Economy

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 …

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 …

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 …

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 …

Super 98: Before: 2.82 AED/L After: 2.88 AED/L Special 95:Before: 2.71 AED/L After: 2.76 AED/L Diesel:Before: 3 AED/LAfter: 2.99 AED/L

The Central Bank of the UAE (CBUAE) imposed a financial sanction on an insurance company operating in the UAE, pursuant to Article 14 of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Financing of Illegal Organisations. The financial sanction is …

The First edition of the Japan Kyoto Trade Exhibition 2024 is all set to kick off this Monday, 22nd January, at Dubai World Trade Centre. The three-day exhibition, jointly hosted by the governments of Kyoto, Japan, and the Department of Economy and Tourism in Dubai (DET), is expected to attract …

The Central Bank announced that the Money Supply aggregate M1 decreased by 0.2%, from AED 799.3 billion at the end of October 2023 to AED 797.4 billion at the end of November 2023. This was due to AED 4.9 billion fall in Monetary Deposits. Currency in Circulation Outside Banks increased …

Despite the challenges of 2023 and escalating geopolitical tensions, business leaders remain surprisingly optimistic for 2024, according to new research from Economist Impact and DP World, unveiled today at the World Economic Forum. The primary driver is a growing belief that technology will transform the efficiency and resilience of supply …

Gold prices rose during today’s trading, gaining about US$6 in spot trading. As of 09:10 UAE time, the yellow metal increased by 0.3 percent or $6.15 to reach $2034.88 per ounce. Gold futures for February 2024 rose by 0.98 percent or $19.75 to reach $2038.95 per ounce.