Economy

Director General Chairman of the Board of the Arab Monetary Fund, AMF, Dr. Abdulrahman Al-Hamidy, stressed the importance and the vital role of financial inclusion in addressing the economic challenges affecting growth. Such measures require a greater awareness among the Arab public about the necessity of using official financial systems …

Sharjah Islamic Bank, SIB, has projected strong results despite the current situation, with net profits totaling AED153.7 million in the first quarter of 2020 compared to AED151.7 million in 2018, an estimated 1.3 percent increase. In a statement by the bank on Sunday, the balance sheet reflects the bank’s strong …

Dubai International Financial Centre (DIFC), the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region, today announced DIFC Presidential Directive No. 4 of 2020, which seeks to help limit the impact of the COVID-19 situation, Effective from 21 April 2020 until 31 July 2020 (the …

Taking stock of the global turbulence, & recessionary pressures triggered by the rapidly evolving context of the COVID-19 pandemic, the Dubai World Trade Centre Authority unveiled a series of measures to aid sustainability of businesses within its ecosystem• For Meetings, Incentives, Conferences, & Events (MICE): Zero cancellation and/or rescheduling fees; …

In light of its commitment to supporting VAT registrants and the unprecedented intensive precautionary measures undertaken by the UAE to curb the spread of the novel Coronavirus (COVID-19) imposing 24-hour restrictions on the movement of individuals and vehicles implemented in certain areas of the UAE, which coincided with deadlines for …

DP World has announced the launch of a new online marketplace for Ramadan bazaars to support local artisans and small businesses in selling their products during the Holy Month of Ramadan. The initiative is in close partnership with the Department of Economic Development, and Dubai Festivals and Retail Establishment, DFRE, …

The Emirate of Sharjah has recorded up to 18,537 real estate transactions totalling AED3.6 billion in the first quarter of 2020, revealed a report by the Sharjah Real Estate Registration Department, SRERD. The said transactions were recorded in 129 areas in the emirate covering 8.9 million square feet, according to …

The UAE stock markets have maintained their competitive edge in the Gulf and Middle East region over the past period, as their average Price Earnings Ratio (P/E Ratio) stood at 12.43 times over the past 12 months, according to recent statistics released by the Abu Dhabi Securities Exchange and Dubai …

National Bonds, the UAE-based financial and Sharia-compliant investment company, has announced that its assets under management increased by 9 percent to AED7.8 billion in 2019, according to the results published by the company. The assets included mainly Wakala Deposits (38%), Real Estate – Yield Generating (27%) and Sukuk (25%), according …

Hamid Rashid Al Muhairi, official spokesman for the Ministry of Economy: During this crisis, some wrong practices have spread, among them buying and storing …We assure the public that the UAE maintains a strategic stock of food commodities and we urge consumers to stay calm and refrain from panic buying.