Economy

Anglo-Gulf Trade Bank (AGTB), has received a full digital banking license and Category 1 status from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This latest chapter in AGTB’s digitally transformative roadmap heralds a landmark occasion for the Abu Dhabi-headquartered organisation, especially as it is now …

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of UAE and Ruler of Dubai, met Founder and CEO Divyank Turakhia whose ad-tech company, a Media.net based in Dubai Internet City, was sold for over AED 3.3 billion. Sheikh Mohammed bin Rashid Al Maktoum said, “Dubai …

On the sidelines of the UAE – Russia Business Forum, organised by the Sharjah Chamber of Commerce & Industry,SCCI, Abdullah Sultan Al Owais,SCCI’s Chairman, held a bilateral meeting with Vladimir Platonov, President of the Moscow Chamber, to discuss the role of entrepreneurship in the sustainable development in both countries. The …

UAE Banks Federation, UBF, has officially released its annual report for the year 2018, shedding light on the significant progress and achievements of UBF and UAE banking sector, as well as major developments and trends in local and regional economies. The report highlights an increased number of UBF activities, achievements, …

based banks received AED21 bn in commission income in 2018, with national banks getting 82.8 pc thereof, i.e. AED17.4 bn, according to statistics revealed by the Central Bank of the UAE. The foreign banks’ commission income amounted to AED3.4 bn, with the remaining amount claimed by branches of Gulf banks …

The price of OPEC basket of fourteen crudes stood at $60.24 a barrel on Thursday, compared with $60.16 the previous day, according to OPEC Secretariat calculations. The fourteen crudes, from separate OPEC member countries, include a mix of blends and light and heavy crudes, including the UAE’s Murban.

The Abu Dhabi Department of Energy, DoE, has revealed its plans for the upcoming 24th World Energy Congress, taking place in the UAE capital on 9th-12th September, under the theme ‘Energy for Prosperity’. The 2019 edition of the Congress, which was launched 95 years ago, marks the first time the …

The UAE Central Bank has announced that gross bank assets, including bankers’ acceptances, rose by 0.6 percent, climbing from AED2958.6 billion at the end of June 2019 to AED2975.8 billion at the end of July 2019. Gross credit increased by 0.7 percent from AED1692.7 billion at the end of June …

Accommodation & Food Services contributed AED32.5 bn in real prices to the 2018’s GDP, a growth of 4.2 percent on year, according to the Federal Competitiveness and Statistics Authority (FCSA). In real (constant) prices, the sector’s contribution to the non-oil GDP amounted to 6.8 percent during 2018, maintaining the high …

Around 175,000 merchant acceptance locations of 21 businesses and 5,000 ATMs in the UAE will soon start accepting India’s RuPay card, it was announced on Saturday. RuPay card, an Indian indigenous equivalent of Mastercard or Visa, was launched in the presence of Indian Prime Minister Narendra Modi who swiped his …