Economy

The UAE financial markets will close for Eid Al Fitr holiday from Ramadan 29th until Shawwal 3rd, 1442 Hijri, according to the Islamic calendar and the corresponding dates on the Gregorian calendar. This was announced by the Securities and Commodities Authority based on circular no. 7 of 2021 issued by …

Eleven UAE national banks have reported circa AED7.74 billion Q1’21 net profit, a growth of 9.6 percent over the same period last year. According to data issued by the these banks, six ADX-listed banks booked around AED4 bn in profits during the first three months of the year, compared to …

Five major global organisations specialising in assessing competitiveness have ranked the UAE among the top ten countries in the world in 28 competitiveness indexes related to finance and taxes. This was highlighted by a report by the Federal Competitiveness and Statistics Centre (FCSC), which documented the rankings of the IMD …

The Central Bank of the UAE (CBUAE) has issued a new regulation covering licensing, prudential and conduct requirements for specialised banks. Specialised banks are licensed under the CBUAE’s new regulation and are allowed to practice different financial activities to serve the local community, such as account opening, card issuance, and …

An Italian delegation led by Luigi Di Maio, Minister of Foreign Affairs, visited the Dubai Future Foundation (DFF) to learn more about the pivotal role the Foundation plays in shaping the future through various initiatives, as well as its global efforts in attracting startups, entrepreneurs and talent to the region. …

Sharjah’s real estate sector saw a volume of transactions valued at AED6.7 billion during the first quarter of 2021, with a growth rate of 84.9 percent, compared to the first quarter of 2020, according to a report issued by the Real Estate Registration Department. The total number of transactions executed …

On 18th of April 2021, the Central Bank of the UAE (CBUAE) imposed a financial sanction on an exchange house 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.CBUAE’s …

Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced that a record 18,848 ICE Murban Crude Oil Futures contracts traded on ICE Futures Abu Dhabi (“IFAD”) on April 20, marking its highest volume day since the contracts launched on March 29. Alongside ICE …

The Central bank of the UAE (CBUAE) has extended integral parts of its Targeted Economic Support Scheme (TESS) until mid-2022. Financial institutions will continue to be eligible to access the collateralised AED50 billion zero-cost liquidity facility up to 30th June, 2022, to provide new loans and financing to individuals, small …

Mohamed Helal Al Mhairi, Director-General of the Abu Dhabi Chamber of Commerce and Industry, has received Mher Mkrtumyan, Ambassador Extraordinary and Plenipotentiary of Armenia to the UAE, at the chamber’s tower in Abu Dhabi and discussed with him the means of increasing economic cooperation between the two countries. Deputy Directors-General …