August, 2023

• 1 August

  Nahyan bin Mubarak attends Moroccan embassy’s reception on Throne Day

  

  ABU DHABI / WAM Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Tolerance and Coexistence, attended the reception held by Abdelilah Oudadas, Chargé d’Affaires of the Moroccan Embassy in the UAE, on the occasion of the 24th anniversary of King Mohammed VI of Morocco ascension to the throne. The event, which took place at Bab Al Qasr Hotel in Abu ...

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• 1 August

  DIFC’s H1 results boost Dubai’s position as global finance hub

  

  DUBAI / WAM The Dubai International Financial Centre (DIFC) witnessed exceptional growth in the first half of 2023, with 661 new entities registering during the period in the centre, an impressive double-digit growth of 23% year-on-year. DIFC’s performance reinforces its growing role in shaping the future of finance and raises Dubai’s status as a leading growth catalyst for financial institutions, ...

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• 1 August

  UAE leaders congratulate President of Benin on National Day

  

  ABU DHABI / WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to President Patrice Talon of Benin on the occasion of his country’s National Day. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, ...

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• 1 August

  UAE’s Adafsa promotes cooperation with Korean research institutions

  

  ABU DHABI / WAM A delegation from the Abu Dhabi Agriculture and Food Safety Authority (Adafsa), represented by the Applied Research and Capacity Building Division, has participated in a scientific symposium on UAE-Korea research cooperation for smart agriculture. The symposium was held in the Republic of Korea. The symposium reviewed the results of research and experiments related to two research ...

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• 1 August

  Mansour bin Zayed approves Arabian Horse Shows Championships and sales programme for 2023-2024 season

  

  ABU DHABI / WAM His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Minister of the Presidential Court and Chairman of the Board of Directors of the Emirates Arabian Horse Society (EASH), has approved the programme for Arabian Horse Shows and Auctions in the UAE for the 2023-2024 season. To continually enhance Arabian Horse Shows in ...

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• 1 August

  National Bank to acquire SVB’s Canadian portfolio

  

  BLOOMBERG National Bank of Canada has agreed to buy the Canadian commercial loan portfolio of Silicon Valley Bank (SVB) as part of a broader strategy to expand its footprint in the nation’s tech sector. The portfolio is comprised of approximately C$1 billion ($752 million) in loan commitments of which around C$325 million are outstanding, the bank said in a statement. ...

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• 1 August

  HSBC announces fresh buyback as higher rates propel profits

  

  BLOOMBERG HSBC Holdings Plc announced a new buyback program and painted a bullish outlook for its 2023 earnings, joining peers in benefiting from global rate rises that have been boosting income. The London-based lender, which generates most of its income in Asia, will repurchase an additional $2 billion on top of a previous programme announced just three months ago, according ...

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• 1 August

  Government Experience Exchange office showcases UAE’s expertise in government development in New York

  

  DUBAI / WAM Abdulla Nasser Lootah, Deputy Minister of Cabinet Affairs for Competitiveness and Knowledge Exchange, expressed the UAE’s unwavering dedication to advancing its global engagement and preparedness for the future through forging meaningful global partnerships to empower governments, support comprehensive development efforts, and build a better world for future generations. This aligns with the vision of President His Highness ...

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• 1 August

  Ford blames EV price war for delay in plans to boost output

  

  BLOOMBERG Ford Motor Co’s is throttling back on plans to ramp-up electric vehicle production, pointing the finger at a price war for battery-powered vehicles. The automaker said it would need another year to meet a year-end target to reach an annual production rate of 600,000 EVs, which it now expects to reach in 2024. Ford also abandoned plans to be ...

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• 1 August

  Evergrande loses $2.8 billion market value after shares dive

  

  BLOOMBERG China Evergrande New Energy Vehicle Group Ltd plunged as trading resumed in its shares for the first time since April 2022, wiping $2.8 billion off the company’s market value in Hong Kong. The China Evergrande Group unit was down 62%, having fallen as much as 69% when trading started, leaving it with a market value of about $1.7 billion. ...

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