UAE news

Saudi finance minister Mohammed al-Jadaan

21 January 09:54 PM Proceeds from Aramco’s IPO to finance industries in Saudi Arabia

Mubasher: Saudi Arabia will use the proceeds from Saudi Aramco’s initial public offering (IPO) to support the local economy over several years, finance minister Mohammed al-Jadaan told Reuters on Tuesday. The Public Investment Fund (PIF) received …

Macroeconomics

Non-oil economy may grow by 2.8% this year

21 January 08:47 PM Bahraini economy to grow 2.3% in 2020

Mubasher: The Bahraini economy is expected to maintain the same growth rate recorded last year in 2020, governor of the Central Bank of Bahrain (CBB) Rasheed Al Maraj stated on Tuesday. Strategic projects will have a positive impact on the …

Macroeconomics

The CPI decreased by 0.1% YoY in December 2019

21 January 07:59 PM Abu Dhabi’s CPI falls 0.8% YoY in 2019

UAE – Mubasher: The Abu Dhabi Consumer Price Index (CPI) declined to 110.7% in 2019, down 0.8% from 111.6% over the same period in 2018, according to the Statistics Centre - Abu Dhabi’s (SCAD) recent report. In December 2019, the CPI decreased by …

Macroeconomics

Remittance outflows to East Asia and the Pacific stands at $149 billion

21 January 06:04 PM MoneyGram joins forces with LuLu Money to boost Asia-Pacific expansion

Abu Dhabi – Mubasher: The leading non-banking financial firm LuLu Money has signed a partnership agreement with the US-based non-banking financial services company MoneyGram International to meet customers’ digital remittance needs in the …

Companies Investments

Emaar Smart Home will be monitored by Xiaomi’s Mi Home application

21 January 05:20 PM Emaar Properties partners with Xiaomi to develop smart homes

Dubai – Mubasher: Emaar Properties has signed an agreement with the Chinese Xiaomi, which has the largest Internet of Things (IoT) consumer platform, to launch Emaar Smart Home. Under the agreement, Emaar Smart Home, which will offer the latest …

Companies Investments

21 January 04:43 PM Kia Motors to invest $25bn in EV development by 2025

Mubasher: Kia Motors Corporation announced its mid- to long-term strategy, ‘Plan S’, which aims to strengthen the company’s leading position in the future automotive industry.

Global Reports

FTA allows applicants to apply for the recovery online

21 January 04:38 PM FTA establishes new platform for VAT refund on new homes

UAE – Mubasher: The Federal Tax Authority (FTA) has developed a new platform on its website to facilitate the process of refunding the Value Added Tax (VAT) on building new homes for Emirati citizens through only four documents. Setting up a new …

Sector Reports

21 January 04:24 PM Facebook to create 1,000 jobs in London this year

Mubasher: Facebook is planning to hire 1,000 people in London in 2020, the company’s vice president for the EMEA Nicola Mendelsohn stated on Tuesday.

Global Reports

CAFU delivers quality petrol in both Super 98 and Special 95

21 January 04:06 PM Fuel delivery app CAFU expands int’l business to Oman

Dubai – Mubasher: The MENA’s first on-demand fuel delivery app CAFU has signed an agreement with Oman's Al Maha Petroleum to provide its services in the Sultanate, as part of its international expansion plan. Firstly, the Dubai-based tech firm's …

Companies Investments

21 January 03:49 PM New EU rules pose challenge for car manufacturers - GlobalData

The industry will see a highly competitive year with new EU CO2 rules coming into effect

Global Reports

Abu Dhabi Commercial Bank (ADCB) registered the highest turnover

21 January 02:45 PM ADX down 0.55% on Tuesday

Abu Dhabi – Mubasher: The general index of Abu Dhabi Securities Exchange (ADX) retreaded by 0.55% or 28.72 points to 5,184.53 points, compared to its positive performance on Monday, 21 January. A total of 26.38 million shares were traded through …

Trading Activities

Union Properties registered the highest trading volume

21 January 02:28 PM DFM regains upward performance on Tuesday

Dubai – Mubasher: The benchmark index of Dubai Financial Market (DFM) went up by 0.14% or 3.97 points to 2,854.92 points by the end of Tuesday’s trading session, recovering from its downward performance on Monday, 20 January. A total of 73.45 …

Trading Activities

A real estate planning committee was set up in Dubai in 2019

21 January 02:18 PM Dubai property market likely to recover in 2020 - Seven Tides

UAE – Mubasher: The real estate market in Dubai is expected to thrive in 2020, driven by Expo 2020, new government initiatives, and flexible repayment plans, according to Seven Tides, a leading company in developing a residential, hospitality and …

Sector Reports

21 January 02:10 PM GlobalData sees positive outlook for construction industry in 2020

Mubasher: Prospects for the world’s construction industry in 2020 are generally positive, although it has been facing challenges to achieve growth momentum.

Global Reports

Microsoft Corp led Saxo Bank’s list for 2019

21 January 01:07 PM US tech firms top traded stocks for UAE in 2019 - Saxo Bank

Mubasher: Saxo Bank, the leading fintech and regtech specialist focusing on multi-asset trading and investing in global capital markets, announced that American tech firms were the most traded stocks in its list for the UAE-based clients in 2019. …

Stock Evaluations

Officials from DMCC and UN Global Compact

21 January 11:35 AM DMCC adopts 30% discount for companies in UN Global Compact

UAE – Mubasher: The Dubai Multi Commodities Centre (DMCC), the global hub for trade and enterprise and the largest and fastest growing free zone in the UAE, announced up to 30% discount on the license fees for the member companies of the United …

Companies Investments

The agreement will lead to an increase in the AUM value

21 January 11:14 AM Shuaa Capital’s unit inks agreement to manage $400m assets

Dubai – Mubasher: Shuaa Capital announced that one of its subsidiaries abroad has signed an agreement to manage an investment portfolio of assets at a value of around $400 million. The agreement will lead to an increase in the value of the assets …

Companies Investments

20 January 05:33 PM Hong Kong’s card payments may top 1bn in 2020 -GlobalData

Mubasher: Total number of card payments in Hong Kong is likely to increase to 1 billion in 2020 from 642.0 million in 2015, GlobalData said.

Global Reports

Mabanee submitted the best offers to "J3" investment opportunity

20 January 05:03 PM Three Kuwaiti listed firms win investment opportunity in Jaber Al Ahmad city

Mubasher: Mabanee Co, among a consortium of Kuwaiti companies, received a letter of notification on Monday from the Public Authority for Housing Welfare awarding the investment opportunity “J3” in Jaber Al Ahmad Residential City. As …

Real estate

The benchmark index closed at 5,213 points

20 January 02:52 PM ADX closes Monday in green

Mubasher: The Abu Dhabi Securities Exchange (ADX) returned to gains on Monday, on the back of the rising banks' sector. The Abu Dhabi General Index (ADI) added 0.76% or 39.26 points and closed at 5,213.25 points. Traded volumes amounted to 23.55 …

Trading Activities

Emirates NBD posted the highest liquidity of AED 28.74 million

20 January 02:47 PM DFM closes Monday in red zone

Dubai – Mubasher: The main index of the Dubai Financial Market (DFM) closed Monday’s trading session 0.42% or 12.14 points lower at 2,850.95 points. A total of 138.3 million shares were traded through 2,468 transactions at a value of AED 178.79 …

Trading Activities

20 January 12:23 PM InterContinental Hotels to expand regional presence via Saudi Arabia

Riyadh – Mubasher: In a response to Saudi Vision 2030, InterContinental Hotels Group (IHG) has announced its intention to expand its current 33-hotel portfolio in the kingdom by opening an office in Riyadh in March 2020. This step comes also as …

Companies Investments

Finastra's solutions cover 90% of banks’ needs

20 January 11:19 AM Interview: We look to repeat Finastra Egypt Digital Trade Forum – Serge Tohme

Mubasher: Finastra was founded in 2017 from the merger of two fintech giants, D+H, a leading financial technology provider and Misys, which provides software solutions focused on retail and corporate banking services. Serge Tohme, Managing …

Banking and Finance