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BEIJING / WAM China’s central bank conducted 19.5 billion yuan (about $2.76 billion) of seven-day reverse repos at an interest rate of 1.5 percent on Monday. Xinhua news agency quoted the People’s Bank of China as saying that the move aims to keep liquidity in the banking system reasonable and ample, the central bank said.A reverse repo is a process ...

ABU DHABI / WAM The Ministry of Finance (MoF) has announced the cancellation of economic substance reporting requirements for companies for financial years ending after December 31 2022, following Cabinet Decision No (98) of 2024, which amends certain provisions of Cabinet Decision No (57) of 2020 on economic substance requirements. This amendment aligns with the implementation of the UAE’s federal ...

RAS AL KHAIMAH / WAM RAK Properties on Monday announced a strategic deal with Commercial Bank of Dubai (CBD), one of the leading banks in the UAE, to arrange an AED2 billion financing facility. The syndicated long term financing facility will support RAK Properties’ ambitious growth trajectory, as well as boost the development of green buildings in the region. The ...

URUMQI / WAM The Emirates News Agency (WAM) is taking part in the 6th World Media Summit, which began on Monday in Urumqi, capital city of northwest China’s Xinjiang Uygur Autonomous Region. Co-hosted by Xinhua News Agency and the Xinjiang regional government, the summit is being held under the theme “Artificial Intelligence and Media Transformation.” Participants from various countries highlighted ...

GENEVA / WAM The Union Association for Human Rights concluded its participation in the 57th session of the Human Rights Council in Geneva, highlighting the UAE’s leadership in human rights advocacy. The association actively engaged in various human rights activities, delivering over 20 statements on critical issues such as armed conflicts, racial discrimination, extremism, women’s rights, and economic justice. The ...

ABU DHABI / WAM Following the closing of the acquisition of KELIX bio, Mubadala Investment Company PJSC has empowered its new specialty pharmaceutical business to acquire a 100% stake in four of GlobalOne Healthcare Holding’s (GHH) pharma assets which include Bioventure, Bioventure Healthcare, Gulf Inject and Wellpharma. This strategic move consolidates Mubadala’s presence in the life sciences ecosystem, advances the ...

HAMBURG/WAM On behalf of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, Mariam Almheiri, Head of the International Affairs Office at the Presidential Court, led the United Arab Emirates’ delegation to the Hamburg Sustainability Conference (HSC). The HSC was inaugurated by Germany’s Federal Chancellor, Olaf Scholz. Almheiri’s participation, with representatives from the Ministry of Climate Change and Environment ...

ABU DHABI/WAM UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan received a phone call on Sunday from Greek Prime Minister Kyriakos Mitsotakis. During the call, they discussed ways to enhance cooperation, particularly in the economic, trade, investment, and development sectors, to advance mutual interests and support development priorities in both countries as part of the Comprehensive Strategic Partnership ...

DUBAI/GULF TIME Art of Living, Dubai’s premier home decor destination, is excited to introduce its new campaign, “Does Your House Feel Like Home?”, running from 11th to 27th October 2024 as part of the Dubai Home Festival. This initiative provides residents with exclusive deals and inspiring opportunities to transform their homes into personal sanctuaries, catering to both homeowners and interior ...

BAKU/WAM Abdulla Balalaa, UAE Assistant Minister of Foreign Affairs for Energy and Sustainability, delivered a statement on Sunday at the 4th Climate & Development Ministerial, held during the Pre-COP29 meetings in Baku. In his address, Balalaa reaffirmed the UAE’s commitment to enhancing global climate resilience and improving access to climate finance for vulnerable nations, particularly in the context of the ...