January, 2022

• 24 January

  China shows signs of loosening yuan grip as it starts easing

  

    Bloomberg China’s central bank set its strongest reference rate for the yuan in three years in a sign it’s loosening its grip on the currency amid a relentless rally. The People’s Bank of China (PBOC) set the reference rate at 6.3485 per dollar, the strongest since May 2018, similar to the average estimate in a Bloomberg survey. The move ...

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• 24 January

  Stocks drop, bonds advance amid Fed, Ukraine concerns

  

    Bloomberg Equities in Europe declined on Monday and US futures reversed gains as the rout in technology stocks deepened amid concerns over the Federal Reserve’s imminent rate liftoff. Bonds gained. Tech stocks were among the largest decliners as the Stoxx Europe 600 index dropped almost 2%, on track for the biggest two-day slump since October. Tensions between Russia and ...

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• 24 January

  Goldman shrugs off rate hikes to bet on emerging stocks

  

    Bloomberg Some of the world’s biggest funds are switching toward emerging-market equities in a bet their central banks have less need to raise interest rates after tightening before their developed-nation peers last year. Goldman Sachs Asset Management and BNP Paribas Asset Management are among those buying the shares on expectations the most attractive valuations in more than a decade ...

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• 24 January

  Dubai seeks to capture 400 global economic events annually by 2025

  

    Dubai / WAM Dubai’s business events sector and broader economy are poised to benefit from another year of successful bidding activity led by Dubai Business Events (DBE), the city’s official convention bureau. Collaborating with stakeholders across the public and private sectors, DBE has captured 120 events for the year 2021 and beyond. These events, a combination of conferences, meetings ...

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• 24 January

  Sharjah discusses policy promoting citizens’ benefits

    SHARJAH / WAM Several members of the Sharjah Consultative Council (SCC) discussed all the policies of the Sharjah Department of Housing (SDoH), reviewing the efforts of the Department in working to promote and improve the reality of the housing process in the Emirate of Sharjah, as well as proposing a number of solutions aimed at promoting citizens’ benefits. During ...

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• 24 January

  Living with Covid proving tough for world economy

  

    Bloomberg The surging Omicron variant is complicating the recovery for a world economy that continues to be wracked by supply chain chaos, worker absenteeism and faltering assembly lines. Supermarkets are struggling to stock shelves amid chronic staff shortages. Airlines are grounding flights. Manufacturers are facing disruption and shipping lines remain backed up. At the same time, surging energy prices ...

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• 24 January

  Ministry of Energy supports CEM Global Ports Hydrogen Coalition

    DUBAI / WAM The UAE Ministry of Energy and Infrastructure enables the country’s energy transition by adopting sustainability in all sectors including the maritime industry. The country has consolidated its leading position among the best maritime centres in the world by employing practices, decisions and legislation that have contributed to developing the sector and enhancing maritime safety standards, while ...

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• 24 January

  Irthi elevates UAE heritage crafts on world stage

  Sharjah / WAM With 11 design-led cross-cultural and cross-disciplinary crafts collaborations, 14 new collection launches and 10 programmes initiated during 2021, UAE-based Irthi Contemporary Crafts Council, an affiliate of Nama Women Advancement, has made a powerful statement on national and international platforms with its exceptional creative work, and unearthed new opportunities for Emirati craftswomen to develop and preserve local crafts ...

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• 24 January

  Dewa opens 16 new substations worth AED2.92 billion in 2021

  

    DUBAI / WAM Dubai Electricity and Water Authority (Dewa) inaugurated 16 new substations in 2021, at around AED2.928 billion. These include fourteen 132kV stations with a conversion capacity of 2,100 megavolt amperes and two 400kV stations with 4,000 megavolt amperes in the Mohammed bin Rashid Al Maktoum Solar Park and Al Quoz 2. Dewa installed 222 kilometres of 400kV ...

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• 24 January

  HFZA plays key role in boosting economic growth of Sharjah

  

    Sharjah / WAM 2021 was a very successful year for the Hamriyah Free Zone Authority (HFZA) in Sharjah, where it has continued to consolidate its position as a favoured investment destination for various types of businesses, besides its role in supporting the economic growth in the emirate of Sharjah. During the last year, the authority has attracted 9 international ...

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