#China

Saudi-backed UK health app Babylon ends deal with Tencent

A $550m cash infusion led by Saudi Arabia’s Public Investment Fund in 2019 valued the company at about $2bn

UAE aviation regulator clears Boeing 737 Max to fly again

Local airlines must first provide a plan for bringing the plane back safely

The benchmarks countries must hit to reach net-zero emissions

More than 100 countries have pledged to get to net-zero emissions in the next 30 years

Oil rally pauses after report points to rising US stockpiles

US gasoline stockpiles expanded by 828,000 barrels last week

Plugging into the future: Next stop is electric vehicles

One of the biggest revelations for the luxury auto industry this year is that going electric is no longer an option – and it must be done now

Pfizer vaccine

UK clears Pfizer-BioNTech Covid vaccine ahead of US, EU

The UK regulator, the Medicines and Healthcare Products Regulatory Agency, said the vaccine “met its strict standards of safety, quality and effectiveness”

Etihad Beijing Abu Dhabi

Etihad to begin direct weekly flights from Beijing to Abu Dhabi

Etihad will become the only airline in the MENA region to operate non-stop passenger flights departing from both Shanghai and Beijing

G-20

Leaders at the Saudi-hosted G20 summit to pledge to ensure fair distribution of vaccines

The battle to counter the pandemic dominated the first day of a virtual summit of G20 nations on Saturday

Bahrain’s Investcorp acquires cereal and coffee company Viz Branz

Viz Branz has approximately 1,300 employees with manufacturing facilities and operations in China and Myanmar

Saudi oil giant pitches gas to China in cleaner-fuels push

Aramco is the world’s largest oil exporter

Bahrain’s Investcorp invests in Wuhan’s medical testing group, Kindstar

Kindstar offers patients and physicians access to advanced specialty testing services

Dubai’s DMCC opens representative office in Shenzhen, China

The office will provide advisory and consulting services in a common language

ECB takes major step toward introducing a digital Euro

A central-bank digital currency would allow euro-area residents to place deposits with the ECB directly

Abu Dhabi’s Etihad launches global student offer

This offer excludes departures from India and China

HSBC shares fall to 25-year low on China fears, banks report

Europe’s largest bank has been named as a possible candidate for China’s “unreliable entity list”

TikTok

Oracle wins deal for TikTok’s US operations

A deal between ByteDance, TikTok’s parent company, and Oracle will look more like a corporate restructuring than an outright sale, sources said

Nissan Ariya

How Nissan is preparing to reboot its Middle East business

The Japanese carmaker has had a rocky year that has brought it to the brink. However, a four-year transformation strategy has plotted out an aggressive turnaround plan.
Here’s what to expect in the Middle East

Abu Dhabi hedge fund makes $300m emerging-market wager

The manager has already moved about 90 per cent of that money into markets such as China and India, after cutting some positions in developed markets

Dubai-Chamber

Dubai Chamber records 26% y-on-y increase in member companies’ exports to China in May

Vegetable oil accounted for the majority of the value of exports with a share of 53 per cent

Saudi Aramco suspends $10bn China oil refinery venture

The oil-price crash and the virus’s impact on energy demand have changed the calculations for energy companies’ projects

BMW records first quarterly loss since 2009 on virus impact

BMW shares have lost more than a fifth this year

Kuwait Airways

Kuwait issues guidelines to permit entry of people from banned countries

Last week, the cabinet agreed to resume flights from Kuwait International Airport in three phases

china oman

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

China’s state-owned oil giant is reportedly conducting advanced discussions with BP for a 10 per cent stake in the Khazzan natural gas field

DIFC

China strengthens fintech cooperation with Dubai through new agreement with DIFC

Jiaozi Fintech Dreamworks and DIFC will collaborate on key sectors such as blockchain, artificial intelligence, big data and cloud computing

UAE Hope Probe

UAE’s launch kicks off a trio of Mars missions as planet draws close

The UAE launched its mission on Sunday, with the US and China to follow later this month and next

Chinese School Dubai

First Chinese national curriculum overseas school to open in Dubai this September

Located in Mirdif, the school will be the the first overseas Chinese school to receive financial support from the Chinese government

Expo 2020 Dubai appoints China’s Terminus as official robotics partner

The technology firm will set up its first headquarters outside China at District 2020

China Innoway to set up regional office in Dubai's DMCC free zone

China’s Innoway to set up an office in DMCC to spur Dubai’s tech startup ecosystem

Innoway, dubbed China’s Silicon Valley, has incubated over 3,400 startups and raised approximately Dhs4.7bn

Oil extends drop with virus milestones spurring demand angst

A surge in cases across the southern and western US is causing states to reinstate measures, threatening the outlook for oil demand

An epidemic of contaminated waste is following the coronavirus

Manila in the Philippines produced an additional 280 tons a day of medical trash, while Jakarta generated 212 tons