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Daily Business Wrap - Rising Ind-Pak tensions take toll on stocks
Gulf News
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8 months ago
Rising tensions between India and Pakistan are still taking their toll on stock markets, with India's benchmark index giving up early gains on Wednesday to end negative for the day.
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00:00
Rising tensions between India and Pakistan are still taking their tolls on stock markets
00:06
with India's benchmark index giving up early gains on Wednesday to end negative for the
00:11
day.
00:12
Investor sentiment was hit after even more disputes broke on the border between India
00:16
and Pakistan.
00:17
Experts say they're worried that institutional investors from abroad might take out some
00:21
of their money from the country because of the disputes between India and Pakistan, which
00:26
would weigh down the Indian index.
00:27
In local news, Aldar Investment announced that it will be acquiring two properties from
00:31
Etihad Aviation Group for 1.2 billion dirhams.
00:35
The transaction is expected to be completed in the second quarter of this year and will
00:39
come in exchange for Etihad Airways gaining back the rest of the ownership for Etihad
00:43
headquarters.
00:44
The three buildings were previously held in a 50-50 joint venture between Etihad Airways
00:48
and Aldar.
00:49
For Aldar, this acquisition means it will get properties in a prime location and for
00:54
Etihad Airways it will mean a cash injection as it attempts to recover from its losses
00:58
in 2017 and 2016.
01:00
And finally, Abu Dhabi national oil company Adnok signed a 4.4 billion dirham deal with
01:05
a South Korean firm to build the world's largest storage facility for crude oil in Fujairah.
01:10
The facility will have a capacity of 42 million barrels.
01:13
The agreement was signed by the Crown Prince of Abu Dhabi, Sheikh Mohammed bin Zayed Al-Nahyan
01:17
and the President of South Korea.
01:19
For more details on these stories and more, please do check us out at gulfnews.com forward
01:23
slash business.
01:24
This has been the daily business wrap.
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