Economy

Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Dubai banks have come together to offer a comprehensive relief package to help their customers ease financial pressures in the current economic environment caused by the coronavirus (COVID-19) outbreak. The …

Driven by the latest incentive stimulus packages, and the recent decision to set a 5 percent decline limit, UAE stocks gained AED12.5 bn in market cap by the end of Wednesday’s session. The improved investor sentiments following the recent stimulation decisions to prop up the market saw Abu Dhabi’s General …

The Business Registration and Licencing, BRL, sector of the Dubai Economy issued 2,523 new licences since the beginning of March 2020, among which 58 percent were professional (1,900), and 39.3 percent (590) were commercial, and together, the licences helped create 6,713 jobs. The figures recorded by the “Business Map” digital …

Latest figures released by the Central Bank of the UAE note total foreign assets were valued at AED405.94 billion in February 2020. This figure indicates an increase of approximately AED47 billion, or 13 percent, compared to the same month last year. This growth in the Central Bank’s foreign assets balances …

Abu Dhabi Executive Council (ADEC) has launched a new set of initiatives under “Ghadan 21” on Monday, including a series of stimulus packages to boost small and medium enterprises (SMEs) and ease the availability of loans to local companies. The initiatives include the following: Allocating AED 5bn to subsidise water …

Abu Dhabi and Dubai Financial Markets announced the prohibition period for insider trading at public shareholding companies listed in the UAE capital markets, which will take effect on Tuesday, 17th March 2020, in compliance with the applicable regulations and rules. ADX and DFM called on listed shareholding companies and brokerage …

The Central Bank of the UAE, CBUAE, has launched an AED100 billion comprehensive targeted economic support scheme for retail and corporate customers affected by COVID-19. These measures will enter into force with immediate effect, according to a CBUAE statement issued Saturday. “Given that the World Health Organisation has declared Covid-19 …

The value of exports through Abu Dhabi ports increased by 7.7 pct from AED28.7 billion in Q4 2018 to AED 30.9 billion in the same period of 2019, according to figures released by the Statistics Centre – Abu Dhabi. The business sector’s exports grew by AED1.5 billion (5.4 pct); the …

UAE Minister of State and ADNOC Group CEO, Dr. Sultan Ahmed Al Jaber has commented on recent market developments, noting that the UAE oil company is set to supply the market with over four million barrels of oil per day in April 2020. In a statement, Dr. Al Jaber said, …

The total value of fund transfers among the UAE’s banks grew 6.9 percent YoY to around AED1.8 trillion in the first two months of 2020, according to figures released recently by CBUAE. The apex bank said the banking fund transfers hit AED 1.2 trillion in the reference period, while transfers …