December, 2021

• 6 December

  2022 hike unlikely but ECB will act if needed: Lagarde

  

  Bloomberg European Central Bank (ECB) President Christine Lagarde called the prospect of an interest-rate increase next year unlikely, but said she’d quickly take action to combat elevated inflation should it become necessary. “When the conditions of our forward guidance are satisfied, we will not hesitate to act,” Lagarde told Reuters in a webcast interview. Her remarks come just days after ...

  Read More »
• 6 December

  China tech index on track for record low as rout continues

  

  Bloomberg China tech shares tumbled on Monday, with a key gauge poised to close at its lowest level since launch last year as concerns mount over how many more companies could withdraw from American exchanges. The Hang Seng Tech Index, a gauge of mostly Chinese tech giants traded in Hong Kong, saw losses deepen to as much as 3.6% in ...

  Read More »
• 6 December

  Traders dump Asean stocks on fears omicron will hammer region

  

  Bloomberg Emerging-market traders are taking the once-bitten, twice-shy approach with Southeast Asia and omicron, dumping shares from the region that was most impacted when the delta variant arrived. The MSCI AC Asean Index has fallen about 4% since US Thanksgiving — when omicron first made its presence known in markets — underperforming the near 2% decline in Latin American shares ...

  Read More »
• 6 December

  Borouge awards EPC deals to expand its Ruwais complex

  

  Abu Dhabi / WAM Borouge, a leading petrochemical company providing innovative, value-creating polyolefin solutions, announced on Sunday the award of the Engineering, Procurement and Construction (EPC) contracts for the world-scale fourth expansion of its manufacturing complex in Ruwais, Abu Dhabi (Borouge 4). Adnoc and Borealis AG signed a strategic partnership that confirms a $6.2 billion (AED22 billion) investment agreement to ...

  Read More »
• 6 December

  Adnic extends partnership with Al Bayt Mitwahid

  ABU DHABI / WAM Abu Dhabi National Insurance Company (Adnic), one of the leading regional multi-line insurance providers for corporates and individuals, has extended its partnership with Al Bayt Mitwahid Association for a year. A non-profit organisation dedicated to celebrating unity and promoting a culture of giving, Al Bayt Mitwahid provides an open platform for UAE communities to take part ...

  Read More »
• 6 December

  UAE foreign trade hits $9.3tn in five decades

  

  Abu Dhabi / WAM The total value of the UAE’s foreign trade in the past five decades amounted to some $9.32 trillion (AED34.23 trillion), according to the United Nations Conference on Trade and Development (UNCTAD). Additionally, the country’s trade balance from 1971 to 2020 recorded a surplus of nearly $1.3 trillion (AED4.76 trillion). The UNCTAD’s figures also reported that the ...

  Read More »
• 6 December

  UAE capable of exporting renewable hydrogen to Europe in future: Official

  

  Abu Dhabi / WAM The UAE with its abundant solar power has the potential to become an exporter of renewable hydrogen to Europe in the future, a top European Union (EU) official told Emirates News Agency (WAM). “What is important for us, in addition to scaling up renewable hydrogen in the EU, is to create a global hydrogen market that ...

  Read More »
• 6 December

  Ofid extends $80m loan to boost trade in Africa

  

  Vienna / WAM The Opec Fund for International Development (OFID) signed an $80 million loan agreement with the African Export-Import Bank (Afreximbank) to finance international trade directly among corporates or through financial intermediaries. The Opec Fund’s support will assist in boosting Afreximbank’s liquidity to grow its loan portfolio as it finances exports and imports in critical sectors such as agriculture, ...

  Read More »
• 6 December

  VP, Mohamed launch AED50b UAE Rail Programme

  

  Dubai / WAM In the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, the UAE government announced the launch of the UAE Railways ...

  Read More »
• 6 December

  Jebel Ali Port, Jafza to highlight their offerings at GPCA forum

  

  Dubai / WAM DP World’s flagship Jebel Ali hub including Jebel Ali Port and Jebel Ali Free Zone (Jafza) will highlight the growth prospects in the sector and their competitive offerings with their participation in the 15th edition of Gulf Petrochemicals and Chemicals Association (GPCA) Annual Forum from December 7-9. The forum serves as a vital platform for the chemical ...

  Read More »