Dubai denies being in talks with Abu Dhabi for support from state fund Mubadala

Reuters earlier reported that the governments of Abu Dhabi and Dubai are discussing ways to prop up Dubai’s economy, through support from state fund Mubadala. (Reuters)
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Updated 16 May 2020

Dubai denies being in talks with Abu Dhabi for support from state fund Mubadala

  • Reuters published a story without further investigating the accuracy of this claim and verifying the trustworthiness of its source

CAIRO: Dubai has denied being in talks with Abu Dhabi’s government for support from state fund Mubadala, Dubai Media Office reported on Twitter.
“The Government of Dubai denies a news report from Reuters that claims Dubai is in talks with Abu Dhabi for support from state fund Mubadala,” the Dubai emirate’s communications unit said on social media.
“Reuters published a story without further investigating the accuracy of this claim and verifying the trustworthiness of its source.”


Reuters earlier reported that the governments of Abu Dhabi and Dubai are discussing ways to prop up Dubai’s economy by linking up assets in the two emirates, citing three sources familiar with the matter.
The wires agency also quoted on of its sources as saying that any support from Abu Dhabi agreed now would be “orchestrated through mergers of assets where Abu Dhabi and Dubai compete directly or where they have joint ownerships”.
“The most likely deal to happen in the near term is a merger of the local stock markets,” the source said, adding that bank mergers were also possible.
A second source confirmed the talks and said Mubadala, which manages around $230 billion in assets, would make “a big move into Dubai”, but gave no details.

 


Tunisia’s tourism industry hit hard by coronavirus pandemic

Updated 27 September 2020

Tunisia’s tourism industry hit hard by coronavirus pandemic

  • Tourism accounts for about eight percent of Tunisia’s national output

DUBAI: Tunisia’s tourism industry has been hit hard by the coronavirus pandemic, and is expected to decline further before 2020 ends.

Tourist activity has shrunk by 60 percent, the country’s tourism minister Habib Ammar said, and that figure could reach 70 percent to reflect the World Tourism Organization’s estimate for global tourism.

Tourism accounts for about eight percent of Tunisia’s national output and is the country’s second biggest employer, with around 400,000 people involved in the industry, after the agricultural sector.

The number of tourists rose 13.6 percent to 9.5 million in 2019, a record level, but Tunisia’s 10-million-visitor target for this year was sidelined when the coronavirus pandemic hit.

Despite this quandary, the government is considering various proposals to help stakeholders in the sector, state news agency TAP reported.

A gradual recovery of tourism activity will be recorded next year, both worldwide and nationwide, ensuring that the tourist units that will be preserved will have the capacity to accommodate tourists, it added.

Ammar also said that government remains committed to implement support plans such as the rescheduling of the settlement of bank and social security fund debts, and extending credits over longer repayment periods.

The tourism ministry is working with all intervening parties to implement this measure, which will make it possible to provide liquidity to the tourist units, and consequently, to guarantee a better future for the tourist activity, he added.

“This will also allow the ministry to develop a strategy and a clear plan for the sector in the medium and long term.”