Business and economics news in UAE and around the world.
On Monday morning, gold traders in the UAE and around the world witnessed a noticeable dip in prices, with markets keenly anticipating insights from US Federal Reserve Chair Jerome Powell’s upcoming speech on potential interest rate changes. In early trade, the price of 24K gold in the UAE fell, opening at Dh231.75 per gram, a …
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The U.S. Energy Information Administration (EIA) anticipates a surge in oil prices in 2024, despite a slight dip in global oil demand, as production cuts by OPEC+ members start to significantly impact the market, according to its October Short-Term Energy Outlook. While the EIA has trimmed its global oil demand forecast for 2024 by 90,000 …
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The United Arab Emirates is making significant waves in the global cryptocurrency market, as detailed in a new report by Chainalysis, a renowned blockchain data platform. Between July 2022 and June 2023, the nation received a staggering $34.9 billion in cryptocurrency value, despite a slight downturn compared to the previous year. Chainalysis’ 2023 Geography of …
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In a decisive move to uphold the integrity of its financial system, the Central Bank of the UAE (CBUAE) has levied a hefty fine of Dh4.8 million against a money exchange entity operating within the country. This action comes in response to the exchange’s inadequate compliance measures, which posed potential risks in the facilitation of …
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Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE, marked the beginning of a pivotal chapter in the startup world by inaugurating Expand North Star 2023. This event, dubbed the world’s largest exhibition and conference for startups, commenced on Sunday at …
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Binance’s Cyprus unit has submitted an application for removal from Cyprus’ register of crypto asset service providers, according to the securities regulator’s website. The move comes as Binance aims to concentrate on its larger European businesses and prepare for the upcoming implementation of the European Union’s crypto asset regulations (MiCA). Although the exact date of …
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Starting from June 1, 2023, the United Arab Emirates (UAE) will implement a federal tax on corporations and business profits for the financial year. This new tax regulation was announced last year and will apply to companies with a profit of Dh375,000 and above, requiring them to register for tax. With a rate of just …
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UAE customers can open UK-based multi-currency accounts and apply for UK home financing using the ADCB-Nomo and Al Hilal-Nomo apps. Abu Dhabi Commercial Bank (ADCB) and its Shariah-compliant digital banking subsidiary, Al Hilal Bank, have announced a groundbreaking partnership with the Bank of London and the Middle East (BLME) to introduce digital UK banking services …
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Adnoc Drilling secures a $412 million, five-year contract for Integrated Drilling Services (IDS) from Adnoc Offshore to develop the Upper Zakum field. Adnoc Drilling Company PJSC announced on Thursday that it has secured a five-year contract worth $412 million from Adnoc Offshore for the provision of Integrated Drilling Services (IDS), beginning in the second quarter …
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Sheikh Mohammed’s visionary leadership drives economic growth, innovation, and technological advancements in the UAE. Over the past 17 years, the UAE economy has experienced exceptional growth under the guidance of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. During his tenure, the real …
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The Central Bank of the UAE and the Reserve Bank of India have signed an MoU to collaborate on FinTech innovation, including Central Bank Digital Currencies (CBDCs). The Central Bank of the United Arab Emirates (CBUAE) and the Reserve Bank of India (RBI) have entered into a Memorandum of Understanding (MoU) to strengthen cooperation and …
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The IMF approves a $5.4 billion disbursement to Argentina, advancing the nation’s struggling economic program. The International Monetary Fund (IMF) has given its approval for a $5.4 billion disbursement to Argentina, marking a crucial advancement in the nation’s economic program that has faced obstacles due to a deteriorating economic outlook. The IMF executive board’s decision …
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US-based crypto exchange Bittrex discontinues operations in response to increasing regulatory pressure. In a move reflecting the growing regulatory pressures faced by the cryptocurrency industry in the United States, Bittrex, a leading crypto exchange founded in 2014 by three former Amazon employees, has announced the closure of its US operations. The decision comes as the …
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FAB Boosts UAE’s Net-Zero Ambitions with Targeted Green Financing First Abu Dhabi Bank (FAB), the UAE’s largest banking institution, has announced its plans to provide green financing to high carbon-emitting sectors in order to support the country’s net-zero goals by 2050. The bank initially aims to finance sustainability-linked projects in three sectors – aviation, oil …
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Used car sellers in the UAE are experiencing higher selling prices and profits as demand for preowned vehicles continues to surge. The secondhand car market in the UAE is experiencing a remarkable trend as used car selling prices appear to outpace depreciation rates, driven by the continued surge in demand. This development implies that sellers …
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