July, 2019

• 1 July

  Non-resident deposits in UAE banks top loans by AED64.5b

  ABU DHABI / WAM The value of non-resident deposits in the UAE’s banking system exceeded non-resident loans by AED64.5 billion at the end of May 2019 compared to the same period in 2018, according to statistics from the UAE Central Bank. This statistics reflect the trust in the country’s banking systems, which has enabled it to attract more foreign investments. ...

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• 1 July

  Dubai set to reinforce status as a growth hub for SMEs

  DUBAI / WAM With Dubai’s economy entering a new phase of development and the government launching initiatives to simplify and reduce the cost of doing business, the emirate is set to become an even more productive base for small- and medium-sized Enterprises (SMEs). At the forefront of providing new opportunities for SMEs in Dubai is the Expo 2020 project, the ...

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• 1 July

  Gold sinks most in a year on trade truce

  

  Bloomberg Gold tumbled back below $1,400 an ounce after the US and China reached a truce in their trade war, dealing a blow to havens. Prices fell the most in a year after Donald Trump and Xi Jinping agreed to resume negotiations. Still, the setback may be temporary as investors now train their focus on US jobs data due on ...

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• 1 July

  UAE, Canada discuss ways to boost ties

  

  ABU DHABI / WAM Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, received Masud Husain, Ambassador of Canada to the UAE, and his accompanying delegation in the presence of Matar Salim Ali Al Dhaheri, Under-Secretary of the Ministry of Defence. During the meeting, which was held at the headquarters of the Ministry of Defence, the two sides ...

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• 1 July

  Hub 71 launches Mena competition to help start-ups grow globally

  ABU DHABI / WAM Hub71 announced that Aldar Properties, the Department of Health (DoH), and the Abu Dhabi Global Market (ADGM) have come together as partners for its Mena Growth Competition, powered by the MIT Enterprise Forum Pan Arab. Hub71 is an initiative of the Ghadan 21 programme and global tech ecosystem in association with the Mubadala Investment Company, Microsoft, ...

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• 1 July

  Two Emirati astronauts complete training at EAC

  COLOGNE / WAM The Mohammed bin Rashid Space Centre (MBRSC) announced that Emirati astronauts Hazzaa Al Mansoori and Sultan Al Neyadi have completed their training at the European Astronaut Centre (EAC) of the European Space Agency (ESA) in Cologne, Germany. The training focussed on the European unit, Columbus, onboard the International Space Station (ISS). Part of the training was attended ...

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• 1 July

  DP World buys Topaz Energy for enterprise value of AED3.95bn

  

  DUBAI / WAM DP World PLC has announced the acquisition of 100 percent of Topaz Energy and Marine Limited from Renaissance Services SAOG and Standard Chartered Private Equity, Affirma Capital, for an enterprise value of $1,079 million (AED3.95 billion). Topaz is a leading international critical logistics and solutions provider to the global energy industry. The company operates a modern, versatile ...

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• 1 July

  ADGM inks pact to back green funding initiatives

  

  ABU DHABI / WAM The General Secretariat of the National Commission on Sustainable Development Goals announced the initial foundations for a cooperative framework with the Abu Dhabi Global Market (ADGM) to encourage initiatives and programmes related to financing projects to support and achieve sustainable development goals. Both organisations signed a cooperation framework at the Abu Dhabi Climate Summit 2019, in ...

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• 1 July

  RTA to improve Dubai Canal’s marine services

  SHARJAH / WAM Dubai’s Roads and Transport Authority (RTA) endorsed a three-phase 10- year plan to improve marine services on Dubai Water Canal 2020-2030. The plan envisages upgrading marine transit services on Dubai Water Canal to keep pace with surrounding urban development landscape. “The initial phase covers a short-term plan 2019-2020, which already started in April. It includes modifying the ...

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• 1 July

  Abu Dhabi Ports-MPA deal to boost security in Indian Ocean

  

  Abu Dhabi / WAM Abu Dhabi Ports and the Mauritius Ports Authority (MPA) signed a memorandum of understanding (MoU) to pool their combined expertise to enhance the maritime sector across the Indian Ocean, from port infrastructure and security to protecting the en-vironment and driving the cruise industry. The MoU was signed by Captain Mohamed Juma Al Shamisi, CEO of Abu ...

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