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23 May 03:41 PM

UAE news

Almost 95% of infrastructure and construction works of the Dubai Expo 2020 site are complete
8 minutes ago UAE offers AED 800m bids for Expo 2020 projects
UAE – Mubasher: The UAE will offer a new package of tenders worth AED 800 million over the coming period for Expo 2020 projects, according to the vice president of real estate and delivery at Expo 2020. Almost 95% of infrastructure and …
Macroeconomics
25 minutes ago Car giants axe 38,000 jobs as sales tumble – Report
Auto giants announced at least 38,000 layoffs over the past six months.
Global Reports
The investment sector topped the gainers adding 1.67%
1 hour ago Energy, telecom stocks push up ADX at Thursday’s close
Abu Dhabi – Mubasher: The Abu Dhabi Securities Exchange (ADX) ended Thursday’s trading session in green territory, encouraged by the energy and telecommunication sectors. The general index increased by 0.58%, or 27.31 points, ending the last …
Stock Evaluations
Turnover amounted to AED 176.81 million
2 hours ago Selective purchases boost DFM at Thursday’s close
Dubai – Mubasher: The Dubai Financial Market (DFM) closed Thursday’s trading session with positive performance, encouraged by selective purchases on some blue-chip stocks. The DFM’s general index inched up 0.21%, ending the last session of this …
Trading Activities
2 hours ago JLL leapfrogs in Fortune 500 list
The leap of the leading professional services firm was the second biggest move on the prestigious list.
Global Reports
The project’s works will start immediately and last for 36 months
2 hours ago Arabtec unit wins $219m project in India
Dubai – Mubasher: Arabtec Holdings on Thursday announced that its fully-owned subsidiary, Arabtec Construction, has been awarded an AED 219 million project in India from Raheja Developers. The company will handle construction works of Navin Minar …
Real estate
2 hours ago Gold prices firm as trade blues, Fed approach support dollar
Trade tensions supported the dollar, while investors looked for a direction after the minutes of the Federal Reserve meeting indicated that rates would remain unchanged.
Global Markets brief
2 hours ago SCA greenlights Dana Gas’ share buyback proposal
Abu Dhabi – Mubasher: UAE-based energy producer Dana Gas has received the approval of the Securities and Commodities Authority (SCA) to buy back 10% of its total shares. The Middle East’s largest regional natural gas company will repurchase a …
The summit aims at encouraging FDI in the US
3 hours ago UAE to participate in 2019 SelectUSA Investment Summit
UAE – Mubasher: The UAE will take part in the 2019 SelectUSA Investment Summit, presided over by the GCC nation’s economy minister Sultan bin Saeed Al Mansoori. The US highest-profile foreign direct investment (FDI) event will take place during …
Macroeconomics
The summit will take place during the period between 10 and 11 September
3 hours ago Dubai to host ‘Future Manufacturing and Trade Summit 2019’ in September
UAE – Mubasher: Dubai will host the fourth edition of ‘Future Manufacturing and Trade Summit’ in September. The Middle East’s leading event will take place during the period between 10 and 11 September at the International Festival City, according …
Event
3 hours ago German business morale falls in May on weak services
The German business climate index slid to 97.9 points in May, from the revised 99.2 in April.
Global Reports
Ban will hold the position for the coming three years
4 hours ago Ban Ki-moon named GEMS ambassador for MUN
UAE – Mubasher: Ban Ki-moon, the former secretary-general of the United Nations (UN), has been appointed as as the official ambassador for the Model United Nations (MUN) at GEMS World Academy, including GEMS World Academy in Dubai. Ban officially …
4 hours ago Eurozone business posts sluggish growth in May as demand stagnates
Factories in the Eurozone reported tougher conditions, as the output extended its contraction for the fourth month in a row.
Global Markets brief
NBK Research also predicts regional issuance to remain solid in 2019
4 hours ago GCC bond, sukuk issuance surges $32bn in Q1– NBK Research
Mubasher: The issuance of bonds and sukuk in the Gulf region has soared by $32 billion during the first quarter of 2019. The surge in Q1 bond and sukuk issuance in the GCC has raised outstanding debt in the region to $478 billion. Meanwhile, …
Sukuk and Islamic Finance
The financial impact of the divestment deal will be reflected in Q2 financials
5 hours ago Fujairah Cement exits from Sohar Cement
Abu Dhabi – Mubasher: Fujairah Cement Industries Company (FCI) completed the divestment from Sohar Cement Factory. The company noted that the financial impact of the divestment deal will be reflected in the financials of the second quarter of …
Mergers and Acquisitions
The USD-EGP exchange rate settled at EGP 16.9 for buying at NBE
5 hours ago USD stabilises against EGP early Thursday
Cairo – Mubasher: The US dollar exchange rate against the Egyptian pound has stabilised earlier on Thursday at 18 banks. The USD rate remained stable at EGP 16.9 for buying and EGP 17 for selling at National Bank of Egypt (NBE), Banque Misr, and …
Currencies
5 hours ago German private sector growth hits 3M-peak in May
Germany’s flash composite output index came in at 52.4 in May, up from 52.2 in April.
Global Markets brief
The transaction’s consideration is 1% of DP World’s net asset value recorded in 2018
5 hours ago DP World acquires 76% of India’s Kribhco Infrastructure
UAE – Mubasher: Hindustan Infralog Private Limited (HIPL), a joint venture (JV) between DP World and India's sovereign wealth fund, National Investment and Infrastructure Fund (NIIF), revealed that the Dubai-based ports operator acquired a 76% …
Macroeconomics
oil futures declined at Wednesday’s settlement on the back of higher US inventories
5 hours ago Kuwait’s crude oil price drops 45 cents on Wednesday
Mubasher: The price of Kuwait’s crude oil went down 45 cents to settle at $71.65 per barrel (pb) on Wednesday, compared to $72.10 pb on Tuesday, according to the latest data by the Kuwait Petroleum Corporation (KPC). Globally, oil futures declined …
Commodities
5 hours ago Mining giant BHP sees ‘sooner-than-expected’ end to coal era
BHP Group will direct its focus to boost “value to shareholders” at its thermal coal mine in Australia and the Cerrejon business in Colombia.
Global Markets brief
DP World Santos is a key part of the global trade enabler’s operational network
10:24 AM DP World considers investment opportunities in Brazil
UAE – Mubasher: Sultan Ahmed bin Sulayem, CEO of DP World, discussed investment opportunities with Brazil's foreign affairs minister Ernesto Araujo on the sidelines of his visit to the Brazilian capital, Brasilia. During the meeting, the two …
Macroeconomics
10:22 AM Oil falls on building US crude inventories amid economic fears
US crude inventories climbed by 4.7 million barrels in the week ended 17 May to 476.8 million barrels, hitting their highest level since July 2017.
Global Markets brief
An existing transaction is reopened for subscription
10:11 AM Mashreq Bank raises $175m in bond reopening
Dubai – Mubasher: Mashreq Bank has raised $175 million by tapping a $500 million bond issued by the bank in February, Reuters reported on Wednesday. An existing transaction is reopened for subscription, using the same documentation as before. The …
Companies Investments
12:12 AM Oil ends lower on Wednesday  
Mubasher: Oil futures fell at Wednesday’s settlement, as US inventories rose.  
Oil and Energy
22 May 10:21 PM Gold goes up at Wednesday’s settlement   
Mubasher: Gold settled higher on Wednesday, as minutes from the Federal Open Market Committee showed near consensus over patient stance on interest rates.
Goods and Metals