UAE Shutters Ferrari World and Louvre Abu Dhabi

UAE Shutters Ferrari World and Louvre Abu Dhabi

$RACE

 The United Arab Emirates said Saturday it was shutting major tourism and cultural venues to contain the spread of coronavirus and announced a $27-billion plan to counter the outbreak’s economic impact.

Attractions such as the Louvre Abu Dhabi museum and the Ferrari World theme park will be closed from 15-31 March, the Abu Dhabi Government Media Office said, while the country’s civil aviation authority indefinitely suspended flights to and from Lebanon, Turkey, Syria and Iraq from 17 March.

The UAE has reported 85 coronavirus infections but no deaths. It and other Gulf Arab states are intensifying measures to halt the virus as the number of cases rises.

Saudi Arabia and Kuwait have taken the most drastic steps, cancelling all international flights.

Dubai, the UAE’s regional business and transit hub, said it was cancelling all events planned in March and asked hotels to stop hosting wedding celebrations. Some shops have voluntarily closed to boost containment efforts.

In the capital, Abu Dhabi, cinemas, arcades and entertainment venues have been shuttered, state news agency WAM reported.

Seeking to soften the impact of the shutdowns on Key sectors such as tourism and transportation, the central bank said its program would help banks and companies weather the crisis.

Ferrari is the Aristocrat of the automotive sector.

Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.

HeffX-LTN overall technical outlook for RACE is Neutral to Bearish, there is Key resistance 167.46 and support is NIL, 1 of my Key indicators the RSI has turned Bullish as the stock is very oversold in here, our technical outlook is Neutral to Bearish in here.

Ferrari finished at 129.32, or -12.96 Friday in NY, and shares were raised to Buy from Hold at HSBC.

Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I have called it at it at 200+/share long term, adjusting it to 200/share short term and siding with BAML to 230 long term for now.

Have a healthy day

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