Wednesday 8 April 2020

Al Ansari Exchange records 40% increase in mobile transactions

Al Ansari Exchange, the UAE-based foreign exchange and worldwide money transfer company, reported witnessing more than 40% increase in mobile transactions from UAE residents to home countries since the beginning of March (and the Covid-19 outbreak).    Over


UAE moving ahead with all planned national projects

The UAE is forging ahead with the implementation of all planned national projects and value-added initiatives, said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.   Sheikh Mohammed made the statement while


Dubai fines 14 merchants for hiking face mask prices

Dubai Economy has imposed fines on 14 merchants for inflating the prices of face masks to exploit the rise in demand for hygiene essentials following the nationwide alert against the new coronavirus, Covid-19, a media report said. The merchants fined for tampering with prices inc


Abu Dhabi GDP hits $169bn in first 9 months of 2019

The gross domestic product (GDP) of Abu Dhabi at current prices (nominal GDP) grew 4.6 percent to around Dh620 billion ($169 billion), during the first nine months of 2019 from Dh592.9 billion in the comparable period of 2018. The growth was led by the momentum recorded across al


UAE cbank eases reserves rule for demand deposits

The Central Bank of the UAE (CBUAE) has decided to reduce by half the reserves requirements for demand deposits for all banks, from 14 percent to 7 percent to mitigate the repercussions of COVID-19 pandemic, a media report said. This will inject liquidity of about Dh61 billion ($


Adnic backs fight against Covid-19

Abu Dhabi National Insurance Company (Adnic), one of the leading regional multi-line insurance providers for corporates and individuals, has contributed Dh3 million ($816,682) to Ma’an Abu Dhabi towards the ‘Together We Are Good’ programme to support the UAE community in add


Global cost of Covid could hit $4 trillion

Regional economic growth in developing Asia will decline sharply in 2020 due to the effects of the novel coronavirus (COVID-19) pandemic, even as the global cost of the pandemic could range from $2 trillion to $4.1 trillion, according to the Asian Development Outlook (ADO) 2020, the Asian Dev


UAE’s non-oil trade hits $214bn in H1 2019

UAE’s non-oil trade in the first half of 2019 increased to Dh786 billion ($214 billion), a 3.3 per cent growth compared to Dh760.5 billion in the first half of 2018, a media report said. All non-oil-related trade indexes in the UAE improved in the first half of 2019, led by


UAE names new Central Bank governor

UAE President HH Sheikh Khalifa bin Zayed Al Nahyan has issued a federal decree for 2020 appointing Abdulhamid Saeed as the new governor of the UAE Central Bank.   With more than 35 years of experience in the banking and financial services, Saeed has held key po


Five GCC banking systems downgraded over Covid-19, says report

Top ratings agency Moody's has changed its outlook to negative from stable for five GCC banking systems of Saudi Arabia, UAE, Kuwait, Qatar and Bahrain because of the oil price collapse and coronavirus outbreak.     For the other Gulf state, Oman,

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