Imports of Abu Dhabi down 24.7 pct in Q1-2020

ABU DHABI, The Import Unit Value Index of Abu Dhabi decreased by 24.7 percent from 138.5 pct in the first quarter of 2019 to 104.3 pct in the comparable period of 2020, according to the Statistics Centre – Abu Dhabi.

Only food and beverages imports increased 2 pct from 97.9 pct in Q1 2019 to 99.9 pct in the same period this year, SCAD said, while all other imports, including industrial supplies; fuels & lubricants; capital goods; transport equipment, and parts and accessories thereof; as well as consumer goods declined during the reference period.

In the meantime, the figures showed the Export Unit Value Index increased by 5.2 pct from 76.3 pct in the fourth quarter of 2019 to 80.2 pct in the first quarter of 2020.

Source: Emirates News Agency

Mubadala to invest AED4.4 bn in Jio Platforms

ABU DHABI, Reliance Industries Limited (“Reliance Industries”) and Jio Platforms Limited (“Jio Platforms”), India’s leading digital services platform, announced today that Mubadala Investment Company (Mubadala), the Abu Dhabi-based sovereign investor, will invest US$1.2 bn  (AED4.4 bn) in Jio Platforms at an equity value of US$65 bn (AED239 bn) and an enterprise value of $68 bn (AED250 bn). Mubadala’s investment will translate into a 1.85% equity stake in Jio Platforms on a fully diluted basis.

With this investment, Jio Platforms has raised $11.6 bn (AED43 bn) from leading global technology and growth investors including Facebook, Silver Lake, Vista Equity Partners, General Atlantic, KKR and Mubadala in less than six weeks.

Khaldoon Al Mubarak, Managing Director and Group CEO, Mubadala Investment Company, said: “We are committed to investing in, and actively working with, high growth companies which are pioneering technologies to address critical challenges and unlock new opportunities. We have seen how Jio has already transformed communications and connectivity in India, and as an investor and partner, we are committed to supporting India’s digital growth journey. With Jio’s network of investors and partners, we believe that the platform company will further the development of the digital economy.”

Jio Platforms, a wholly-owned subsidiary of Reliance Industries, is a next-generation technology platform focused on providing high-quality and affordable digital services across India, with more than 388 million subscribers. Jio Platforms has made significant investments across its digital ecosystem, powered by leading technologies spanning broadband connectivity, smart devices, cloud and edge computing, big data analytics, artificial intelligence, Internet of Things, augmented and mixed reality and blockchain. Jio’s vision is to enable a Digital India for 1.3 billion people and businesses across the country, including small merchants, micro-businesses and farmers so that all of them can enjoy the fruits of inclusive growth.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “I am delighted that Mubadala, one of the most astute and transformational global growth investors has decided to partner us in our journey to propel India’s digital growth towards becoming a leading digital nation in the world. Through my longstanding ties with Abu Dhabi, I’ve personally seen the impact of Mubadala’s work in diversifying and globally connecting the UAE’s knowledge-based economy. We look forward to benefitting from Mubadala’s experience and insights from supporting growth journeys across the world.”

Mubadala invests and partners to advance Abu Dhabi’s diversified, globally integrated economy across sectors that are driving global growth and addressing critical challenges. A significant aspect of this mandate is transformative information and communications technology investments which include cognitive computing, ICT infrastructure, telecoms, and satellite operations.

To further its commitment to innovation and technology, Mubadala established its Ventures arm in 2017 to partner early with visionary founders and support innovative businesses. Mubadala’s Ventures business currently manages a number of venture funds in the US, Europe and Middle East.

Today, Mubadala’s portfolio spans advanced manufacturing, semiconductors, metals & mining, pharmaceutical and medical technology, renewable energy and utilities, and the management of diverse financial holdings.

The transaction is subject to regulatory and other customary approvals.

Morgan Stanley acted as financial advisor to Reliance Industries and AZB & Partners, and Davis Polk & Wardwell acted as legal counsel.

Source: Emirates News Agency

OPEC daily basket price stood at $34.84 a barrel Thursday

VIENNA, The price of OPEC basket of thirteen crudes stood at $34.84 a barrel on Thursday, compared with $35.46 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

Source: Emirates News Agency

UAE Rulers congratulate Queen of Denmark on National Day

ABU DHABI, President His Highness Sheikh Khalifa bin Zayed Al Nahyan, has sent a congratulatory cable to Margrethe II, the Queen of Denmark on the occasion of the National Day of Denmark.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, sent similar cables to the Queen.

His Highness Sheikh Mohammed bin Rashid and His Highness Sheikh Mohamed bin Zayed also dispatched similar congratulatory cables to Prime Minister of Denmark Mette Frederiksen

Source: Emirates News Agency