Bloomberg Gold slumped to the lowest in more than six months as the dollar rallied amid growing recession fears that caused losses across risk assets. The greenback surged to highest in more than two years as investors retreated to the haven, putting pressure on bullion. US stocks briefly slumped more than 2% amid fears that the Federal Reserve’s rate ...

  DUBAI / WAM The UAE has maintained its position among the top global commodity trading hubs, according to the third iteration of the Commodity Trade Index presented in DMCC’s latest Future of Trade 2022 report. The Commodity Trade Index assesses the role of ten key trading hubs within global trade, ranking these countries in terms of their significance in ...

  Abu Dhabi / WAM Abu Dhabi National Energy Company (Taqa) has announced the completion of its strategic review of its oil and gas business announced in September 2021. As part of the review, the company had been exploring the potential sale of certain of its oil and gas assets. It has been concluded that Taqa’s oil and gas portfolio ...

  ABU DHABI / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has ordered the release of 737 prisoners, ahead of Eid Al Adha. The pardoned prisoners had been sentenced to jail terms for a variety of offenses. His Highness Sheikh Mohamed bin Zayed also pledged to settle the financial obligations of the released prisoners. The president’s pardon ...

  Abu Dhabi / WAM Aldar Properties announced the launch of Yas Golf Collection, its latest community on Yas Island in Abu Dhabi, valued at AED1.7 billion. Overlooking the Yas Links Golf Course and Abu Dhabi’s mangroves, the resort-style community features over 127,000 sqm of gross floor area and encompasses 1,062 apartments and duplexes. Homes in Yas Golf Collection will ...

  Dubai / WAM Omar bin Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Teleworking Applications, affirmed that the UAE government adopts advanced technology as a key pillar in its development journey, reflecting UAE leadership’s directives in leveraging new technology in building capabilities, enhancing services and shaping a brighter future. This came during the signing of ...

  DUBAI / WAM Global trade, which hit a record high of $28.5 trillion in 2021, is expected to grow steadily in 2022 and the coming years as a new era of multilateralism — underpinned by regionalisation, trade in services, innovation and sustainable trade — counters the impact of the slowing global economy, according to Dubai Multi Commodities Centre’s (DMCC) ...

Dubai / WAM Tecom group announced that it has been successfully listed on the Dubai Financial Market (DFM) on Tuesday, beginning its first day of trading under the ticker symbol “TECOM”. Tecom group has successfully raised approximately AED1.7 billion through an initial public offering (IPO). The final offer price of the global offering was AED2.67 per ordinary share, and the ...

  Abu Dhabi / WAM Abu Dhabi University (ADU) announced a new partnership with the University of Reading, one of the United Kingdom’s (UK) top 30 universities and a world leader in research and teaching in agriculture, food science and climate change. The university’s work on climate change has been recently honoured with a Queen’s Anniversary Prize, the highest national ...

  Dubai / WAM Emirates SkyCargo, a leader in the global airfreight industry, took delivery of its latest Boeing 777-F to boost its fleet capacity and cater to the phenomenal growth in the industry. Emirates’ freight division has seen significant increase in cargo loads across its products, including pharma and fresh produce. In 2021-22, annual tonnage carried crossed 2.1 million, ...