05 AUGUST 2020 | 15 DHUL AL-HiJJAH 1441 HiJRi | VOLUME NO. 08 | iSSUE 12 /emiratesbusiness.ae @emi_business emirates-business.ae OP-ED PAGE 04 FOREX (AED) ENERGy TEN TOLA GOLD STOCK MARKET INDEX uSD 3.6800 YEN 0.0350 B r e n t Crude $43.60/bbl buLLION internet threat is more about national security Abu Dhabi - ADX 4,318.00 EuRo 4.3415 CHF 4.0433 W T I C r u de $40.53 /bbl The global system is fundamentally a national security problem, which is different from saying it has too much market power, GBP 4.8197 CAD 2.7720 N a t u r a l G as $2.09 /MMBtu Dubai - DFM 2,078.79 writes RobeRt J SamuelSon PRECIOUS METALS BANKING PAGE 07 New york - NYA 12,536.81 EXCHANGE RATE Sri Lankan Rs 50.38 Gold $1,992.80/t oz hSBc to hire 3,000 wealth planners in china Indian Rs 20.32 P h i l i p p i n e P eso 13.13 Gold-Dubai AED239.75/gm Buy for London - UKX 6,019.58 Bangladesh Taka 22.32 (AED) 27,964.44 The bank is increasing its presence in the mainland in the face of Pakistani Rs 44.62 Silver $24.49/t oz mounting political tensions between Beijing and Western governments Wednesday Price UAE: AED 2 Operation of nuclear reactor is a PrOteSt AgAinSt SchOOlS reOPening in new YOrk milestone in UAE-US cooperation Says Yousef Al Otaiba, UAE ambassador to the US, following the successful startup of unit 1 of Barakah nuclear plant WASHINGTON / WAM The landmark US-UAE 123 Yousef Al Otaiba, UAE Ambas - Agreement remains a model sador to the US, has said that the start-up of Unit 1 at the for the development of a peaceful Barakah Nuclear Energy Plant and safe civilian nuclear energy is an outstanding milestone in program in the Middle East region the history of fruitful cooper - ation between the UAE and Yousef Al Otaiba, the US in the peaceful nuclear UAE Ambassador to the US energy field. In his statement following the recent successful startup this historic journey oc - nonproliferation commit - of Unit 1 of the Barakah plant, curred over ten years ago ments, forgoing domestic en - Al Otaiba said, "Over a decade when the US and UAE signed richment and reprocessing of of strategic planning, interna - the strongest bilateral civil nuclear material." tional cooperation, and a com - nuclear agreement coopera - "The landmark US-UAE 123 mitment to clean energy is tion in history. Working with Agreement remains a model for realised with the start-up of both political parties and the development of a peaceful unit 1 at the Barakah Nuclear spanning two administra - and safe civilian nuclear energy A protester holds a placard that says fund our schools during a demonstration against reopening of schools in New York on Energy Plant." tions, the UAE voluntarily program in the Middle East Tuesday —DPA "A significant milestone on made the strongest possible region,” Al Otaiba added. ADnOc l&S transported over 20mn metric tonnes of various oil & gas products and dry bulk commodities in 2019 Only 0.3% Covid-19 cases in Abu Dhabi city Adnoc subsidiary, Wanhua Abu DHAbI / WAM with precautionary and pre - ventative measures, have re - The Abu Dhabi Emergency sulted in curbing the spread Crisis and Disasters Com - of the virus, with the per - mittee for Covid-19 pan - centage of confirmed cases Chemical form shipping JV demic, in collaboration with out of total tests carried out the Department of Health- in all regions of the emirate Abu Dhabi, announced that decreasing to 0.3 percent in The new firm will own and operate a fleet of very large gas carriers and modern there has been a major de - Abu Dhabi City, 0.4 percent crease in prevalence of in Al Dhafra, and 0.6 percent product tankers, transporting LPG, cargoes and petroleum products across world coronavirus in Abu Dhabi. in Al Ain City," the committee "The initiatives, along said in a statement. Abu DHAbI / WAM n The new company Adnoc Logistics and Services, the shipping and maritime lo - named AW Shipping gistics subsidiary of the Abu Limited is incorporated in Dhabi National Oil Company Abu Dhabi Global Market Etihad Rail triples its fleet (Adnoc) announced on Tuesday the formation of a new strategic joint venture with Wanhua n The JV underscores with CRRC contract award Chemical Group. The new com - Adnoc’s focus on Abu DHAbI / WAM pany named AW Shipping Lim - value-creating deals ited is incorporated in Abu Etihad Rail, the developer Dhabi Global Market. and will support the and operator of the UAE's na - This strategic agreement fur - delivery of its 2030 tional railway, is tripling its ther strengthens the collabora - smart growth strategy fleet by announcing the tion between Adnoc and The strategic agreement with Wanhua Chemical Group further strengthens collaboration award of a contract for the Chinese companies and builds between Adnoc and Chinese companies and builds on the deep-rooted bilateral relations manufacture, supply and between China and the UAE on the deep-rooted bilateral re - Chemical Group. This creative commissioning of 842 new Etihad Rail signs lations between China and the win-win partnership strength - wagons bringing its total fleet deal with CRRC for UAE. The joint venture under - The JV further solidifies Adnoc L&S’ position as the ens our growing relationship to more than 1,000 units to manufacture, supply scores Adnoc’s focus on value- largest, fully integrated logistics and shipping company and will deliver greater value serve the whole network. creating deals and will support and efficiency for both our or - This expansion paves the and commissioning of the delivery of its 2030 smart in the UAE and paves the way for the transportation of ganisations. Importantly, the JV way for the rail transport to 842 new wagons growth strategy. greater LPG volumes to China, in line with market demand further solidifies Adnoc L&S’ po - become a principal platform bringing its total fleet to AW Shipping Limited will own sition as the largest, fully inte - for freight haulage in the UAE and operate a fleet of very large Dr Sultan Ahmed Al Jaber, Adnoc Group CEO grated logistics and shipping following the completion of more than 1,000 units gas carriers (VLGCs) and mod - company in the UAE and paves Stage Two, as it connects the ern product tankers. The com - pliers, to Wanhua Group’s man - Dr Sultan Ahmed Al Jaber, the way for the transportation of entire country. and communications control pany will be responsible for ufacturing bases in China and Minister of Industry and Ad - greater LPG volumes to China, in The newly acquired wagons and safety systems, while being transporting liquefied petroleum around the world. To deliver vanced Technology and Adnoc line with market demand. will be manufactured accord - tailor made for the specific re - gas (LPG) cargoes and other pe - maximum fleet efficiency, the Group CEO, said, "We are very ing to the specific GCC gional environmental condi - troleum products, sourced from company may also pursue other pleased to establish this strate - nFor full story, read requirements, including state- tions in general and for the UAE the Adnoc Group and global sup - market opportunities. gic joint venture with Wanhua emirates-business.ae of-the-art breaking, signalling, in particular. PAge 2 Abu Dhabi to build new Oil falls after FAB issues largest Chinese yuan biggest gain in projects in energy sector dual-listed Formosa bond globally two weeks Abu DHAbI / WAM BlooMBerg The bank attracts a high quality global orderbook of CNH 3.6bn, Awaidha Murshed Al Marar , Oil dropped towards $40 a Chairman of the Abu Dhabi which enabled it to upsize its target issuance of CNH 3.25bn barrel in New York after the Department of Energy (DoE) biggest gain in two weeks as said that encouraging invest - Abu DHAbI / WAM investors weighed additional ment in the energy sector is FAB has been a Opec+ supply hitting the one of the department’s First Abu Dhabi Bank (FAB) an - regular issuer in the market against signs of a strategic priorities. The Department of nounced the issuance of the recovery in major economies. In an interview with the largest-ever Chinese Yuan Formosa market and is Opec’s crude output rose Emirates News Agency (WAM) Energy has adopted a (CNH) denominated dual-listed a well-known name in last month, led by Saudi Ara - Al Marar said that the depart - series of measures during Formosa bond globally, with a the CNH market, bia, ahead of the group and ment has adopted a series of coronavirus crisis that CNH 3.25bn five-year issuance. having raised CNH its allies relaxing their his - measures during the coron - ensured sector’s business Despite the GCC-wide public toric cuts this month, accord - avirus crisis that has ensured holiday, FAB was able to attract 1.4bn in June ing to a Bloomberg survey. the sector’s business continu - continuity, through providing a high quality international via a similar offering Weaker equity markets and a ity, through providing AED5 AED5bn to support water orderbook of more than CNH stronger dollar also weighed billion to support the water and electricity sector 3.6 billion, which enabled it to on oil prices on Tuesday. and electricity sector. upsize its target issuance from similar offering. Funding at FAB, said, "The deal Oil has been stuck near $40 The department’s efforts CNH 1bn to a record-breaking The deal was a significant exceeded our expectations in since early June as rising coro - also included the decision of ects underway in the emirate, CNH 3.25bn.