Uae Financial News

Authorised as a Major Payments Institution, the licence enables Paxos to issue stablecoins in line with MAS’ upcoming stablecoin framework. Singapore becomes the third market, alongside the US and United Arab Emirates, that Paxos and its related entities are approved to issue stablecoins.

Exports of mangoes from West Bengal's Malda district have been hit this year as exporters have failed to secure remunerative prices from overseas buyers, while sellers are getting lucrative prices in the domestic market, officials said on Saturday. Importers from the UK and the UAE had initially shown interest, which could not materialise in shipments due to price disagreements, they said. Sellers, however, are getting good responses from the domestic market as around 17 tonnes of Malda mangoes were sold between Rs 100 and Rs 150 a kg in an expo in Delhi, the officials said. Wholesale prices surged by 50-80 per cent due to a combination of low-crop and high-quality produce.

China has reported its auto sales slumped in June as the domestic economy remained sluggish, but buoyant exports offset the decline at home

A Kansas business executive has pleaded guilty to illegally exporting sensitive American aviation to Russian companies in violation of U.S. sanctions

Titan Company on Saturday said it is launching its jewellery brand Tanishq in Bangladesh as part of expansion plans in the international market. On Friday, the Tata Group-managed firm signed a JV agreement to this effect with Rhythm Group which will make Tanishq available across the Bangladesh market, according to a joint statement. The joint venture will commence with the opening of the manufacturing facility in Narayanganj, in Bangladesh, it added. Besides the domestic market, Titan is expanding Tanishq's presence in the international market and operates 17 stores across the UAE, US, Qatar, Singapore and Oman.

engineering exports bounced back in May 2024 and recorded 7.39% year-on-year growth to $9.99 billion. In April this year, engineering exports registered a 4.49% decline compared to the previous fiscal period. Significant export growth was noted in West Asia and North Africa (WANA), Latin America, and European countries outside the European Union (EU) during May this year. Exports to the EU declined significantly during this period.

India-Middle East-Europe Economic Corridor (IMEC) will prove to be one of the «biggest game-changers» of the 21st century, President Droupadi Murmu said in Parliament on Thursday. She also said the global order is taking a «new shape» and that the government's efforts are resulting in «Bharat» giving a new confidence to the world as a «Vishwa-Bandhu» (friend of the world). In her address to a joint sitting of the Parliament, Murmu said India today is the first responder in any crisis and has become a strong voice of the Global South in view of its human-centric approach. Outlining priorities of the Modi government in the foreign policy domain, the president said India is giving great emphasis on connectivity.

Red Chillies Entertainments posted a Rs 85 crore net profit for the fiscal year ended March 31, 2023, compared with a loss of Rs 22 crore in the previous financial year, according to the company’s latest regulatory filings. Revenue rose 2.3 times to Rs 300 crore from Rs 130 crore in FY22, the filings with the Ministry of Corporate Affairs showed. The privately held company has yet to report results for the fiscal year through March 2024.

shipping companies for transporting Iranian oil, saying it was a response to Tehran's nuclear «escalation,» on the eve of presidential elections in the Islamic republic. «Over the past month, Iran has announced steps to further expand its nuclear program in ways that have no credible peaceful purpose,» Secretary of State Antony Blinken said in a statement.

India is keen to fast-track longstanding talks with Sri Lanka on setting up a power grid link between the two neighbours for electricity trading, especially renewable energy. The aim is to eventually sign a memorandum of understanding between state-owned Power Grid Corporation of India and Sri Lanka's Ceylon Electricity Board, said people familiar with the matter. «Discussion is still going on with the Sri Lankan government on the grid connectivity project,» an Indian government official said. The grid connectivity project is being planned through both overhead and under-sea cables, a second official added. Power Grid didn't respond to ET's queries.

A group of 50 people and firms across across Hong Kong, the United Arab Emirates and the Marshall Islands that have been acting as a “sprawling shadow banking network” for Iran’s military have been hit with U.S. economic sanctions

Authorities say a suspected attack by Yemen’s Houthi rebels has targeted a ship in the Gulf of Aden

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arrest warrants for Russia's chief of the General Staff Valery Gerasimov, and former defence minister Sergei Shoigu. Warrants were issued for the alleged war crimes of directing attacks at civilian objects and causing excessive incidental harm to civilians, as well as the crime against humanity of «inhumane acts» in Ukraine, the ICC said in a statement. ICC judges said there were «reasonable grounds to believe that the two suspects bear responsibility for missile strikes carried out by the Russian armed forces against the Ukrainian electric infrastructure from at least 10 October 2022 until at least 9 March 2023.»

Nagendrum Borugadda, has clinched a substantial cash prize of AED 1 million (approximately Rs 2.25 crore) in Dubai. According to a report by Khaleej Times on Tuesday, Borugadda achieved this feat through years of diligent saving and prudent investments. Originally from Andhra Pradesh, Borugadda has been residing in the UAE since 2017. Since 2019, he has consistently saved AED 100 monthly through direct debit with National Bonds, a local financial institution known for its savings schemes. «I came to the UAE to build a better life for my family and provide good education to my children. This win feels surreal,» Borugadda shared with Khaleej Times, expressing his disbelief and gratitude.

AFC Holidays stands out as one of the best travel companies in Dubai, renowned for its exceptional service, extensive range of tour packages, and commitment to customer satisfaction. With a track record of over 4,100 successful tours and more than 252,000 satisfied customers, AFC Holidays has earned a reputation as a trusted and reliable choice for travelers seeking memorable and hassle-free vacations.AFC Holidays, also known as Apollo Flight Centre LLC, specializes in providing exceptional holiday experiences to travelers worldwide.

OYO on Monday announced the opening of its first luxury hotel in Dubai — Palette Royal Reflections Hotel and Spa — as the IPO-bound unicorn eyes strengthening its premium property portfolio globally. The company expects the number of Indian tourists to grow significantly in 2024 after Dubai relaxed visa policy for them earlier this year. «OYO is expecting more than 1 lakh Indian tourists to visit Dubai this year. Dubai has long been a favourite destination for Indian travellers, thanks to its luxury shopping, stunning architecture, and vibrant culture. The launch comes as the emirate prepares to welcome a record number of Indian tourists in 2024,» OYO stated. The initiative is part of OYO's ongoing efforts to strengthen its premium property footprints across the world, including the Middle East.

Jaishankar has reviewed with his United Arab Emirates counterpart Abdullah bin Zayed Al Nahyan the multi-faceted India-UAE comprehensive strategic partnership and discussed new areas with «untapped potential» to enhance collaboration, an official statement said on Monday. Jaishankar, who was in the UAE on Sunday, also exchanged views with Al Nahyan on regional and global issues. He visited the iconic BAPS Hindu Mandir in Abu Dhabi and participated in the 10th International Yoga Day celebrations before meeting Al Nahyan.

Cab drivers and bikers at red lights in June in Tehran tap away furiously on their mobile phones, ignoring police officers

Jaishankar held «productive and deep» conversations with his United Arab Emirates counterpart Abdullah bin Zayed Al Nahyan on India and UAE's «ever-growing» comprehensive strategic ties and discussed regional and global issues. Jaishankar, who was in the UAE on Sunday, visited the iconic BAPS Hindu Mandir in Abu Dhabi and participated in the 10th International Yoga Day celebrations before meeting Al Nahyan. «Very pleased to meet UAE FM @ABZayed today in Abu Dhabi,» he said in a post on X after meeting his UAE counterpart. «Productive and deep conversations on our ever-growing Comprehensive Strategic Partnership. Appreciated the discussion and his insights on regional and global issues,» he said.

An aerial drone likely launched by Yemen’s Houthi rebels struck and damaged a vessel in the Red Sea