(Alliance News) - British media company Daily Mail & General Trust PLC said the Abu Dhabi International Petroleum Exhibition & Conference will be pushed back to November 2021.
ADIPEC is an oil & gas exhibition previously scheduled to take place in November 2020. The event, founded in 2012, hosts thousands of international exhibitors, presenting over 40,000 products and services.
The Dubai-based organisation said it will host the awards and conference segments of the event online, but key stakeholders have decided that to virtualise the entire exhibition would be unsuccessful. ADIPEC has said it does not anticipate significant earnings from this service.
The firm said it expects that the monetary losses of rescheduling the event will be compensated by its insurance cover.
DMGT said: "There will, however, be accelerated recognition of GBP3 million of costs in the current financial year."
The company said it will provide updates on its' events through its' nine month trading update on Thursday.
Shares of DMGT were down 0.8% at 648.00 pence each on Wednesday morning in London.
By Neetika Kurup; neetikakurup@alliancenews.com
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