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 […]
India and the United Arab Emirates (UAE) are working towards finalizing a rupee-dirham arrangement for trade, according to UAE ambassador Abdulnasser Jamal Alshaali. This arrangement will help build on the free trade agreement signed by the two countries last year, and will further enhance economic and trade ties between them. The envoy also mentioned that the UAE is keen on revisiting the arrangement for flights to India and introducing flights to more Indian destinations to bring down airfare.
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.
Saudi Basic Industries Corporation (SABIC), one of the world’s largest petrochemical companies, reported a 28.35 percent decline in net profit to SR16.53 billion in 2022. The decline was attributed to lower profit margins and rising distribution costs. However, the company’s sales volume increased by 9 percent from the previous year, driven by growth projects, improved […]
The financial crisis in Lebanon has been a long-standing issue, with the country facing political instability and economic downturns. One of the key players in this crisis has been the Lebanese Central Bank Governor, Riad Salameh. Mr Salameh, who was once praised for his efforts to stabilize the country’s financial sector, has been under investigation in at least six European countries since 2020 over alleged financial wrongdoing and corruption.
Financial literacy is an important life skill that all individuals should possess, and it’s never too early to start teaching it. In fact, financial education is especially crucial for youth, as it lays the foundation for their financial well-being later in life. Unfortunately, many young people today lack the basic financial knowledge needed to make informed decisions about their money. This is why it’s so important for parents and educators to prioritize financial literacy in youth and teach them about money management early on.
One of the main reasons why financial literacy is important for young people is that it helps them avoid financial mistakes that can have long-lasting consequences. For example, if a young person doesn’t understand the importance of budgeting and saving, they may spend their money impulsively and accumulate debt. This debt can then follow them into adulthood, making it more difficult for them to achieve financial stability and success. However, if they have a solid understanding of money management from a young age, they are more likely to make wise financial decisions and avoid costly mistakes.
UAE’s Strategic Development Fund to present HelioTech at IDEX 2023 UAE-based aviation firm Helio Aviation Technologies focusing on designing and manufacturing aircraft is set to present its latest solutions at the International Defense Exhibition and Conference that kick-starts on Feb. 20 in Abu Dhabi.
