Economy

ADNOC Distribution has been named the No1. retail brand in the region in the Forbes Middle East Top 100 Companies 2020. ADNOC Distribution, ranking at number 52 overall, is one of 21 UAE companies to be listed, with GCC companies accounting for 90 percent of the total 100. Compiled of …

 The Central Bank of the UAE, CBUAE, announced that the Money Supply aggregate M1 increased by 0.7%, from AED 560.3 billion at the end of April 2020 to AED 564.3 billion at the end of May 2020. The Money Supply aggregate M2 decreased by 0.9%, from AED 1464.8 billion at …

The Ministry of Finance, MoF, has announced the successful implementation of Procure-to-Pay, P2P, which facilitates the procurement process and e-approval of purchase orders and requests at various federal entities in the country. “Entities can now approve the purchase requests and direct the purchase order to the supplier within minutes – …

Nasdaq Dubai, the region’s international financial exchange, announced it has welcomed the listing today of a US$1 billion Sukuk by Dubai Islamic Bank, DIB, the largest Islamic bank in the UAE. In a statement, Nasdaq Dubai added that the Sukuk was nearly 4.5 times subscribed with a profit rate of …

Nasdaq Dubai, the region’s international financial exchange, welcomed the listing of a US$200 million Sukuk issued by GFH Financial Group, GFH. GFH said in a statement on Wednesday that the proceeds of the Sukuk will be used to further strengthen its balance sheet and diversify its income. It is GFH’s …

The Emirates interbank offered rate, EIBOR, the interest rate banks charge each other, has remarkably declined over the past few days, with the six-month term slipping to a several-year-old trough of 92 basis points on June 9th and the one-year term to 112 pts, according to the Central bank of …

Upbeat sentiments triggered by improved performance across all global stock markets saw the UAE’s twin bourses’ general indices surging and gaining to the tune of AED16.4 billion at the close of Sunday’s session. The growth was spurred by a buying spree that selectively targeted blue chips and generated AED800 million …

 The Abu Dhabi Chamber of Commerce and Industry organised a business meeting with the Committee of Developers of Workers’ Cities to explore the challenges faced by these cities during the coronavirus pandemic. The meeting was attended by Mohammed Helal Al Muhairi, Director-General of the Chamber, Dr. Mubarak Al Ameri, Member …

The UAE’s two main bourses closed in the green Monday after upbeat sentiments sent the general indices of the ADX and DFM up to 4,170 points and 2,000 points respectively. Despite the cautious lull at the commencement of today’s session, the attractive prices of banking shares drew considerable liquidity which …

 The Ministry of Finance, MoF, issued three new decisions for federal entities across the UAE, as part of its remit to revise and reduce federal fees. These decisions are: Cabinet Resolution No. (36) of 2020 on registering suppliers in the Federal Supplier Register, Cabinet Resolution No. (37) of 2020 on …