December, 2022

• 13 December

  ‘Investors may need to pare back on reopening China trades’

    Bloomberg A sharp increase in China’s Covid infections following an abrupt end to strict pandemic control measures suggests investors may need to pare back on reopening trades, according to Morgan Stanley. “We would recommend that investors put on hedges in the markets where investors are almost fully pricing in reopening trades,” strategists including Min Dai and Gek Teng Khoo ...

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• 13 December

  Shopify’s $118 billion rout slows Canada’s stellar stock-market run

  

    Bloomberg Shopify Inc.’s 70 percent plunge has almost single-handedly dragged the Canadian stock market into the red this year, taking the shine off what would otherwise be one of the world’s top-performing major equity benchmarks. The e-commerce software provider has lost C$161 billion ($118 billion) in market value in 2022, causing a 978-point drag on the S&P/TSX Composite Index. ...

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• 13 December

  Stocks, US futures up as traders await CPI

  

    Bloomberg US index futures and European equities rise amid forecasts inflation in the world’s largest economy will post the lowest figure this year, warranting a less hawkish Federal Reserve. Contracts on the S&P 500 and Nasdaq 100 advanced at least 0.1% each after the underlying indexes climbed on December 12 by the most in December. The Stoxx 600 gauge ...

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• 13 December

  Dubai’s GDP grows 4.6% to AED307.5b in 9 months of ’22

  

    Dubai / WAM HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, announced that Dubai’s GDP grew 4.6% year-on-year to AED307.5 billion during the first nine months of 2022 compared with the same period last year. HH Sheikh Hamdan bin Mohammed noted that Dubai’s exceptional GDP growth was the ...

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• 13 December

  UAE leaders wish President of Kenya on Independence Day

    Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a congratulatory message to President William Samoei Ruto of Kenya, on the occasion of his country’s Independence Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also sent similar message to Kenyan ...

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• 13 December

  Gross banks’ assets in UAE up 1.7% to AED3,58 billion

  

    Abu Dhabi / WAM The central bank announced that the money supply aggregate M1 increased by 0.5%, from AED719.4 billion at the end of August to AED723.0 billion at the end of September. The money supply aggregate M2 increased by 1.1%, from AED1,627.7 billion at the end of August to AED1,645.6 billion at the end of September. The money ...

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• 12 December

  EDB, ADCB join hands on credit guarantee scheme for UAE SMEs

  

    Abu Dhabi / WAM Emirates Development Bank (EDB), a key financial engine for the economic development and industrial advancement of the nation, and Abu Dhabi Commercial Bank PJSC (ADCB) have announced the signing of a memorandum of understanding (MoU) to boost financial inclusion of small-to-medium sized enterprises (SMEs) through a joint credit guarantee scheme. The partnership will enable SMEs ...

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• 12 December

  Hub71 community raises $1bn in venture capital

  

    Abu Dhabi / WAM Hub71, Abu Dhabi’s global tech ecosystem, on Monday announced its startup community has raised $1 billion in venture capital collectively since its launch in 2019. The milestone was achieved in a year which has seen Hub71 onboard 53 high growth technology companies each with a proven track record of attracting large-scale investment from leading venture ...

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• 12 December

  Sharjah Media City launches ‘Shams Valley’

    Sharjah / WAM Sharjah Media City (Shams) has launched a new venture builder called ‘Shams Valley’ to launch startups in the media and technology sectors, create new opportunities for the growing economy of the emirate of Sharjah, and play an active role in enhancing its diversity and competitiveness. Launched in collaboration with leading UAE-based venture building studio Grow Valley, ...

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• 12 December

  Sheikh Mohammed okays phase II of Dubai 2040 Urban Master Plan

  

    Dubai / WAM His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has approved the second phase of the Dubai 2040 Urban Master Plan. Phase II of the plan consists of several projects under ten key initiatives, including Enhancing Urban Centres, Dubai Real Estate Strategy, Urban Farming Plan, ...

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