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19 June 06:51 PM DMCC to boost $85bn non-oil trade corridor between UAE, India; new office unveiled
UAE – Mubasher: DMCC looks to build upon a $85 billion non-oil trade corridor between the UAE and India, as it continues to attract a new wave of Indian businesses to Dubai in line with its latest Made for Trade Live roadshow in New Delhi and …
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18 June 06:41 PM Six Arab countries advance in 2024 World Competitiveness Ranking
Mubasher: The 2024 World Competitiveness Report included six countries from the Arab region which all showed progress in this year’s ranking, according to the International Institute for Management Development (IMD) data. The UAE led the Arab …
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18 June 05:04 PM Global travel, tourism deals plunge in 5M while European markets show growth – GlobalData
Mubasher: The total number of deals registered in the global travel and tourism sector decreased by 10.90% to 286 during the first five months (5M) of 2024 when compared with 321 in January-May 2023, according to GlobalData Deals Database. The …
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17 June 05:44 PM Regional event ADFW to return under Welcome to the Capital of Capital theme
UAE – Mubasher: The third edition of Abu Dhabi Finance Week (ADFW) will take place on 9-12 December 2024 under the theme Welcome to the Capital of Capital, being the flagship financial event of the Middle East, Africa, and Southern Asia (MEASA). …
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16 June 04:58 PM Swiss NUOS unveils regional HQ, joins Abu Dhabi’s AGWA to build alternative production facility
Mubasher: Switzerland-based NUOS AG is expected to establish a headquarters (HQ) in Abu Dhabi as a regional hub, which will boost the emirate's strategic location and resources for more growth in Europe, North America, and the MENA market. NUOS …
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13 June 09:21 AM CBUAE keeps interest rates unchanged
UAE – Mubasher: The Central Bank of the UAE (CBUAE) has maintained the base rate for the overnight deposit facility (ODF) at 5.40%. The CBUAE has kept the interest rate for borrowing short-term liquidity at 0.50% above the base rate for all …
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13 June 08:47 AM US Fed maintains interest rates amid uncertain outlook
Mubasher: The US Federal Reserve (Fed) left interest rates unchanged, signalling it will not pull back until seeing sustained progress lowering inflation from multi-decade highs. The Federal Open Market Committee (FOMC) has maintained the target …
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12 June 08:49 AM UAE Cabinet passes new housing decisions for citizens at AED 1.6bn
UAE – Mubasher: The UAE Cabinet approved 2,160 new housing decisions for citizens valued at AED 1.68 billion, according to the Emirates News Agency (WAM). These decisions aim to achieve social stability in line with the UAE's ongoing policies to …
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11 June 10:46 AM ADGM’s FSRA, Bermuda Monetary Authority ink digital assets MoU
UAE – Mubasher: The Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) has signed a joint digital assets memorandum of understanding (MoU) with the Bermuda Monetary Authority (BMA). The MoU establishes a framework …
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6 June 02:37 PM Saudi Arabia, UAE, Egypt secure 92% of MENA’s VC funding in 2023 – Report
Mubasher: Saudi Arabia, the UAE, and Egypt accounted for 92% of total venture capital (VC) funding in the MENA region, according to a report by MAGNiTT. Saudi startups raised $400 million in VC funding in 2023, up 602% year-on-year (YoY), the …
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6 June 11:45 AM Fitch maintains GFH's IDR rating at 'B'; outlook stable
Mubasher: Fitch Ratings affirmed the long- and short-term Issuer Default Ratings (IDR) rating of GFH Financial Group at ‘B’,  with the outlook on the long-term IDR remaining stable. Fitch has also maintained the senior unsecured long-term rating …
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5 June 01:55 PM UAE’s May PMI records decline in output growth
UAE - Mubasher: The UAE’s seasonally adjusted Purchasing Managers' Index (PMI) was kept unchanged from April 2024 at 55.3 in May, according to the latest S&P Global PMI data. The reading was still higher than its long-run average of 54.4, …
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5 June 11:22 AM UAE rises to 6th biggest tourism revenue earner globally – Report
UAE – Mubasher: The UAE climbed from 13th to 6th globally for international tourism receipts in 2023 after logging $51.90 billion. Leading the rankings were the US at $176 billion, followed by Spain, the UK, France, and Italy, according to the UN …
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5 June 10:22 AM UAE, Malaysia in talks for comprehensive economic partnership agreement
UAE – Mubasher: Malaysian Prime Minister Anwar Ibrahim met with the UAE Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi to deepen economic relations between the countries. Al Zeyoudi also held talks with Malaysian Investment, Trade, …
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4 June 10:45 AM GCC's passenger traffic to grow 4% annually from 2024 to 2030 – IATA
UAE – Mubasher: Kamil Al Awadhi, Regional Vice President for Africa and the Middle East at the International Air Transport Association (IATA), stated that passenger traffic in the UAE and the GCC is projected to grow by 4% annually between 2024 …
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3 June 09:46 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 …
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2 June 03:52 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 …
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30 May 09:31 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 …
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28 May 04:23 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. …
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28 May 03:51 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 …
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28 May 01:43 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 …
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28 May 10:50 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 …
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23 May 03:44 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 …
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23 May 12:38 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 …
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23 May 11:55 AM 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 …