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Bloomberg While declines in chip and Internet giants have put South Korean equities on course for their worst year since the global financial crisis, investors found winners in the electric-vehicle supply chain and defense sector. The benchmark Kospi is down about 22% in 2022, headed for its largest loss since 2008. The biggest drags include a 26% decline in Samsung ...
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December, 2022
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27 December
Stocks buoyed by China reopening; dollar sinks
Bloomberg Equities climbed on Tuesday while the dollar declined amid positive sentiment from China’s rollback of Covid isolation measures and the cooling of a key inflation gauge in the US. Chinese, Japanese and South Korean shares rose, with travel and consumer goods stocks higher in Tokyo and Seoul after China moved to end quarantine for inbound visitors. Futures contracts ...
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27 December
UAE strongly condemns Taliban’s decision to ban women from NGOs
New York / WAM Ambassador Lana Nusseibeh, Assistant Minister of Foreign Affairs and International Cooperation for Political Affairs and Permanent Representative of the UAE to the United Nations, expressed the UAE’s strong condemnation of the decision by the Taliban to ban women from working in national and international non-governmental organisations (NGOs) in Afghanistan. Ambassador Nusseibeh warned that at a ...
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27 December
Creative Zone joins NextGenFDI initiative to support its goals
Abu Dhabi / WAM The Ministry of Economy has announced that Creative Zone, one of the UAE’s largest consulting and business establishment companies, has joined the NextGenFDI initiative through foreign direct investments which launched in July 2022, with the aim of attracting digitally advanced companies to enter the UAE market, and developing the next generation of startups in the ...
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27 December
450,000 sqm Metal Park breaks ground in Kezad
Abu Dhabi / WAM Senior executives from Khalifa Economic Zones Abu Dhabi – Kezad group, the integrated trade, logistics, and industrial hub of Abu Dhabi, have attended the ground breaking of Metal Park Investment ME Ltd’s integrated Metal Park in Abu Dhabi. Covering a total land area of 450,000 square metres, the upcoming Metal Park in Kezad will be ...
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27 December
World economy faces recession in 2023, says British consultancy
Bloomberg The world faces a recession in 2023 as higher borrowing costs aimed at tackling inflation cause a number of economies to contract, according to the Centre for Economics and Business Research (Cebr). The global economy surpassed $100 trillion for the first time in 2022 but will stall in 2023 as policy makers continue their fight against soaring prices, the ...
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27 December
Dewa’s hydroelectric power plant in Hatta 60% complete
Dubai / WAM The pumped-storage hydroelectric power plant site that Dewa is building in Hatta is 58.48% complete. This is the first station of its kind in the GCC, with investments of up to AED1.421 billion. The project is planned for completion in Q4 of 2024. The power plant will have a production capacity of 250 megawatts (MW), a ...
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27 December
DLD launches new strategic plan 2026
Dubai / WAM In line with the adoption of Resolution No. 81 approved by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, approving the organisational structure of Dubai Land Department (DLD), and in line with the strategies drawn by the UAE’s wise leadership for the upcoming development ...
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27 December
Ruler of Sharjah approves AED32.2b budget for 2023
Sharjah / WAM His Highness Dr Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, approved the emirate’s general budget for 2023 with total expenditures amounting to nearly AED32.2 billion. The general budget for the year aims to achieve financial sustainability and enhance the economic competitiveness of the emirate. This budget was based on strengthening ...
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27 December
AGMC to establish 117,000 sqft BMW group facility in Sharjah
Sharjah / Gulf Time AGMC, the official importer of BMW group vehicles for Dubai, Sharjah, and the Northern Emirates, expands its footprint in Sharjah as it breaks ground on what will be a 117,000 square foot facility located on Sharjah’s Sheikh Mohammed Bin Zayed Road. As part of AGMC’s network expansion and commitment to accommodate existing and potential clients, ...
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