May, 2023

• 19 May

  NBF receives two awards at MEA Finance Banking Technology Awards 2023

  

  FUJAIRAH / WAM National Bank of Fujairah (NBF) has received two awards at the MEA Finance Banking Technology Awards 2023. The awards won by NBF include “Best Innovation in Trade Finance” and “Most Innovative Trading Platform” for the second consecutive year. NBF’s success stems from its extensive banking experience and market expertise in Fujairah and the UAE, establishing its strong …

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• 19 May

  MoF calls on public to rely of official publications and contents on corporate tax

  

  ABU DHABI / WAM The Ministry of Finance (MoF) has called on the public to rely only on official publications and posts issued by MoF and the Federal Tax Authority (FTA) regarding the Federal Decree-Law No 47 of 2022 on the Taxation of Corporations and Businesses (the Corporate Tax Law) and the associated Cabinet and Ministerial Decisions. The ministry said …

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• 19 May

  Ministry, Burjeel sign pact on healthcare services provision

  

  ABU DHABI / WAM The Ministry of Foreign Affairs and International Cooperation (MoFAIC) and Burjeel Holdings have signed a memorandum of understanding (MoU) regarding the provision of specialised healthcare services for MoFAIC employees and their families. This agreement spurs from the desire of both parties to consolidate areas of existing cooperation and communication and to benefit from various activities and …

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• 19 May

  Mansour bin Zayed arrives in Jeddah

  

  JEDDAH / WAM His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court, today arrived in Jeddah, leading the UAE delegation participating at the 32nd Arab League Summit. Upon his arrival at  Jeddah Airport, Sheikh Mansour and the accompanying delegation were received by Prince Bader bin Sultan bin Abdulaziz Al Saud, …

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• 19 May

  FAB showcases UAE’s potential as an investment gateway for Chinese firms

  

  ABU DHABI / WAM First Abu Dhabi Bank (FAB) showcased the UAE’s potential as an investment gateway for Chinese companies by hosting a China-Arab Entrepreneurs’ Summit in Abu Dhabi. The summit brought together over 60 Chinese entrepreneurs, executives, and government officials on Friday. Over the past decade, China has emerged as the Middle East’s largest trading partner, with investment and …

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• 19 May

  DCT Abu Dhabi launches Seaworld Abu Dhabi

  

  ABU DHABI / WAM The Department of Culture and Tourism — Abu Dhabi (DCT Abu Dhabi) hosted a series of events in major cities across the GCC including Saudi Arabia, Kuwait, Qatar, Bahrain and Oman to launch the SeaWorld Yas island, and Experience Abu Dhabi’s “One Summer Isn’t Enough” offering, in partnership with 20 key stakeholders including hotels, city attractions …

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• 19 May

  Mubadala invested $29.14b in industries focussing on future

  

  ABU DHABI / WAM Mubadala Investment Company has released its 2022 financial results for the group. Despite a challenging macroeconomic environment in 2022 that significantly impacted financial markets and investor sentiment, Mubadala outperformed global benchmarks, supported by active management of its portfolio, robust capital deployment and a considered monetisation programme. Mubadala invested AED107 billion ($29.14 billion) in line with its …

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• 19 May

  Sheikh Mansour meets Syrian President

  

  JEDDAH / WAM His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Minister of the Presidential Court, held a meeting on Friday with President Bashar al-Assad of Syria on the sidelines of the 32nd Arab League Summit. During the meeting, they exchanged cordial talks that reflected the strong fraternal relations between the two countries and …

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• 19 May

  Wall Street built a $370 billion business cloning quant trades

  

  BLOOMBERG Deep in the bowels of Wall Street there’s a surprisingly successful counterfeiting operation underway: The world’s largest banks have created a booming business churning out imitation quant trades. JPMorgan Chase & Co, Goldman Sachs Group Inc and Morgan Stanley are among those hawking the products, which are known by the deceptively dreary name “quantitative investment strategies” (QIS). It’s the …

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• 19 May

  Adani stocks reduce weekly losses on relief from court panel report

  

  BLOOMBERG Shares of Adani Group companies rallied, trimming their losses for the week, after a panel appointed by India’s Supreme Court found no conclusive evidence of stock price manipulation as alleged by US short-seller Hindenburg Research. Flagship Adani Enterprises Ltd surged 3.5% on the court findings. Other group entities like Adani Transmission Ltd, and Adani Power Ltd closed higher by …

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