EMBASSY OF THE UAE UNITED ARAB BERLIN ECONOMIC BULLETIN

Nr. 20 | August 2019 Content

P. 4 Abu Dhabi freehold law

P. 5 Adnoc acquires 10% of VTTI

P. 6 News

UAE Press: receives 846 thousand sea World should not ignore visitors in 9 months recession signals

Dubai has strengthened its position as one of the most important cruise ship desti- A German GDP contraction, nations in , concluding the cruise season 2019-2018 with a record increase weak Chinese industrial output of 51% in the number of tourists, and 38% in the number of trips, compared to last and an inversion of the US yield season. curve all seem to strengthen fears of a global slowdown and the world community needs to take a serious note of it, the Dubai has strengthened its position as The steady growth in the number of English daily Gulf Today said one of the most important cruise ship visitors reflects the strong cooperation in its editorial on Thursday. destinations in the world, concluding between the members of the Dubai Mar- the 2019-2018 cruise season with a re- itime Tourism Committee (DTCM), Du- Also highlighting the cord increase of 51% in the number bai Tourism, DP World - UAE Region, seriousness of the issue is the of tourists and 38% in the number of Port Rashid Operator, Emirates Airline, fact that stock markets on both flights, compared to last season. General Directorate of Residency and sides of the Atlantic witnessed Foreigners Affairs and Dubai Customs hefty losses on Wednesday. During this season, Dubai Airport, to establish Dubai as a leading cruise through the terminal at Mina Rashid, destination. the leading tourist destination in the Middle East and the award-winning The 2019-2018 tourism season wit- Global recession signs are cruise ship port, received 846,176 visi- nessed an exceptional event, which in- hard to ignore. Read how the tors, 152 flights, compared to 558,781 cluded the reception of 14 cruise ships UAE Press is reacting! visitors across 110 flights during the at its first landing in Dubai, in addition 2018-2017 season. It also confirmed the to many international operators who Page 8 launch of 211 tourism trips during the took the port as its starting point. Port next season 2020-2019. Rashid welcomes next season the return Tourism

of cruise ships Tui Cruises, Aida Cruis- position as a major hub for maritime potential is in line with the Dubai Silk es, MSC Cruises, Costa Cruises, Boule- tourism in the region. ” Line strategy developed by the Ports, mantour Cruises, P&O Cruises and Customs and Free Zone Corporation Royal Caribbean Cruises. The end of the Hamad Bin Mejren, Senior Vice Presi- in cooperation with key government season with the sailing of «Karnica», a dent, Dubai Department of Tourism and agencies. The strategy encompasses nine subsidiary of «Galish Cruises», the first Commerce Marketing, said: “The suc- initiatives, resulting from 33 projects, Indian cruise ship from Dubai port of cess of the 2019-2018 marine tourism which include strengthening the strate- departure for its flights. season is a strong indicator of the growth gic, operational and logistics connectiv- of this vital tourism sector in Dubai, and ity between DP World terminals world- Growing momentum Dubai’s ability to achieve remarkable wide. growth rates and consolidate its position “The figures show that P&O marinas are as a tourist destination to visit. Since its opening in 2014, the Hamdan moving in the right direction to promote Bin Mohammed Terminal has received Dubai as a global des- more than 2.3 million vis- tination for maritime “The success of the 2018/2019 cruise season stands itors, an increase of 172% tourism,” said Mohamed compared to the end of Abdul Aziz Al Man- as a true testament to the robust growth of Dubai’s 2018. nai, CEO of Marinas cruise industry and the city’s growing appeal as a P&O and CEO of Mina year-round ‘must-visit’ destination” Port Rashid has the capac- Rashid. ity to receive and handle Hamad Bin Mejren seven giant cruise ships As the premier cruise Senior Vice President of Dubai Tourism at the same time, while destination in the Mid- expansion is continuing dle East, Mina Rashid to improve its capabilities offers the best services through a world-class en- to international luxury cruise passen- At Dubai Tourism, we are delighted to tertainment area emulating Dubai’s re- gers and the Hamdan Bin Mohammed welcome once again the world’s leading markable cultural heritage. Terminal is one of the most important cruise management companies and to facilities to enhance this outstanding select Dubai as a starting point for their As demand continues to grow, improved performance, with a capacity of 14,000 regional and international tourism pro- berth services are being provided to pri- passengers per day. “We are always op- grams. We will continue to work with vate yacht owners seeking to make Du- timistic about the growing number of our partners to enhance Dubai’s position bai their anchorage, and the terminal visitors each year at Mina Rashid.” and accessibility through ongoing devel- will be one of the world’s leading cruise opment and upgrading of operational ship hubs. “Dubai’s growing momentum, as a major operations at cruise ports so that we can international cruise ship port, will fur- welcome more operators in the coming The 2020-2019 cruise season is set to be- ther boost luxury marine tourism and seasons. ” gin on October 19, with the Mein Schiff, connect Dubai to new destinations. We a Dubai-based cruise ship carrying more will continue to work closely with our Marine Tourism than 6,000 tourists. strategic partners to support the efforts of the Dubai Maritime Tourism Com- The development of the maritime tour- www.emaratalyoum.com mittee and to strengthen the emirate’s ism industry in Dubai to reach its full

2 Tourism Tourism

Dh25 billion plan to transform Dubai’s historic Mina Rashid area

A new mall by the sea and a floating yacht club among some of the attractions Last year, Ithra Dubai gave an update on its plans, which would involve multiple phases and see new hotels and residen- Dubai: One of Dubai’s historic sites – the nas offering the land as part of the joint tial buildings being put up. It will also Mina Rashid area – is to undergo a Dh25 venture deal. This is what Emaar has include the extension of the Deira Gold billion transformation, including having done with its Harbour de- Souq. a mall by the sea. velopment, done in alliance with , as well as at Dubai Hills Estate, First opportunity to acquire A joint venture between DP World where the partner is Meraas. freehold at Mina Rashid owned by P&O Marinas and Emaar will oversee the development, located in Bur In a statement, Mohammad Alabbar, Emaar has opened up sales for the Dubai - and stretching into Deira - with Chairman of , said: first properties to be launched in Mina an extensive seafront. It is now home to “With Mina Rashid, we are creating a Rashid. The Sirdhana features a collec- the fabled QE2 ocean liner, which is now future-ready city that honours the lega- tion of one-, two- and three-bedroom a 13-deck floating hotel and a perma- cy of the family and salutes waterfront apartments and townhouses. nent tourist attraction. the farsighted vision of Dubai’s Rulers It is named after the British Royal Mail who have consistently built – not for Ship, the first commercial vehicle to According to Sultan Ahmad Bin Su- now and then, but for the future and be- dock at Mina Rashid port, which opened layem, Group Chairman and CEO of y on d .” in 1972. These homes will be within DP World: “Mina Rashid will strengthen walking distance of the QE2 and ‘The Dubai’s position as a global city and the Its partner, P&O Marinas will devel- Dubai Mall by the Sea.’ premier cruise hub in the Middle East. op the marinas and berthing facilities Our venture with Emaar will contribute at Mina Rashid, which will eventually A magnet for the global cruise to the city’s cruise tourism and create have 430 “wet berths” that can take in industry another strong economic catalyst.” even the largest yachts and give a further boost to cruise-based tourism growing The renewal of the Mina Rashid area will The waterfront destination will also be at 16-18 per cent annually. bring renewed focus on the Hamdan Bin home to ‘ by Sea’, billed Mohammad Cruise Terminal, set up to as a fully integrated shopping and en- There is a bigger game plan to the new highlight Dubai’s credentials as a hub tertainment destination of the future. project: Dubai is giving a complete destination for the global cruise indus- Among other attractions, there will be a makeover to its established locations, try. The facility, built and operated by floating yacht club… and Dubai’s longest such as and Deira. On the P&O Marinas, has received over 2.3 mil- swimming pool. other side of the Shindaga Tunnel, an- lion visitors since the opening in 2014. other Dubai Government developer, Emaar will be responsible for the actu- Ithra Dubai is transforming the area in www.gulfnews.com al development works, with P&O Mari- and around the Grand Hyatt hotel.

3 Property Market

Abu Dhabi freehold law to make property more bankable

Lawyer Tariq Imam says law will lead to more participation in stock market as PJSCs have more freedom

Lawyer Tariq Imam says law will lead to So I think there’s definitely an impact on contracts, the law does not address the more participation in stock market as the real estate finance side. concern. PJSCs have more freedom “I think this will also have an impact “For existing property owners who may Abu Dhabi’s freehold law which was in- on developers, because developers with have leasehold interests rather than troduced in April this year will result some foreign shareholding will be able freehold - it’s going to be interesting be- in “more bankable” property projects, to obtain freehold when they previously cause that applies not just to individual according to Tariq Imam, Partner and couldn’t,” he said. residential apartment owners who have Head of Real Estate in Middle East at got a long-term lease, it also applies to London-based law firm Clifford Chance. Imam said the UAE stock exchange mar- sub-developers who have a leasehold in- ket will also see more movement as public terest in the underlying land. The new law allows foreigners investors joint stock companies will also be able to to own land and property on a freehold invest more freely in the capital’s property. “I think there will be a lot of people like lease in the following areas: Raha Beach, that who presumably will be looking at Reem Island, Al Reef, Lulu Island, Saadi- “You might have corporates looking to their contracts to see whether there are yat Island, Yas Island, Saih As Sidirah, buy and develop their own headquarters provisions in those contracts to upgrade Masdar City, Al Maryah Island, Al Falah, where previously they might have been from the leasehold interest to the free- Fahed Island, Hiid Al Saadiyat, Al Jurf in limited. I think the PJSC (public joint hold interest and I know for a fact that Ghantoot, Nurai Island, Jubail Island, Al stock companies) change is very impor- there are contracts in the market which Shamkha and Palace Breakwater. tant in the sense that these PJSCs will provide or anticipate this change of law now automatically be able to invest in and provide for the upgrade so there will Foreign investors in Abu Dhabi were property across Abu Dhabi when previ- be people looking at contracts, finding previously limited to 99-year leases. ously, they’d been limited. those provisions and working with their counter parties to understand the up- Speaking to Arabian Business, Imam “And you will hopefully have more par- grade,” Imam said. said the law will largely impact banks ticipation in the market through those and developers as real estate investments PJSCs so individuals buying shares in He added that that it “remains to be seen” become more profitable. listed companies who can now partici- how the issue of “fairness” between inves- pate in the real estate market more read- tors will be dealt with. “The obvious issue “It [the freehold law] will have an im- ily. There are a number of different par- is that you’ve got a lease hold property pact on banks, because banks financing ticipants who will be impacted beyond and now an equivalent investor could ob- those developers will have to do less due just the end-user or residential investor,” tain a freehold property, what does that diligence. They will find these projects he said. mean for the value of your property and perhaps more bankable. They will find the fairness position as between those individual home financing more bank- While existing property owners with two types of investors?” he said. able, because you’re dealing with inves- leasehold interests may be able to switch tors who have a freehold interest lease. to a freehold lease depending on their www.arabianbusiness.com

4 Oil and Gas

Adnoc acquires 10% stake in Dutch storage terminal operator VTTI

VTTI owns 15 storage terminals across 14 countries, with a collective capacity of 60 million barrels

Acquiring 10% stake in VTTI will further complement the development of Adnoc’s integrated global trading platform, said Dr Sultan Al Jaber, Adnoc Group CEO. WAM

Abu Dhabi National Oil Company ac- quired a 10 per cent equity stake in Dutch storage terminal operator VTTI, a deal that will enhance its market access to Asia, Africa and Europe.

State-owned Adnoc said it would also secure additional storage capabilities at Fujairah, the world’s second-largest bun- kering hub. The value of the transaction was not disclosed.

VTTI, in which Australia’s IFM Inves- tors and Dutch commodity trader Vitol are stakeholders with 45 per cent interest each, owns 15 hydrocarbons storage ter- minals in 14 countries. In Fujairah, VTTI owns 1.6 million cubic Strait of Hormuz, is an important stor- metre capacity in storage with 52 tanks age facility for international and nation- IFM Investors is invested in the compa- and 11 jetties. It also operates an 80,000 al oil companies. Storage capacity at the ny through its IFM Global Infrastruc- barrel per day capacity refinery and a Port of Fujairah is expected to increase ture Fund, while Vitol’s participation crude processing unit with similar capaci- by 75 per cent from the current 10.5 mil- is through its vehicle, Vitol Investment ty. Crude, condensate, naphtha, gas oil, jet lion cubic metres by 2022, according to Partnership II. fuel, kerosene and fuel oil are among prod- S&P Platts. ucts handled at VTTI’s Fujairah facility. VTTI has a collective storage capacity of The deal is the second in the midstream 60 million barrels in Malaysia, Belgium, Adnoc is building the world’s largest segment for Adnoc, which earlier this Croatia, South Africa, the Netherlands, single-site underground project for oil year leased 40 per cent of pipeline infra- Virgin Islands, Nigeria, Panama, Paki- storage in Fujairah, with a capacity to structure to global asset managers Black- stan, the US, Argentina, Latvia, the UAE, store up to 42 million bpd of crude. The Rock and KKR in a $4 billion transaction. Kenya and Cyprus. state oil company already has 8 million bpd storage capacity in Fujairah, and The agreement marked the first time that “This strategic investment opportunity the planned underground cavern facility leading international financial institu- in VTTI, alongside Vitol and IFM GIF will allow greater flexibility in supplying tions were able to make investments relat- will further complement the develop- crude to market. ed to Adnoc’s midstream assets through a ment of Adnoc’s integrated global trading competitive selection process. The Singa- platform while also delivering a solid fi- The investment in Fujairah through porean sovereign wealth fund GIC joined nancial return,” said Dr Sultan Al Jaber, VTTI further strengthens the company’s as a co-investor last month, pushing the Adnoc Group chief executive and UAE “strategic position” in the northern emir- total value of the deal to $5bn. Minister of State. ate besides accelerating its development as a hub for Adnoc’s operations, said Dr Last week, Adnoc completed partnership “VTTI’s diverse portfolio of storage assets Al Jaber. agreements with Italian and Austrian across key target markets such as Asia, energy companies Eni and OMV, under Africa and Europe, provides us with di- VTTI will continue to be led by an inde- which they will take stakes of 20 and 15 rect access to our customers around the pendent management under the leader- per cent, respectively, in its refining unit. world, a key building block to accelerat- ship of chief executive Rob Nijst. It has also established a trading joint ven- ing Adnoc’s transformation into a more ture with the two partners. integrated and commercially-minded Fujairah, which faces the Gulf of Oman global energy player,” he said. and is located outside the congested www.thenational.ae

5 News

RETAIL While MENA remains the fastest three quarters of services will be offered growing e-commerce market globally, free of charge, while fees for a significant government adoption of e-commerce number of the remaining services will UAE e-commerce deals set to hit payments on platforms such as Dubai also be reduced and streamlined to a sim- $16bn in 2019 Smart City and exponential growth in pler tariff structure. categories such as quick service res- New study says average size of e-com- taurants and transportation enable the The initiative is expected to contribute merce transactions in the UAE in UAE to maintain a clear edge in online to savings for investors while furthering 2018-2019 was $144 payments within the region, the report the competitive business advantage at noted. Kizad for its current and future clients, a The UAE is the most advanced e-com- statement said. Mohamed Juma Al Sham- merce market in the Middle East and Sami Al Qamzi, director general of isi, CEO of Abu Dhabi Ports, said: “We North Africa, according to a joint Dubai Economy, said: Public-private continue to support the government in- study by Dubai Economy and digital partnerships to drive awareness and itiatives to build an investor-friendly en- payment solutions leader Visa. trust on the value, convenience and vironment by providing our partners and security of online shopping and ex- customers with the incentives they need It estimates e-commerce transactions pand the digital payment option are for their businesses to thrive and grow. in the country to hit $16 billion in critical to sustaining the e-commerce We are committed to Abu Dhabi’s drive 2019 and grow 23 percent on average momentum that Dubai and the UAE to become a global gateway for businesses annually between 2018 and 2022. have gained through promoting cash- from all parts of the world. less payments and providing secure The report showed that while consum- payment platforms for businesses and “The cost of setting up and maintaining er preference for e-commerce channels the public.” a successful business at Kizad is more in the UAE is nearly at par with mature achievable now than ever before. It is an benchmark markets, the country has Global e-commerce leaders, such as ideal opportunity for companies of all a healthy lead in average transaction Amazon, expanding to Dubai is a sizes to benefit from such incentives for size compared to both emerging and strong testament to the emirate’s com- either growing their business or entering mature markets. petitiveness as a digital innovation new markets.” hub, Al Qamzi added. The average size of e-commerce trans- The exemptions are aligned with Ghadan actions in the UAE in 2018-2019 was Marcello Baricordi, Visa’s general man- 21, the three-year, AED50 billion devel- $144 compared to $79 in mature mar- ager for Middle East and North Africa, opment accelerator programme for the kets and $26 in emerging markets. said: “By growing the e-commerce sec- emirate, he added. To date, Kizad has at- tor in the UAE, there is a tremendous tracted over 500 investors and more than Deeper internet penetration along with opportunity to drive economic growth AED65 billion in investments across mul- an advanced digital infrastructure and and extend the benefits of digital pay- tiple sectors, including metals, polymers, younger population eager to embrace ments to residents and businesses in oil and gas, automotive, food, energy and technology-driven solutions available the country. logistics. The new fee structure will be across smart phones and social me- applicable from this month onwards. dia are at the core of the e-commerce “We are particularly buoyed by the pol- growth in Dubai and the UAE, it said. icies of the government that encourage www.arabianbusiness.com innovation on a level playing field and At 4.2 percent of total sales, e-commerce through open dialogue. In addition to penetration in the UAE is not only high- e-commerce, we are also working with er than the MENA average of 1.9 percent our government partners on growing ENERGY and GCC average of 3 percent, but also mobile and contactless payments.” highest in the region, it added. www.arabianbusiness.com UAE to create 2,000 new jobs for The report also said that increasing energy sector consumer reliance on food delivery apps and ride-hailing apps helped both Government aims to achieve 5% Emir- quick service restaurants and trans- DIVERSIFICATION atisation in electricity and energy sec- port sector raise their e-commerce tor by 2021 share from 1 percent to 2 percent dur- ing March 2018 and February 2019. Abu Dhabi industrial zone says to The is planning waive 75% of charges to create 2,000 new jobs for Emirati The study underlines initiatives, such workers in the electricity and energy as the Dubai Smart City, tech-eager Khalifa Industrial Zone Abu Dhabi fields within the next 100 days. The consumers and a favourable ecosystem (Kizad) has waived the charges for over move is part of an initiative launched promoting startup growth as the chief 75 percent of its services, in line with the by the Ministry of Human Resources factors that have positioned Dubai and Abu Dhabi Government directive to en- and Emiratisation (MOHRE) to raise the UAE in the forefront of the e-com- courage further investment into the emir- the number of working in the merce growth in MENA. ate. The Abu Dhabi Ports subsidiary said sectors to five percent by 2021.

6 News News

The jobs will be filled through a num- the main contractors to express their With the global InsurTech market rev- ber of recruitment fairs to be held in intent to engage in execution of these enue valued at US$533 million in 2018 September. The ministry announced works or supply the materials as per and expected to reach over $1 billion in March that it will create 30,000 pri- the approved specifications. by 2023, numerous UAE and Middle vate sector jobs for Emiratis in 2019. East-based insurance firms are recog- This year will see it launch the Nation- Over two days, Musanada organised nizing the potential of this fast-grow- al Policy for Employment, which is in awareness workshops which were at- ing sector. line with the government’s vision 2031, tended by a large number of main con- and develop Emiratisation systems, struction contractors to explain the Aman Insurance, Al Wathba Insur- Minister Nasser bin Thani Al Hamli basis and criteria related to floating ance, National Takaful Company said in a statement issued by the WAM tenders electronically, providing suf- (Watania), Noor Takaful and Oriental state news agency. ficient training to participants on how Insurance are the first companies to to manage tenders and design e-bids, adopt Addenda’s technology, demon- Similar initiatives launched in 2018 in addition to the evaluation require- strating the first use-case for a block- helped accelerate the ministry provide ments and the registration process. chain transaction in the regional in- 195 percent more job opportunities surance industry. (20,225) compared to 2017 (6,862), Al Assuring its firm commitment to en- Hamli said. Around 8,650 UAE nation- hance the quality and efficiency of its Peyman Al Awadhi, Head of Market- als benefitted from related training services, Musanada added that the new ing and Corporate Communications at programmes by the ministry and its platform will save considerable time and the DIFC Authority, said, “When the partners, while 18,235 benefitted from efforts on part of the contractors, besides DIFC set out to develop its compre- career guidance programmes. Emiratis electronically saving data and offers and hensive FinTech ecosystem, of which will also soon be able to earn a month- reducing paper consumption in line with InsurTech is a key component, our ly salary by working independently, as the requirements of sustainability, digital mission was to establish a space where the ministry is working on a self-em- transformation and governance. the world’s leading financial institu- ployment policy. It will see the intro- tions could engage with innovative duction of an electronic platform con- www.newsofemirates.com entrepreneurs developing cutting-edge necting self-employed nationals with technologies.” companies and organisations. For his part, Addenda COO of Ad- www.arabianbusiness.com FINANCE denda Karim Davis Dib, said, “Our relationship with the DIFC provided a pathway to securing overall support 5 insurance firms sign up on from the region’s financial institutions. CONSTRUCTION DIFC-based blockchain platform This is only the beginning of our insur- ance blockchain journey, and we look Five major regional insurance compa- forward to achieving the next stage of Musanada subcontractor platform nies have signed on to Addenda’s inte- success.” The significant push for the enhances tendering transparency grated blockchin platform. advancement of digital technology is part of the DIFC’s ongoing efforts to Abu Dhabi General Services Company Based at Dubai International Finan- shape the future of finance in MEASA, (Musanada), has launched a new elec- cial Centre, DIFC, Addenda is an In- and to unlock the potential of FinTech tronic platform dedicated to provide surTech firm that uses distributed and InsurTech in the region. e-services to main contractors and ledger technology to streamline pro- construction builders. cesses between insurance companies. www.newsofemirates.com

The platform, according to the Mu- sanada, is aimed to facilitate and sim- plify the tendering process related to subcontractor engagements, enhance the principle of equal opportunities, achieve a better level of transparency and integrity in floating of tenders and awarding of contracts and ensure high quality of project delivery.

The new platform provides detailed and comprehensive information to all subcontractors and suppliers on the awarded projects, the scope of work and materials required for each pro- ject, which may be of interest to them, enabling subcontractors to contact

7 Press Review

UAE Press: World should not ignore recession signals

A German GDP contraction, weak Chinese industrial output and an inversion of the US yield curve all seem to strengthen fears of a global slowdown and the world community needs to take a serious note of it, the English daily Gulf Today said in its editorial on Thursday.

Also highlighting the seriousness of the issue is the fact that stock markets on both sides of the Atlantic witnessed hefty losses on Wednesday. The US Treasury yield curve inverted for the first time since 2007. A curve inversion, when short-dated bond yields are higher more than their longer-dated counterparts, is seen as a reliable warning for an impending recession. The US curve has inverted before each recession in the past 50 years. It offered a false signal just once in that Singapore has already slashed its full-year economic time, the editorial pointed out. growth forecast. The government cut its forecast range for GDP in Singapore often seen as a bellwether The glaring signal of impending trouble has come from for global growth because international trade dwarfs Germany where the economy shrank by 0.1 percent its domestic economy - to zero to 1 percent from its in the second quarter as troubles in the auto industry previous 1.5 percent - 2.5 percent projection. held back the largest member of the 19-country Euro currency union. The weak performance has darkened Just recently, the International Monetary Fund, IMF, prospects for the entire Euro zone, where the European had indicated that global trade expanded by merely 0.5 Central Bank is poised to add more monetary stimulus percent in the first quarter of 2019, marking the slowest at its next meeting. year-on-year pace of growth since 2012. It had also signalled that a more significant slowdown is possible, It has also raised the possibility that Germany said the newspaper. could enter a technical recession by posting another consecutive quarter of falling output. Germany’s IMF Chief Economist Gita Gopinath stated that she economy is facing headwinds as its auto industry, a saw significant downside risks for global growth going key employer and pillar of growth, faces challenges forward, including escalating trade wars. With the IMF adjusting to tougher emissions standards in Europe and lowering its forecast for global growth this year and China and to technological change, the newspaper said. the next, the world community should address more seriously prevailing concerns caused by factors such as Uncertainty over the terms of Britain’s planned exit additional US-China tariffs, technology tensions and a from the European Union [EU], has also weighed on disorderly Brexit. confidence more generally. British Prime Minister Boris Johnson has declared that his country will leave the EU More and more businesses are worried globally about on 31st October, with or without a divorce deal. The the effect of increasing protectionism on exports and euro zone’s GDP barely grew in the second quarter of production. The deterioration in the global outlook has 2019 as economies across the bloc lost steam. pushed central banks to cut interest rates and consider unconventional stimulus to shield their economies. On Tuesday, the dollar gained dramatically against the yen after US President Donald Trump backed off his In a hugely knitted world, coordinated actions suit best. 1st September deadline for imposing 10 percent tariffs Economic uncertainty can add to social unrest and hence on remaining Chinese imports, delaying duties on cell the world community needs to wake up and act, before it phones, laptops and other consumer goods. Those gains is too late, the editorial concluded. were reversed overnight, however, as scepticism about the progress began to weigh, the editorial pointed out. www.wam.ae/en

Imprint

Publisher Ambassador Editor Embassy of the Ghorfa Arab-German Chamber H.E. Ali Abdullah Al Ahmed Khalfan Al Matrooshi United Arab Emirates of Commerce and Industry e.V. Ahmed Shalaby Hiroshimastr. 18-20 Garnisonkirchplatz 1 Secretary General D-10785 Berlin D-10178 Berlin Abdulaziz Al-Mikhlafi

Telefon: + 49 (0)3051651451 Telefon: + 49 (0)30278907-0 Layout: www.uae-embassy.ae www.ghorfa.de @uaeembassyger Marcus Schoft @uae_berlin @Ghorfa_Germany

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