The technological and structural advancements in the UAE financial sector continues to enhance security, operational efficiency, accessibility of mobile banking applications, online banking and overall customer experience, according to the 4th Quarter Report of 2023 issued by the Central Bank of the UAE (CBUAE) on the Monetary, Banking & Financial …
Read More »UAE extends additional voluntary output cut of 163,000 bpd through end of June 2024
The United Arab Emirates announced that it will extend its additional voluntary cut of 163,000 barrels per day (bpd), for the second quarter of 2024, in coordination with some OPEC+ countries. In a statement, the UAE said that its production will remain at 2.912 million bpd until the end of …
Read More »Fuel prices for March 2024 announced
Fuel prices for the month of March 2024: Super 98: Before: 2.88 AED/L After: 3.03 AED/L Special 95: Before: 2.76 AED/L After: 2.92 AED/L Diesel: Before: 2.99 AED/L After: 3.16 AED/L
Read More »Ministry of Economy calls on companies to immediately revert to previous prices of building materials
In light of UAE Cabinet’s directive to postpone the decision of the weights and dimensions of heavy vehicles, the Ministry of Economy has called on companies to revert to the previous prices of building materials and warned that it will take decisive measures to prevent any increases. The ministry warned …
Read More »MoF announces issuance of a federal decree-law concerning federal properties
The UAE Ministry of Finance announced the issuance of Federal Decree-Law No. 35 concerning federal properties for 2023, which aims to further develop the legislative environment in inventorying and managing government properties. The law’s scope includes organising all federal properties, whether real estate assets or otherwise. The Decree-law is designed …
Read More »Mohammed bin Rashid: UAE non-oil foreign trade of goods and services surpassed AED3.5 trillion in 2023 for first time
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, said that the UAE, under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, has reached unprecedented heights in its non-oil foreign trade figures, surpassing AED3.5 trillion. His Highness Sheikh Mohammed …
Read More »UAE Exchange Houses are expected to raise remittance fees by 15% for the first time in five years
The Foreign Exchange and Remittance Group (FERG) announces that exchange houses under the jurisdiction of UAE authorities have received approval to implement an optional strategic fee adjustment, allowing for a minimum increase of 15% which typically equates to 2.50 dirhams. This marks the first fee adjustment in five years, the …
Read More »Gold set for best week in 7 as dollar softens
Gold prices were poised for their biggest weekly gain in seven on Friday as the dollar and Treasury yields retreated, Reuters reported. Spot gold was steady at $2,053.89 per ounce by 0335 GMT. Bullion has climbed 1.8% this week, set for its best weekly gain since late December. US gold …
Read More »GCC banks to prove resilient in 2024 with UAE, Saudi banking systems leading: S&P Global
SP Global‘s ‘GCC Banking Sector Outlook 2024’ reveals a challenging yet optimistic perspective. Despite geopolitical uncertainties and potential economic headwinds, SP expects GCC banks to maintain their well-capitalised, profitable, and liquid status. SP Global anticipates overall stability in key metrics for GCC banks in 2024. Credit growth and profitability are …
Read More »CBUAE Maintains the Base Rate at 5.40%
The Central Bank of the UAE (CBUAE) has decided to maintain the Base Rate applicable to the Overnight Deposit Facility (ODF) without change at 5.40%. This decision was taken following the US Federal Reserve’s announcement on 31 January to keep the Interest on Reserve Balances (IORB) unchanged. The CBUAE has …
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