Deutsche Bank fund unit doubles down on ETF target

  Bloomberg Deutsche Bank AG’s investment arm said it won’t walk away from a goal of becoming Europe’s second-biggest ETF provider, after an analysis showed it was among the few in the industry to lose client cash in 2022. DWS Group, which remains the subject of US and German investigations into alleged greenwashing, saw a decline in its European market ...

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Adani rout crosses $51bn as stocks plunge by daily limits

  Bloomberg The selloff in Gautam Adani’s corporate empire accelerated on Friday, erasing more than $51 billion of market value in two sessions as Asia’s richest man struggles to contain the fallout from a scathing report by US short seller Hindenburg Research. The rout is piling pressure on the Indian tycoon as it erodes his net worth and threatens to ...

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BofA: Investors flock to European stocks leaving US behind

  Bloomberg Investors are chasing European stocks at the fastest pace in nearly a year, while US equity inflows remain muted amid concerns of a recession, according to Bank of America Corp. European stock funds had $3.4 billion of inflows in the week through January 25, according to a note from the bank’s strategists led by Michael Hartnett, citing EPFR ...

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FAB net profit surges 7% to AED13.4 billion in 2022

Abu Dhabi / WAM First Abu Dhabi Bank (FAB) has reported a group net profit of AED13.4 billion during 2022, up 7% year-on-year (yoy) compared to the same period in 2021, with earnings per share at AED1.18. HH Sheikh Tahnoun bin Zayed Al Nahyan, National Security Adviser and Chairman of FAB, said, “2022 was a year of continued strategic diversification ...

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UAE leaders wish Indian president on Republic Day

  Abu Dhabi / WAM President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a message of congratulations to President Droupadi Murmu of India on the occasion of the Republic Day, which is observed on January 26. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, also ...

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DGCX sees 16% growth in volume of trades in ’22

  Dubai / WAM Dubai Gold and Commodities Exchange (DGCX), the largest and most diversified derivatives exchange in the Middle East, on Thursday announced its full-year market statistics for 2022, reporting a total of 8.239 million contracts with a total value of $162.01 billion during the year, representing growth of 16 percent and 8.24 percent, respectively. With inflation rising steadily ...

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Dubai Investments acquires 9% stake in UK-based digital bank

Dubai / WAM Dubai Investments PJSC (DIC) has acquired a 9% equity stake in Monument Bank Limited, a UK-based digital bank regulated by the Financial Conduct Authority (UK) and the Prudential Regulation Authority (UK). Monument Bank is focused on the ‘mass affluent’ segment in the UK and aims to provide core banking and other related services to help clients prosper ...

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Over 4,200 new firms set up base at Rakez in 2022

Ras Al Khaimah / WAM Ras Al Khaimah Economic Zone (Rakez) welcomed over 4,200 new companies to its business community in 2022, recording 18% growth compared to 2021. Commenting on this economic growth, Rakez group CEO Ramy Jallad said, “The latest numbers indicate how far we have come with our commitment to position the emirate of Ras Al Khaimah as ...

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Dubai issues 9,047 real estate permits in 2022

  Dubai / WAM The Dubai Land Department (DLD) has issued a total of 9,047 real estate permits and 6,479 real estate licences in 2022, showing a growth of 46.6 percent and 53 percent respectively from the previous year. The high demand from real estate investors is attributed to Dubai’s strong growth outlook and potential for high returns in the ...

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First Arab long-duration space mission set to launch on Feb 26

Dubai / WAM The Mohammed Bin Rashid Space Centre (MBRSC) has announced the details of the second mission of the UAE Astronaut Programme. The SpaceX Dragon spacecraft, named Endeavour, atop a Falcon 9 rocket, will carry the UAE astronaut and Mission Specialist Sultan Al Neyadi, along with two Nasa astronauts, Mission Commander Stephen Bowen, and Pilot Warren Hoburg, and Roscosmos ...

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