Trump asks aide to invite Putin to Washington

U.S. President Donald Trump has asked national security adviser John Bolton to invite Russian President Vladimir Putin to Washington in the fall.

That’s the latest update Thursday from White House press secretary Sarah Sanders following Trump’s meeting with Putin earlier this week in Finland.

Sanders said “those discussions are already underway” for a fall meeting between the two presidents

It presumably would take place at the White House, but Sanders did not say where Trump and Putin would meet.

In a tweet about Putin earlier Thursday, Trump said, “I look forward to our second meeting.”

Rebuke from Senate

The news of the invitation came as the Senate overwhelmingly approved a resolution against allowing Russia to question former U.S. ambassador Michael McFaul or other U.S. officials. 

Senate majority leader Mitch McConnell hastily arranged the vote on the nonbinding resolution after Democrats proposed the measure in response to what Trump had called Putin’s “incredible offer.”

Putin offered to allow the U.S. to question 12 Russians accused of interfering in the 2016 election in exchange for permitting Russia to interview Americans the Kremlin accuses of unspecified crimes.

Facing a backlash of bipartisan criticism, the White House on Thursday said Trump “disagrees” with Putin’s offer. 

Sanders said the proposal was “made in sincerity” by Putin but Trump “disagrees with it.”

Trump and Putin took questions — including some on election meddling — during a press conference after their meeting. (Pablo Martinez Monsivais/Associated Press)

The White House statement came moments before senators voted 98-0 on the resolution, with all Democrats and most Republicans supporting it.

The White House had indicated Wednesday that offer was under consideration, even though the State Department called Russia’s allegations against the Americans “absurd.”

The Justice Department last week announced indictments against 12 Russian military intelligence officers for their role in hacking Democratic groups during the 2016 campaign.

Needed to ‘correct the record’

Daniel Coats, the director of national intelligence, also weighed in on the ongoing Russia controversy on Thursday. Coats made news Monday when he issued a statement not long after Trump’s controversial statements in Helsinki saying the DNI stands by the assessment that Moscow meddled in the election.

“I was just doing my job,” he told NBC’s Andrea Mitchell Thursday at the Aspen Security Forum when asked of his decision to stand by the work of U.S. intelligence agencies.

Coats said not long after he took the job, he told the president that he would always bring him information that was “to the best extent that we can, unvarnished, non-politicized, the best that our incredible intelligence agency can produce.”

When asked about what it felt like watching Trump’s statement in Helsinki, he said “I believed I needed to correct the record.”

“Obviously, I wished he had made a different statement, but I think that now has been clarified.”

Coats said while it’s possible other actors could try and interfere in U.S. elections, it’s “undeniable that the Russians are taking the lead on this. Basically, they are the ones that are trying to undermine our basic values, divide us with our allies.

“They are the ones that are trying to wreak havoc over our election process — we need to call them out on that, it’s critical that we do so.”

He said the U.S. also  needs to take steps to make sure Russia isn’t able to meddle in the midterm vote coming up in 2018.

Pushing for details

Earlier in the day, Republicans on the U.S. House intelligence committee blocked a move to subpoena the U.S. translator from the Helsinki summit to testify about the private talks between Trump and Putin. 

The panel’s top Democrat, Rep. Adam Schiff, said Thursday he wanted the translator, who works for the State Department, to appear in closed session, saying Congress must “find out what was said” during the two-hour meeting.

Democratic Rep. Adam Schiff, ranking member of the House intelligence committee, said it is ‘incumbent on us … that we find out what was said privately.’ (J. Scott Applewhite/Associated Press)

The California lawmaker said he realizes it’s an “extraordinary” step to subpoena the interpreter, but added it’s also extraordinary for the president to meet alone with a U.S. adversary. 

Senate Democrats have been pushing for testimony from the interpreter to determine if Trump made any deals with Putin during the session.  

Sen. Chuck Schumer of New York questioned Thursday if any top administration officials, including Secretary of State Mike Pompeo or Defence Secretary James Mattis, were given any of the details about the meeting or informed of any military or security agreements that were made between Trump and Putin.  

Not ‘appropriate’

Republicans have set an open hearing next week for Pompeo to testify at the Senate foreign relations committee. 

The chairman of that panel, Republican Sen. Bob Corker, of Tennessee, said he is opposed to pursuing the translator’s notes from Trump’s meeting with Putin. 

“It just does not seem to be to me the appropriate place for us to go,” Corker said.

In the House, committee chairman Devin Nunes of California led Republicans in a party line vote to table the motion. Nunes said a panel hearing on China was not an appropriate venue. The vote was 11-6.

Russian politicians denounced suggestions that the translator be interrogated.

Russia’s ambassador to the U.S., Anatoly Antonov, expressed hope Thursday that “the verbal agreements between Putin and Trump will be fulfilled.” Russian officials worry that domestic turmoil in the U.S. will hamper potential future co-operation on Syria or arms control discussed at the summit.

Russian officials have shrugged off Trump’s wildly contradictory accounts of what he said to Putin at Monday’s summit.

They are angry, however, at proposals by U.S. lawmakers to question Trump’s translator.

Konstantin Kosachev, head of the upper house of the Russian parliament’s foreign affairs committee, said Thursday the idea sets a dangerous precedent that threatens the “the whole idea of diplomacy,” according to Russian news agencies.

Thyssenkrupp investor Elliott demands appointment of new ‘external’ CEO

FRANKFURT (Reuters) – Thyssenkrupp (TKAG.DE) should replace Guido Kerkhoff as chief executive with a new external candidate, activist investor Elliott Associates told the company’s supervisory board as it pressed its case for a change of leadership and strategy.

Kerkhoff was named acting CEO after Heinrich Hiesinger resigned this month. Chairman Ulrich Lehner also quit this week, removing a leadership duo that had resisted investor calls to restructure the industrial conglomerate. [nL8N1UD2IA]

Kerkhoff should be seen only an interim solution, Elliott said in a letter sent to the company’s supervisory board.

“Shareholders expect an unbiased search for a new external CEO, driven by what is best for the company and all of its stakeholders, including shareholders,” the letter, which Elliott made available on Thursday, said.

Elliott said Kerkhoff’s installation as interim CEO provides the company with a measure of stability for the company.

“However, this interim period must be kept short so that Thyssenkrupp may quickly be set on a path to prosperity and growth,” Elliott said.

Thyssenkrupp should continue on a path of “structural evolution” Elliott said, explaining that it had never demanded a wholesale dismantling of the conglomerate and that it was very disappointed with the terms of a deal struck with Tata Steel (TISC.NS).

Elliott has a stake of below 3 percent in the German company according to its latest filing. Swedish activist investor Cevian also holds an 18 percent stake.

Elliott urged Thyssenkrupp’s management to distance itself from remarks made by Lehner, the outgoing chairman, who in an interview with the Die Zeit weekly accused activist investors of engaging in “psycho terror”.

Elliott denied it had harassed families and neighbors of Thyssenkrupp executives, or spread lies, and that it had merely acted as a concerned investor, the letter said.

“It would be appropriate for the company and the supervisory board to distance itself from Professor Lehner’s defamatory remarks by publicly stating that the company does not support them and does not view them as truthful,” the letter said.

Reporting by Edward Taylor; Editing by Douglas Busvine

Forcing China on trade with illegal action will not work: EU’s Malmstrom

BRUSSELS (Reuters) – The United States and the European Union should work together to reform the World Trade Organization and illegal action will not work to solve issues in international trade, EU Trade Commissioner Cecilia Malmstrom said on Thursday

“Let us not forget that there are indeed problems in the international trading system, that we can agree upon. However, U.S. measures on steel and aluminum will not solve the overcapacity problem in China,” Malmstrom said.

“Trying to force the hand of China with illegal action will not work, and the U.S. may end up breaking the multilateral system,” she said.

“We need to come together to reform and strengthen the WTO,” she added.

Reporting by Robert-Jan Bartunek and Philip Blenkinsop

China says U.S. blaming Xi for blocking trade deal is ‘bogus’

BEIJING (Reuters) – China said on Thursday comments made by a senior White House official blaming Chinese President Xi Jinping for blocking progress on a deal to avert a trade war were “shocking” and “bogus” accusations.

The United States and China this month slapped tariffs on $34 billion of each other’s imports in an escalating trade tussle that has roiled financial markets.

U.S. President Donald Trump has threatened further tariffs unless Beijing agrees to change its intellectual property practices and high-technology industrial subsidy plans.

On Wednesday, Larry Kudlow, who heads the White House Economic Council, said that he believed lower-ranking Chinese officials want a deal, including Xi’s senior economic adviser Liu He, but that Xi has refused to make changes to China’s technology transfer and other trade policies.

Asked about Kudlow’s comments, China’s foreign ministry spokeswoman Hua Chunying said: “That the relevant United States official unexpectedly distorted the facts and made bogus accusations is shocking and beyond imagination.”

“The United States’ flip-flopping and promise-breaking is recognized globally,” she told a regular briefing in Beijing.

China has made the utmost efforts to avoid an escalation of trade frictions, Hua said, reiterating that China does not want a trade war but is not afraid of one.

Kudlow said on Wednesday that Xi was “holding the game up.”

“I think Liu He and others would like to move but haven’t,” he said at a conference. “We are waiting for him (Xi). The ball is in his court.”

China could end U.S. tariffs “this afternoon by providing a more satisfactory approach” and taking steps that other countries are also calling for, he said.

China’s other trading partners, including the European Union, while not supporting tariffs, have also criticized Beijing’s trade policies.

China has blamed Washington for the trade conflict, with the foreign ministry calling it the biggest “confidence killer” for the global economy, and vowing to fight back if the United States continued to be “wilful”.

Reporting by Michael Martina; Writing by Christian Shepherd; Editing by Darren Schuettler

Kobe Steel says Tokyo prosecutors have indicted company over data tampering scandal

TOKYO (Reuters) – Kobe Steel Ltd, (5406.T) Japan’s third-biggest steelmaker, said on Thursday it has been indicted by prosecutors over a data tampering scandal that shook the company and faith in Japanese manufacturing prowess last year.

The company has been charged by Tokyo prosecutors for allegedly violating Japan’s Unfair Competition Prevention Act, Kobe Steel said in an emailed statement.

Kobe Steel, which supplies steel and aluminum parts to manufacturers of planes, trains and automobiles around the world, admitted to supplying products with falsified quality specifications to more than 600 customers.

It said the data fraud had been going on for nearly five decades.

“We are taking this matter brought against us very seriously. The entire Kobe Steel Group is working together sincerely and straightforwardly to carry out preventive measures and is making every effort to restore trust,” the statement said.

The scandal, which led to similar revelations from a number of other companies, undermined faith in Japan’s industrial sector. Kobe Steel is also the subject of a probe by the United States Department of Justice.

Reporting by Aaron Sheldrick; Editing by Christian Schmollinger

SoftBank’s Son says Japan is ‘stupid’ to disallow ride-sharing

TOKYO (Reuters) – SoftBank Group Corp Chief Executive Masayoshi Son blasted Japan on Thursday for not allowing ride-sharing services, calling it “stupid” and saying the country was lagging overseas rivals in areas such as artificial intelligence (AI).

“Ride-sharing is prohibited by law in Japan. I can’t believe there is still such a stupid country,” Son said at an annual company event aimed at customers and suppliers.

The comments reflect Son’s frustration with Japan where he built SoftBank’s domestic telecoms business, the cash engine that has powered his investments. The group has, however, focused its growing range of technology investments overseas.

Son has also been highly critical of the government previously when SoftBank was still a fledgling telecoms service trying to break up a cosy duopoly in Japan.

“A country that gives up on the future has no future,” Son told attendees at the SoftBank World event, saying Japanese business is lagging behind countries such as the United States and China in employing AI.

Japan outlaws non-professional drivers from transporting paying customers on safety grounds and the country’s taxi industry lobby has vigorously opposed deregulation.

Its strict rules have confined ride-sharing firms to providing limited services, with SoftBank and China’s Didi Chuxing saying on Thursday they will trial a taxi-hailing service – matching users to pre-existing taxi operators – in Osaka beginning autumn of 2019. Uber is also piloting a taxi-hailing service.

When asked for a response to Son’s comments, a spokesman for the Ministry of Land, Infrastructure, and Transport said that an issue with ride-sharing services was that while the driver was in charge of transporting passengers, it was unclear who was in charge of maintenance and operation.

“The ministry believes that offering these services for a fee poses problems from the points of both safety and user protection, and careful consideration is necessary,” he said.

HOME-SHARING CURBS

Ride-sharing is not the only service in Japan feeling the impact of government restrictions. Strict new rules on home-sharing came into force last month that have radically reduced the number of lettings on sites such as Airbnb Inc.

The curbs on Japan’s nascent sharing economy come despite a rapid rise in the number of inbound tourists likely to access such sharing services, and at a time when Japan is wanting to show its international face ahead of hosting the Rugby World Cup next year and the Summer Olympics in 2020.

While Son, an ethnic Korean born in Japan, has at times criticized the Japanese government, he can also be politically suave. He has praised U.S. President Donald Trump with warm words and pledged to invest billions of dollars and create thousands of jobs in the United States.

SoftBank and its nearly $100 billion Vision Fund have invested in ride-sharing firms Uber Technologies Inc [UBER.UL], Didi, India’s Ola and Southeast Asia’s Grab, as well as in other technology companies.

The event on Thursday saw presentations from executives at portfolio companies including Didi, General Motors’ autonomous vehicle unit Cruise and India digital payments firm Paytm E-Commerce Pvt Ltd.

Artificial intelligence is the common thread linking these companies, Son said, with that technology in the future able drive vehicles, diagnose diseases and power financial services.

Reporting by Sam Nussey; Editing by Muralikumar Anantharaman

UK pound may slump again in the event of a no-deal Brexit

Tumbling out of the European Union without a deal in hand could cost the pound dearly.

Sterling could slump as much as 8 percent against the dollar if the UK doesn’t clinch a deal with the EU by March 29, when the nation is slated to leave the bloc, according to a survey of analysts.

That would mirror the 8.1 percent drop the pound saw on June 24, 2016, the day after Britain voted to leave the union.

A no-deal Brexit is still regarded as a somewhat low-probability outcome, with the poll assigning a 20 percent chance to it.

The pound could fall to $1.15, according to Mizuho Bank and MUFG, the most bearish of seven forecasters who took part in the Bloomberg survey. The median was for a decline to $1.20, while, the most optimistic outlook was for a loss in value to $1.25, which is more than 4 percent below the pound’s level of $1.3050 Wednesday.

Markets unruffled

More than two years after Britain voted itself out of the EU, the two sides are yet to reach an accord and the contentious issue is routinely plunging Prime Minister Theresa May’s government into crisis.

Still, markets seem unruffled, with option volatility in the pound lingering near the past year’s average and the euro-sterling exchange rate stuck in a narrow range since late last year.

“The risk of Parliament rejecting any deal put in front of them late in 2018, or early in 2019, is increasing,” said John Wraith, head of UK macro rates strategy at UBS Group AG. “This puts both the agreement on future relationships and the transition period after the end of March 2019 in serious jeopardy. If the prospect of no deal gains momentum, there’s bound to be bigger moves ahead.”

UBS sees the risk of Brexit without a deal increasing as May’s proposals stretch the fragile political alliances she has struck over the course of her leadership to breaking point.

The prime minister told a lawmakers’ committee Wednesday that the government will be stepping up efforts to increase public awareness about preparations for a no-deal scenario.

RBC Europe sees “substantial repricings” in UK assets depending on how the political process goes, while BlueBay Asset Management said it was surprising that volatility wasn’t higher.

How likely is a no-deal outcome?
The survey assigns a median probability of 20 percent to such a scenario, with Societe Generale SA’s Kenneth Broux pegging it between 40 percent and 50 percent After May’s government narrowly defeated the amendment to keep the UK in the customs union if no deal is reached.

“The perceived probability or fear of no deal will be higher in the short run and that uncertainty will be priced into the pound to a degree,” said Viraj Patel, a currency analyst at ING Groep NV.

Where will the pound go?
Should Britain leave the EU without an accord, the pound would initially plummet and “hit new post-referendum lows,” said Neil Jones, Mizuho Bank’s head of hedge fund sales.

He sees sterling falling to $1.15 but adds that “the sell-off will not last. The pound will recover and trend higher over time”

A no-deal scenario isn’t currently priced in by the market, so “I would anticipate at least a reaction to the extent we saw after the referendum,” said Thu Lan Nguyen, a currency strategist at Commerzbank AG.

Ned Rumpeltin, the European head of currency strategy at Toronto-Dominion Bank in London, said that the UK currency could slide on a no-deal outcome “with the market starting to move when negotiations begin to break down when there are only a few weeks to go”

For all the latest currencies and forex rate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Airbus A380 gets a new life through leasing firm

The world’s largest passenger jet is finally getting a second life.

On August 1, a 10-year-old, Airbus A380 formerly flown by Singapore Airlines will enter service with a new carrier, said Paulo Mirpuri, chief executive officer of aircraft lessor Hi Fly.

He said he has two candidates interested in flying the refurbished, 471-seat, jumbo jet: a large European airline seeking its first A380 for flights across the North Atlantic, and an East Asian carrier that already has a fleet of the double-decker.

“We believe there is quite strong potential for the A380,” Mirpuri said in an interview. “It is a good aircraft for high-density airports where slots are restricted and cannot easily be added. Our clients want an aircraft that’s able to fly more passengers.”

A decision is due next week on which of the customers, whom he declined to name, will receive the plane.

Hi Fly’s leasing deal would extend the usefulness of a plane that has been popular with travellers but has become an embarrassment for Airbus since it was introduced 10 years ago.

As the planemaker and rival Boeing introduced twin-engine wide-bodies, interest in the fuel-thirsty, four-engine A380 has stalled and airlines are eager to upgrade.

While jetliners usually fly for more than 25 years, often in the second-hand market, A380 buyers risk holding aging jets that no one wants. That makes it hard to get the most from a plane that lists today for almost $450 million.

Pyrenees scrapyard

The A380 suffered an indignity last month when German investment fund Dr. Peters said it will would send two planes to the scrapyard after just a decade in service, failing after a year to find new operators.

The jets are parked in the foothills of the French Pyrenees, where they will be filleted and sold for parts. Like the Hi Fly plane, they are from a batch of five leased to Singapore Airlines that the carrier is replacing.

Hi Fly will lease its A380, the only one it has, and provide it with crews and insurance to airlines that have short-term needs. That can be from a month, to be used when other planes are out for maintenance, to two years, while a carrier waits for the delivery of factory-fresh aircraft.

The Portugal-based lessor will need to find several clients over the next six years to get the most out of its plane.

Hi Fly wants to add more A380s to its line-up of 20 twin-aisle jets, Mirpuri said. It plans to also offer a high-density layout with about 800 economy seats plus a small business class, providing almost double the capacity of some older Boeing 747-400s in a newer plane with an equivalent operating cost.

“We do believe in the second life of the A380. If you expect 25 years of operation, this aircraft has passed just over one-third of its commercial life,” he said. Costs for airlines leasing older A380s will be reasonable, “while still allowing for a decent margin for Hi Fly.”

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Safeguarding your privacy with the intelligent cloud

In today’s connected world, maintaining our privacy is an incredibly important topic to each of us. As people spend more time of their lives online and depend more on technology to operate their businesses, engage in social media, and manage their health and finances, the protection of their and data is becoming more important than ever.

We know that people will only use technology that they trust. Ultimately, trust is created when people are confident that their personal data is safe, and they have a clear understanding of how and why it is used. This means companies like Microsoft have a huge responsibility to safeguard the privacy of the personal data we collect and the data we manage for our commercial customers.

Standards such as the General Data Protection Regulation (GDPR), set a strong benchmark for privacy and data protection, by empowering people to control their personal information.  This is a strong initiative by the European Union and Microsoft has made a number of investments over the last year to support GDPR and the privacy rights of individuals.

Here are some areas to look at and evaluate your position as a company, when it comes protecting your and your customers data, while meeting the necessary privacy standards.

Asses and improve your compliance posture

Organisational compliance could be very challenging to achieve, but it should be the first area to look at and understand the risks involved. Many businesses, especially SMEs lack the ability to host an inhouse compliance department who can take care of this, as they’re battling to keep costs down.

Tools in Office 365 such as Compliance Manager and Compliance Score helps you continuously monitor your compliance status. Compliance Manager acts as a dashboard that provides you a score and summary of your data protection and compliance stature. It also captures and provides details for each control, which has been implemented to meet specific requirements, including implementation and test plan details, and management responses if necessary. The Compliance Manager also provides recommended actions your organisation can take to enhance data protection capabilities and help you meet your compliance obligations.

Govern and protect your data

As a company, it is vital to make sure there is proper security, governance, and management of your data to help prevent it from being misused or getting into the wrong hands. To help ensure that you are is effectively protecting personal data as well as sensitive content relevant to organisational compliance needs, you need to implement solutions and processes that enable your organisation to discover, classify, protect, and monitor data that is most important.

Through information protection capabilities within Microsoft 365, such as Office 365 Advanced Data Governance, businesses can intelligently manage their organisation’s data with classifications. This capability automatically labels sensitive data, so that policies for protection, retention or deletion can be applied accordingly. For example, if a company has a policy to ensure information such as credit card numbers or passport details is not shared externally – this rule can be created in Office 365. In a scenario where such a rule is attempted to be broken, the administrator will receive an alert and user account will get locked automatically.

Moreover, tools such as the Azure Information Protection scanner addresses hybrid and on-premises scenarios by allowing you to configure policies and protect documents in your on-premises repositories such as the File Servers and on-premises SharePoint servers. It also provides document tracking and revocation capabilities, so you can monitor the flow of sensitive data and revoke access to this data at any time.

Detect and Respond

The onset of GDPR calls for stricter regulations for organisations to adhere in the event of a data breach. And ensuring processes are in place to efficiently detect and respond to those breaches, is a tough hurdle for many organisations. On other hand, it also encourages companies to become more accountable for developing and leveraging innovative technology to protect personal and sensitive information.

Microsoft 365 comprises of a robust set of capabilities, from Office 365 Advanced Threat Protection (ATP) to Azure ATP, that can help protect against and detect data breaches. And AI powered platforms such as the Microsoft Intelligent Security Graph help provide rich insights from vast security intelligence, machine learning, and behavioral analytics help organisations improve investigations and speed up response.

To date, the Microsoft Intelligent Security graph has scanned over 18 trillion bing web pages, 400 billion emails, updated over 1 Billion Windows devices, Analysed data from 700 million Azure user accounts, and more than 450 billion monthly authentications.

Microsoft also introduced a Privacy tab in the Service Trust Portal. It provides you with the information you need to prepare for your own Data Protection Impact Assessments (DPIAs) on Microsoft Cloud services, guidance, and the information about how Microsoft detects and responds to personal data breaches.

The cloud in enabling a wave of digital transformation, enabling organisations to engage customers, empower employees, optimise operations and reinvent their products and services. Data is at the center of this transformation and ensuring that it is protected with the help of trusted partner – is imperative.

A cloud provider that has security, privacy, compliance and transparency at the core of its products and solutions, can uniquely provide intelligent and integrated security across the fabric of data and devices. Nearly, a decade ago, Microsoft established these competencies into our Trusted Cloud Principles to guide our Microsoft cloud technology, which now simplifies the path for organisations to secure, protect, detect and respond more effectively with the help of the intelligent cloud.

Mohammed Arif, Regional Director, Modern Workplace and Security, Microsoft Gulf

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Chinese retail eyes expansion in the UAE

Chinese brands and shopping destinations hope to expand their presence in the UAE and elsewhere in the region to current underserved areas, according to John Fekete, regional director – head of consulting services at JLL.

In an interview with Arabian Business, Fekete said that he believes that Chinese brands are “very interested” in expanding, locally and throughout the wider region.

“They have the infrastructure and state support which helps them,” he said. “They’ve got almost turnkey support, [with] developers, investors and infrastructure experts ready to build them malls or outlets….and the market here is very receptive to that.”

From the perspective of land owners and developers, Fekete said, Chinese malls offer a niche market that can “get people and traffic into destinations.”

Such malls, and the Chinese brands they offer, are increasingly being perceived as high-quality but cost-effective alternatives to other retail establishments, he added.

“It’s less about the Dragon Mart type thing, and more of an outlet mall type environment,” he noted.

“You don’t have one in Abu Dhabi, or one in Al Ain. There are certainly areas that are underserved by this type of mall. We’re not just talking about Dragon Mart 4 in these under and non-served catchment areas.”

Dubai’s Dragon City is already home to Dragon Mart, the world’s largest Chinese retail and trading hub outside China and its sister mall, Dragon Mart 2, which opened in 2015.

Earlier this week, Emaar announced it will develop the Middle East’s largest Chinatown within the retail district of Dubai Creek Harbour, its six-square kilometre mega-development.

“The development of the new Chinese retal and lifestyle district at Dubai Creek Harbour – as well as Emaar’s expansion into China, both in property and hospitality – highlight our commitment to the country, and our focus on contributing to the strength and success of UAE-China relations,” Emaar Properties chairman Mohamed Alabbar said.

For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.