News

Dubai / Emirates Business The Dubai Gold and Commodities Exchange (DGCX) and its CCP subsidiary, Dubai Commodities Clearing Corporation (DCCC) has been recognised as a remote Exchange and Clearing House by the Financial Services Regulatory Authority (FSRA), the regulatory authority for the Abu Dhabi Global Market (ADGM), enabling ADGM companies to access its trading and clearing platforms. The recognition status ...

ABU DHABI / WAM The Abu Dhabi Quality and Conformity Council (QCC) carried out a series of inspections in the first half of 2017 to verify the accuracy of legal measuring instruments and pre-packaged products used in the Abu Dhabi market and ensure their compliance with the applicable standards. As part of the drive, the council inspected over the past ...

Dubai / Emirates Business The Middle East and North Africa (Mena) region is embarking on an unprecedented programme to develop renewable energy, with more than 67GW of clean energy projects at various stages of the design and study stage, according to Renewable Energy in the Mena Region 2017, a new report from business intelligence service MEED. MEED estimates that this ...

SHARJAH / WAM In a move focused on pushing the innovation agenda in the UAE, a delegation from Sharjah Department of Statistics and Community Development (DSCD) visited the Mohammed bin Rashid Centre for Government Innovation (MBRCGI). During the visit, the DSCD was able to find out more about the best practices adopted by the centre to develop the business environment ...

Dubai / Emirates Business The Supreme Legislation Committee (SLC) has revealed the released an updated version of its strategic plan of the year 2019, which incorporates all the key guidelines and standards aimed at addressing and meeting all the goals and objectives of Dubai, its government agencies and stakeholders concerned with the development and implementation of legislation in the emirate. ...

ABU DHABI / WAM The UAE Banks Federation (UBF) has announced that it has secured the support of the Central Bank for its initiative that aims to develop a unified framework to handle customer complaints. The UBF is a professional body representing 48 member banks operating in the UAE. “The proposed framework was developed as part of UBF’s continued efforts ...

DUBAI / WAM Under the patronage of HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, the Arab Youth Centre has announced its organising of ‘Arab Youth Start-up Marketplace’ (AYSM), a unique annual event that sheds light on creative Arab youth start-ups. As part of centre’s initiatives, the AYSM seeks to establish a platform ...

Bloomberg OPEC and Russia’s plan to clear the global oil glut hasn’t worked as they hoped, but there’s little expectation the world’s largest producers will act more aggressively when they meet this weekend. Oil has slumped into a bear market and inventories remain stubbornly high despite a deal between OPEC and 10 countries outside the group to cut output. The ...

Bloomberg Oil dropped the most in two weeks as a report that OPEC’s July supply will be the highest this year fueled worries over a global glut. Futures tumbled 2.5 percent in New York, erasing gains from earlier this week. Supply from OPEC is set to exceed 33 million barrels a day this month as members including Saudi Arabia and ...

Bloomberg In his final days atop General Electric Co., Jeffrey Immelt still can’t throw off oil’s stink. In his farewell earnings report, the chief executive officer ended his 16-year tenure by telling Wall Street that GE’s earnings are likely to be disappointing the rest of this year. The culprit: sputtering energy markets. It was the latest setback for a CEO ...