Industry Update

Dubai Islamic Bank PJSC shares dropped the maximum allowed after the lender said it has $541 million of exposure to NMC Health Plc, which could wipe out almost half of its estimated profit for this year. The Dubai-based bank had about $425 million of exposure at the end of March, while NMC owed its subsidiary Noor Bank about $116 million, according to a statement. With an estimated profit of 4.46 billion dirhams ($1.2 billion) this year, according to seven analyst forecasts, the exposure represents about 45% of its projected profit, according to Bloomberg calculations.

Sources: https://www.bloomberg.com/news/articles/2020-04-05/dubai-islamic-bank-noor-bank-exposure-to-nmc-at-541-million?srnd=premium-middle-east

3M, the world's largest maker of respirator masks, said Friday it is willing to comply with President Trump's order to manufacture and supply more critically needed N95 masks for the United States. But 3M cautioned about being forced to halt exports of those masks to other parts of the world. A day after Trump invoked the Defense Production Act (DPA) to order 3M to significantly ramp up production of N95 respirators, 3M said in a statement that "3M and its employees have gone above and beyond to manufacture as many N95 respirators as possible for the US market."

Source:https://edition.cnn.com/2020/04/03/business/3m-defense-production-act-response/index.html

Google is to publicly track people's movements over the course of the coronavirus pandemic. The tech firm will publish details of the different types of places people are going to on a county-by-county basis in the UK, as well as similar data for 130 other countries. The plan is to issue a regular updates with the figures referring back to activity from two or three days prior. The company has promised that individuals' privacy will be preserved. The readings are based on location data gathered via the Google Maps app or one of the firm's other mobile services. The firm typically uses this to reveal when specific museums, shops and other places are busiest as well as to revise driving routes to help motorists avoid traffic.

Source: https://www.bbc.com/news/technology-52138076

Matrixport, the crypto-finance venture founded by Bitmain Technologies Ltd.’s billionaire chief Wu Jihan, is seeking to raise $40 million in a funding round at a post-investment valuation of $300 million, according to people familiar with the matter. Crypto startups are riding somewhat of a resurgence along with a modest recovery in Bitcoin prices. Matrixport pitched its latest round to investors in recent weeks, the people said, asking not to be named because the matter is private. The startup took in $7 million to $8 million in revenue for 2019 and expects that to more than double this year, according to a slide deck shared with investors and viewed by Bloomberg. The firm was valued at $114 million in a previous round, according to the deck.

Source: https://www.bloomberg.com/news/articles/2020-03-04/singapore-crypto-startup-seeks-to-triple-value-to-300-million?srnd=premium-middle-east

Saudi Aramco shares dropped below their IPO level for the first time as a looming price war in global crude markets battered the outlook for the kingdom’s flagship oil company. The stock fell as much as 9.2% in Riyadh to trade at 29.95 riyals, compared with the 32 riyals at which they launched on Dec. 11. It trimmed losses to 8.6% as of 1:20 p.m. local time, while the benchmark Tadawul All Share Index lost 8.1%. Trading with Aramco will be suspended if it falls 10%. Markets across the Middle East tumbled Sunday after Saudi Arabia ignited an all-out oil price war by slashing pricing for its crude, making the deepest cuts in at least 20 years on its main grades. The declines for Saudi Aramco are a setback for a government that had celebrated last year’s record $29 billion initial public offering as a centerpiece of Crown Prince Mohammad bin Salman’s drive to open up the energy-dependent economy.

Source: https://www.bloomberg.com/news/articles/2020-03-08/aramco-slumps-below-ipo-price-as-kingdom-starts-oil-price-war?srnd=premium-middle-east

Payments giant Network International said on Monday that WeChat Pay will soon be available to its merchant partners across the UAE. The announcement follows an agreement between Network International and Tencent Holdings Limited, official developer of WeChat Pay. WeChat Pay is a mobile payment service embedded in WeChat, the popular Chinese social messaging service that boasts more than 1 billion users registered globally.

Source: https://www.arabianbusiness.com/banking-finance/441058-payments-giant-set-to-launch-wechat-pay-in-the-uae

Adidas is one of the latest companies to send materials to the International Space Station in the name of science. Or, in this particular case, more comfortable footwear .Dozens of pellets made from the same plastic that Adidas (ADDDF) melds into the soles of sneakers will arrive at the International Space Station after SpaceX launched the experiment Friday at 11:50 pm ET from Florida's Cape Canaveral Air Force Station. The pellets were packed among 4,500 pounds of supplies. Over the past decade, NASA has worked with SpaceX to launch thousands of pounds of food, toiletries and other items that sustain the astronauts living aboard the International Space Station , but often packed among the cargo are some brand-name research experiments.

Source: https://edition.cnn.com/2020/03/06/tech/spacex-adidas-shoe-research-space-station-scn/index.html

Swiss-Belhotel International has announced the soft opening of Swiss-Belinn Muscat in Oman - its debut in the sultanate - as it continues to expand across the GCC. Swiss-Belinn Muscat is a contemporary 3-star hotel with 128 rooms, the company said in a statement. Gavin M. Faull, chairman and president of Swiss-Belhotel International, said: “Oman is an exceptional destination and we are thrilled to debut in the sultanate with a unique property like Swiss-Belinn Muscat.

Source: https://www.arabianbusiness.com/travel-hospitality/441714-swiss-belhotel-makes-debut-in-oman-with-muscat-soft-opening

The failure of Europe's biggest regional airline Flybe could be the start of more casualties, analysts predict. On Thursday, a global airline industry body warned the financial hit from coronavirus could reach $113bn (£87bn) this year. The bleak prediction came on the same day UK-based Flybe went into administration. Airline experts are forecasting more failures as passengers cancel flights. Flybe's collapse "will likely be the first of many in 2020," said James Goodall, transport analyst at Redburn.

Source: https://www.bbc.com/news/business-51748139

Bill Gates is stepping down from the boards of Microsoft and Berkshire Hathaway. In a press release Friday, Microsoft announced that its 64-year-old co-founder was leaving its board to "dedicate more time to his philanthropic priorities." "It's been a tremendous honor and privilege to have worked with and learned from Bill over the years," Microsoft CEO Satya Nadella said in a written statement. "Microsoft will continue to benefit from Bill's ongoing technical passion and advice to drive our products and services forward. I am grateful for Bill's friendship and look forward to continuing to work alongside him to realize our mission to empower every person and every organization on the planet to achieve more. “Gates will continue serving as technology adviser to Nadella and other Microsoft leaders, the company said.

Source: https://edition.cnn.com/2020/03/13/business/bill-gates-microsoft-berkshire-boards/index.html