December, 2022

• 20 December

  BOJ’s hawkish shift sent shock waves through global markets

  

    Bloomberg The Bank of Japan’s (BOJ) unexpected hawkish shift sent shock waves through global markets as the developed world’s last holdout for rock-bottom interest rates inches towards policy normalisation. Japanese government bonds and Treasuries both slumped, while the yen surged after the BOJ raised its cap on benchmark 10-year yields to around 0.5% from 0.25%, surprising every economist surveyed ...

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• 20 December

  Swedish property stocks end brutal 2022 with tough reset ahead

  

    Bloomberg In 2021, a Swedish property company was one of Europe’s top stocks. It’s ending 2022 at the very bottom of the leaderboard, with a 73% slump that underpins a sector-wide reset. The reversal of fortunes for Samhallsbyggnadsbolaget i Norden AB — known as SBB — illustrates the woes of Swedish real estate stocks as they grapple with the ...

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• 20 December

  EGA signs deal to supply solar aluminium for Nissan vehicles

  

  Abu Dhabi / WAM Emirates Global Aluminium (EGA), the largest industry company in the UAE outside of oil and gas, has agreed to supply CelestiAL solar aluminium to Kobe Steel to make automotive body sheet for Nissan The agreement with Kobe Steel will see the supply of EGA’s CelestiAL solar aluminium to one of the largest rolling mills in Japan. ...

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• 20 December

  UAE to host WTO’s ministerial conference in February 2024

    Abu Dhabi / WAM The United Arab Emirates was announced as the host of the 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO). The foremost deliberation body of the WTO, which meets once every two years, will be coming to Abu Dhabi in the first quarter of 2024, placing the UAE at the heart of the conversations ...

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• 20 December

  Ajman approves record AED2.92b budget for ’23

  

    Ajman / WAM His Highness Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, approved the Ajman Government’s public budget worth AED2.920 billion, a rise of 21 percent compared to last year’s budget, which is deemed the largest in the emirate’s history. HH Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman ...

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• 20 December

  Abu Dhabi awards road lighting LED project to French consortium

  

    Abu Dhabi / WAM The Abu Dhabi Investment Office (Adio), in collaboration with the Department of Municipalities and Transport (DMT), has selected French consortium EDF (Eléctricité de France) and Engie to deliver Phase 2 of its Road Lighting LED public-private partnership (PPP) project. DMT has signed a partnership agreement with Nojoom, a joint venture between EDF and Engie, to ...

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• 20 December

  Sharjah to boost economic ties with Belgium

    Sharjah / WAM Sharjah and Belgium scoped out new partnership avenues and opportunities during a meeting which saw the presence of Sheikh Majid Al Qasimi, Director of the Department of Government Relations (DGR) in Sharjah, and Antoine Delcourt, ambassador of the Kingdom of Belgium to the UAE. During the meeting, the director briefed the delegation on DGR’s initiatives that ...

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• 20 December

  Private sector firms to be awarded for excelling in Emiratisation goals

  

  Abu Dhabi / WAM HH Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court and Chairman of the Board of the Emirati Talent Competitiveness Council has launched the first cycle of ‘Nafis Award’ for the year 2022-2023. The award aims to recognise private sector establishments that have excelled in hiring UAE nationals and fostered ...

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• 20 December

  Tecom to build $120mn office project in Dubai Internet City

  

    Dubai / WAM Tecom group has broken ground on the Innovation Hub Phase 2 in Dubai Internet City, as Dubai’s legislative framework and ease of doing business attract a high volume of international companies and investors. The group is expanding its leasing portfolio to capture the increasing demand in Dubai’s commercial real estate market underpinned by the emirate’s economic ...

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• 20 December

  UAE, Guyana launch initiative to train youth for future solutions

  

  DUBAI / GEORGE TOWN / WAM Under the patronage and presence of Dr Mohamed Irfaan Ali, President of the Cooperative Republic of Guyana, the governments of the UAE and Guyana launched the Guyana Coders Initiative (GCI). This forthcoming initiative was conceived as part of government knowledge exchange collaboration between the two countries and marks a first in Latin American. This ...

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