Bloomberg Gold advanced as sweeping sanctions on Russia for its invasion of Ukraine heightened fears of a hit to global economic growth. Bullion surged as much as 2.2% after penalties were placed on the Bank of Russia to prevent it from using foreign reserves to blunt sanctions. They also excluded some Russian lenders from the SWIFT messaging system that underpins ...

  Bloomberg Bitcoin advanced amid mounting signs that the war in Ukraine is bolstering demand for cryptocurrencies. The largest cryptocurrency rose 4.3% to $43,453 in London, gaining along with other major digital tokens. A fresh wave of turbulence hit global markets on Tuesday as the conflict in Ukraine intensified amid mounting penalties against Russia, as stocks in Europe fell along ...

DUBAI / WAM Chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, the UAE Cabinet meeting adopted a number of initiatives and legislations aimed at further developing government work. The meeting was held at Expo 2020 Dubai, in the presence of HH Sheikh Maktoum bin Mohammed bin Rashid ...

  DUBAI / WAM Emirates Global Aluminium (EGA) on Monday reported a net profit of AED5.5 billion ($1.5 billion), an increase of 1,140 percent compared to AED445 million ($121 million) in 2020. EGA reported record adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (adjusted EBITDA) more than doubled to AED9.0 billion ($2.5 billion) for 2021, from AED4.1 billion ($1.1 billion) ...

  ABU DHABI / WAM The UAE has sent an aid plane containing 48 metric tons of food supplies to Gambia, to strengthen the government’s continued support in alleviating the humanitarian situation and improving living conditions across many of the regions. Sultan Ali Al-Harbi, Non-Resident Ambassador of the UAE to Gambia, underscored the UAE’s keenness to provide humanitarian assistance to ...

  SHARJAH / WAM Shareholders of Sharjah Islamic Bank (SIB) have approved increasing the percentage of foreign ownership of the bank’s shares to 40%, at the Annual General Meeting headed by Abdul Rahman Al Owais, Chairman of the Board of Directors. They also approved the distribution of 8% of cash profits to shareholders after SIB achieved net profits of AED514.1 ...

ABU DHABI / WAM Silal, Abu Dhabi’s leading fresh produce and agri-tech company, and AeroFarms, a Certified B Corporation and leader in indoor vertical farming, have signed a Memorandum of Understanding (MoU) to forge a long-term research and development collaboration involving knowledge and technology transfer of advanced farming systems to local farmers. Under the MoU, both parties will assess opportunities ...

  RAS AL KHAIMAH / WAM The 9th edition of Arab Aviation Summit (AAS), the region’s leading aviation and tourism industry event, started on Monday at Al Hamra International Exhibition and Conference Centre in Ras Al Khaimah. Under the theme “Roadmap to recovery”, hundreds of international and local industry experts and media epresentatives will discuss various aviation and tourism topics. ...

  SHARJAH / WAM Marwan bin Jassim Al Sarkal, Executive Chairman of the Sharjah Investment and Development Authority (Shurooq), announced that it is currently considering investing in several Arab and Gulf Cooperation Council (GCC) countries, including Egypt, Saudi Arabia, Oman and Qatar. Shurooq has received a proposal to establish similar entities to Sharjah Sustainable City in Australia and the US, ...

  DUBAI / WAM Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority (Dewa), announced that Dewa had completed the short-term goals of its Smart Grid Strategy 2014-2035. Between 2015 and 2020, Dewa replaced all electricity and water metres with smart metres, deploying over two million smart metres. By automating metre readings, Dewa empowers its customers ...