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03 June 04:55 PM

Local Economy

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10:46 AM Dubai aims to double logistics, land transport contributions to AED 16.8bn
UAE – Mubasher: The Roads and Transport Authority (RTA) in Dubai has launched a strategy for the commercial and logistics land transport. The strategy aims to double the contribution of the land transport and logistics sector to Dubai's economy to …
Macroeconomics
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2 June 04:52 PM GCC tops Dubai Chamber of Commerce export list with AED 40.8bn
UAE - Mubasher: The Dubai Chamber of Commerce highlighted that the GCC market remained the top global export and re-export destination for its member companies in the first quarter (Q1) of 2024. The GCC region accounted for 55.50% of total exports …
Sector Reports
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30 May 10:31 AM Moody’s upgrades DEWA’s credit rating to ‘A3’; outlook stable
Dubai – Mubasher: Moody's Ratings has upgraded the long-term issuer rating of Dubai Electricity and Water Authority (DEWA) from ‘Baa2’ to ‘A3’, with stable outlook. Moody’s attributed the rating to DEWA's dominant market position in Dubai's power …
Ratings
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28 May 05:23 PM DMCC pens MoU with Seoul Business Agency to boost UAE-South Korean ties
UAE – Mubasher: Dubai Multi Commodities Centre (DMCC) has signed a memorandum of understanding (MoU) with the Seoul Business Agency (SBA) to boost cooperation between the UAE and Korea in the fields of innovation, business activities, and trade. …
Companies Investments
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28 May 04:51 PM Oil prices climb amid mounting tensions in Middle East – Saxo Bank
Mubasher: The crude oil market is witnessing a rise due to escalating tensions in the Middle East following the killing of an Egyptian soldier in a clash with Israeli forces, according to a report by Saxo Bank. The price of West Texas Intermediate …
Sector Reports
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28 May 02:43 PM Middle East named world's fastest-growing real-time payment market for 2nd year – Report
Mubasher: The Middle East ranked as the fastest-growing real-time payment market for the second consecutive year in 2023, according to the 2024 Prime Time for Real-Time report by ACI Worldwide and GlobalData. The region's real-time payment market …
Global Economy
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28 May 11:50 AM EDGE, ADDED partner to boost Abu Dhabi’s industrial capabilities
UAE – Mubasher: Emirati advanced technology and defence company EDGE has signed a cooperation agreement with the Abu Dhabi Department of Economic Development (ADDED) to enhance Abu Dhabi’s industrial capabilities. Under the agreement, EDGE will …
Companies Investments
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23 May 04:44 PM Moody's affirms Fertiglobe’s rating, upgrades outlook
UAE – Mubasher: Moody's Ratings has affirmed the ‘Baa3’ long-term issuer rating of UAE-based Chemical industry company Fertiglobe, changing the outlook to positive from stable. The rating agency ascribed its decision to Abu Dhabi National Oil …
Ratings
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23 May 01:38 PM Egypt reportedly to operate EGP 1.7bn new fuel transportation pipeline
Cairo – Mubasher: The Egyptian Ministry of Petroleum and Mineral Resources plans to operate a new transportation pipeline for petroleum products on the Mediterranean coast, according to Al Arabiya Business. The new pipeline will link the MIDOR oil …
Global Economy
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23 May 12:55 PM CBUAE to issue AED 15bn monetary bills on 27 May
UAE – Mubasher: The Central Bank of the UAE (CBUAE) is set to auction AED 15 billion in monetary bills on 27 May 2024. The auction includes four issuances that will be released on 29 May, according to the Emirates News Agency. The first issuance …
Central Banks
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22 May 01:05 PM Dubai International Airport records 23m passengers in Q1-24
UAE – Mubasher: The total passenger traffic passing through the terminals of Dubai International Airport (DXB) increased by 8.40% year-on-year to 23.05 million during the first quarter (Q1) of 2024. Total flight movements rose by 8.30% YoY to …
Macroeconomics
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20 May 06:10 PM Civil aviation contributes $53bn to Saudi economy – GACA
Riyadh – Mubasher: Saudi Arabia’s civil aviation sector is contributing $53 billion to the kingdom's economy, according to a report by the General Authority of Civil Aviation (GACA). The contribution of the sector to the Saudi economy includes …
Event
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20 May 10:12 AM Shuaa Capital plans to issue AD 367m bonds; CEO appointed
Dubai - Mubasher: The board member of Shuaa Capital recommended issuing private placement and mandatory convertible bonds (MCBs) of up to AED 367 million, according to a bourse disclosure. The transaction is still subject to regulatory approvals …
Bonds
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19 May 11:57 AM UAE’s e-commerce market to hit AED 49bn by 2028 – Report
UAE – Mubasher: The total value of the UAE’s e-commerce market is expected to surge to AED 48.80 billion by 2028 from AED 27.50 billion in 2023, according to a report by Dubai South’s e-commerce zone (EZDubai). The report ascribed the positive …
Macroeconomics
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15 May 11:41 AM Dubai ranks 1st among top global greenfield FDI destinations in 2023
UAE – Mubasher: Dubai has ranked first in the Financial Times’ list of top global greenfield foreign direct investments (FDI) destinations in 2023, for the third year in a row. The emirate attracted 1,070 global greenfield projects in 2023, …
Macroeconomics
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13 May 11:32 AM UAE tops global rankings in fibre-to-the-home penetration
UAE – Mubasher: The UAE has been named the global leader in fibre-to-the-home (FTTH) penetration for the eighth consecutive year. The country has achieved an FTTH penetration rate of 99.30%, according to a report by the FTTH Council. The report …
Global Economy
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12 May 11:37 AM UAE, Indonesia ink MoU to use local currencies in trade
UAE – Mubasher: The Central Bank of the UAE (CBUAE) has signed a memorandum of understanding (MoU) with Bank Indonesia to boost trade relations. Under the agreement, the two central banks will establish a framework to use local currencies in …
Macroeconomics
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7 May 04:54 PM UAE card payments market to exceed $200bn in 2028 – GlobalData
UAE - Mubasher: The card payments market in the UAE is expected to grow at a compound annual growth rate (CAGR) of 10.60% between 2024 and 2028, according to a report by GlobalData. The report forecast the market to reach a value of AED 764.10 …
Macroeconomics
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7 May 03:00 PM Fitch Ratings affirms Bank of Sharjah’s IDR at 'BBB+'; outlook stable
Abu Dhabi – Mubasher: Fitch Ratings has affirmed Bank of Sharjah’s long-term issuer default rating (IDR) at 'BBB+' with a stable outlook. The rating agency upgraded the bank’s viability rating (VR) to ‘b-‘ from 'ccc+', according to a press …
Banking and Finance
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5 May 06:21 PM UAE’s headline PMI hits 8-month lowest level in April; non-oil private sector sees business growth
UAE – Mubasher: The S&P Global Dubai Purchasing Managers' Index (PMI) signalled the lowest level for eight months in April 2024, after falling to 55.1 from 58 in March, according to the latest report. Meanwhile, the seasonally adjusted S&P Global …
Macroeconomics
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2 May 04:27 PM ADQ lists $2.5bn bonds on London Stock Exchange
UAE – Mubasher: Abu Dhabi Developmental Holding Company (ADQ) has listed its recently issued $2.5 billion bonds on the London Stock Exchange (LSE). The bond issuance was oversubscribed by 4.40 times, receiving orders at a total value of $11 …
Companies Investments
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2 May 10:41 AM CBUAE holds interest rates steady
UAE – Mubasher: The Central Bank of the UAE (CBUAE) has opted to keep interest rates unchanged, following a similar decision by the US Federal Reserve. The CBUAE has also retained the Base Rate for the Overnight Deposit Facility (ODF) at 5.40%, …
Banking and Finance
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1 May 01:24 PM Cash deposits at UAE banks jump 11% YoY in February 2024
UAE – Mubasher: Cash deposits at Emirati banks rose by 11% year-on-year (YoY) to AED 725.8 billion in February 2024 from AED 654.6 billion. Month-on-month (MoM), cash deposits in the UAE’s banks grew 1.92% in February from AED 712.1 billion in …
Central Banks
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1 May 10:20 AM amana's strategy reinforces MENA trading volumes by 190%
UAE – Mubasher: Dubai-based neobroker amana launched a groundbreaking strategy to boost access to the MENA stock markets for its customers, according to a press release. In February, the investment service provider developed an initiative to …
Global Economy
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30 April 11:47 AM CBUAE’s foreign assets jump over 40% YoY in February 2024
UAE -Mubasher: The total foreign assets at the Central Bank of the UAE (CBUAE) surged by 40.20% year-on-year (YoY) to AED 708 billion at the end of February 2024 from AED 505.10 billion Month-on-month (MoM), the CBUAE’s foreign assets rose 2% in …
Macroeconomics