August, 2022

• 9 August

  Tanzania plans to ease money supply growth

    Bloomberg The Bank of Tanzania plans to be less accommodative for the remainder of the year to curb inflationary pressures. “At the backdrop of rising inflationary pressures, MPC approved Bank of Tanzania to reduce the speed of expanding liquidity in remainder of 2022,” Monetary Policy Committee said. in a statement following its latest meeting. That’s in order to tame ...

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• 9 August

  Nasdaq 100’s big surge belies a darker outlook for tech profits

  

    Bloomberg Technology stocks have been on a tear over the past month, but behind the scenes the big picture for the sector’s profits has only gotten darker. Analyst estimates for 2022 profit growth at S&P 500 tech companies have fallen about two percentage points since second-quarter earnings reports kicked off in July, according to data compiled by Bloomberg Intelligence. ...

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• 9 August

  Gold holds drop after US jobs data support rate-hike outlook

  

    Bloomberg Gold held its biggest decline in two weeks after strong US jobs growth tempered recession fears, suggesting that the Federal Reserve is likely to persist with steep interest-rate hikes to curb inflation. Bullion dropped as much as 0.9% as US nonfarm payrolls jumped by more than double what economists had forecast, diminishing prospects of an economic slowdown. That ...

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• 8 August

  Dubai welcomes 7.12 million international visitors in H1 ’22

  

    Dubai / WAM Dubai attracted 7.12 million international overnight visitors between January and June 2022, recording more than 183% growth in visitors compared to the 2.52 million tourists who visited Dubai during the same period in 2021, according to latest data from Dubai’s Department of Economy and Tourism (DET). This positive trend in H1 2022 places the city firmly ...

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• 8 August

  UAE calls for Gaza de-escalation

    Abu Dhabi / WAM The United Arab Emirates has emphasised the need to restore calm to the Gaza Strip, reduce escalation, and preserve civilian lives. In a statement, Afra Mahash Al Hameli, Director of the Strategic Communications Department at the Ministry of Foreign Affairs and International Cooperation (MoFAIC), said that the UAE expresses its deep concern over the current ...

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• 8 August

  Gross banks’ assets in UAE cross AED3tn in 5 months

    Abu Dhabi / WAM The total assets of the 22 national banks increase to AED3.023 trillion in the first five months of 2022, up 4 percent (AED117.3 billion), according to latest statistics released by the UAE central bank (CBUAE). Assets of national banks accounted for 87.8 percent of gross banking sector’s assets of AED3.442 trillion by end of last ...

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• 8 August

  Dubai Chamber sets up ‘Dubai digital assets business group’

  

    Dubai / WAM Dubai Chamber of Digital Economy, one of three chambers operating under the umbrella of Dubai Chambers, announced the formation of the Dubai Digital Assets Business Group (D2A2), which aims to strengthen the digital asset industry’s role in the economic development of the UAE and the wider Middle East region, enhance digital business infrastructure and support the ...

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• 8 August

  Major Dubai road project 75% complete, says RTA

    Dubai / WAM Dubai’s Roads and Transport Authority (RTA) has announced that the Sheikh Rashid bin Saeed Corridor Improvement Project is now 75 percent complete. The project extends 8 kilometres (km) along Ras Al Khor Road from the intersection of Dubai – Al Ain Road to the intersection of Sheikh Mohammed bin Zayed Road. Works include constructing bridges extending ...

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• 8 August

  Suez Canal records highest daily traffic rate

  

    Dubai / WAM A record of 89 ships carrying a total net tonnage of 5.2 million tonnes passed through Egypt’s Suez Canal in both directions, the highest daily traffic rate in the international waterway’s history, stated Suez Canal Authority (SCA) Chairman Osama Rabie. 44 ships passed through the canal from the north with a net tonnage of three million ...

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• 8 August

  EDB approves AED2.4b in finance during H1 2022

  

    Abu Dhabi / WAM Emirates Development Bank (EDB) held its board meeting to review results of the first half of 2022 and monitor the progress of its new strategy which was launched in April 2021 to support the UAE’s industrial development, accelerate the adoption of advanced technologies, and empower the growth of SMEs. The board meeting was held for ...

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