The OPEC Fund for International Development (OFID) has approved more than $300 million in financing in the first quarter of 2023, in support of its Climate Action Plan. The OPEC Fund is committed to ensuring a positive impact on people and the planet through its efforts in Africa, Asia, and Latin America. Three out of […]
Abdulla Abdul Aziz Al Shamsi, the Acting Director-General of the Abu Dhabi Investment Office (ADIO), has highlighted the office’s global expansion over the past two years. During this period, ADIO has successfully opened eight representative offices in various global economic capitals, emphasizing the office’s efforts to attract more companies specializing in innovation and technology to […]
Emirates NBD Securities, the brokerage arm of Emirates NBD Group, has become the first securities brokerage in the region to offer seamless trading account opening through the Dubai Financial Market (DFM)’s digital onboarding application. This new application provides investors with an additional channel to open a trading account with Emirates NBD Securities, allowing them to […]
The TECOM Group, a Dubai-based developer and operator of business communities, announced the approval of their financial statements for the year ending on December 31st, 2022. During the Annual General Assembly Meeting at Dubai Internet City, the Board of Directors approved a cash dividend of AED200 million for April 2023, bringing the total amount of […]
Dubai Electricity and Water Authority (DEWA) has achieved impressive results in the latest Brand Finance rankings. DEWA’s brand value increased by 30% and the company was named as the second most valuable Middle Eastern utilities brand. The Brand Guardianship Index 2023 issued by Brand Finance also ranked Saeed Mohammed Al Tayer, MD and CEO of […]
On Monday, most Gulf stock markets closed higher, ignoring a drop in oil prices, with Dubai leading the gains following the largest-ever intraday increase in Emaar Development, while the Egyptian index continued its downward trend. Oil prices, which have a significant impact on Gulf economies, fell on Monday, with Brent crude futures trading down $1.30, […]
Motor insurance premiums in the UAE have increased sharply as insurance companies end Covid-19 discounts of up to 50% on premiums, announced by the Insurance Authority in 2020. Before the pandemic, insurance companies could offer up to a 30% discount, depending on the driver’s history. In November 2022, all insurers announced a rate change to […]
The Dubai International Financial Centre (DIFC) hosted the world’s first summit dedicated to advancing the COP28 climate action agenda in the global finance industry, according to Emirates News Agency. More than 500 people attended the first of a series of finance summits aimed at spurring proactive action to accelerate the green transition and lead the […]
On Thursday, the Pakistani rupee experienced a sharp decline, reaching an all-time low against the US dollar due to political and economic uncertainty caused by the delay in International Monetary Fund (IMF) funds. The rupee’s value dropped by 6.66% or 18.98, reaching 285.09 (77.68 against the dirham) in the interbank market, while it crossed the […]
Swiss bank Edmond de Rothschild Group has announced the establishment of its Middle East and North Africa (MENA) hub in Dubai’s Dubai International Financial Centre (DIFC) as part of its strategy to expand its presence in the region. The bank, founded in 1953, has been catering to the MENA market from Switzerland, but the establishment of its presence in Dubai will ensure proximity to its clients and leverage the expertise it has built up in the region.
