DUBAI / Emirates Business The Dubai Gold and Commodities Exchange (DGCX) is on course to break last year’s annual volumes record of 22.3 million contracts traded, having already traded 20.3 million contracts this year, valued at $373 billion. Last month, the DGCX traded 1.68 million contracts, and registered Average Daily Volumes (ADV) of 72,921, up 11.5% year-on-year (y-o-y). DGCX’s success …
Read More »ROME / WAM The United Arab Emirates has been awarded a permanent membership with observer status on the Council of the International Centre for the Study of the Preservation and Restoration of Cultural Property (ICCROM). The decision was made by ICCROM’s Council 93rd session in Rome, in recognition of UAE’s support and contributions to organisation, including hosting the only regional …
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Bloomberg Saudi Crown Prince Mohammed bin Salman finally gave the go-ahead for the initial public offering (IPO) of Aramco, deciding there’s enough support from local investors for what’s likely to be a record share sale. The crown prince made the decision at a meeting he chaired and an official announcement is likely as soon as Sunday. The partial privatisation will …
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Bloomberg Southeast Asian countries should band together and speak with one voice in global trade disputes with the US and European Union (EU) to avoid being bullied, according to Malaysian Prime Minister Mahathir Mohamad. Speaking to a business forum in Bangkok, Mahathir said the 10-member Association of Southeast Asian Nations (Asean) should leverage its market of 650 million people to …
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Dubai / WAM Director General of Dubai Customs, Ahmed Mahboob Musabih and Oleksandr Khomiak, Consul General of Ukraine to Dubai discussed means of boosting cooperation between Ukraine and the UAE, especially in areas of trade. “It’s very important for us to boost ties of partnership with the Ukrainian diplomatic missions and companies. We have priorities which include delivering a leading …
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DUBAI / WAM The GCC’s chemical-related investments have exceeded $140 billion in the first 10 months of 2019, led by consolidation, joint venture agreements and an increased number of merger and acquisition deals, according to estimates by the Gulf Petrochemicals and Chemicals Association (GPCA). The multi-billion-dollar investments made both within the region and international markets in the areas of refining, …
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Bloomberg Saudi Arabia’s Public Investment Fund will invest $10 billion in Brazil and plans to use the country as a gateway to the rest of Latin America, the Brazilian government said. The investment comes after talks between President Jair Bolsonaro and Crown Prince Mohammed Bin Salman, Brazilian Foreign Affairs Minister Ernesto Araujo said. Bolsonaro met Bin Salman in Riyadh, where …
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RIYADH / WAM A senior Russian trade official said that the UAE has demonstrated how a nation can successfully transform its economy, “by expeditiously investing its income from oil.” Speaking on the sidelines of the Future Investment Initiative currently running in Riyadh until October 31, the Head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev told the Russian state …
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Bloomberg Saudi Arabia’s Energy Minister Prince Abdulaziz said his country is ready to make deeper cuts in oil output than it agreed to with other global producers, according to Nigerian Minister of State for Petroleum Resources Timipre Sylva. “He assured me that they are very ready to even cut deeper,†Sylva told Bloomberg TV in Riyadh. The Opec minister said …
Read More »AL KHOBAR / WAM First Abu Dhabi Bank (FAB), has expanded its operations in Saudi Arabia with the opening of a branch in Al Khobar. The new branch joins one already operating in Riyadh. Abdulhamid Saeed, Group CEO of FAB, said, “It gives me great pleasure to open our second branch in Saudi Arabia. We look forward to providing the …
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