22 jUly 2020 | 01 DHUl Al-HIjjAH 1441 HIjRI | VOlUME NO. 08 | ISSUE 04 /emiratesbusiness.ae @emi_business emirates-business.ae

oP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0346 B r e n t Crude $44.80/bbl buLLION don’t hype hope for the Oxford covid-19 vaccine Abu Dhabi - ADX 4,256.66 EuRo 4.2188 CHF 3.9507 W T I C r u de $42.30 /bbl At the current stage, excesses of both optimism and odds-making over the virus treatment can get both investors and policymakers GBP 4.6673 CAD 2.7456 N a t u r a l G as $1.67 /MMBtu Dubai - DFM 2,088.54 in trouble, writes Max NiseN PRECIOUS METALS EuroPE PAGE 07 New york - NYA 12,527.66 EXCHANGE RATE Sri Lankan Rs 50.47 Gold $1,837.50/t oz Uk budget deficit swells to record on covid-19 stimulus Indian Rs 20.24 P h i l i p p i n e P eso 13.20 Gold-Dubai AED222.75/gm Buy for London - UKX 6,267.66 Bangladesh Taka 22.32 (AED) 25,981.56 At around 19% of GDP, the deficit would be highest since World War Pakistani Rs 44.69 Silver $21.40/t oz II and almost double levels reached after financial crisis a decade ago

Wednesday

Price UAE: AED 2

UAE No.1 globally in mobile SHEikH MOHAMEd cHAirS AdiA’S bOArd MEETing subscription index: UN report The country also ranks first in Arab region and seventh in the world in telecommunication infrastructure index

DUBAI / WAM As for the internet users The UAE ranked first in the index, the UAE moved up Gulf, Arab Region, and West - ern Asia, and the seventh to 5th from 13th globally, globally in the Telecommuni - achieving a qualitative cation Infrastructure Index leap in fixed broadband (TII) according to the UN E- subscription index Government Survey 2020. It also ranked second in Asia in this index. In addition, the UAE made band Internet subscription Executive Team headed by TRA significant progress in the index. As for the internet and UAE mobile operators (Eti - global competitiveness indi - users index, the UAE moved salat and du), where the team cators of the telecommunica - up to 5th from 13th globally, worked to raise the country’s tions sector in the report, achieving a qualitative leap in ranking in the TII sub-indica - maintaining the first place the fixed broadband subscrip - tors by launching a number of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed globally in the mobile sub - tion index, as it moved up to initiatives over the past years, Forces, with Board of Directors’ of the Abu Dhabi Investment Authority (ADIA), in Abu Dhabi on Tuesday. The meeting reviewed topics scription index, and advanc - 29th from 68th in the world. contributing to maintaining the on its agenda, including key investment projects and achievements made by ADIA as well as plans and progarmmaes the authority ing from second to first These achievements re - UAE as a world leader in such is planning to implement in order to entrench its leading position globally —WAM globally in the mobile broad - sulted from efforts of the TII indicators.

ETiSAlAT named ‘the most valuable consumer brand’ and ‘the most valuable telecom brand’ in MEA region El Sisi: Hope Probe restores Arab nations’ former glories in science CAIRO / WAM launch of Hope Probe into space. Though this is an un - Etisalat H1 net profit rises Egyptian President Abdelfat - precedented historic step tah El Sisi has said that the for Emirates in the field of launch of Hope Probe into outer space discoveries, it space is a groundbreaking embodies our fervent hope 3% to reach AED4.6 billion step for the UAE into the to restore the Arab and sphere of space exploration. Islamic nation(s) former In a tweet on Monday, glories and discoveries in While the group’s consolidated revenues during the period hit AED 25.6bn, President El Sisi said, "I fol - the fields of science, arts consolidated Ebitda totalled AED13.2bn resulting in Ebitda margin of 52% lowed with great pride the and innovation."

DUBAI / eMirAtes Business We are witnessing Etisalat Group on Tuesday an - nounced its consolidated finan - an opportunity to Arabtec wins AED196m cial results for the first six fast track digital months of 2020 ending June 30. transformation. The deal from Saudi Aramco The subscriber base of Eti - unconventional conditions DUBAI / WAM salat Group during the period reached 146 million. have spurred the adoption Arabtec Holding, a contractor The consolidated revenues of of digital services, bridging for social and economic the group amounted to AED25.6 a divide by changing infrastructure, on Tuesday billion and consolidated net customers’ behaviour announced that its wholly- profit after Federal Royalty owned subsidiary, Target amounted to AED4.6 billion rep - towards digital channels Engineering Construction resenting a year over year HE Obaid Humaid Al Tayer, Company has been awarded increase of 3% and resulting in Chairman of Etisalat Group around SAR200 million a net profit margin of 18%. (AED195.88) contract by Consolidated Ebitda of the Saudi Aramco for the replace - Arabtec Holding wins group totalled AED 13.2 billion tional conditions have spurred ment of five storage tanks at the contract from resulting in Ebitda margin of In the UAE, subscriber base of Etisalat reached 11.8mn subscribers in H1 of 2020, while the adoption of digital services, Ras Tanura Refinery in East - Saudi Aramco for the 52%. The report said that Eti - aggregate subscriber base reached 146mn, representing a year over year increase of 2% bridging a divide by changing ern Province, Saudi Arabia. replacement of five salat was named ‘The Most customers’ behaviour towards In a statement by the com - Valuable Consumer Brand’ and scriber base reached 146 mil - 19 has affected all industries digital channels. Etisalat’s pany on the Dubai Financial storage tanks at Ras ‘The Most Valuable Telecom lion, representing a year over including the telecom sector. innovative solutions have Market website, Arabtec said Tanura Refinery in Eastern Brand’ in MEA region. year increase of 2%. Etisalat managed to adapt, catered for the social distanc - that the project scope of Province, Saudi Arabia Credit Rating Agencies Stan - Commenting on the results, respond and demonstrate re - ing era, it has enabled remote works includes the replace - dards & Poor's and Moody's HE Obaid Humaid Al Tayer, silience as we ensured the deliv - working and education, it min - ment of three naphtha stor - affirmed Etisalat Group's high Chairman of Etisalat Group ery of uninterrupted services to imised human interactions and age tanks and two slop oil build our relationship with credit rating at AA-/Aa3 with said, “Etisalat Group has deliv - our customers and had the priv - increased the pace of automa - storage tanks. Saudi Aramco in the Kingdom stable outlook. ered a good performance in ilege of supporting our society tion. Our infrastructure has ac - Commenting on the an - of Saudi Arabia. In line with In the UAE the subscriber the first half of 2020 consider - through various initiatives.” commodated the surge in nouncement, Arabtec’s Group our strategy, this important base of Etisalat reached 11.8 ing the circumstances; the “We are witnessing an op - requirements and is ready for Chief Executive Officer, Wail award further builds the million in the first six months of world is voyaging through un - portunity to fast track digital more acceleration in digital Farsakh, said, "We are de - group’s presence in the oil 2020, while aggregate sub - chartered waters and Covid- transformation. The unconven - adoption,” Al Tayer said. lighted to be continuing to and gas sector."

EU reaches $860b deal Etihad enhances Brent oil hits four-month high export control on pandemic recovery on economic recovery hopes compliance BlooMBerg ABU DhABI / WAM

European Union (EU) leaders Brent futures increase 2.8% as EU agrees on an unprecedented Etihad Cargo, the cargo and agreed on an unprecedented stimulus package to pull their economies out of worst recession logistics arm of the Etihad stimulus package worth 750 Aviation Group, is set to billion euros ($860 billion) to BlooMBerg streamline regulatory com - pull their economies out of the The international pliance screening processes worst recession in memory Oil climbed to the highest level benchmark is now for shipments through a and tighten the financial since early March in London as new partnership with Almost a third of funds trading above $44 bonds holding their 27 nations hopes for an economic recovery a barrel for first E2open, a leading provider together. are earmarked for fighting from the coronavirus crisis of intelligent supply chain The agreement, in the early climate change and, lifted financial markets. time since March solutions. hours of Tuesday after more together with bloc’s next Brent futures rose 2.8% as 6, the day a Scheduled to be fully op - than four days of acrimonious European Union leaders agreed erational by November this 1trn euro, seven-year meeting between negotiations in Brussels, re - on an unprecedented stimulus Opec and its allies year, the E2open application budget, will constitute quired the unanimous approval package to pull their economies broke down implementation will enable of the member states and rep - biggest green stimulus out of the worst recession in Etihad Cargo to automate resents a victory for German package in history memory, while results of early cargo screening against Chancellor Angela Merkel and trials of a virus vaccine devel - global regulations and sanc - French President Emmanuel oped by the University of Oxford nomic fallout not yet fully re - rel for the first time since March tions leveraging E2open’s Macron, who drafted an early mate change and, together with and AstraZeneca Plc showed alised, the demand recovery 6, the day a meeting between global trade content. outline for the proposal in May. the bloc’s next 1 trillion-euro, promising results. US crude in - continues to face headwinds. In Opec and its allies broke down The automated solution will The emergency fund will seven-year budget, will consti - ventories probably fell for the China, the nation’s top refiner and the alliance began a short- simultaneously improve effi - give out 390 billion euros of tute the biggest green stimulus third time in four weeks, a plans to cut operating rates at lived price war. Opec+ has since ciency, streamline workflows, grants and 360 billion euros of package in history. All expendi - Bloomberg survey showed. some of its plants this month resolved its differences, and minimise the risk of fines low-interest loans. ture must be consistent with Still, with the pandemic rag - due to severe flooding. is now implementing the vast and penalties, and reduce the Almost a third of the funds the Paris Agreement’s goal of ing unabated in many regions The international benchmark production cuts to help markets manual time associated with are earmarked for fighting cli - cutting greenhouse gases. across the globe and the eco - is now trading above $44 a bar - rebalance. screening cargo. pAgE 2 WEDNESDAY 22 JULY 2020 02 news

‘Picture Yourself in EtihAd CArgo announces partnership with E2open, leading provider of intelligent supply chain solutions Abu Dhabi’ virtual Etihad Cargo enhances export initiative launched ABU DHABI / WAM Launching an control compliance with E2 deal The Department of Culture imaginative initiative and Tourism – Abu Dhabi, such as ‘Picture Yourself in The E2open application implementation will enable cargo division of Etihad DCT Abu Dhabi, has launched Abu Dhabi’ means that ‘Picture Yourself in Abu promoting and supporting Airways to automate the screening against global regulations and sanctions Dhabi’ initiative in order to the emirate can be going take full advantage of the cur - ABU DHABI / WAM rent proliferation of remote on – quite literally – in the Aside from being communication and video background of every Etihad Cargo, the cargo and lo - labour intensive, conferencing applications due online interaction gistics arm of the Etihad Avia - to the Covid-19 pandemic. tion Group, is set to streamline navigating the constantly The initiative, which has Saeed Al Fazari, regulatory compliance screen - changing regulations and Acting Executive Director, been rolled out for Abu ing processes for shipments via export and import Dhabi Government entities, Business Support Sector a new partnership with E2open, gives users the ability to cus - at DCT Abu Dhabi a leading provider of intelligent requirements often requires tomise their communication supply chain solutions. coordination across multiple with background images the background of every on - Scheduled to be fully opera - parties and compliance of Abu Dhabi’s most iconic line interaction," said Saeed tional by November, the E2open checks locations and scenery. Al Fazari, Acting Executive Di - application implementation will The pictures are free to rector, Business Support Sec - enable Etihad Cargo to auto - Andre Blech, Head of download and the range of tor at DCT Abu Dhabi. "The mate cargo screening against operations and delivery destination images high - images showcase the incred - global regulations and sanc - at Etihad Cargo lights Abu Dhabi’s attractions ible diversity of our emirate, tions leveraging E2open’s global and experiences, including and will bring both a sense of trade content. stunning skylines, sunset solidarity with our homeland The automated solution will Together with Etihad Cargo, E2open is streamlining the process to dramatically simplify the Manager of E2open's Logistics scenes and sea views, global and also a commitment to simultaneously improve effi - complexity of staying abreast of ever evolving trade regulations, automating screening of Service Providers Business landmarks like Louvre Abu showing the beauty of our ciency, streamline workflows, shipments, thereby providing best in class compliance safeguards for Etihad customers Unit. "This partnership with Eti - Dhabi, Sheikh Zayed Grand emirate to the world – minimise the risk of fines and had Cargo, one of the world's Mosque, Al Ain Oasis, as well whether we are conducting a penalties, and reduce the leading air cargo carriers, will as activities showcasing the webinar, an online confer - manual time associated with n The E2open carrier cargo screening application ensures allow air cargo shippers to ben - city’s vibrant cultural life. ence call, or simply a chat be - screening cargo. alignment with Etihad Cargo’s strict protocols that efit from automated screening "Launching an imaginative tween colleagues. We invite "Aside from being labour in - capabilities by simplifying initiative such as this one our stakeholders to use these tensive, navigating the con - prevent carriage of endangered and threatened species global shipping and ensuring means that promoting and backdrop images, which we stantly changing regulations rapid screening so that prod - supporting Abu Dhabi can be hope will prove to be very and export/import require - n The automated solution will simultaneously improve ucts consistently arrive on time going on – quite literally – in popular." ments often requires coordina - thereby increasing customers tion across multiple parties efficiency, streamline workflows, minimise risk of satisfaction." and compliance checks," said fines and penalties, and reduce manual time associated In addition to comprehensive Andre Blech, Head of Opera - with screening cargo compliance checks based on tions and Delivery at Etihad global regulations, the E2open Cargo. "Our partnership with carrier cargo screening applica - E2open, which shares our vi - around the globe, they face abreast of ever evolving trade tion also ensures alignment sion for a truly digital logistics major challenges navigating regulations, automating the with Etihad Cargo’s strict proto - supply chain, increases Etihad through relevant trade regula - screening of shipments, thereby cols that prevent the carriage of Cargo’s service quality to cus - tions, sanctions and embargoes. providing best in class compli - endangered and threatened tomers, who benefit from the Together with Etihad Cargo, ance safeguards for Etihad cus - species, hunting trophies con - increased efficiency of real E2open is streamlining the tomers while reducing taining any animal parts, shark time verification." process to dramatically simplify shipment processing costs," fins and live animals intended "As carriers move goods the complexity of staying said Santosh Nanda, General for use in scientific research. ‘Picture Yourself in Abu Dhabi’ virtual initiative, which has been rolled out for Abu Dhabi Government entities, gives users the ability to customise their communication with background images of emirate’s most iconic locations and scenery DSOA boosts smart services MoF inks deal with Sharjah Covid-19: UAE reports The authority received more than 35,000 queries through Media City its AI-Powered bot ‘HADI’ during the six months of this year DUBAI / WAM 343 new recoveries DUBAI / WAM The Ministry of Finance ABU DHABI / WAM The Dubai Silicon Oasis Author - (MoF) signed a memoran - ity (DSOA) the regulatory body dum of understanding The Ministry of Health and Pre - for the Dubai Silicon Oasis (MoU) with Sharjah Media vention (MoHAP) announced (DSO) announced the launch of City, Shams, on the ex - that it conducted over 40,000 the second phase of the AI-pow - change of information for additional Covid-19 tests over ered chatbot, "HADI", including tax purposes, as part of the the past 24 hours, using state- the expansion of the list of smart UAE's tax agreements. of-the-art medical testing services available online, to Younis Haji Al Khoori, equipment. number of cases in the UAE to facilitate providing support re - Under-Secretary of the In a statement, the ministry 57,498. motely to customers, residents, Ministry of Finance and Dr. stressed its aim to continue According to the ministry, business partners. In 2019, Dubai Silicon Oasis Authority was the first free zone to launch an AI-powered chatbot Khalid Omar Al Midfa, expanding the scope of test - the infected individuals are In 2019, the DSO was the first that can answer users’ questions and process transactions with respect to DSOA’s services Chairman of Sharjah ing nationwide to facilitate from various nationalities, are free zone to launch an AI-pow - Media City (Shams) signed the early detection of coron - in a stable condition, and are ered chatbot that could answer "The first phase of HADI, which the agreement virtually. avirus cases and carry out the receiving the necessary care. users’ questions and process In addition to completing the DSOA launched in Decem - Younis Al Khoori stressed necessary treatment. MoHAP also noted an addi - transactions. It uses an algo - ber 2019, was exceptionally importance of this agree - As part of its intensified tional 343 individuals had rithm to analyse repeat ques - transactions, and to successful. Its impact was espe - ment, noting that MoU es - testing campaign, MoHAP fully recovered from Covid-19, tions and provide quick minimise dependency on cially positive during the imple - tablishes an unambiguous announced 305 new coron - bringing the total number of responses. Since its implemen - external links, DSOA added mentation of the precautionary mechanism that sets the avirus cases, bringing the total recoveries to 49,964. tation, "HADI" has received 80 new services under measures, working remotely foundation for cooperation more than 35,000 queries from and social distancing, following in exchanging information around 9,200 users. The chat - HADI’s belt, bringing the the global spread of the novel for tax purposes, which in bot is available to respond to total number of smart coronavirus." turn enhances the compet - customers through the DSOA’s services that the bot can He added, "Today, in a record itiveness of the UAE, as well Abu Dhabi records 22,000 website, the instant messaging period of fewer than six as its international standing mobile application WhatsApp, support with to 226 months, we have successfully on finance and trade. safety-belt violations in H1 as well as the DSOA’s official developed the second phase of Al Khoori said, "MoF is social media channels Facebook the bot. As the first free zone in keen to ensure that all fed - ABU DHABI / WAM gers to wear seat belts for the and Telegram. e-wallets, renewing IDs, and Dubai to launch such an initia - eral, local government enti - safety of road users. In addition to completing messaging. The bot leverages AI tive, in line with the UAE Artifi - ties comply with global The Abu Dhabi Police has According to Article (51) of transactions, and minimising technologies to continuously cial Intelligence Strategy 2031, standards and agreements booked 22,162 violators in the implementation regula - dependency on external links, enhance user experience. we are keen to fully service the signed by UAE via trans - the first half of this year for tions of the Federal Traffic the DSOA added 80 new serv - Commenting on the second DSOA’s customers, residents, parency and exchange of in - not wearing seat belts. Law No. (178), the fine on a ices under HADI’s belt, bringing phase of HADI, Badr Buhannad, and business partners through formation for tax purposes, The ADP’s Traffic and Pa - driver or passenger for their the total number of smart serv - Executive Vice President - Strat - effective plans that address thereby achieving protect - trols Directorate is urging failure to buckle up is ices that the bot can support to egy, Business Services and Risk the current reality and the ing national economy." both motorists and passen - AED400. 226 – including topping up Management at the DSOA, said, post-Covid-19 era." DGCX, AUS to foster next-gen finance professionals Through partnership, the derivatives exchange will assist students in enhancing their scientific and applied research skills

DUBAI / WAM The collaboration Through the collaboration, the DGCX will offer American The Dubai Gold and Commodi - University of Sharjah undergraduate students the opportunity ties Exchange (DGCX) an - with DGCX will allow nounced that it has partnered AUS to benefit from the to participate in an internship programme and educate them with American University of knowledge of industry about how the DGCX operates and the important role it Sharjah (AUS) to foster the next professionals within the plays in the financial services sector in the region generation of professionals across the finance sector. region and beyond Through the collaboration, Professor Kevin Mitchell, porting AUS, and providing its collaborate on joint projects, the DGCX will offer AUS under - Chancellor of AUS students with real-world expe - giving students opportunities graduate students the oppor - rience to advance their profes - to be involved and utilise their tunity to participate in an sional development. It is a strengths and capabilities, internship programme and ed - ers across the financial serv - great honour to be giving back particularly in the area of data ucate them about how the ices sector. The American Uni - by investing in our future lead - analytics. DGCX operates and the impor - versity of Sharjah is one of the ers, and we look forward to Professor Kevin Mitchell, tant role it plays in the finan - best in the country, and by pro - The AUS and DGCX will collaborate on joint projects, giving students opportunities to be building on this momentum Chancellor of AUS, said, "We cial services sector in the viding its students with in - involved and utilise their strengths and capabilities, particularly in the area of data analytics through more partnerships are very pleased to partner region. Comprising guest sights through real-life like this in the coming with the region’s leading speakers, virtual training and experiences, we hope to on board the first group of tal - Outreach and Engagement, months." derivatives exchange to en - consulting opportunities, the broaden their set of skills in a ented young students to help added, "This partnership is a Through this partnership, hance educational and career- programme offers students the way that can be applied to both them understand how a world- key part of the DGCX's Out - the DGCX will also assist stu - development opportunities for flexibility to participate from their education and careers. class exchange operates, and reach and Engagement Pro - dents in enhancing their scien - students. The collaboration any location of their choice. We are confident that this col - prepare them for post-gradua - gramme, and an exciting tific and applied research skills with DGCX will allow AUS to Les Male, CEO of DGCX, said laboration will be hugely ben - tion success in a rapidly opportunity for us to work by inviting them to participate benefit from the knowledge of "This partnership aims to iden - eficial to all parties involved, evolving sector." closely with the community. in conferences and seminars. industry professionals within tify and cultivate future lead - and we are excited to welcome Abdullah Harmoozi, Head of We are fully committed to sup - The AUS and DGCX will also the region and beyond." WEDNESDAY 22 JULY 2020 ENERGY 03

Moorburg in Hamburg generated 7.6 terawatt-hours of power in 2017 Coal demise forces $1 billion writedown for Swedish utility India’s Vikram to For understandable reasons, fossil-fired power generation is especially invest $726m to exposed in today’s challenging market, said Vattenfall’s CEO Magnus Hall BloomBerg Demand for power make solar parts Vattenfall AB took a massive hit on the value of a new German dropped more than 20% BloomBerg coal plant in yet another sign of in some European n India’s Vikram Solar how the fossil fuel is struggling countries during the India’s Vikram Solar Ltd is will build a factory in in Europe. lockdown, leading coal’s planning to invest 54.32 bil - The Swedish utility wrote lion rupees ($726 million) to the southern Tamil down the value of the Moorburg share in generation to make solar energy equipment Nadu province, the facility in Hamburg by 9.1 bil - plummet as green sources in the South Asian country, state government said lion kronor ($1 billion), accord - like solar and wind have which is encouraging domes - ing to its first-half earnings tic manufacturing to reduce statement on Tuesday. The priority on the grid imports. n The 3-GW plant, plant opened in 2015 and by The company will build a expected to be then Vattenfall had already factory in the southern Tamil taken impairment losses of power demand that’s also hurt - Nadu province, the state gov - completed in five 4 billion kronor for the project. ing exports on which coal power ernment said. The 3-gigawatt years, will make The writedown is another ex - Moorburg facility opened in 2015 and by then Vattenfall had already taken impairment has relied for several years,” said plant, expected to be com - wafers, cells and ample of how renewable energy losses of 4 billion kronor for the project Bruno Burger, a professor at the pleted in five years, will make modules, Vikram and the global pandemic is re - Fraunhofer ISE institute in wafers, cells and modules, shaping energy economics. Freiburg, Germany. “Add to that Kolkata-based Vikram Solar Solar said Demand for power dropped n Environmentalists in both Germany and Sweden cheap gas, expensive pollution said. It did not mention the more than 20% in some Euro - certificates and growing renew - planned investment. proposed tariffs on imports of pean countries during the lock - slammed Moorburg facility for opening a coal-fired ables and hard coal is getting Prime Minister Narendra solar cells and modules to down, leading coal’s share in plant at a time when utilities, cities and governments booted out of the market.” Modi’s administration is keen help firms compete with generation to plummet as green should do all they can to reduce carbon emissions Moorburg generated 7.6 ter - to boost local manufacturing cheaper imports. The pro - sources like solar and wind awatt-hours of power in 2017. of solar cells and modules to posal comes amid recent bor - have priority on the grid. So far this year, it has generated support its ambitious growth der tensions with China, “For understandable reasons, n Vattenfall said earlier this year it was considering a mere 1.1 terawatt-hours, plans of expanding renewable which supplies nearly 80% of fossil-fired power generation is options for Moorburg and was willing to discuss its Burger said. In September, Ger - energy capacity by more than India’s solar modules. especially exposed in today’s many will run its first auction five-fold to 450 gigawatts over The incentives are begin - challenging market,” Vattenfall’s future with the city of capacity to close hard-coal the next decade. ning to draw investors. Chief Executive Officer Magnus plants. Hard-coal power gener - The efforts are part of a Vikram’s pact with Tamil Nadu Hall said in the statement. “A should do all they can to reduce The UK went for more than two ation dropped by a third last broader self-reliance cam - follows last week’s announce - natural consequence of this is carbon emissions. Vattenfall months without any coal in its year to just 9% of the nation’s paign by the government to ment by ReNew Power Pvt, that the value of fossil-fired said earlier this year it was con - power system this spring. power mix. A lobby group for reduce imports and boost do - which said the company plans plants is decreasing.” sidering options for Moorburg The cost of carbon emission the nation’s coal importers said mestic industry to generate to invest as much as 20 billion The plant has drawn contro - and was willing to discuss its fu - permits have also hit a 14-year last week that it expects steam- jobs and revive an economy rupees for setting up a 2-gi - versy since it started. Environ - ture with the city. high, reducing profitability at coal shipments to fall by a simi - that’s set for an annual con - gawatt cells and modules mentalists in both Germany and Germany has plans to phase coal plants even further. At the lar amount this year to a record. traction in four decades due to making facility. The renewable Sweden slammed the state- out most hard-coal plants in Eu - same time, natural gas is trad - Vattenfall was also forced to the coronavirus pandemic. power producer is in talks owned utility for opening a rope’s biggest power market by ing at near-record lows. write down the value of its To lure investors, the re - with various Indian states for coal-fired plant at a time when 2026 and several other Euro - “Moorburg is getting whacked Swedish wind assets by 1.5 bil - newable energy ministry has the venture, it said. utilities, cities and governments pean nations are following suit. by a corona-linked drop in lion kronor. BP Singapore oil traders placed on leave amid disputed deals BloomBerg on behalf of Hontop, with Sugih BP isn’t accused of wrongdoing. The oil major was named in as the beneficiary. The banks BP Plc has placed some person - court filings made by local units of CIMB Bank and Natixis claimed they agreed to the let - nel from its Singapore-based ters of credit after Hontop crude oil team on leave after against Hontop Energy (Singapore) and Sugih Energy showed them documentation they were mentioned in court International — renamed as Aeturnum Energy International including supposedly binding documents filed in disputes be - contracts to on-sell the oil to BP. tween banks and other trading When the banks went to collect houses, said people with knowl - court filings made by local units selves in a $192 million hole from BP, however, the oil major edge of the company’s move. of CIMB Bank Bhd and Natixis from funding crude oil deals in - said it had never agreed to some Three members of the trad - SA against Hontop Energy (Sin - volving these companies. of the purchases, according to ing staff and one manager were information is private. The trad - the people said. gapore) Pte Ltd and Sugih En - Between late 2019 and early the claims. In one such transac - placed on leave late last week as ing staff hold portfolios focused A BP spokeswoman declined ergy International Pte Ltd — this year, lenders said in filings tion, at least six BP staff were internal investigations are being on BP’s oil sales to Chinese cus - to comment on the matter. now renamed as Aeturnum En - in the High Court of Singapore identified in emailed deal re - conducted, said the people, who tomers, while the manager BP isn’t accused of wrongdo - ergy International Pte Ltd. The that they issued letters of credit caps between Hontop and the asked not to be identified as the overlooks crude trading in Asia, ing. The oil major was named in banks claimed they found them - and paid out millions of dollars oil major, filings show.

the gulf time the gulf time the gulf time the gulf time Date: 22-07-2020 Date: 22-07-2020 Date: 22-07-2020 Date: 22-07-2020

Attestation Date: 2/7/2020 Attestation Date: 2/7/2020 Attestation Date: 2/7/2020 Attestation Date: 9/7/2020 Government of ras aL KHaimaH Government of ras aL KHaimaH Government of ras aL KHaimaH Government of ras aL KHaimaH Courts Department Courts Department Courts Department Courts Department subject: Legal notice subject: Legal notice subject: Legal notice subject: Legal notice attestation no. (2020/10552) attestation no. (2020/10555) attestation no. (2020/10556) attestation no. (2020/10983)

notifying Party: mahmoud refaat ahmed al-sabbagh, an Egyptian national, in notifying Party: mahmoud refaat ahmed al-sabbagh, an Egyptian national, in notifying Party: mahmoud refaat ahmed al-sabbagh, an Egyptian national, in notifying Party: mahmoud refaat ahmed al-sabbagh, an Egyptian national, in my capacity as a representative duly authorized vide a Power of Attorney No my capacity as a representative duly authorized vide a Power of Attorney No my capacity as a representative duly authorized vide a Power of Attorney No my capacity as a representative duly authorized vide a Power of Attorney No (2019/1/10073), Notary Public of Dubai Courts, for the Lawyer flamed Jawad (2019/1/10073), Notary Public of Dubai Courts, for the Lawyer Hamed Jawad (2019/1/10073), Notary Public of Dubai Courts, for the Lawyer Hamed Jawad (2019/1/10073), Notary Public of Dubai Courts, for the Lawyer Hamed Jawad Attia Al-Khazraji, in his capacity as a representative duly authorized vide a Power Attia Al-Khazraji, in his capacity as a representative duly authorized vide a Power Attia Al-Khazraji, in his capacity as a representative duly authorized vide a Power Attia Al-Khazraji, in his capacity as a representative duly authorized vide a Power of Attorney No (2018/1/66922), Notary Public of Dubai Courts, for the of Attorney No (2018/1/66922), Notary Public of Dubai Courts, for the of Attorney No (2018/1/66922), Notary Public of Dubai Courts, for the of Attorney No (2018/1/66922), Notary Public of Dubai Courts, for the Abdulrahman Naseeb Al Falasi Advocates and Legal Consultants, in their Abdulrahman Naseeb Al Falasi Advocates and Legal Consultants, in their Abdulrahman Naseeb Al Falasi Advocates and Legal Consultants, in their Abdulrahman Naseeb Al Falasi Advocates and Legal Consultants, in their capacity as Attorney of Al Hilal Bank vide a Power of Attorney No. (1903007107), capacity as Attorney of Al Hilal Bank vide a Power of Attorney No. (1903007107), capacity as Attorney of Al Hilal Bank vide a Power of Attorney No. (1903007107), capacity as Attorney of Abu Dhabi Commercial Bank vide a Power of Attorney Notary public of Abu Dhabi Courts; Notary public of Abu Dhabi Courts; Notary public of Abu Dhabi Courts; No. (2052002037), judicial department; notified Party: INDUSTRIAL METAL UNIT FOR BLDG.METAL CONST L.L.C - Dubai notified Party: Osman Shawkat Osman, Jordanian national, Address: Dudai, notified Party: Ahmed saeed El Sayed Al Shafee, Egyptian national, Address: notified Party: Julia Olivity, Italian national, Address: Dubai, Hor Al Anz, Mobile Branch, Address: Sharjah, Industrial No. 11, behind the 4th Industrial Street, plot Marina, near Al Marina Hotel, Mobile No.: 0551859486 Dubai, Al Karamah behind Al Karamah medical centre, Mobile No.: 0501547887 No.: 0555255093 6 of Abdul Salam Mahmoud, Mobile No.: 0554048387 subject: a claim of aeD 82,604.48 subject: a claim of aeD 45,410.94 subject: a claim of aeD 52,135.56 subject: a claim of aeD 33,635.76 In reference to the above subject, you are hereby notified and demanded to In reference to the above subject, you are hereby notified and demanded to In reference to the above subject, you are hereby notified and demanded to In reference to the above subject, you are hereby notified and demanded to pay the Outstanding Amount of AED 82,604.48 (Eighty Two Thousand Six pay the Outstanding Amount of AED 45,410.94 (Forty Five Thousand Four pay the Outstanding Amount of AED 52,135.56 (Fifty Two Thousand One pay the Outstanding Amount of AED 33,635.76 (Thirty Three Thousand Six Hundred Four Dirhams and Forty Eight fils only) within a period of seven (7) days Hundred Ten Dirhams and Ninety Four fils only) within a period of seven (7) days Hundred Thirty Five Dirhams and Fifty Six fils only) within a period of seven (7) Hundred Thirty Five Dirhams and Seventy Six fils only) within a period of seven from the date of such Notice; failing which, we will be regretfully forced to take from the date of such Notice; failing which, we will be regretfully forced to take days from the date of such Notice; failing which, we will be regretfully forced to (7) days from the date of such Notice; failing which, we will be regretfully forced all the legal procedures for the sale of the following vehicle which is pledged in all the legal procedures for the sale of the following vehicle which is pledged in take all the legal procedures for the sale of the following vehicle which is to take all the legal procedures for the sale of the following vehicle which is favour our client, the said bank, (Infinity QX 50 Station / Black/ Private) No. favour our client, the said bank, (Mazda3 Saloon / Red/ Private) No. K/62341- pledged in favour our client, the said bank, (Hyundai Accent/ Red/ Private) No. pledged in favour our client, the said bank, (Nissan urvan Bus / White/ Private) T/50073- Dubai pursuant to the provisions of Articles Nos.(172 & 175) of the Dubai pursuant to the provisions of Articles Nos.(172 & 175) of the Commercial N/79414- Dubai pursuant to the provisions of Articles Nos.(172 & 175) of the No. B/65802- Dubai pursuant to the provisions of Articles Nos.(172 & 175) of the Commercial Transactions Law. Transactions Law. Commercial Transactions Law. Commercial Transactions Law. all other rights and remedies of the notifying Party are hereby reserved. all other rights and remedies of the notifying Party are hereby reserved. all other rights and remedies of the notifying Party are hereby reserved. all other rights and remedies of the notifying Party are hereby reserved. notifying Party notifying Party notifying Party notifying Party //signed// //signed// //signed// //signed//

the gulf time the gulf time the gulf time the gulf time Date: 22-07-2020 Date: 22-07-2020 Date:22-07-2020 Date:22-07-2020 Date of Issue: 15/07/2020 Date of Issue: 15/06/2020 uniteD arab emirates uniteD arab emirates uniteD arab emirates uniteD arab emirates Ministry of Justice ministrY of Justice ministrY of Justice ministrY of Justice Sharjah Appeal Court for notifying the respondent company's manager notification of Defendant by Publication sHarJaH feDeraL court of aPPeaL sharjah court- civil Judgment enforcement court case manaGement office summon to the defendant by publication (Payment order) request for notification by Publication in the executive case in appeal no. 571/2020 (Payment order) notification for Payment in Lawsuit no. notification by Publication notification of the respondent by Publication sHcexciPor2020/0001486 — commercial (Partial) to the appellee to appear before the case management sharjah court - civil executive court - Karam Gen.const. LLc. office, in two newspapers one of which is in english From the Appellant: Dmitry Zimin Zimin notification for Payment in case no. sHcexcicom-s2019/m0000404- commercial To: in the appeal no. 810/2020 civil The Sentenced: sadiq shikmglor abdul Qadder shikmglor To the Appellees: 1. emkay Plaza General trading LLc To, Whereas on...... The annexed judgment's copy has been rendered As per the appellant's request: banque misr The Respondent: Karam Gen.const. LLc. against you for the favor of the plaintiff " emirates national bank of Dubai Appellee: micHineLLe ParanDa LaDoK - Nationality: Philippines. 2. Khaldoun naif Qaisia emirates of sharjah, industrial area 1, near Dena trading, tel. no.: 065332424, fax no,: 065332828, Po box: 6841 (P.J.s.c) " (enbD (P.J.s.c)) in the aforementioned lawsuit. You are summoned to appear before the Case Management Office Address: Sharjah — Tel No.0506545506 Whereas, on .... a judgment was issued againstyou in favour of the national Whereas the prevailing party has applied for enforcement of the No. (2) in the Sharjah Court of Appeal, in person or through your legal Paints factories co- nationality: uae - in the above-mentioned case. aforementioned judgment, and since the judgment to be enforced is And whereas, the Plaintiff has requested to execute the said judgment, representative, and to submit a memorandum of reply in the case, and has paid the required fees for the same, and whereas the as follows: attached therewith all documents, on tuesday 28/7/2020 in the case You, as appellees, are requested to appear, personally or by your legal Making a total payment of a sum of AED 95,131 judgment needs to be executed as follows: number of which is hereinabove mentioned, in your capacity as Payment of a total amount of aeD 949333.0 in addition to the legal Therefore, you're mandated to execute what has been stated in the attorney, before Sharjah Appeal Court — Third Civil Dept. on Appellee. interest of 5%, fees and expenses from 14/7/216 until full Payment. aforementioned writ of execution within Fifteen (15) days as of the date Tuesday 28/07/2020 at 9:30 a.m, to reply the abovementioned case Therefore, you are obliged to execute the above-mentioned execution deed within 15 days from the day you notified by this Notification. of being summoned of the present notification. filed against you. In the event you failed to do so the court will take actions of forced In the event of your failure to do so, the court will take the forced signed & sealed: execution against you. execution measures established by law against you. united arab emirates ministry of Justice mariam baqer amani saleh ismail Stamp and signature of sharjah appeal court sharjah court sharjah federal court of appeal /case management office/ civil executive court //signed// //seal of Ministry of Justice// sharjah court- civil Judgment enforcement court //signed & sealed//

the gulf time the gulf time the gulf time the gulf time Date: 22-07-2020 Date:22-07-2020 Date:22-07-2020 Date:22-07-2020 Date: 16.07.2020 Service Date : 05-07-2020 Notification Date: 14/07/2020 Date of Notification: 16/ 07/ 2020 Service No : 95012/2020 Notification No. 102179/2020 Notification No.: 103659/2020 No: 103544/2020 Government of Dubai Government of Dubai Government of Dubai Government of Dubai Dubai courts Dubai courts Dubai courts Dubai Courts court of execution Dubai reaL estate court of first instance commerciaL court of first instance Execution Courts service bY PubLication notification via Publishing notification by Publication case no. 26/2020/42, real estate Plenary in Lawsuit no. 2049/2020/16, commercial Partial notification by Publication re case no 84/2019/250, sale of mortgaged Property case no. 5085/2020/207 commercial execution case subject: Motion to execute the attachment of the mortgaged case subject matter: Request to terminate the Sale and Purchase subject of Lawsuit: Requesting to obligate the defendants jointly and Contract and the return of Unit No. BT-1508 (Old No. BT-1008) at severally to pay (AED 205187.33), fees, charges, attorney fees, and property located at Marsa Dubai - Plot No 392-206, Building No 1, Marina Subject of Case: Execution of judgment issued in Case No. 2457/2020 Botanica Tower — Plot No. M9 — Dubai Marina— Dubai — United Arab interest @ 12 % from the date of filling the lawsuit until the full payment Pinnacle - Property No 3906 - Floor No 39 in recovery for the debt amount Emirates, as well as obliging both Respondents to pay fees, expenses and the judgment shall be self-executing immediately without bail. order of Payment, to pay the adjudged amount of AED 31085 including AED 3,394,824.1 and permission to sell the same at a public auction. charges and expenses. and the attorney's fee. The notifying party: olga Kuzmina His capacity in the case: Plaintiff Service Applicant : national bank of ras al Khaimah Notifying Party : GLobaL GrouP internationaL LimiteD Represented by: Walaa Jaber nasser saleh al- rahma Capacity : Judgment creditor Capacity in the Case : Plaintiff His capacity in the case: attorney Notifying Party: strong motors LLc — sharjah branch Plaintiff Represented by: moaza obaid rubaya al Khadar Capacity : attorney Notified Parties: 1. farHaD tavasoLi Capacity in the Case : respondent The notified party: 1- erkan coseoglgu His capacity in the case: Defendant Notified Party: 1. reYnaLDo rituaLo Quirimit Defendant Parties to be served: 2. seYeDeH ZaHra PaKnia Capacity in the Case: respondent 2- No known residence Unknown Address (1) samuel mathunny Kochukalikal Capacity : Judgment Debtor Their Place of Residence is unknown subject matter of the notification : (2) varghese mathunny Kochukalikal Capacity : Judgment Debtor notification subject: He is filing the lawsuit against you and its Subject matter is: Requesting Whereas the Plaintiff has filed the above Execution case against you in Unknown Domicile A case has been filed against you, the subject matter of which is the obligate the defendants jointly and severally to pay (AED 205187.33), request to terminate the Sale & Purchase Contract and the return of fees, charges, attorney fees, and interest @ 12 % from the date of filling which the Plaintiff demands the Defendant to pay an amount of AED subject of service: Unit No. BT-1508 (Old No. BT-1008) at Botanica Tower — Plot No. M9 — the lawsuit until the full payment and the judgment shall be self- 31085 to the Plaintiff or treasury of the court. Therefore, the court shall Be informed that your private property ie, a residential flat at Marsa commence with the executive procedures against you if you fail to Dubai Marina — Dubai — United Arab Emirates, as well as obliging both executing immediately without bail. Dubai - Plot No 392-206, Building No 1, Marina Pinnacle - Property No Respondents to pay fees, expenses and attorney's fee. A hearing was set on monday 10/ 08/ 2020 at 08:30 am , Building — DESC perform the said resolution within 15 days from the date of publication 3906 - Floor No 39, of an area of 113.26 sq metres in fulfilment of the of this notification. A hearing was set on tuesday , 18/08/2020 at 09:30 am , at Remote & remote litigation hall, so, you are required to attend or whoever calimed amount (AED 1,250,000). For your information of the content Litigation Chamber & BUILDING_DESC. Accordingly, you are obliged to represents you legally, to Submit your notes or documents to the court and legal effect thereof. attend, or whoever represents you legally, as well as submitting your at least three days before the session. Division Head memos or exhibits to the Court at least three days prior to the hearing. Head of Division Head of case management office Yagoub Mohammed Ahmed Al Hammadi Head of Division mona ibrahim Kamal mohamad bahaudin naman nora moHammaD aL HammaDY wednesday 22 JULy 2020 04 OPINION The gulf Time Don’t hype hope for the

Chairman of ThE board Saeed Saif Oxford Covid-19 vaccine At the current stage, excesses of both optimism and odds-making over Tel: 02-4468000, Fax: 02-4485401 the virus treatment can get both investors and policymakers in trouble Website: www.emirates-business.ae Email: [email protected], [email protected], [email protected] Printed at: al Wathba Printing Press

Biden needs battle plan Max NiseN fter months of hype, the world finally has to defend government Ahuman trial data from a front-running vac - ome conservative legal thinkers speak of a “Lost Constitution” or cine collaboration between “Constitution in Exile.” By that they mean the Constitution as it was the University of Oxford Sunderstood before President Franklin D Roosevelt’s New Deal helped and AstraZeneca Plc. form the modern regulatory state. Spoiler alert, it’s good news. Their Constitution in Exile would invalidate key parts of contemporary The data, published in government. Some conservatives want to revive the long-dead “nondele - The Lancet , showed that the Prince William, Duke of Cambridge, talks to scientists during a visit to the manufacturing laboratory where a vaccine against gation doctrine,” which was once taken to forbid Congress from granting vaccine produced an en - coronavirus has been produced at the Oxford Vaccine Group’s facility at the Churchill Hospital in Oxford on June 24 —DPA broad discretion to regulatory agencies. The Supreme Court made a strong couraging immune re - movement in the direction of the Constitution in Exile in its most recent sponse. Just as crucially, that T-cells — a type of im - questions will come from term, when it ruled that the Consumer Financial Protection Bureau may not perhaps, no significant mune cell that can remem - big real-world confirma - The Lancet data showed be made independent of the president. safety issues emerged. In - ber and hunt viruses — tory trials, something I’ve The court stopped well short of upending the regulatory state. But it was vestors took these develop - may be key to durable pro - said many times and will that Oxford-AstraZeneca just a preliminary skirmish. Bigger battles are brewing. Those who want ments as a cue to bid up tection. This theory is one keep repeating until the vaccine produced an to defend modern government — including Democrats if they regain AstraZeneca shares as they possible explanation for the data arrives. encouraging immune power in November — will need to think hard about appropriate reforms did with Moderna Inc’s lack, so far at least, of many The same uncertainty response. Just as if the Supreme Court begins to invalidate larger features of the US govern - stock last week on its posi - reports of reinfection even holds for safety data. This ment as it exists today. tive vaccine news. And there as antibodies have declined. vaccine and others have crucially, perhaps, no A Supreme Court bent on resuscitating the nondelegation doctrine would are indeed elements of the While evidence of a T-cell been tested in mostly significant safety issues put important parts of the Clean Air Act, the Occupational Safety and Health Oxford-Astra shot’s profile response is undoubtedly young, healthy, and undi - emerged. Investors Act and the National Traffic and Motor Vehicle Safety Act in jeopardy. Those that may make it especially better than the alternative verse groups so far. Safety took the developments who believe in the Constitution in Exile also have trouble with the idea of in - promising. But it’s impor - — new data from Pfizer Inc and efficacy in a broader dependent agencies, such as the National Labor Relations Board, the Federal tant to remember that this and BioNTech SE’s vaccine population, including older as a cue to bid up Reserve Board, the Federal Communications Commission (FCC) and the Fed - early stage in the process, collaboration and CanSino adults and people with AstraZeneca shares as eral Trade Commission. The president has limited control over the heads of every piece of vaccine data Biologics Inc also produced health issues, will be cru - they did with Moderna’s such agencies; he cannot fire them simply because that’s what he wants to is still just part of a thesis such data — there are still cial in determining how stock on its positive do. Critics of independent agencies argue that the Constitution gives the pres - that needs confirmation. tremendous gaps in knowl - useful they are. ident unlimited power to remove and control officials who are in charge of edge. It’s unclear, for exam - With that cautionary vaccine news implementing federal laws — a power that, in their view, the Constitution ple, what exactly declining note, there is some good grants to the president alone and that Congress cannot compromise. If the The vaccine shot is in antibody levels might news. The shot is already in Supreme Court agrees with them, American government is in need of radical large-scale trials in the mean. Individuals may still large-scale trials in the UK, such that the vaccine could reform — by constitutional mandate. UK, South Africa, and be primed to generate new South Africa, and Brazil see limited early use if the The Federal Reserve Board might become the president’s pawn. That antibodies even after meas - that could generate more results are very compelling. would be a problem because it could end up playing partisan politics with Brazil that could urable levels fall. evidence in the next few At the very least, it would the economy and perhaps ensure a sitting president’s re-election. And if generate more evidence On the T-cell side, scien - months even as some rivals provide more secure the president had full control over the FCC, he could undermine freedom in the next few months tists know little about the are still designing studies. grounds for optimism and of expression by ordering the agency to punish his political enemies. even as some rivals are longevity and protective It’s not clear exactly when scaling up manufacturing The court did not go so far as to say that independent agencies are un - abilities of natural re - this data will arrive; the capacity while waiting for constitutional in its ruling last month on the Consumer Finance Protection still designing studies. sponses and even less trial in the UK is the largest more information. Bureau, an agency created by Congress in 2011 to guard against abuses by It’s not clear when this about what vaccine devel - and started in May, late in It’s tempting to leap on banks and credit-card companies; it left that question for another day. But data will arrive; the trial opers should be measuring. the country’s lockdown as every piece of vaccine news it concluded that because the CFPB is headed by a single person, and not in the UK is the largest Immune responses meas - infections were on the de - as a firm step forward or a multi-member commission, it cannot stand. ured in the lab don’t always cline. Data may be slow to the clincher for a preferred Let’s put the technicalities to one side and note two pressing questions: and started in May, late correlate to real-world pro - accrue. The trials in Brazil candidate. At this stage, ex - What’s the legal status of the CFPB, exactly? Should Congress try to change it? in country’s lockdown tection, a risk that’s espe - and South Africa don’t have cesses of both optimism The first question is easy. All of a sudden, the CFPB is an executive cially acute for rapidly that problem, though both and odds-making can get agency, just like the Departments of State, Treasury and Transportation. It developed vaccines against smaller efforts started later. both investors and policy - is fully under the president’s control, whether his last name is Trump or The piece of data garner - a novel virus. It’s unclear whether makers in trouble. Biden. A less obvious point is that the CFPB’s rule-making activity can be ing the most attention is the There isn’t enough data those three groups add up made subject to the process of review overseen by the Office of Information vaccine’s “dual immune re - to declare one vaccine ef - to a data package that —Bloomberg and Regulatory Affairs, which is part of the Office of Management and sponses” — its ability to fort firmly ahead of others. will meet approval stan - Budget. In practice, that means that the CFPB won’t be able to issue new produce both an antibody We know too little, and dards in the US or Europe, Max Nisen is a Bloomberg Opinion rules unless they survive careful scrutiny, usually including sustained at - and T-cell response in vol - cross-trial comparisons are which is likely why As - columnist covering biotech, pharma tention to both costs and benefits. unteers. There is some evi - fraught; different research traZeneca plans a further and health care. He previously wrote —Bloomberg dence that antibodies may groups measure different large study in the US start - about management and corporate decline over time in recov - things in different ways. ing in August. strategy for Quartz and Business ered Covid patients and The only answer to these However, the need is Insider other opinion Daimler must wish over Tesla stake Macron, Merkel deliver The risk is that German company’s Q2 lessens the urgency for change Chris BryaNt $859bn breakthrough Mercedes’s car sales esla Inc’s march to declined about a fifth fter days of bad-tempered Third, the European Commission a $275 billion market in the first half of the talks, the European Union’s — the EU’s executive arm — will Tcapitalisation has A27 members have agreed a study a range of possible new been pretty galling for Ger - year, but in June they 750 billion-euro ($859 billion) taxes, including technology and fi - many, the birthplace of the were actually higher Covid-19 recovery fund that looks nancial transaction levies, to help automobile. But the pain is than the same month like a historic step toward more joint pay for the fund. felt most acutely at Daimler a year ago. The stimulus across the bloc — even if This isn’t quite a United States of AG, which used to be a large it’s not yet a “Hamilton moment.” Europe brought together by the Tesla shareholder. brand’s performance in While the unusually united modern equivalent of a Hamilton Had the owner of the lux - China, where the Franco-German duo of Emmanuel bond, but the power to tax and ury Mercedes-Benz brand pandemic seems to Macron and Angela Merkel spend is important. The fund is kept hold of the almost have been brought couldn’t avoid watering down being presented as a temporary 5 million shares it offloaded their original proposal, the deal is one-off, but this is still a big moment in 2014, they would now be under control, was The Mercedes star can be seen at the Mercedes Benz headquarters in especially good still worth cheering. for supporters of deeper European worth about $7.3 billion by Untertuerkheim in Stuttgart on July 08 —DPA Getting it over the line wasn’t integration. The deal also upends my calculation — a sum just about responding to a virus the traditional approach of a bloc that’s equivalent to two- forced the temporary clo - too that the jobs of Mer - that has claimed the lives of more that for years — under the eco - thirds of Daimler’s current sure of both factories and cedes’s customers — white Talks with trade unions have than 100,000 Europeans and nomic influence of Germany — has net industrial cash position. dealerships. collar workers — probably begun but unsurprisingly, tipped the bloc into its worst re - preached fiscal rectitude and aus - In the annals of ill-timed The shares rose last week, aren’t as threatened by the they’re not going smoothly. cession in decades. It also meant terity as the response to economic investment decisions, that extending the stock’s rally pandemic as other parts of The risk is that Daimler’s settling scores between northern crises. Past EU joint-funding efforts stake sale doesn’t quite since its March low to almost the economy. That doesn’t decent second-quarter per - and southern Europe, with the for struggling member states have match the UK’s flogging off a 80%. While not Tesla-esque, mean Daimler is in the clear. formance lessens the ur - “frugal” Dutch and Austrians reluc - been plagued by the top-down im - big chunk of its gold reserves that’s still pretty racy. Unfor - The company’s margins had gency for change. Generating tant to hand out cash to the heavily position of punitive terms and con - when prices bottomed out tunately, this resilient show - already deteriorated before positive cash flow is also un - indebted Italians and Spanish. ditions, as analysis by the Institut around the turn of the mil - ing may make the task of the novel coronavirus ap - helpful from a political per - There was also a need to bridge Jacques Delors think tank shows. lennium. It still hurts, partic - restructuring Daimler that peared. Legal troubles in - spective: While Germany has the political gap between the west The treatment of Greece during its ularly at a time when much harder. volving dirty diesel engines boosted subsidies for low- of the EU and the east, where dem - debt bailout program is the most industrial companies are But first, what’s gone contributed to a string of cost electric vehicles and cut ocratic backsliding by the likes of depressing example. counting every last cent. right? A recession would profit warnings, but the sales taxes, domestic car - Hungary’s Viktor Orban has in - This pandemic recovery fund, by Fortunately there’s some normally be devastating for overarching problem was makers have received re - creased the pressure on Brussels contrast, is intended to help needy good news to console Daim - auto sales. However, a pan - the massive cost of investing markably little support from to be more discerning about where countries without making their al - ler’s long suffering share - demic changes the dynamic in cleaner propulsion tech - their government during it sends money. ready strained finances worse. holders. The company’s somewhat: Having a car is nology, and that hasn’t gone this crisis. Several radical new steps have That’s a healthy development, performance in the most re - pretty helpful if you worry away. At the same time, So Daimler still has plenty been proposed. First, rather than even if it took a public health crisis cent quarter was a lot better taking public transport Daimler’s large production of work to do. It’s embar - individual countries raising the to achieve it. It’s also fair: Covid-19 than expected. Instead of might endanger your health. and staffing footprint in rassing that the world’s funds, the EU as a whole will use is not the fault of any nation. burning a large amount of Mercedes’s car sales de - high-cost Germany and high largest premium automaker its collective financial muscle to There’s still a risk that this cash, Daimler’s industrial clined about a fifth in the level of vertical integration and biggest truck maker is borrow 750 billion euros on capi - breakthrough in European solidar - business recorded an almost first half of the year, but in has become unsustainable. valued at barely 40 billion tal markets to rebuild its virus- ity might be weakened by overly 700 million-euro ($799 mil - June they were actually New Chief Executive Offi - euros. Considering how scarred economies. Second, almost strict conditions on how the lion) inflow during the higher than the same month cer Ola Kallenius wants to Mercedes focuses on the 400 billion euros of that money money is awarded and used, which three-month period. The a year ago. The brand’s per - trim the workforce by premium end of the market, will be handed out as grants, and the frugal nations have called for. quarterly operating loss of formance in China, where 15,000 positions, but the ad - the car unit should be far the rest as low-interest loans, mak - 1.7 billion euros was also a the pandemic seems to have ditional headwinds created more profitable than it is. ing it cheap and easy to spend. —Bloomberg pretty respectable outcome, been brought under control, by the pandemic may mean considering the pandemic was especially good. It helps that number has to rise. —Bloomberg Wednesday 22 JULy 2020 ASIA 05

PoliCybazaar itself helps sell about a million policies a month CanSino virus vaccine shows promise in study SoftBank-backed startup BloomBerg CanSino Biologics Inc’s experi - mental coronavirus vaccine showed promising results in a mid-stage clinical study, paving seeks $3.5b value in IPO the way for the next phase of tests as the Chinese company Policybazaar plans to secure $250m in a round of financing at a $2b-plus jostles with Western pharma gi - ants to deliver one of the first valuation before a 2021 initial public offering, co-founder Yashish Dahiya said pandemic vaccines. The shot was shown to be BloomBerg safe and induced an immune re - sponse, according to a study re - China’s CanSino emerged Online insurance platform Poli - leased in the medical journal as one of the fastest cybazaar aims to go public in The Lancet , reinforcing the com - movers on a vaccine in 2021 at a valuation north of $3.5 pany’s status as a front-runner May, when it became the billion, potentially becoming the in the vaccine race. Still, first of India’s mega-startups to CanSino shares fluctuated in first firm to publish a full debut as its digital economy Hong Kong trading on Tuesday, scientific study on its early booms. rising about 1% by noon after human trials — a crucial The startup plans to secure erasing an earlier gain of as step because it allows about $250 million in a round of much as 7.9%. It’s still too early financing at a $2 billion-plus val - to determine whether the vac - researchers to assess uation before a September 2021 cine candidate effectively pro - a pharmaceutical initial public offering, co- tects against infection. The product’s potential founder Yashish Dahiya told study found that people with a Bloomberg News . Policybazaar is high level of pre-existing immu - now selecting two to three IPO nity to an adenovirus used in tific study on its early human lead underwriters from a roster the delivery method were less trials — a crucial step because that includes several Wall Street Policybazaar intends to list in Mumbai but its co-founder Yashish Dahiya said he’ll consider a dual listing if rules change. India is tweaking able to generate antibodies it allows researchers to assess banks, said Dahiya, chief execu - regulations to help companies list overseas against the coronavirus. a pharmaceutical product’s tive officer of Policybazaar par - The authors also stressed potential. ent ETech Aces Marketing and and Tencent Holdings Ltd that no participants were ex - Among other vaccine candi - Consulting Pvt. among its largest backers, may n Tencent among its largest backers, may become the first of posed to Sars-CoV-2 virus dates, a shot from AstraZeneca become the first of India’s digi - India’s digital-era upstarts to go public. Like fellow unicorns after vaccination. Tianjin-based Plc and Oxford University tal-era upstarts to go public. Like CanSino emerged as one of showed promise in the first Ola, Flipkart and Paytm, the fintech firm rode an upswell of Policybazaar is selecting fellow unicorns Ola, Flipkart and the fastest movers on a vaccine phase of tests, and a partner - Paytm, the fintech firm rode an internet and mobile use that spurred digital services across in May, when it became the ship of Pfizer and BioNTech also two to three IPO lead upswell of internet and mobile the world’s second-most populous nation first firm to publish a full scien - delivered positive trial updates. underwriters from a roster use that spurred digital services that includes several Wall across the world’s second-most n It may be hoping to replicate the spectacular coming-out Street banks, said Dahiya, populous nation. It may be hoping to replicate party of another SoftBank-backed insurer, Lemonade Inc, chief executive officer of the spectacular coming-out which soared on its US debut last month Global banks look to Policybazaar parent ETech party of another SoftBank- Aces Marketing and backed insurer, Lemonade Inc, which soared on its US debut that for sensitive sectors like fi - services segment. Like rivals Taiwan expansion Consulting Pvt last month. nancial services. SoftBank and Amazon.com and Alibaba Group BloomBerg Policybazaar intends to list in Singaporean state investment Holding-backed Paytm, it’s try - tional banks plan to start Mumbai but Dahiya said he’ll firm Temasek Holdings Pte each ing to tap a large population Taiwan’s top financial regula - new operations, said Huang “The IPO size will be about consider a dual listing if rules hold about a 15% stake each in of under-insured — or non- tor said global banks are look - Tien-mu, chairperson of Tai - $500 million,” Dahiya said from change. India is tweaking regu - the startup, while Tencent and insured — Indians. Though the ing to expand on the island wan’s Financial Supervisory London, where he is currently lations to help companies list Tiger Global have about 10 and government has recently after China’s passage of a con - Commission. He didn’t name based. “We have global interest overseas. Many startups have in - 8%, respectively. pushed health insurance plans troversial security law in Hong any of the companies that have and will raise in the coming corporated in countries like Sin - Policybazaar is among a to the less privileged, overall in - Kong prompted some firms to expressed interest in Taiwan. weeks” for the pre-IPO financ - gapore and the US because of clutch of fintech startups seek - surance penetration hovered at rethink their Asian strategies. “We aren’t trying to replace ing. Policybazaar, which counts friendlier public listing rules ing to upend the stranglehold of less than 4% in 2017, according Some US securities firms are anyone, but that doesn’t mean SoftBank Group Corp’s Vision (among other considerations), state- and bank-backed insurers to the government’s India Brand considering an expansion in we have no ambition,” Huang Fund, Tiger Global Management but India currently prohibits in a tightly regulated financial Equity Foundation. Taiwan while other interna - said in an interview.

Covid-19 swab test in indonesia Japan starts paying firms to cut reliance on China Beijing is Tokyo’s biggest trading partner and Japanese companies have massive investments in the mainland BloomBerg

Japan’s government will start subsidising some companies to invest in factories in Japan and South-East Asia as part of efforts to reduce reliance on manufac - turing in China. Fifty-seven companies includ - ing privately-held facemask- maker Iris Ohyama or Sharp will receive a total of 57.4 billion yen ($536 million) in subsidies from the government to invest in pro - People wear face masks as a preventive measure while shopping at AEON Shopping duction in Japan, the Ministry of Mall in Tokyo, Japan, on June 22 —DPA Economy, Trade and Industry A medical worker takes a swab from a woman at a test station for coronavirus (Covid-19) in Surabaya, Indonesia —DPA said. Another 30 firms will shift factories back home or to receive money for investments Fifty-seven companies other nations. in Vietnam, Myanmar, Thailand including facemask-maker As US-China relations deterio - and other Southeast Asian rate and the trade war worsens, nations, according to a separate Iris Ohyama or Sharp will there’s been increasing discus - China’s Cambricon Tech rises 34% announcement, which didn’t receive a total of $536m in sions in the US and elsewhere provide details on the amount of subsidies from government about how to “decouple” BloomBerg developer of AI chips, rose 34%, since the start of this year, while money. economies and firms from extending its first-day surge of Will Semiconductor and Gigade - While the METI statement to invest in production in China. Japan’s decision is similar Chinese chipmakers have 230% on the Shanghai Stock Ex - vice Semiconductor (Beijing) doesn’t explicitly state the Japan, Ministry of Economy, to a Taiwanese policy in 2019, surged in the past year, boosted change’s STAR board. are the fifth- and seventh-best money is to move production Trade and Industry said which was aimed at bringing in - by Beijing’s support for self-suf - It follows top chipmaker performers on the CSI 300 Index out of China, Prime Minister vestment back home from China. ficiency in semiconductors and Semiconductor Manufacturing in the past twelve months. Shinzo Abe said in March that So far, no other country has en - as adoption of 5G and artificial International, which jumped That’s left chipmakers trading Japan needed to bring produc - round, the Nikkei newspaper re - acted a concrete policy to en - intelligence prove resilient amid 202% on its Shanghai debut last at lofty valuations. SMIC’s first- tion back home or diversify out - ported. The payments come courage the shift. the pandemic. There’s no sign Thursday. Other chip stocks day surge meant its Shanghai put to Asean nations and from 243.5 billion yen that the China is Japan’s biggest trad - that rally is about to slow even that have also rallied include stock has a price-to-earnings elsewhere to cut reliance on any government earmarked in April ing partner under normal as their stocks looks increas - Advanced Micro-Fabrication multiple of 278 times, more one country such as China. to reduce reliance on Chinese circumstances and Japanese ingly expensive. Equipment Inc, which has than three times that of its Hong The government will pay a supply chains, with the money companies have massive invest - Cambricon Technologies, a posted gains of about 139% Kong-traded securities. total of 70 billion yen in this aimed at helping companies ments there. Singapore tycoon to open 1,000 cloud kitchens across Asia Globally, cloud kitchen revenue is estimated to climb to $72b by 2027 from $43bn last year: Allied Market Research

BloomBerg cloud kitchen revenue is esti - mated to climb to almost Kishin RK, the 36-year-old heir to a multi-billion dollar Of all the ways our lives have $72 billion by 2027 from Singapore property empire, is joining the fray, creating a changed during the coronavirus $43 billion last year, according to network of 1,000 cloud kitchens across Asia, Europe and pandemic, few are as obvious as Allied Market Research. how, and where, we eat. Also known as dark or shared the US to crack the lucrative home-delivery dining market With restaurants either shut - kitchens, these centralised oper - tered or reopening with vastly ations can pump out an array of reduced capacity, and people cuisines for established restau - called dabbawalas . city-state’s struggling economy. staying home as second-wave rants looking to broaden their Kishin runs RB Capital, a pri - GDP shrank by a record last outbreaks erupt, demand delivery footprint, or for brands vately owned property firm quarter, when much of the city for food-delivery services has that exist nowhere else but be - which together with his father was shutdown to combat coron - exploded. hind an app. They’ve become the Raj Kumar’s Royal Holdings, avirus. Kishin declined to com - Now Kishin RK, the 36-year- go-to model for food delivery owns 13 office towers, malls and ment on the family’s wealth. old heir to a multi-billion dollar companies looking to side-step Kishin RK runs RB Capital, a privately owned property firm which together with his father Raj hotels in Singapore, including He’s also trying to crack a Singapore property empire, is the costs of running traditional Kumar’s Royal Holdings, owns 13 office towers, malls and hotels in Singapore the recently refurbished 225- crowded market. Panda Selected joining the fray, creating a net - restaurants with seating and “The investment into cloud evant anymore,” said Kishin, who room InterContinental Robert - dominates in China, Deliveroo work of 1,000 cloud kitchens waiters, and can be located in kitchens is an opportunity to founded TiffinLabs with three son Quay. plans to expand its ‘Editions’ across Asia, Europe and the US to cheaper premises like business look at real estate with a differ - partners in early 2019, naming it That has left the family, which dark-kitchen concept in Europe, crack the lucrative home-deliv - parks rather than high-street ent lens and create revenue from after the Indian lunches deliv - has an estimated net worth of while Zuul and Kitchen United . ery dining market. Globally, storefronts. a space which may not be as rel - ered by the nation’s army of so- about $3 billion, exposed to the are major players in the US. WEDNESDAY 22 JUlY 2020 06 politics

British PM Boris Johnson is in charge and seeking to negotiate a future trade deal with the EU Slovak PM faces UK government looked other no-confidence vote BloomBerg

Slovak opposition parties way on Russia meddling: Report launched a no-confidence motion against Primer Minis - ter Igor Matovic , saying he’s The recent study threatens to further damage relations between London and morally unfit to lead the European Union member be - Moscow, which have been in deep trouble since the 2018 Salisbury poisonings cause he plagiarised his uni - versity thesis. BloomBerg Opposition lawmakers led n The recommendation by two former prime minis - Slovak opposition British intelligence services ters filed a motion on Tues - lawmakers led by two must conduct a full review of the for a full-scale review day seeking the vote, which 2016 Brexit referendum to see is a key point in a has to be held within seven former prime ministers filed whether hostile Russian action long-delayed report on days. The move follows a re - a motion on Tuesday swayed the vote, after the gov - Russian involvement in port by the Dennik N newspa - seeking the vote, which has ernment failed to investigate, a per that Matovic plagiarised panel of lawmakers said. British politics by the his 1998 university thesis to be held within seven days Members of Parliament’s In - watchdog which and opposition criticism that telligence and Security Commit - oversees the work of the Matovic is mishandling the tee accused ministers of coronavirus crisis. parliamentary speaker amid deliberately avoiding the ques - UK intelligence agencies The prime minister has similar allegations. tion because they did not want played down the accusations, Matovic, the founder and to know whether Russia had n It is a politically saying he “doesn’t remem - leader of the Ordinary People tried to interfere in the European ber” who he quoted or cited. movement, emerged as the Union referendum. explosive subject and He is likely to survive the surprise winner of February The recommendation for a one that PM Boris ouster bid because his ruling elections on an anti-corrup - full-scale review is a key point in Johnson will be partners have said they will tion agenda, which struck a a long-delayed report on Russian not let the government fall. nerve in a country still reel - involvement in British politics by reluctant to revisit. The Eastern Europe is no ing from the high-profile the watchdog which oversees aftermath of the Brexit stranger to plagiarism, which murder of an investigative re - the work of the UK intelligence This file photo shows an anti-Brexit demonstrator waving European Union and Union flags vote split the country has embarrassed leaders and porter. agencies. It is a politically explo - during a protest outside the Houses of Parliament in London —DPA cost some their jobs from He leads a ruling coalition sive subject and one that Prime Hungary to Slovakia and of four diverse parties at a Minister Boris Johnson will be ence the referendum because vaccine research. Serbia. time when the Slovak export- reluctant to revisit. The after - Members of Parliament’s they did not know want to In its report, the ISC said Rus - The scandal in Slovakia oriented economy is among math of the Brexit vote split the know,” Stewart Hosie, a Scottish sia is so embedded in the British broke out days after his close the worst affected in the country, leading to years of tur - Intelligence and Security Nationalist member of Parlia - establishment that attempts to ally, Boris Kollar, survived a EU by the coronavirus moil and uncertainty for busi - Committee accused ment’s Intelligence and Security curb its influence are focused on vote that sought his ouster as pandemic. ness and bringing down two ministers of deliberately Committee said in a briefing. damage limitation rather than prime ministers. avoiding the question “The committee found it aston - prevention. Johnson, who led the contro - ishing that no one in government The committee found the versial pro-Brexit campaign, is because they did not had sought beforehand to pro - British government has failed to now in charge and seeking to ne - want to know whether tect the referendum from such tackle the threat to democracy gotiate a future trade deal with Russia had tried to attempts or investigate after - from Russian interference. US, UK discuss plans for the EU. He will want to avoid re - wards what attempts to influ - The cross-party committee opening past debates about the interfere in the European ence it there may have been.” called for a full intelligence re - vote as he has pledged to move Union referendum The study, which was delayed port on Russian attempts to coalition to resist China the country on from the past di - by nine months, threatens to fur - influence the 2016 Brexit refer - visions over Brexit. ther damage relations between endum along similar lines to BloomBerg build a “coalition” that under - process, irrespective of whether London and Moscow, which investigations in the US into stands the “threat” posed by HostIle ActIon it was successful or not,” the ISC have been in deep trouble since meddling in its democracy. US Secretary of State Michael China, after talks with UK For - But the panel said a full in - report said. Members of the the 2018 Salisbury poisonings. The UK intelligence services Pompeo praised Britain’s eign Secretary Dominic Raab quiry — with findings made panel criticised the government Last week, the UK accused Rus - were too focused on counter-ter - tougher stance on China as in London on Tuesday. public — would be essential. “It for failing to try to establish what sia of trying to interfere in the rorism and not enough on pro - the transatlantic allies sig - At a press conference fol - is important to establish had happened sooner. 2019 election and presented tecting democracy, the report nalled they are planning more lowing their meeting, Raab whether a hostile state took “The report reveals that no findings, backed by the US and said. Some sections on the report coordinated action against suggested further action deliberate action with the aim of one in government knew if Rus - Canada, of Russian hackers’ on the Brexit referendum were Beijing. at Group of Seven level may influencing a UK democratic sia interfered or sought to influ - attempts to steal coronavirus redacted. Pompeo said he wants to follow. Indonesia to start vaccine China threatens Taiwan’s toehold in HK trial from next month Former British colony had been a window for global nations to engage with China

BloomBerg BloomBerg China’s insistence that An Indonesian state-owned For decades, Hong Kong served drugmaker plans to start as a bridge between China and Taiwanese officials as a human trials of Sinovac Biotech Taiwan. Now, that appears to be condition of stay in Hong Ltd’s coronavirus vaccine next just one more thing that’s chang - Kong sign a statement month and aims to begin com - ing in the former British colony. agreeing that both sides mercial production early next China’s insistence that Tai - year. wanese officials as a condition of belong to “one China” PT Bio Farma will adminis - PT Bio Farma will stay in Hong Kong sign a state - adds pressure on Taipei ter the vaccine supplied by administer the vaccine ment agreeing that both sides to close its de facto Beijing-based Sinovac on 1,620 belong to “one China” adds pres - people in the age group of 18 to supplied by Beijing-based sure on Taipei to close its de consulate in the city 59 years, company’s President Sinovac on 1,620 people facto consulate in the city. The Director Honesti Basyir said in in the age group of 18 to decision not only potentially im - a statement. The trials will be 59 years, company’s pacts millions of people who courted support from US Presi - supervised by the faculty of travel between the two places Staffs of the Bureau in front of plaque of temporal office of National Security headquarters dent Donald Trump while offer - medicine at Padjadjaran Uni - President Director Honesti each year, it also chips away at at Metropark Hotel after the inauguration ceremony in Hong Kong on July 08 —DPA ing to help resettle Hong Kong versity in Bandung, he said. Basyir said in a statement the city’s role as a gateway from democracy protesters fleeing Bio Farma has secured 2,400 China to the democratic world. hold in the city for more than five tween the mainland and Taiwan across the Taiwan Strait in the doses of Sinovac’s shot, called The move advances two goals decades, outlasting Hong Kong’s on the other.” wake a tough national security CoronaVac, and the clinical trial vac to secure access to a vac - of President Xi Jinping: punish - return to Chinese rule in 1997. While Taiwan and Hong Kong law approved by Xi last month. is expected to be completed in cine as its own efforts to de - ing Taiwanese leader Tsai Ing- “This development is a reflec - have both long been proxies for “In the past, Hong Kong was six months, Basyir said. Sino - velop a deterrent against the wen for her refusal to accept tion of the tighter change in disputes between China and the not only a buffer for cross-strait vac has said its shot is safe and pathogen is expected to take the “one-China” framework and mainland China’s policy towards West, tensions have flared as relations, it had been a window capable of eliciting an immune longer. The world’s fourth- curbing perceived sources of Taiwan,” said Sonny Lo, an aca - Beijing grows more confident for global countries to engage response from human trials most populous nation is the outside interference in Hong demic and political commenta - about asserting its authority and and interact with China,” Deputy with the company also winning worst virus-hit country in Kong. The Taipei Economic and tor in Hong Kong. “Hong Kong is the US attempts to check a rising DPP Secretary General Lin Fei- approval for Phase III trials on Southeast Asia, with a death Cultural Office in Hong Kong and now a battleground of geopoliti - rival. Tsai, whose Democratic fan said in an interview. “But humans in Brazil. toll of 4,320 and confirmed its predecessor agency have pro - cal struggle between the US and Progressive Party views Taiwan now the city may be just another Indonesia tied up with Sino - cases nearing 90,000. vided Taiwan a diplomatic toe - China on the one hand, and be - as a sovereign nation, has Chinese city.” Trump reverses course on masks, calling them ‘patriotic’ US president initially argued for a mask-free Republican convention and there were anti-mask demonstrations

BloomBerg he would resume regular Covid- to a military hospital, and he Trump administration’s 19 briefings. Pence told gover - gave no indication that he The mask may have reached a nors in the teleconference that would wear one regularly. The tipping point. refusal to formulate a the administration would sup - White House didn’t respond to President Donald Trump’s national plan to fight the port the mask orders, according a request for comment. administration pushed to en - virus has become a to a person who heard the call. Trump’s tweet muddled what courage mask-wearing, explic - And in the afternoon, Trump had become a bitter partisan itly endorsing a measure widely major hurdle to Trump’s sent the tweet showing himself debate. He had shunned masks, seen as crucial to stemming the re-election, and president in a mask with the presidential and many supporters said coronavirus pandemic, and po - said he would resume seal. “There is nobody more Pa - mandating them infringed on tentially quelling a bitter debate triotic than me, your favorite their rights. Trump initially ar - that experts say costs lives. regular Covid-19 briefings President!” he wrote. CNN , citing gued for a mask-free Republican The president, who for anonymous sources, reported convention and there were months resisted covering his that the tweet was prompted by anti-mask demonstrations and face in public, tweeted that “it is rising case counts nationwide. internal polling that showed dis - videos of ugly confrontations Patriotic to wear a face mask It also comes as Republican approval of Trump’s handling of in stores. when you can’t socially dis - governors, facing outbreaks spi - the pandemic. But Trump’s new stance tance.” And Vice President Mike raling beyond control, begin to Cloth masks don’t guarantee could put mask mandates in Pence told governors in a tele - break with Trump on the issue. US President Donald Trump clinches his fist as he disembarks Air Force One at Miami protection from the virus. But the same category as laws conference that he supported Texas Governor Greg Abbott last International Airport on July 10 —DPA they do help block droplets of about seat belts, motorcycle hel - their mask mandates, with the week cast masks as key to en - water vapor, carried on breath, mets or secondhand smoke — administration even sending a suring the state wouldn’t need riously,” Reeves said at a news Bloomberg. The disease has from spreading far beyond the safety measures that, while un - memorandum to New Jersey to shut down its economy a sec - conference. “This virus is not killed almost 141,000 Ameri - face. If people are infected with popular at first, eventually won recommending that it continue ond time, though he resisted or - going away. There are lives on cans so far. the coronavirus but don’t know acceptance. its order. dering their use. Mississippi the line.” The administration’s refusal it, a mask can help prevent them Researchers who have stud - The reversal followed polls Governor Tate Reeves required Coronavirus cases in the US to formulate a national plan to from infecting those around ied such shifts in public opinion that showed Trump’s refusal to residents of 23 hard-hit coun - increased to 3.79 million, ac - fight the virus has become a them. say the identity of the people champion masks was out of ties to start wearing masks. cording to data collected by major hurdle to Trump’s re- Trump has appeared in pub - urging change can make a step with citizens terrified by “We have to take Covid-19 se - Johns Hopkins University and election, and the president said lic in a mask only once, on a visit difference. wednesday 22 july 2020 europe/americas 07 united kingdom’s debt climbs to 99.6% of Gdp — the highest since 1961 EBay sells classified business to Norway’s UK budget deficit swells to Adevinta for $9.2bn

BloomBerg record on Covid-19 stimulus EBay Inc. agreed to sell its on - line classifieds business to At around 19% of GDP, the deficit would be the highest since World War II Norway’s Adevinta ASA for $9.2 billion, ending one of the and almost double the levels reached after financial crisis a decade ago largest auctions of the year. Under the deal, EBay will get BloomBerg $2.5 billion of cash and 540 The deficit last month was million shares in the Norwe - The Ebay’s deal, Norway’s The UK government borrowed nevertheless lower than in gian firm, the companies said biggest in more than a over twice as much last quarter in a statement on Tuesday. April and May, reflecting decade, will significantly than it did in the whole of the Shares in Adevinta rose as boost the size of Adevinta, previous fiscal year, amid the reduced government much as 39%. towering cost of supporting support as the economy Adevinta beat out Naspers which was spun off from the economy through the gradually reopens following Ltd.’s Prosus NV and a private Scandinavian media coronavirus crisis. equity consortium that in - conglomerate Schibsted The budget deficit stood at months of lockdown cluded Blackstone Group Inc., 35.5 billion pounds ($45 bil - Permira and Hellman & Fried - ASA last year lion) in June, taking borrowing man, who’d also been pursuing in the first three months of the require is when a recovery has the unit, people familiar with nificantly boost the size of fiscal year to a record 127.9 bil - been secured.” the matter had said. The bid Adevinta, which was spun off lion pounds, the Office for Na - The latest snapshot of the from Oslo-based Adevinta, from Scandinavian media con - tional Statistics said on public finances showed gov - which operates a number of glomerate Schibsted ASA last Tuesday. Debt climbed to ernment revenue fell 13% be - online marketplaces across year. Chief Executive Officer 99.6% of GDP — the highest UK Prime Minister Boris Johnson speaks during a cabinet meeting, for the first time tween April and June Europe and Latin America, got Rolv Erik Ryssdal, who’s been since 1961. since the Coronavirus lockdown, held at the Foreign and Commonwealth Office in London compared with a year earlier, a surprise boost because EBay charged with expanding the Chancellor of the Exchequer on Tuesday —DPA with receipts down across the wanted to keep a significant company, had said in an inter - Rishi Sunak has committed board. Spending meanwhile stake in the business, people view last week that the indus - more than 190 billion pounds jumped over 40%, driven by a said. try has seen a surge in demand of government spending and n The UK’s budget deficit stood at $45 billion in June, 70% increase in departmental The deal, Norway’s biggest for online shopping, buoyed by tax cuts in an effort to save jobs outlays. in more than a decade, will sig - the Covid-19 lockdowns. and keep businesses afloat. taking borrowing in the first three months of the fiscal The deficit last month was Combined with the damage in - year to a record $162.33 billion nevertheless lower than in flicted by the worst recession April and May, reflecting re - for at least a century, that n duced government support as means a deficit that was fore - Chancellor of the Exchequer Rishi Sunak has committed the economy gradually reopens Novartis trims 2020 sales cast to be just 55 billion more than $241.15bn of government spending and tax following months of lockdown. pounds this year is now on cuts in an effort to save jobs and keep businesses afloat The ONS cautioned, however, forecast on virus disruption course to exceed 370 billion that borrowing estimates re - pounds, according to the Office main subject to greater than BloomBerg percentage, according to a for Budget Responsibility. simistic scenario outlined by evitable once the crisis has usual uncertainty, with May statement, the upper end of the The pound was at $1.2689 the fiscal watchdog last week. passed, with Sunak repeatedly seeing downward revisions to Novartis AG trimmed its sales earlier guidance. following the report, up 0.2% Government debt could take saying the public finances need both the deficit and debt. forecast for the year as pan - Lockdown stockpiling that on the day. Ten-year gilt yields decades to bring down to more to be returned to a sustainable A cash measure that deter - demic hit demand for eye drug boosted drugmakers’ sales at were at 0.15%, close to a sustainable levels, economists footing. mines government bond is - Lucentis and other medicines. the beginning of the pandemic record low. say. But while the stock of debt “In time the chancellor will suance showed a deficit of 47.1 Sales are expected to grow by has started to wane as the out - At around 19% of GDP, the is high, the cost of servicing it face the tough political chal - billion pounds in June, taking a mid-single-digit percentage, break drags on. Investors have deficit projected for 2020-21 is more affordable than ever, lenge of putting the public fi - the total for the fiscal first the Swiss drugmaker said been watching to see how would be the highest since thanks in part to massive Bank nances back on a sustainable quarter to 174 billion pounds. Tuesday, narrowing an April changing patterns in hospital World War II and almost dou - of England bond buying in the footing,” said Charlie McCurdy, The Debt Management Office is forecast that ranged up to the admissions that are delaying ble the levels reached after the secondary market which has an economist at the Resolution on course to sell around half a high-single digits. Earnings ex - care for cancer, heart disease financial crisis a decade ago. pushed down gilt yields. Tax Foundation think tank. “But the trillion pounds of gilts for the cluding some items will likely and other conditions are And it’s not the most pes - rises nonetheless appear in - time for the tax rises that will year as a whole. increase by a low-double-digit affecting the drug industry.

Renault’s electric Zoe defies Golden Horseman statue repair work in dresden virus with a jump in sales Most of deliveries were made in Europe, where Zoe became best-selling electric car thanks to government incentives

BloomBerg

Sales of Renault SA’s all-elec - tric Zoe car jumped 38% in the first half, a rare bright spot amid the grim fallout of the coronavirus pandemic Most of the deliveries were made in Europe, where the Zoe became the best-selling electric car thanks in part to generous government incen - tives, the French automaker said in a statement. Renault’s overall sales in Renault was a big beneficiary of subsidies that France — its biggest market — the period fell by more than implemented last month to get consumers to switch to cleaner cars a third, to about 1.26 million vehicles, because of lock - Renault, like its peers, has A man stands on a scaffold in front of the Equestrian statue of Augustus II the Strong, the so-called Golden Horseman in Dresden, down measures in countries Renault’s overall sales in been hit hard by Covid-19, Germany. The statue, which was erected in 1736, will be cleaned for four weeks starting on 28 July 2020 and will be subjected to from Italy to Russia. That’s which shuttered showrooms inspection and repair of damage —DPA still better than cross-town the first half of this year and factories around the rival PSA Group, whose sales fell by more than a third, world. The company has an - dropped 46% to 1.03 million to about 1.26 million nounced a sweeping cost-sav - vehicles. vehicles, because of ings plan, and the French “We are starting the second government’s aid is aimed at Swiss watch exports to slide 30% in 2020 half of the year with a very lockdown measures saving jobs in the industry. high level of orders, a satisfac - in countries from Italy Renault’s sales dropped by BloomBerg year decline that big would tory level of inventory, a rising to Russia a fifth in Russia, its second- be the worst performance in price positioning across the biggest market, by 29% in The Swiss watch industry faces decades. entire range,” said Denis le India and by 47% in Brazil, ac - a 30 percent drop in exports Swiss watchmakers have been Vot, the company’s head of sumers to switch to cleaner cording to the statement. A this year as the coronavirus struggling to find any growth sales and marketing. cars. In Europe, customers or - bright spot was South Korea, pandemic slashes international this year, putting pressure on Renault was a big benefici - dered about 11,000 Zoes in where sales climbed 51 per - travel and key markets outside jobs in the industry. Swatch ary of subsidies that France — June alone, bolstering Re - cent as buyers snapped up the China still grapple with the Watch Industry gave the forecast Group AG eliminated 2,400 posi - its biggest market — imple - nault’s bid to meet more strin - company’s newly introduced outbreak. after shipments declined 36% to tions in the first half as it shrank mented last month to get con - gent emissions rules this year. XM3 SUV. The Federation of the Swiss $7.4 billion in the first half. A full- its retail network. Argentina’s creditors join forces to demand better terms The statement from creditor groups suggests they’ll act as a united front in talks over $65bn of defaulted overseas bonds

BloomBerg by allowing government officials document seen by Bloomberg . to work with just one entity that Argentina’s Economy Minister Principal payments on those Argentina’s three largest creditor holds a sizable chunk of its debt. Guzman said that creditor bonds would begin in 2025. groups joined forces to submit a “We are confident that a con - Most bonds wouldn’t be subject new bond restructuring proposal sensual resolution is in sight and groups misunderstand to any haircut to the principal, that would provide the country that such an agreement will country’s restrictions and to though new dollar- and euro-de - more than $35 billion in debt provide a path towards a sus - accept what some Argentine nominated notes maturing in relief over the next nine years. tainable economic future for 2030, 2035 and 2046 would see The Ad Hoc group, the Ex - Argentina’s people,” the groups creditors are asking would a 3% write-down, the document change Bondholder group and said in the statement. require unacceptable said. The proposal suggests an the Argentina Creditor Commit - President Alberto Fernandez, adjustments that would hurt average coupon rate of 3.4%. tee, which represent investors speaking in an interview on TV citizens, such as lower Argentina would begin paying including BlackRock Inc. and Publica after groups’ statement interest in July 2021. Ashmore Group PLC, said that was released, reiterated that the pension payments The bonds would begin accru - they had agreed to form a nego - country’s most recent offer was ing interest on September 4 tiating bloc and reject the its best and final proposal. Argentina’s economy is poised for its third straight annual contraction, and the peso has 2020, and Argentina’s past-due government’s latest offer. “We want to act in good faith lost more than half its value over the past two years from all three groups.” interest would be paid via secu - The statement from the credi - and find a solution,” Fernandez They’re proposing cash-flow rities maturing in 2030. In an - tor groups suggests they’ll act as said. “We’ll continue discussing, the creditor groups misunder - ments that would hurt citizens, relief in excess of $35 billion other concession, creditors a united front in negotiations but the truth is that we’ve made stand the country’s restrictions such as lower pension payments. over a period of nine years agreed new bonds issued in ex - over $65 billion of defaulted the offer that is possible.” and to accept what some Argen - Creditors said the new pro - using the same 10 bonds in Ar - change for existing global notes overseas bonds, but the move Argentina’s Economy Minister tine creditors are asking would posal represents “significant gentina’s latest amended ex - will be governed by an amended may also pave the way for a deal Guzman said in a statement that require unacceptable adjust - economic and legal concessions change offer, according to a version of the 2016 indenture. wednesday 22 july 2020 08 stock markets

Hong Kong bourse Markets across the euro area are giving a vote of confidence to the $860 billion stimulus package soars on Ant’s dual European stocks rally after EU listing with Shanghai BloomBerg reaches deal on recovery fund Hong Kong Exchanges & Clearing Ltd. surged as much Italy’s stock benchmark added 2%, leading gains among the local exchanges. A as 9.5%, its biggest jump in five years, after billionaire gauge of risk in Europe’s investment-grade debt drops to lowest since February Jack Ma’s Ant Group an - nounced plans to seek a dual BloomBerg listing in Hong Kong and Shanghai, bypassing New The listing of Jack Ma’s European stocks climbed to a York. Ant Group is a boost to four-month high and German Ant Group is seeking a val - exchanges in Hong Kong equities erased losses for the uation of more than $200 bil - and Shanghai, while year after leaders agreed on a lion as it goes public, and landmark recovery plan. could raise more if market dealing a blow to US Markets across the region conditions are favourable, bourses as more Chinese are giving a vote of confidence according to a person famil - firms look to raise money to the 750 billion euros ($860 iar with the matter. The Hong billion) stimulus package. Kong portion could raise closer to home amid Italy’s stock benchmark added about $10 billion, according rising US-China tensions 2%, leading gains among local to people familiar with the exchanges. A gauge of risk in matter, which would make it Europe’s investment-grade the sixth-largest initial public ternet firms JD.com Inc. and debt dropped to the lowest offering in the city. NetEase Inc. added second - since February. The euro has The listing is a boost to ex - ary listings in Hong Kong this steadied after a recent rally. changes in Hong Kong and year. Shanghai, while dealing a Ant’s IPO is also a major blow to US bourses as more lift for the city of Hong Kong, The market, US equity futures pointed to more gains on Tuesday after a blistering rally that sent the Nasdaq 100 Index its best gain in three months on Monday Chinese firms look to raise which is facing mounting particularly tech money closer to home amid challenges from a sharp re - day after a blistering rally that tum and not about the facts,” stocks, is rallying on both rising US-China tensions. cession, political turmoil sent the Nasdaq 100 Index its said Michael McCarthy, chief n Norway’s Adevinta Hong Kong-listed Semicon - from year-long protests and good news and bad news, best gain in three months on market strategist at CMC Mar - ductor Manufacturing Inter - a new national security law that tells us it’s all about Monday. kets Asia Pacific Pty. “There are surges 29% after national Corp. raised $7.5 that has prompted concerns momentum and not about The tech-heavy gauge — up concerns we could see signifi - agreeing to buy EBay billion from a Shanghai share about an exodus from the 25% this year thanks in large cant pullbacks before we make the facts Inc.’s online classifieds sale in July, while Chinese in - financial hub. part to Amazon.com Inc.’s me - further gains, but at the mo - business for $9.2bn Michael McCarthy, teoric advance — is trading ment you can’t stand in front of Chief market strategist at CMC 21% above its average price the train that is the Nasdaq 100 Markets Asia Pacific Pty over the past 100 days. Index.” n Silver extended gains “The market, particularly Futures on the S&P 500 above $20 an ounce tech stocks, is rallying on both Index climbed 0.7% as of 9:47 India stocks advance Norway’s Adevinta ASA good news and bad news, that am London time and the Stoxx surged 29% after agreeing to tells us it’s all about momen - Europe 600 Index increased as point to 0.61% and the yield on BloomBerg breached the technical indica - buy EBay Inc.’s online classi - much as 1.1%. two-year Treasuries rose less tor, forming a pattern that some fieds business for $9.2 billion, While the MSCI Asia Pacific than one basis point to 0.15%. India stocks advanced, tracking investors read as a signal that ending one of the largest auc - Stocks globally are Index rose 1.5%, the MSCI While Germany’s 10-year Asian peers, as promising re - gains can continue. tions of the year. Silver Emerging Market Index rose yield decreased less than one sults in early trials for a coron - Both measures have jumped extended gains above $20 an marching higher on the 1.8%. basis point to -0.46%, Britain’s avirus vaccine and a positive more than 40% from a March ounce. back of more government The Bloomberg Dollar Spot 10-year yield increased less start to local companies’ earn - low, while India’s economy Stocks globally are marching stimulus and an Index declined 0.2% and the than one basis point to 0.152% ings season bolstered optimism. heads for its first recession in 40 higher on the back of more gov - unstoppable advance in euro was little changed at and Japan’s 10-year yield sank The S&P BSE Sensex climbed years after business all but ernment stimulus and an un - $1.1446. one basis point to 0.025%. 0.9% to 37,766.99 as of 10:10 stalled due to a nationwide lock - stoppable advance in technology companies that While the British pound rose While West Texas Intermedi - am in Mumbai, set for a fifth down. Individual investors have technology companies that benefit from people 0.2% to $1.2691, the offshore ate crude increased 1.7% to straight session of gains that’s turned to equities for returns, benefit from people shopping shopping more online due yuan was little changed at $41.40 a barrel, Brent crude taken it above its 200-day mov - even as foreign investors have more online due to the pan - 6.9898 per dollar. gained 1.8% to $43.98 a barrel ing average. The NSE Nifty 50 sold net $437.5 million of shares demic. US equity futures to the pandemic The yield on 10-year Treas - and gold strengthened 0.3% to Index added 0.9% and has also this month through Friday. pointed to more gains on Tues - uries gained less than one basis $1,824 an ounce.

Daily Financials As of 2020-Jul-21 Generated on 2020-Jul-21 19:40

Capitalization (AED) Securities Total Big Block Regular + Private Regular Board Private Board FUND Board Dual Listing Companies Traded Declined Advanced Unchanged Value (AED) Volume Trades Trades 6.11273E+11 698826725040.01391E+11 20729028103 27 11 15 1 1803,,,058,632.59 64,759,63 1,693 0

Banks Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital (AED) Market Cap. (AED) Abu Dhabi Commercial Bank A0DCB 14.0 60,957,379,35 5.14 90.090 35.82 106,958,077.2 3219,327,413.0 08.050 00.9 66,957,379,354.0 35,760,929,879.5 Abu Dhabi Islamic Bank A0DIB 10.0 30,632,000,00 3.69 50.850 36.19 10,795,906.1 44086,864.0 00.000 0.0 30,632,000,000.00 13,402,080,000.0 Bank of Sharrjjah B0OS 10.0 20,100,000,00 0.55 10.000 00.55 1038,050.0 2451,000.0 (00).005) (0.90 20,100,000,000.00 1,155,000,000.0 Commercial Bank International C0BI 10.0 10,737,383,05 0.75 01.966 0.54 10,737,383,050.00 1,303,037,287.5 Finance House FH11.0 0 3010,049,96 1.59 10.630 1.38 3910,049,961.00 492,979,437.9 Invest Bank I0NVESTB 13.0 30,180,982,14 0.49 20.250 00.49 109,600.0 410,000.0 (00).010) (2.00 37,180,982,143.00 1,558,681,250.0 First Abu Dhabi Bank F0AB 10.0 100,920,000,00 10.66 106.080 72.78 306,967,370.8 3505,503,073.0 02.180 10.7 100,920,000,000.0 116,407,200,000.0 National Bank of Fujairah N0BF 14.0 10,914,761,88 4.98 40.990 3.88 12,914,761,884.00 9,535,514,182.3 National Bank of Umm Al QaiwainQn N0B 15.0 10,848,000,01 2.00 20.250 1.80 10,848,000,015.00 3,696,000,030.0 Sharrjjah Islamic Bank S0IB 10.0 30,081,597,75 1.13 10.350 00.95 301,640.0 238,000.0 09.010 00.8 30,081,597,750.0 3,482,205,457.5 The National Bank of Ras Al KhaimKmah R0AKBAN 18.0 10,676,245,42 3.60 50.000 30.33 108,000.0 51,000.0 (00).170) (4.51 10,676,245,428.00 6,034,483,540.8 United Arab Bank U0AB 19.0 24,062,550,64 0.89 17.250 0.80 21,062,550,649.00 1,843,920,280.2 Total 39,420,950,234 505,928,644.23 7773,641,350.0 359,420,950,234.00 194,672,031,345.9 Index ADBF Index Open 7,006.70 Index Close 7,096.25 Index Change 83.11 Index Change % 1.19 Traded 7 Declined 3 Advanced 3 Unchanged 1 Sector Capitalization 1.94672E+11 Insurance Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital (AED) Market Cap. (AED) United Fidelity Insurance Company (P.S.C) F0IDELITYUNITE10.0 1000,000,00 2.00 1000,000,000.00 200,000,000.0 Union Insurance Company U0NION 10.0 3630,939,18 0.51 06.870 0.51 3830,939,180.00 170,764,616.8 National Takaful Company (WatannAia) W0ATANI 10.0 1050,000,00 1.00 10.080 0.45 1050,000,000.00 150,000,000.0 Sharrjjah Insurance Company S0ICO 10.0 1037,500,00 2.33 20.700 2.33 1037,500,000.00 320,375,000.0 Abu Dhabi National Takaful Co. T0KFL 10.0 1000,000,00 3.35 30.890 2.60 1000,000,000.00 335,000,000.0 Methaq Takaful Insurance CompnaQay M0ETHA 10.0 1050,000,00 0.57 08.859 0.47 1050,000,000.00 85,500,000.0 Ras Alkhaima National Insurance CCCo. R0AKNI 10.0 1021,275,00 3.00 30.000 1.87 1021,275,000.00 363,825,000.0 Insurance House IH10.0 0 1018,780,50 0.85 00.850 0.85 1018,780,500.00 100,963,425.0 AXA Green Crescent Insurance ComCmpany PJSC AXAAXAGCI 10.00 2000,000,00 0.55 03.690 0.32 2000,000,000.00 110,000,000.0 Al Dhafra Insurance Co. DH0AFRA 10.0 1000,000,00 3.35 30.350 3.00 1000,000,000.00 335,000,000.0 Emirates Insurance Co. E0IC 10.0 1050,000,00 6.90 80.100 6.90 1050,000,000.00 1,035,000,000.0 Al Wathba National Insurance Co. AAWWNIC 10.00 2007,000,00 9.29 90.600 9.29 2007,000,000.00 1,923,030,000.0 Al Khazna Insurance Co. A0KIC 10.0 4820,000,00 0.23 08.238 0.23 4020,000,000.00 99,960,000.0 Al Ain Alahlia Insurance Co. A0LAIAIN 100.0 105,000,00 35.16 307.000 33.00 1050,000,000.00 527,400,000.0 Al Buhaira National Insurance ComCmpany A0BNI 10.0 2050,000,00 1.80 10.800 1.80 2050,000,000.00 450,000,000.0 Abu Dhabi National Insurance ComCmpany A0DNI 10.0 5070,000,00 3.15 30.700 2.60 5070,000,000.00 1,795,500,000.0 Al Fujairah National Insurance CommCpany A0FNI 1000.0 10,210,00 245.43 2072.700 272.70 1021,000,000.00 296,970,300.0 Total 3,121,704,680 38,376,494,680.00 8,299,288,341.8 Index ADII Index Open (1.00) Index Close 1,802.15 Index Change 0.00 Index Change % 0.00 Traded 0 Declined 0 Advanced 0 Unchanged 0 Sector Capitalization 8299288342 Consumer Staples Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital (AED) Market Cap. (AED) AGTHIA Group A0GTHIA 10.0 6000,000,00 2.98 30.700 20.50 30,446.0 12,200.0 (00).010) (0.33 6000,000,000.00 1,788,000,000.0 FOODCO Holding Company F0OODCO 10.0 1020,000,00 3.00 30.360 2.60 1020,000,000.00 360,000,000.0 Ras Al Khaimah Poultryry & FeedingOg Co. R0APC 10.0 806,400,00 1.29 10.420 1.29 806,400,000.00 111,456,000.0 Total 806,400,000 30,446.00 12,200.0 8006,400,000.00 2,259,456,000.0 Index ADCM Index Open 6,305.51 Index Close 6,535.44 Index Change (17.69) Index Change % (0.27) Traded 1 Declined 1 Advanced 0 Unchanged 0 Sector Capitalization 2259456000 Services Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital (AED) Market Cap. (AED) National Corporation for Tourism &H Hotels N0CT 10.0 7085,862,00 1.80 10.800 1.35 7085,862,000.00 1,414,551,600.0 National Marine Dredging Co. N0MDC 10.0 2050,000,00 3.90 40.600 20.90 305,086.1 92,149.0 (00).050) (1.27 2050,000,000.00 975,000,000.0 Gulf Medical Projects Company G0MPC 14.0 6098,916,09 2.62 20.620 1.25 6898,916,094.00 1,831,160,166.2 Emirates Driving Company DRIVE 10.0 0 809,786,40 10.38 101.860 7.50 809,786,400.00 931,982,832.0 Abu Dhabi Aviation Co. A0DAVIATION 10.0 4044,787,20 2.80 30.450 2.52 4044,787,200.00 1,245,404,160.0 Abu Dhabi National Hotels Co. A0DNH 10.0 10,000,000,00 2.71 30.680 2.65 10,000,000,000.00 2,710,000,000.0 Total 3,269,351,694 305,086.10 92,149.0 38,269,351,694.00 9,108,098,758.2 Index ADID Index Open 2,513.44 Index Close 2,520.25 Index Change (3.41) Index Change % (0.13) Traded 1 Declined 1 Advanced 0 Unchanged 0 Sector Capitalization 9108098758 Real Estate Symbol Face Val (AED) Issued Shares Last Close High 52 Low 52 Value (AED) Volume Trades Change Change % Paid Up Capital (AED) Market Cap. (AED) Al Dar Properties A0LDAR 13.0 70,862,629,60 1.72 20.370 11.35 101,099,994.8 6203,435,817.0 (00).030) (1.71 76,862,629,603.00 13,523,722,917.1 RAK Properties R0AKPROP 10.0 24,000,000,00 0.36 07.484 01.32 10,679,740.0 443,690,957.0 02.010 20.8 20,000,000,000.0 728,000,000.0 Sharrjjah Group SG16.0 0 708,901,08 0.77 00.890 0.77 728,901,086.00 60,753,836.2 Total 9,941,530,689 102,779,734.82 12461,126,774.0 98,941,530,689.00 14,312,476,753.3 Index ADRE Index Open 2,690.49 Index Close 2,652.37 Index Change (38.13) Index Change % (1.42) Traded 2 Declined 1 Advanced 1 Unchanged 0 Sector Capitalization 14312476753

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