Economy

After hovering around the 79 per dollar mark for the past few days, the Indian currency rupee today dropped below the crucial mark of 80 per US dollar for the first time ever, taking its year-to-date fall to about 7%. The rupee hit a low of 80.0175 in early trade today, compared …

The UAE Circular Economy Council convened its second meeting of 2022, presided over by Mariam bint Mohammed Almheiri, Minister of Climate Change and the Environment. The meeting drew the participation of high-level representatives of various government and private sector entities from across the UAE. These included Abdullah bin Touq Al …

Fuel prices for the month of June 2022: Super 98: Before: 4.15 AED/LAfter : 4.63 AED/L Special 95: Before: 4.03 AED/LAfter : 4.52 AED/L Diesel: Before: 4.14 AED/LAfter : 4.76 AED/L

With key global stocks ending flat in volatile trading on Wednesday worries over faster interest hikes, the UAE twin bourses steadied Wednesday, closing higher at 9568.29 pts and slightly down at 3245.84 pts in Abu Dhabi and Dubai respectively. The Abu Dhabi Securities Exchange (ADX)’s turnover ended up at over …

The Ministry of Finance (MoF) today announced that the deadline for UAE Reporting Financial Institutions (RFIs) to submit their reports, in accordance with the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) requirements, has been extended, to no later than 20th July, 2022. The Automatic Exchange of …

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, stated that,”The UAE is producing near to our maximum production capacity based on its current OPEC+ production baseline (3,168 mbopd), which UAE is committed by until the end of the agreement.” ”In light of recent media reports, I would like …

Dubai has recorded 2,624 real estate and properties transactions at a value of AED 8 billion in total during the week ending 24th June 2022. The DLD report said that 274 plots were sold for AED 1.15 billion, while apartment and villa sales totalled 1,757 at a value AED 4 …

The Federal Government of the United Arab Emirates, represented by the Ministry of Finance, has announced the plan to issue a Dual-tranche USD Benchmark Size Bonds with a ten-year tranche and a 30-year Formosa tranche. The ten-year tranche will be listed on London Stock Exchange (LSE) and Nasdaq Dubai, and …

Italy’s annual inflation rate climbed to 6.8% in May, 2022, the highest level since November 1990 and up from 6% in April, ANSA reported quoting the National Institute of Statistics (ISTAT). The figure was slightly lower than the 6.9% the national statistics agency had given in its preliminary estimate. ISTAT …

The Central Bank of the UAE (CBUAE) has decided to raise the Base Rate applicable to the Overnight Deposit Facility (ODF) by 75 basis points, effective from Thursday, 16 June 2022. This decision was taken following the US Federal Reserve Board’s announcement on 15 June 2022 to increase the Interest …