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38 minutes ago Saudi Arabia, Russia near agreement to extend oil output cut
Saudi Arabia and Russia have reportedly agreed on a preliminary deal to extend the current crude oil output curbs for another month.
Air Arabia has made efforts to prevent job cuts
2 hours ago Air Arabia to cut more jobs amid COVID-19
Dubai – Mubasher: Air Arabia has decided further layoffs across different departments, due to the economic consequences of the coronavirus (COVID-19) pandemic, a company spokesperson told Reuters. The spokesperson of the Sharjah-based airline, …
The market cap value increased by AED 900m
3 hours ago ADX up on Wednesday; market cap reaches AED 481.78bn
Abu Dhabi – Mubasher: The main index of the Abu Dhabi Securities Exchange (ADX) inched up by 0.17% or 7.36 points to close Wednesday's trading session at 4,284.73 points. Turnover amounted to AED 261.07 million after the exchange of 63.85 million …
The market cap value amounted to AED 288.08bn
4 hours ago DFM gains 15 pts on Wednesday
Dubai – Mubasher: The benchmark index of the Dubai Financial Market (DFM) increased by 0.76% or 15.25 points to 1,999.71 points by the end of Wednesday's trading session, maintaining the upward performance on Tuesday, 2 June. A total of 161.61 …
May's PMI has reflected a considerable decline
4 hours ago UAE PMI sees fourth contraction in row - IHS Markit
UAE - Mubasher: The IHS Markit UAE Purchasing Managers' Index (PMI) increased to 46.7 in May from 44.1 in April, according to a press release on Wednesday. May's PMI has reflected a considerable decline in the UAE's non-oil private businesses in …
Abu Dhabi is raising money via bond markets
12:38 PM Abu Dhabi issues $3 billion bonds
UAE – Mubasher: Abu Dhabi has issued multi-tranch sovereign bonds at a total value of $3 billion by reopening its bond issuance programme, according to the emirate's media office. The issuance, three equal tranches with five, 10, and 30-year …
UAE banks' foreign assets grew to AED 814.89bn in April
11:37 AM UAE banks' foreign assets up 3% in April
UAE – Mubasher: The foreign assets of the UAE banking system grew by 3% month-on-month (MoM) to AED 814.89 billion last April from AED 791.64 billion in March 2020. Since the beginning of 2020, the UAE bank’s foreign-currency assets rose by around …
Dubai Financial Market
11:04 AM GFH reveals market making activity for May
Mubasher: GFH Financial Group announced the market making transactions conducted by its market maker, Securities and Investment Company (SICO), during May 2020 in Bahrain Bourse and the Dubai Financial Market (DFM). In Bahrain Bourse, the company …
SAFEEN FEEDERS will offer new feeder services
10:53 AM Abu Dhabi Ports establishes new feeder company
UAE - Mubasher: Abu Dhabi Ports has announced the establishment of a new feeder services company 'SAFEEN FEEDERS' to facilitate the growing trade volumes in the Gulf region. To serve the group's mainliner shipping clients, the new company will …
FAB sold 30-year Formosa bonds
10:12 AM FAB sells $500m Formosa bonds in May
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) sold 30-year Formosa bonds with a 0% coupon at a total value of $500 million in a private placement last month, according to Reuters. Standard Chartered has solely arranged the transaction, in which …
The company's revenues recorded AED 592.8 million in Q1
09:40 AM RAK Ceramics sees 11% lower profits at AED 26m in Q1-20
Abu Dhabi – Mubasher: The net profits attributable to the owners of Ras Al Khaimah Ceramics (RAK Ceramics) declined by 11.4% to AED 25.96 million during the first quarter (Q1) of 2020 from AED 29.01 million in the same period of 2019. The …
KPMG - Saudi Arabia
2 June 04:53 PM M&A deals in GCC expected to grow amidst COVID-19 – Report
Riyadh – Mubasher: A recent report by KPMG is expecting merger and acquisition (M&A) deals in Saudi Arabia and other Arabian Gulf countries to increase amid the coronavirus disease (COVID-19) pandemic. With many small and medium-sized enterprises …
Women currently outnumber men at universities in 15 Arab countries
2 June 04:44 PM Women's wealth in Middle East at $786bn with further growth expected
Mubasher: Women currently represent 13% of the Middle East wealth segment, with dramatic growth to be seen in the region during the coming years, according to a recent report by the Boston Consulting Group (BCG). Women's wealth in the Middle East …
Sharjah has issued AED 4 billion Sukuk
2 June 04:00 PM Sharjah pumps AED 4bn liquidity to support banking system
UAE - Mubasher: Sharjah Finance Department (SFD) has issued AED 4 billion Sukuk to enable the emirate's banks to provide financial support to the sectors impacted by coronavirus (COVID-19). The 12-month AED-dominated Sukuk, representing the first …
HSBC was hired as global coordinator for the transaction
2 June 03:18 PM Sharjah launches new dollar-dominated Sukuk
UAE - Mubasher: Sharjah began on Tuesday marketing seven-year US dollar-dominated Sukuk, Reuters reported citing a document from one of the banks arranging the deal. Sharjah has set an initial indicative price of about 275 basis points over the …
The telecommunications sector led the gainers
2 June 02:33 PM ADX up on Tuesday; market cap gains AED 10.23bn
Abu Dhabi – Mubasher: The main index of Abu Dhabi Securities Exchange (ADX) ended Tuesday's trading session on green zone after gaining 2.56% or 106.67 points to 4277.38 points, keeping its upward performance for the third consecutive session. The …
Around 186.77 million shares were exchanged
2 June 02:14 PM DFM keeps upward performance for second session in row
Dubai – Mubasher: The benchmark index of the Dubai Financial Market (DFM) edged up 0.54% or 10.74 points to stand at 1,984.46 points by the end of Tuesday's trading session, maintaining its positive performance on Monday, 1 June. The market cap …
The death toll in the UAE reached 269
2 June 01:57 PM UAE confirms 596 new coronavirus cases
UAE - Mubasher: The UAE has conducted more than 35,000 coronavirus (COVID-19) tests and detected 596 new cases, which brought the total number of cases to 35,788. The death toll in the UAE reached 269 after three new deaths were confirmed, the …
The DFM Smart Services App will include new services
2 June 01:39 PM DFM enables digital transformation via new Smart Services App
Dubai – Mubasher: Dubai Financial Market (DFM) has launched an all-inclusive DFM Smart Services App to enable investors to have access to its services and information. This new application is part of DFM's "Smart Borse" Strategy that aims …
DEWA has invited bids for the tendering process
2 June 12:50 PM DEWA retenders Hassyan desalination plant
UAE - Mubasher: The Dubai Electricity and Water Authority (DEWA) has retendered its Hassyan Sea Water Reverse Osmosis Plant project of 120 million gallons per day, according to the Emirates News Agency (WAM). DEWA has invited bids for the …
OLX has become EMPG's largest single shareholder
2 June 12:13 PM EMPG, OLX merger creates AED 3.6bn unicorn
UAE - Mubasher: The Dubai-based Emerging Markets Property Group (EMPG) and OLX Group have announced the merger of their businesses in the MENA and South Asia regions, Emirates News Agency (WAM) reported. With the merger, the owners of Bayut …
DFM emphasised the importance of precautionary measures
2 June 10:59 AM DFM's headquarters reopens with 50% of staff
Dubai – Mubasher: Dubai Financial Market (DFM) has received 50% of its employees back to work from its headquarters, starting Sunday, 31 May, after a two-month closure due to coronavirus (COVID-19). Chief Operating Officer (COO) …
Emirates airline resumed flights to nine cities
2 June 09:43 AM Emirates resumes flights to 8 countries
UAE - Mubasher: Emirates airline has announced the resumption of scheduled passenger flights to nine cities in eight countries during May, the Dubai-based carrier announced on its official Facebook account. Emirates hopes that flights to more …
The GCC is forecast to witness an economic recovery
1 June 04:38 PM Gulf states GDP expected to contract by 5.9% in 2020
Mubasher: The gross domestic product (GDP) of the Arabian Gulf countries is expected to retract by 5.9% in 2020 when compared to 2019, as the world economy is suffering from the consequence of the coronavirus (COVID-19) pandemic. Fiscal deficit in …
Emirates Airline is set to lay off some employees amid the COVID-19 crisis
1 June 03:01 PM Emirates foresees recovery of airline industry by June 2021
Dubai - Mubasher: Emirates airline President, Tim Clark, expects the airline industry to see a recovery as of June of next year, after being affected by the coronavirus (COVID-19) pandemic, according to Zawya. Clark made the announcement …