June, 2022

• 2 June

  UK housing market is starting to slow: BOE

    Bloomberg Bank of England (BOE) Deputy Governor Jon Cunliffe said the UK housing market is starting to slow and will be dragged down by rising interest rates and easing economic growth. “We see evidence of a slowdown,” Cunliffe said in an interview on ITV News. “There are some straws in the wind that show the market is starting to ...

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• 2 June

  Stocks climb as investors mull oil drop, rate fears

  

    Bloomberg Stocks in Europe and US futures climbed on Thursday as investors assessed attractive valuations and a drop in oil prices against hawkish messages from central bankers on reining in inflation. Europe’s Stoxx 600 Index rose 0.5%, with construction and consumer shares leading gains, while energy stocks were laggards. Trading volumes are lighter than usual, with UK markets shut ...

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• 2 June

  China utility shares primed for gains on reopening, subsidies

  

    Bloomberg Shares linked to Chinese utilities are primed to extend their rebound as the economy’s reopening spurs electricity consumption and tens of billions of dollars-worth overdue subsidies may finally make their way, analysts say. A sub-gauge of utility stocks on the CSI 300 Index has jumped nearly 10% since a recent mid-March low, outpacing a less than 3% rise ...

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• 2 June

  UAE to chair UN’s commitee on Peaceful Uses of Outer Space

  Abu Dhabi / WAM The UAE will chair the Committee on The Peaceful Uses of Outer Space (Copuos). With 100 member states, Copous is one of the largest UN committees and plays a major role in governing the exploration and use of space for the benefit of all humanity. Sarah bint Yousif Al Amiri, Minister of State for Public Education ...

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• 2 June

  UAE, Kyrgyzstan set up new era of economic cooperation

    KYRGYZSTAN / WAM Abdullah bin Touq Al Marri, Minister of Economy, said the UAE and Kyrgyzstan are establishing a new era of economic cooperation led by their private sectors, which will double the value of their trade. In an interview with WAM, while heading an Emirati economic and commercial delegation visiting the Kyrgyz capital, Bishkek, Al Marri noted that ...

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• 2 June

  Adib’s digital banking channels’ usage up 40%

  

    Abu Dhabi / Gulf Time Abu Dhabi Islamic Bank (Adib) has registered a significant increase in its digital banking channels usage during the first quarter of 2022. According to Adib, 40% of customers’ personal finance applications are now taking place digitally on its mobile app, up from 30% in Q1 last year. The bank currently has over 700,000 customers ...

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• 2 June

  EDB to provide financial support to SMEs, startups in Sharjah free zones

  

    Sharjah / WAM The Emirates Development Bank (EDB), the key financial engine of the UAE’s economic diversification and industrial transformation agenda, has signed a memorandum of understanding (MoU) with the Hamriyah Free Zone in Sharjah and the Sharjah Airport International Free Zone (Saif) to provide financial support to small and medium-sized enterprises (SMEs) and startups operating in either of ...

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• 2 June

  Sharjah’s Arada raises $350m through sukuk

  

    Sharjah / WAM Arada, a property development company based in Sharjah, successfully completed the issuance of its first public financing deal, a $350 million sukuk, which has been listed on the London Stock Exchange. The five-year fixed rate RegS debut sukuk issuance was rated BB- by Fitch and B1 by Moody’s. The sukuk was priced at par with a ...

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• 2 June

  Dubai South, IHC sign deal

  Dubai / WAM Dubai South, the largest single-urban master development focusing on aviation, logistics and real estate, on Wednesday announced that it signed a memorandum of understanding (MoU) with International Humanitarian City (IHC), the largest humanitarian hub in the world. The agreement entails the implementation of Masary, an e-gate pass system, at IHC to track and trace shipments within a ...

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• 2 June

  Mubadala Petroleum reaches half a million boed milestone

  

    Abu Dhabi / WAM Mubadala Petroleum on Wednesday announced it had reached half a million Barrels of Oil Equivalent a Day (boed) for the first time in its history. This achievement further establishes the company as a strategic player in the international energy sector and marks a 22 percent increase in production from 2021. The landmark was reached following ...

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