Abu Dhabi / WAM Upbeat sentiments triggered by improved performance across all global stock markets saw UAE’s twin bourses’ general indices surging and gaining to the tune of AED16.4 billion at the close of Sunday’s session. The growth was spurred by a buying spree that selectively targeted blue chips and generated AED800 million in liquidity over 537 million shares through ...

SHARJAH / WAM Sharjah Media City, known as Shams, and Mashreq Bank, one of the leading financial institutions in the UAE, have announced a strategic partnership to boost entrepreneurship and support business owners in Sharjah. The two entities signed a Memorandum of Understanding (MoU) that will solidify this collaboration and enable Shams to leverage Mashreq’s banking expertise. “As part of ...

Bloomberg Oil rose to trade near $43 a barrel in London after Opec and its allies agreed to extend historic output curbs by an extra month, promising stricter compliance to ensure members don’t pump more than they pledged. Brent futures added as much as 2.6% after posting a sixth weekly increase on Friday, the longest run of gains since May ...

Abu Dhabi / WAM The e-commerce business sector was issued the highest number of licences in the UAE in May. Data from the National Economic Register, in coordination with relevant economic authorities, showed that 196 licences were issued for e-commerce retail businesses in May. The first five months of the year saw a 300 percent increase in consumer demand for ...

Dubai / WAM Dubai International Financial Centre (DIFC) announced on Monday that it has invested in four fintech start-up companies. According to a DIFC press statement, the investment reflects the centre’s commitment to driving the future of finance and is part of the $100 million FinTech Fund launched in 2019. The FinTech Fund was launched to help establish, grow and ...

ABU DHABI / WAM The Abu Dhabi Department of Economic Development (Added) announced that it has launched an e-contract and e-signature system which will enhance the issuance of economic licenses for one person companies (OPC) and limited liability companies (LLC). The initiative seeks to hasten the issuance of licenses for applicants through obtaining a certified Memorandum of Association (MoA) via ...

ABU DHABI / WAM Abu Dhabi Global Market (ADGM) has announced that its Financial Services Regulatory Authority (FSRA) Policy and Legal Team, have won two prestigious awards at the annual In-House Community Counsels of the Year Awards 2020. “The team was awarded ‘In-House Community Best Practice Legal Teams of the Year in Financial Services’ and ‘In-House Community Best Practice Legal ...

Dubai / WAM The Dubai Land Department (DLD) announced on Monday that the emirate’s official monthly house price index saw a rise of 1.36 percent as the index value moves from 1.1 to 1.115 amidst the lockdown. The results were announced as part of the second edition launch of ‘Mo’asher’ – Dubai’s official sales price index – produced by DLD, ...

Sharjah / WAM The Sharjah Consultative Council (SCC) represented by the Financial, Economic and Industrial Affairs Committee, announced the conclusion of the campaign, entitled, “We’ll get through this.” The campaign aimed to highlight the stimulus package approved by the Sharjah Government to support governmental and private entities, business sectors and individuals, and reflects the importance of the sustainability incentives for ...

Bloomberg One of the few bright spots in China’s coal-dominated power mix for cleaner-burning natural gas is at risk after a proposed tariff cut. The southern province of Guangdong is mulling a 5-12% cut in the rates gas-fuelled generators can charge, according to a report on a website run by China Southern Power Grid Co, referencing an unpublished policy consulting ...