Uae Financial News

export ban on onions 10 days ago, export demand has dried up as Indian onion is more expensive than Pakistan's. Besides, subdued exports dampened domestic onion prices by over 15 % in the last week. Exporters don't see demand coming for another 15 days as overseas buyers, who have stocked overpriced Pakistani onions when Indian onion was not available. They want to liquidate their stocks as India's entry has crashed the international onion prices by more than 50% in a week. «Most of the buyers from our traditional markets like Malaysia, Sri Lanka, UK and the UAE had stocked onions from Pakistan. They had not expected the Indian government to lift the export ban till the general elections were over,» said an exporter of onions from Nashik, who claims that the export orders, after spiking for a couple of days, have suddenly dried up. India's lifting of its export ban in May took the international markets by surprise. India has kept a minimum export price (MEP) of $550 per tonne with export duty of 40%.

The long-haul carrier Emirates says it saw record profits of $4.7 billion in 2023 as the airline fully took flight after the turbulent years of the coronavirus pandemic disrupted its operations

services platform Urban Company has clocked its maiden profit before tax (PBT) for the month of April this year, cofounder and chief executive Abhiraj Singh Bhal, said in a post on X, earlier known as Twitter, on Monday.

wedding destination, the Abu Dhabi Convention and Exhibition Bureau (ADCEB) has announced an initiative to extend visa support to Indian nationals hosting weddings across the Emirate. The ADCEB, which is a part of the Department of Culture and Tourism Abu Dhabi, is undertaking this initiative to establish the UAE capital as a premier wedding destination, a statement released here said. The recently announced new visa initiative contributes to Abu Dhabi's tourism strategy 2030, which aims to boost visitor numbers to 39.3 million by 2030. The destination wedding segment is among the newest verticals to join the ADCEB as part of an overarching objective to attract domestic and international visitors and increase the sector's contribution to the GDP to AED 90 billion as per the 2030 strategy, the statement said.

Mother's Day is celebrated as a day dedicated to all the mothers who unconditionally love, nurture, and support each of us. This year Mother's Day is on May 12, 2024. Every child should dedicate this day to giving back to their mothers something useful that can help and support them. And one of the most important support which one can give is financial support especially if she is a non-working mother or housewife. There are many ways to empower a mother financially and one unique way to give financial support to a mother is through credit cards. A mother can easily get one if she is working or has any business income. However, for those mothers who are non-working, or do not have any income history, or credit score, etc getting a credit card might not be so easy.

Komodo CTO Kadan Stadlemann said the United Arab Emirates’ (UAE) political stability fosters a friendlier environment for crypto businesses to flourish, compared to the challenges they face in the US.

Mint looks at the issue and analyses what it could mean for the $4-billion export sector. On 5 April, Hong Kong’s food regulator suspended the sale of MDH spice mixes saying they contain high levels of ethylene oxide, a carcinogenic. Singapore followed suit with Everest, another top Indian spice brand.

Motilal Oswal Financial Services Limited. According to recent data, gold and silver have experienced notable year-to-date (YTD) gains of 13 per cent and 11 per cent, respectively, from last cycle of the new year that starts with the Akshaya Tritiya.

Blockchain data firm Chainalysis, has established a headquarters in Dubai for Southern Europe, Middle East, Central Asia, and Africa regions. The firm aims to deepen its support of the UAE’s global crypto hub push.

Gulf Cooperation Council (GCC) has announced a new unified tourist visa called "GCC Grand Tours," allowing travelers to visit all six Gulf countries and stay for over 30 days. This initiative, unveiled by the United Arab Emirates Minister of Economy, Abdulla bin Touq Al Marri, at the Arabian Travel Mar ket (ATM), aims to boost tourism and make travel across the GCC region more convenient. The Gulf Cooperation Council, also called the Cooperation Council for the Arab States of the Gulf, includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The GCC Grand Tours visa is designed to attract a higher number of tourists by simplifying the process of visiting multiple countries in the region, similar to the European Union's Schengen visa. This new unified visa is expected to significantly contribute to the growth of the tourism sector in the Gulf and increase the number of hotel guests, ultimately establishing the region as a leading destination for regional and international tourists.

wealth tax in the country. Speaking to ANI, he said such a move could drive India's wealthiest individuals to relocate their businesses to tax-friendly destinations such as Dubai. On the potential repercussions of such a tax policy, he said the wealthiest Indians, such as the Ambanis, and Adanis, might choose to emigrate to tax havens, leading to a substantial loss of wealth for the country.

Austrian crypto exchange Bitpanda is expanding its operations to the Middle East and opening a regional office in the United Arab Emirates (UAE).

iMobile Pay, and marks a significant shift from the previous requirement for NRIs to register an Indian mobile number for similar transactions. Sidharatha Mishra, Head of Digital Channels and Partnerships at ICICI Bank, commented on the launch, “We are delighted to partner with NPCI to launch the UPI facility on international mobile numbers through iMobile Pay. With this facility, our NRI customers residing in 10 countries do not need to switch to an Indian mobile number to pay using UPI.

Vanuatu. Let’s be honest and there’s no shame here: you did not even know that this was a country. It’s a string of islands east of the northern part of Australia in the Pacific and its last recorded population was 3.27 lakh people. Of these about 50% are ruled out from this story by virtue of being male. Of the 1.6 lakh remaining, you can leave out another half on the basis that they would be either too young or old to make a cricket team. And so, from a potential pool of 80,000 (a generous estimate because not everyone is interested in one sport), emerges a team that was in contention for a berth in a World Cup comprising 10 teams from across the globe.

Onions in Chapter 07 of Schedule 2 of the ITC (HS) Export Policy," as quoted by PTI. In addition to this adjustment, a 40% export duty on onions was introduced starting May 3.

ballistic missile defences facing their first complex, high-stakes combat scenarios in Israel, the Red Sea and Ukraine will encourage militaries globally to invest in the pricey systems, experts say — and intensify missile arms races. Iran launched as many as 120 intermediate-range ballistic missiles at Israel on April 13, U.S. and Israeli officials say. U.S. SM-3 and Israeli Arrow interceptors destroyed nearly all of them, leaving drones and smaller threats to the Iron Dome system. In previous months, interceptors fired from U.S. Navy destroyers stopped Houthi anti-ship ballistic missiles, while in Ukraine, U.S.-made MIM-104 Patriot batteries have shot down advanced Russian Iskander and Khinzal missiles.

Dubai rains: Flights affected, schools closed — 7 key points Emirates cancelled several flights due to bad weather across the UAE on Thursday. A Flydubai spokesperson told Khaleej Times that the “adverse weather conditions in Dubai on Thursday have caused some delays to their operations". India's IndiGo said that their flight operations have been affected due to bad weather in Dubai, Sharjah, Ras Al Khaimah and Abu Dhabi.

UPI) transactions fell to ₹19.64 lakh crore in the month of April against ₹19.78 lakh crore in the preceding month. In terms of transaction count, the number fell to 13.30 billion from 13.44 billion in March. When compared with April last year, the number of transactions saw a growth of 50 percent, while the total amount of transactions saw 40 percent growth.

DUBAI, UAE,– Penguiana, a new meme project on the Solana blockchain, today announced it has secured $200,000 in a seed funding from strategic partners. The investment was led by Nanosprout Ventures and saw the participation of over ten angel investors from the web3 space. This group of investors has contributed to Penguiana through a Simple Agreement for Future Tokens (SAFT) involving the sale of $PENGU tokens, the utility token pivotal to the forthcoming Penguiana P2E game.

Reuters reported on Thursday. The move by the Food Safety and Standards Authority of India comes at a time when the country’s popular spice brands are under scrutiny for quality-related concerns after Hong Kong and Singapore banned certain readymade spices from MDH and Everest—considered household names in India for spicing up our daily food palette. The development is not good news for the world’s largest spice producer and consumer.

Dubai, UAE — May 1, 2024 — TOKEN2049, the premier crypto event, saw record-breaking success for its inaugural Dubai conference, which took place from April 18-19, during TOKEN2049 Week.