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The banking sector declined by 0.88%
21 February 11:22 PM ADX loses 5.2 pts in week
Abu Dhabi – Mubasher: The general index of the Abu Dhabi Securities Exchange (ADX) went down by 5.24 points, or 0.1%, to reach 5,033.15 points in a week. The banking sector declined by 0.88%, while the energy, telecom, and real estate sectors …
The consumer staples sector added 3.6%
21 February 11:05 PM DFM tacks on 4 pts in week
Dubai – Mubasher: The Dubai Financial Market’s (DFM) general index grew by 3.79 points, or 0.14%, to reach 2,737.51 points in a week. Market capitalisation increased to AED 377.44 billion over the week, compared to AED 377.33 billion in the …
21 February 07:32 PM Chinese solar industry may rebound in 2020
​​​​​​​Mubasher: The China Photovoltaic Industry Association (CPIA) expects the country’s new installations to reach a range between 35 and 45 gigawatts in 2020.
Transfers by individuals amounted to AED 312.6 billion
21 February 05:28 PM Transfers among UAE’s banks record AED 948bn in January 2020
UAE – Mubasher: The total value of fund transfers among UAE's banks through the Funds Transfer System (UAEFTS) grew by 4.6% year-on-year to AED 948 billion during January 2020.   Transfers by individuals amounted to AED 312.6 billion, according to …
Brent crude futures decreased by $0.64
21 February 04:42 PM Kuwait crude oil price grows by 56 cents on Thursday
Mubasher: The price of Kuwait’s crude oil rose by $0.56 per barrel (pb) on Thursday, compared to the day earlier.   Kuwait’s crude oil settled at $59.04 pb on Thursday, against $58.48 pb on Wednesday, according to the Kuwait News Agency. Brent …
The Central Bank of the UAE
20 February 09:03 PM UAE’s foreign currency assets hit AED 400bn in January 2020
UAE – Mubasher: The UAE’s foreign currency assets grew by 1.3% year-on-year to AED 400 billion in January 2020, according to the Emirates News Agency. The increase in the GCC country’s foreign assets resulted from growth in deposits held in banks …
20 February 05:28 PM Global LNG demand forecast to double by 2024 – Shell
Mubasher: Global demand for liquefied natural gas (LNG) is forecast to double to 700 million tonnes by 2040.
20 February 05:09 PM Moody’s: Global investment banks spend $72bn annually to face fintechs
Mubasher: Global investment banks allocate $72 billion annually to develop their information technology (IT), including retail infrastructure and applications, to face threats by fintech companies.
20 February 04:57 PM Coronavirus adds pressures on Asia Pacific’s economy - Moody's
Mubasher: The outbreak of coronavirus contributes to slowing down the economic growth in Asia Pacific as it affected trade, tourism, and supply chains, Moody's referred.
20 February 04:55 PM Morgan Stanley to acquire E-Trade Financial Corporation for $13bn
Mubasher: American multinational investment bank Morgan Stanley has announced that it will acquire discount brokerage E-Trade Financial Corporation in a consideration of $13 billion.
The Chinese Ambassador to the UAE, Ni Jian
20 February 04:25 PM UAE-China bilateral trade records $34.7bn in 9M
UAE – Mubasher: The bilateral trade between the China and the UAE increased by 6.01% to $34.7 billion during the first nine months of 2019, when compared to the corresponding period of 2018, the Chinese Ambassador to the UAE, Ni Jian, told …
A total of 31.03 million shares were exchanged
20 February 03:36 PM ADX down on Thursday; market cap reaches AED 528bn
Abu Dhabi – Mubasher: The main index of Abu Dhabi Securities Exchange (ADX) closed Thursday’s trading session at 5,033.15 points, down 0.80% or 40.67 points, unlike its upward performance on Wednesday, 19 February. A total of 31.03 million shares …
The market cap value increased by around AED 1.82bn
20 February 03:29 PM DFM up on Thursday amid higher market cap
Dubai – Mubasher: The benchmark of Dubai Financial Market (DFM) went up by 0.35% or 9.46 points to 2,737.51 points by the end of Thursday’s trading session, unlike its downward performance on Wednesday, 19 February. A total of 95.43 million shares …
SNOC has awarded Petrofac a $40 million contract
20 February 12:27 PM Sharjah National Oil Corporation grants Petrofac $40m contract
UAE – Mubasher: Sharjah National Oil Corporation (SNOC) has awarded Petrofac’s Engineering & Production Services division (EPS) a $40 million contract to develop a project in the UAE, according to a press release on Thursday. The managing director …
Net insurance premium revenues increased to AED 348.3 million
20 February 11:49 AM RAK Insurance sees AED 3.5m profit in 2019; bonus shares proposed
Abu Dhabi – Mubasher: Ras Al Khaimah National Insurance Company (RAK Insurance) registered net profits of AED 3.534 million in fiscal year 2019, down from AED 19.435 million in 2018. The company’s net insurance premium revenues increased to AED …
19 February 09:27 PM UK citizens may not completely abandon cash – GlobalData
Mubasher: Cash use In the UK is rapidly declining, as more consumers adopt new means of payment such as contactless cards and mobile payments.
The KYC platform is set to be launched in the first quarter of 2020
19 February 08:59 PM Dubai Economy collaborates with 6 banks to share data
UAE – Mubasher: Dubai Economy has collaborated with six banks to launch a consortium for sharing of verified Know Your Customer (KYC) data between banks and licensing authorities in the UAE. The six banks include Emirates NBD, Emirates …
Sharjah's stable outlook reflects the resilience at the ‘Baa2’ rating
19 February 06:25 PM Moody's downgrades Sharjah’s rating to ‘Baa2’; Outlook ‘Stable’
UAE – Mubasher: Moody's Investors Service has downgraded Sharjah’s long-term foreign and local currency issuer ratings from ‘A3’ to ‘Baa2’, while changing the outlook from ‘Negative’ to ‘Stable’. The downgrade of Sharjah’s rating reflects lower …
The projects are part of ‘Ghadan 21’ initiative
19 February 06:17 PM Abu Dhabi plans to issue AED 10bn infrastructure project tenders
UAE – Mubasher: Abu Dhabi government announced its plan to offer tenders for infrastructure projects at a value of AED 10 billion in 2020, aiming to strengthen public-private partnership, according to the Emirates News Agency (WAM). These projects …
19 February 05:04 PM General Motors to lay off 1,500 employees in Thailand
Mubasher: General Motors is set to lay off around 1,500 employees in Thailand in June 2020, Reuters reported on Wednesday.
Petrofac will construct the offshore facilities of Dalma Gas Project
19 February 04:38 PM ADNOC awards two $1.65bn contracts to Petrofac
UAE – Mubasher: The Abu Dhabi National Oil Company (ADNOC) has awarded two contracts worth around $1.65 billion (AED 6.06 billion) to Petrofac Emirates and a joint venture between Petrofac and the subsidiary of Sapura Energy Berhad in Abu Dhabi. …
A total of 121.35 million shares were exchanged
19 February 03:02 PM ADX up on Wednesday; market cap records AED 531.98bn
Abu Dhabi – Mubasher: The main index of Abu Dhabi Securities (ADX) closed Wednesday’s trading session at 5,073.82 points, up 0.36% or 18.09 points, unlike its downward performance on Tuesday, 18 February. A total of 121.35 million shares were …
The market cap value retreated by around AED 1.67bn
19 February 02:43 PM DFM maintains negative performance on Wednesday
Dubai – Mubasher: The benchmark index of Dubai Financial Market (DFM) declined by 0.77% or 21.19 points to 2,728.05 points by the end of Wednesday’s trading session, maintaining its downward performance on Tuesday, 19 February. A total of 141.73 …
A 2% higher return on investment (ROI) is expected
19 February 11:18 AM GFH to hold 6.3% stake in Dubai’s Marshal; CEO remains
Mubasher: Bahraini GFH Financial Group will hold a 6.3% stake in its newly-acquired investment, Marshal Equipment and Trading, a leading pan-MENA FinTech company, while the group’s investors will hold up to 63.7%.     Marshal’s existing owner will …
17 February 04:33 PM New Zealand lowers growth forecasts due to coronavirus epidemic
Economic growth in New Zealand is expected to slow to around 2% to 2.5% in 2020, as a result of the coronavirus outbreak impact.