October, 2020

• 3 October

  AED47mn endowment project launched in Ajman

  

  Ajman / WAM Dar Al Ber Society has started work on an endowment project, Al Jurf 2 in Ajman, at a total cost of AED47 million, to join its series of endowment projects in the UAE, which is a new residential building, consisting of 14 floors. Muhammad Suhail Al Muhairi, Executive Director of Dar Al Ber Society, said, “The project ...

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• 3 October

  Dubai sets up region’s first district cooling association

  Dubai / WAM Saeed Mohammed Al Tayer, Vice Chairman of Dubai Supreme Council of Energy (DSCE) announced that Dubai launched region’s first Association of District Cooling Operators to enhance efficiency of district cooling operations and optimise water and energy resources. “The association, which is an official, recognised platform, aims to raise efficiency of district cooling plants and create a roadmap ...

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• 3 October

  India to pay interest for small debtors amid virus

  

  Bloomberg India will subsidise interest costs for small borrowers who had availed of a six-month loan repayment holiday to survive as the pandemic devastated cash flows, according to court documents seen by Bloomberg. Prime Minister Narendra Modi’s government will pay the “interest on interest” on loans of as much as 20 million rupees ($273,000) for the duration of the Reserve ...

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• 3 October

  CBUAE, DIEDC join forces to boost Islamic banking sector

  

  Abu Dhabi / WAM The central bank of the UAE (CBUAE) on Saturday signed a Memorandum of Understanding with the Dubai Islamic Economy Development Centre (DIEDC) to reinforce and expand the reach of the Islamic banking sector, and to advance cooperation in areas of mutual interest. Saif Hadef Al Shamsi, Deputy Governor of the central bank of the UAE, and ...

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• 3 October

  Mohammed directs amendments to travel protocols in Dubai

  

  DUBAI / WAM In his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has directed changes to be made to the travel protocols for passengers arriving or departing from Dubai. The revisions to the protocols aim to ease hassles for passengers and exempt citizens from additional procedures ...

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• 3 October

  Covid-19: UAE announces 1,051 new recoveries

  Abu Dhabi / WAM The Ministry of Health and Prevention (MoHAP) announced on Sunday that it conducted 117,812 additional Covid-19 tests over the past 24 hours, using state-of-the-art medical testing equipment. In a statement, the ministry stressed its aim to continue expanding the scope of testing nationwide to facilitate the early detection of coronavirus cases and carry out the necessary ...

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• 3 October

  SIB receives two awards at IFA

  

  SHARJAH / WAM Sharjah Islamic Bank (SIB) has won the ‘Best Islamic Bank’ and the ‘Most Innovative Digital Bank’ award 2020, at the 8th International Finance Award (IFA) which highlights the achievements of all banks providing outstanding services across areas of innovation, infrastructure development and customer focus. The winners will be honoured during a ceremony due to be held early ...

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• 3 October

  DIFC Courts launches new Arbitration Working Group

  

  DUBAI / WAM The Dubai International Financial Centre (DIFC) Courts has launched a new Arbitration Working Group, the first court in the region to introduce such an initiative. The panel of experts will be tasked with reinforcing and sharing developments and best-practices, encompassing an advisory team of arbitration professionals, bodies, centres, educational institutions, and industry-related organisations. Since its inception, the ...

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• 3 October

  Biden can break impasse on coronavirus relief plan

  

  Despite intermittent negotiations for three months, Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi have made remarkably little progress on a coronavirus relief plan that both Republicans and Democrats can accept. Wall Street is beginning to lose hope, and Main Street will soon run out of financial support. It’s time to call in Joe Biden. “I am the Democratic ...

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• 3 October

  Time to get Japan out of ‘straitjacket’

  

  The world’s one-time economic rebel now looks staid. Japan was the first mover in some of the most radical steps in monetary policy, so it’s troubling that officials have done far less than their peers since the pandemic tore through global growth. Time for Bank of Japan (BOJ) officials to forge the Next Big Thing. The third-largest economy on the ...

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