAA chairman, said that the decision heralds the full opening of all world’s airports and the return of travel and tourism movement.He stressed that the authority has taken all necessary steps and made needed preparations, both in terms of operational and organizational procedures on one hand, and health and preventive measures that guarantee the smooth flow movement at the airport, and...
June 04, 2020

Sharjah Airport Authority welcomes resumption of transit flights

Permian CO2 emissions intensity from flaring set to reach record low in second half of 2020
OSLO — The flaring-related CO2 emissions intensity of oil production in the US Permian basin is set to reach historically low levels in the second half of 2020, averaging at between 4 and 5 kilos (kg) of CO2 per barrel of oil produced, Rystad Energy estimates.The CO2 equivalent emission intensity associated with wellhead flaring has already improved from the peak level of 11–12 kg CO2 per barrel of oil produced in 4Q18 and June 2019, to 8 kg CO2 per barrel of oil in March 2020.Rystad Energy forecasts that the flaring-driven emission intensity will reach a low of 3.9 kg of CO2 per barrel produced in November, an unparalleled low in the modern history of Permian development.“In 2Q20 a material part of Permian oil production is being curtailed, resulting in an abnormal oil production...
June 04, 2020

Permian CO2 emissions intensity from flaring set to reach record low in second half of 2020

 Oman on Thursday announced setting up of a super investment body called Oman Investment Authority to take over the country’s sovereign wealth fund and finance ministry assets, state news agency ONA reported quoting a royal decree from Sultan Haitham Bin Tariq. — Oman News Ageny photo
Oman sets up investment body to manage state assets
Saudi Gazette reportJEDDAH — Oman on Thursday announced setting up of a super investment body called Oman Investment Authority to take over the country’s sovereign wealth fund and finance ministry assets, state news agency ONA reported quoting a royal decree from Sultan Haitham Bin Tariq.As per the royal decree, Oman Investment Authority will have a legal identity, enjoy financial and administrative autonomy and report to the Council of Ministers.It will have a board of directors to be formed at the royal directives.All specializations, allocations, rights, obligations, registers, assets and investments related to the State’s General Reserve Fund shall be transferred to Oman Investment Authority, and so will be Oman Investment Fund and the Directorate General of Investments at the...
June 04, 2020

Oman sets up investment body to manage state assets

ECB chief but Christine Lagarde will likely show teeth to soothe investors that the bank is ready to do what’s necessary to reach their mandated goal.
Profit taking on softer risk appetite, rising doubts on OPEC+ meeting, ECB decision
By Ipek OzkardeskayaGENEVA — Tensions between the US and China escalate as China blocks American shippers from reentering China and Donald Trump suspends Chinese airline passenger flights to the US. The UK on the other hand announced it will welcome three million Hong Kong residents that have seen their rights and freedoms smashed by the new national security law.HSBC and Shanghai Banking Corporation, two British institutions, which have strong ties with mainland China, backed the new law, however. HSBC shares gained 1.57% in Hong Kong, on relief that the bank certainly won’t lose its access to a major business pillar as a result of frictions with the Western world.And a strong ADP read gave a major boost to investors sentiment in the US, as the data showed that the US economy lost...
June 04, 2020

Profit taking on softer risk appetite, rising doubts on OPEC+ meeting, ECB decision

KAPSARC analyzes impact of COVID-19 on the Saudi market in 24 job sectors
RIYADH — The King Abdullah Petroleum Studies and Research Center (KAPSARC) assessed, in a recent publication of an Instant Insight, the impact of COVID-19 on the Saudi labor market, and how jobs in 24 different sectors were affected by the current crisis.KAPSARC’s initial assessment, which used the approach prepared by the Federal Reserve Bank in St. Louis, revealed that 39% of Saudi employees in the sectors mentioned in the paper are at risk of losing their jobs, as the bank classified the sectors into high-risk and low-risk sectors, whereas the percentage of non-Saudi employees rises to 93%, due to the increase in the number of foreign workers in job sectors that are most at risk of unemployment, reaching more than 9 million employees, while the number of Saudis in those sectors...
June 04, 2020

KAPSARC analyzes impact of COVID-19 on the Saudi market in 24 job sectors

Maha Eltobgy, head of investing, World Economic Forum.
WEF releases framework to help investors address six global risks
NEW YORK — The World Economic Forum (WEF) has identified six systemic risks and established a governance framework to enable the investment community to address an investment gap of $6.27 trillion per year required to mitigate these risks. The risks include water security, climate change, population growth, geopolitical uncertainty, negative interest rates and technology disruption.“Transformational Investment: Converting Global Systemic Risks into Sustainable Returns”, provides new insights to ensure that the long-term impact of non-traditional risks and opportunities can be better understood. It’s particularly important for investors to consider these ongoing risks now in order to have good responses to address the current economic crisis.“The COVID-19 pandemic has altered the...
June 04, 2020

WEF releases framework to help investors address six global risks

Henadi Al-Saleh, Agility cairperson and leader of Agility’s logistics venture strategy.
Agility helps businesses ramp up online sales
RIYADH — Agility and two partner companies moved to help retailers and small businesses start or grow online sales through efficient, easy-to-build digital stores and easy-to-use shipping, fulfillment and delivery services.The partnership teams ExpandCart, one of the Middle East’s leading e-commerce enablers, with Shipa, Agility’s digital innovation arm. ExpandCart lets small businesses and retailers move online quickly by building branded stores in English and Arabic, then plugging into the simple Shipa platform so they can manage first-mile, fulfillment, freight movements, customs clearance and last-mile deliveries.Henadi Al-Saleh, Agility cairperson and leader of Agility’s logistics venture strategy, said the partnership would help traditional retailers and others that have seen...
June 04, 2020

Agility helps businesses ramp up online sales

Amit Yoran, chairman and CEO, Tenable
Tenable ranked top in device vulnerability management market share
DUBAI — Tenable, Inc., the Cyber Exposure company, Wednesday announced that it has been ranked No. 1 for device vulnerability management for 2019 market share in the IDC, Worldwide Device Vulnerability Management Market Shares, 2019: Finding the Transitional Elements Between Device Assessment Scanning and Risk-Based Remediation report.According to the report, Tenable is ranked No. 1 in global market share and revenue for 2018 and 2019 and is growing more than twice as fast as its closest competitor. The IDC market share report credits Tenable’s success to the company’s focused innovation and continued investments in delivering the best-of-breed enterprise vulnerability management platform:• Tenable Lumin, a first-of-its-kind innovation, empowers organizations to translate...
June 04, 2020

Tenable ranked top in device vulnerability management market share

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