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Abu Dhabi / WAM The United Arab Emirates Central Bank (UAECB) and the Saudi Arabian Monetary Authority (Sama) on Tuesday announced in a joint statement the launch of the common digital currency project ‘Aber’, which will be used in financial settlements between the two countries through Blockchains and Distributed Ledgers technologies. This comes under the framework of ‘Proof-of-Concept’, which can ...

Abu Dhabi / WAM The Government of the United Arab Emirates announced on Tuesday that it initiated World Trade Organisation (WTO), dispute-settlement proceedings against Qatar following its ban of the sale of UAE products in Qatari markets. The move comes following the Qatari Ministry of Economy’s ban on the sale of consumer goods manufactured in the UAE, Saudi Arabia, Bahrain and ...

Sharjah / WAM Sharjah’s Executive Council on Tuesday approved the first list of 816 beneficiaries who could turn their housing loans into grants, at its weekly meeting chaired by HH Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, Crown Prince and Deputy Ruler of Sharjah and Chairman of the Sharjah Executive Council. On the directives of His Highness Dr. Sheikh ...

Abu Dhabi / WAM The Ministry of Health and Prevention (MOHAP), announced the launch of ‘Smart Health Track’, a new smart services initiative in collaboration with the General Directorate of Residency and Foreigners Affairs- Dubai (GDRFA). Smart Gates at Dubai Airports will be equipped with thermal cameras capable of detecting passengers’ body temperature by scanning their face and body thermal print. Data ...

Dubai / WAM Jebel Ali Free Zone (Jafza), affiliated with DP World UAE Region – participated at Arab Health 2019, where it highlighted prospects for global healthcare majors in the region. The free zone is home to more than 160 healthcare and pharmaceutical companies from over 38 countries and accounted for over 30 percent of Dubai’s total trade value for ...

Bloomberg Apple Inc.’s main assemblers are shifting more output to India and Southeast Asia as trade tensions threaten to escalate costs in their longstanding production base of China. Hon Hai Precision Industry Co, known also as Foxconn, said over the weekend it’s investing more than $200 million in India and Vietnam. Smaller rival Pegatron Corp. said it’s moved to Indonesia ...

Bloomberg Sugar millers in India are urging the government to increase the benchmark price of the commodity to help them pay off about $2.7 billion they owe to farmers, according to a person familiar with the matter. The Indian Sugar Mills Association sent a letter to the government asking for the minimum selling price to be raised to 35-36 rupees ...

Bloomberg Allianz Malaysia Bhd has been chosen to progress in talks to acquire Malaysia’s second-biggest car insurer after edging out Japanese rival Mitsui Sumitomo Insurance Co, people with knowledge of the matter said. AmGeneral Insurance Bhd’s owners have decided to enter detailed discussions with Allianz on a potential deal, according to the people, who asked not to be identified because ...

Bloomberg Indonesia will seek to sustain the growth in domestic consumption and boost government spending in a bid to shield itself from a spillover of slowing economic growth in China, according to Finance Minister Sri Mulyani Indrawati. The success in maintaining people’s purchasing power and consumption, which accounts for more than 55 percent of Indonesia’s gross domestic product, will determine ...

Bloomberg Investors locked into holding newly-listed Hong Kong stocks could only watch as last year’s bear market ate away at their returns. The shackles will soon be off. Xiaomi Corp saw a wave of selling after its lockup period — when key investors are banned from selling stock — ended three weeks ago. Similar restriction terms are due to end ...