Uae Financial News

Pope Francis on Wednesday called out the less-than-adequate efforts to address climate change. In his apostolic exhortation, Laudate Deum, the Pope addressed the need to step up the transition to renewable energy, took on climate denialists, called for a new approach to multilateralism, reminded rich countries of their responsibilities, and offered COP28 host, the UAE words of advice. «With the passage of time, I have realised that our responses have not been adequate while the world in which we live is collapsing and may be nearing the breaking point,» the Pope said. A substantial section of his exhortation — which has come eight years after the Laudato Si delivered ahead of the Paris climate summit — was dedicated to this year's UN climate talks, COP28, to be held in Dubai late this year. Pope Francis said the «abandonment of fossil fuels is not progressing at the necessary speed». In this context, he critiqued efforts of fossil fuel companies to greenwash their continued exploration, saying «whatever is being done risks being seen only as a ploy to distract attention». He cautioned that «gas and oil companies are planning new projects...with the aim of further increasing their production». However, the Pope is not writing off the «capacity of human beings to transcend their petty interests and to think in bigger terms» and said COP28 will allow for a decisive acceleration of energy transition. «To say that there is nothing to hope for would be suicidal, for it would mean exposing all humanity, especially the poorest, to the worst impacts of climate change,» he said. Reminding the UAE of its great responsibility, the Pope said COP 28 can represent «a change in direction».

Abu Dhabi to facilitate cross-border transactions, an official said. The MoU (Memorandum of Understanding) will be signed on development of domestic card scheme of UAE based on India's RuPay debit and credit card stack, the official added. The agreement will be signed in the presence of Commerce and Industry Minister Piyush Goyal, who is leading a business delegation to Abu Dhabi from October 5 to October 6.

₹15.8 trillion, UPI is a big success. With countries like Singapore, Malaysia, the UAE, UK and France accepting UPI linkages, India has impressed others with its financial regulatory system and technology capabilities. India is also pushing for inroads with other dependable offerings, including RuPay, which dominates the domestic debit cards market with over 860 million transactions, worth over ₹1.6 trillion.

PTI. The pact will be signed on the UAE’s development of domestic card scheme based on India's RuPay debit and credit card stack, the PTI report said citing an official. The agreement will be signed in the presence of commerce and industry minister Piyush Goyal, who is leading a business delegation to Abu Dhabi from October 5 to October 6. India and the UAE will discuss issues, and challenges pertaining to existing investments in each other's countries, the commerce ministry said in a statement.

NPCI International Payments Ltd, the international arm of the National Payment Corporation of India, will ink an agreement with Al Etihad Payments on Thursday in Abu Dhabi to facilitate cross-border transactions, an official said. The memorandum of understanding (MoU) aims to develop the domestic card scheme of the UAE based on India's RuPay debit and credit card stack, the official added.

Enforcement Directorate (ED) has summoned Bollywood actor, Ranbir Kapoor in connection with its probe into the illegal online betting application, Mahadev Book App case. The actor has been asked to join the probe on October 6. The ED claims that the actor has endorsed the illegal app on social media and has accepted payments which the agency is treating as proceeds of crime (PoC) in the case. Mahadev App is an umbrella syndicate arranging online platforms for enabling illegal betting websites to enrol new users and create user IDs.

Jumeirah Group aims to double its property portfolio by 2030 and is 'keen' on opening a luxury hotel in India, a top company official said on Wednesday. Jumeirah Hotels and Resorts is a Dubai-based luxury hotel chain, which currently owns 27 hotels across the world, including 12 hotels in the United Arab Emirates, said Kirti Anchan, General Manager of Jumeirah Emirates Towers. «We are on a growth path and we want to double our property portfolio by 2030.

₹417 crore worth of proceeds of crime in the money laundering probe. Ranbir Kapoor as a social media influencer promoted an online betting app and allegedly received compensation in return for endorsing and engaging in promotional endeavors on behalf of Mahadev betting app. Apart from Ranbir Kapoor, some other Indian and Pakistani celebrities like Tiger Shroff, Sunny Leone, Neha Kakkar, Atif Aslam, and Rahat Fateh Ali Khan are under ED's scanner for attending Sourabh Chandrakar's wedding in Dubai, as per a report from news platform India Today.

DUBAI (Reuters) — Non-oil business activity in the United Arab Emirates expanded at a faster rate in September than the previous month, a survey showed on Wednesday, as new orders came in at the fastest rate in four years.

Swiss-based blockchain firm Distributed Technologies Resources (DTR) has announced the launch of a Dirham-backed stablecoin, DRAM. The token launched today, October 3, 2023.

Mumbai: JSW Infrastructure Ltd, commercial port operator firm of JSW Group, on Tuesday, hit the upper circuit on its debut. The shares listed at ₹143 per share on BSE and NSE, at a premium of 20.17%. The company’s share price closed at ₹157.30 per share on the BSE and NSE, a 32.18% premium.

A former MIT alumnus and SoftBank executive has launched a Dirham-backed stablecoin that aims to give countries plagued by high inflation environments exposure to assets linked to the United Arab Emirates’ native currency.

(Exciting news! Mint is now on WhatsApp Channels. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) "This industry can change the global debate... It is time to silence the skeptics by applying scale, capital, and technology to deliver outcomes," said Sultan Al Jaber, the president-designate of the COP28 talks, who is also the head of UAE state-owned oil firm ADNOC.

But this year, climate is looming large over the forum. Delegates at the annual Adipec summit in Abu Dhabi, which has been dominated by oil in its longrunning history, will devote a lot of their time to the energy transition. Chief executive officers of Shell Plc, TotalEnergies SE and Occidental Petroleum Corp., among others, will later Monday discuss plans for the energy transition.

UAE Government has published a detailed discussion paper that calls for a decisive and coordinated international response to the urgent threat of global water scarcity. Entitled 'Ripple Effect Water Scarcity — The Hidden Threat to Global Security and Prosperity', the discussion paper examines global water scarcity and its main causes, highlights various implications of water scarcity already evident in parts of the world, and identifies a range of potential solutions to this rapidly worsening issue. Published by the UAE's Ministry of Foreign Affairs on the sidelines of the General Debate of the United Nations General Assembly in New York, the discussion paper is intended to serve as a global call to action and an open invitation to members of the international community to work together in new ways to address the emerging challenge of global water scarcity. Announcing the publication of the report, Sheikh Abdullah bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, said: «Concerned by the growing problem of water scarcity and the severe risks that it poses to the world, the United Arab Emirates has published a discussion paper today that aims to contribute to the development of a coordinated international response to this issue and the forging of new models for effective cooperation to address this multifaceted threat to global security and prosperity.» The discussion paper stresses that according to certain metrics, four billion people around the world currently experience water scarcity at least one month per year, with this figure expected to grow in the years ahead.

COP28 climate talks told an Abu Dhabi oil conference on Monday that the fossil fuel industry would play an essential role in addressing the climate crisis. «For too long, this industry has been viewed as part of the problem, that it's not doing enough and in some cases even blocking progress,» said Sultan Al Jaber, the president-designate of the COP28 talks, who is also the head of UAE state-owned oil firm ADNOC. «This is your opportunity to show the world that, in fact, you are central to the solution,» he told the ADIPEC conference of global industry figures and government officials. «This industry can change the global debate… It is time to silence the sceptics by applying scale, capital and technology to deliver outcomes.» Jaber urged industry leaders to curb emissions associated with energy production and expand use of renewable energy sources. He also encouraged them to embrace «low carbon solutions» like carbon capture and storage, tools that climate experts say distract from the urgent goal of slashing fossil fuel pollution. Climate activists have criticised the appointment of Jaber to lead the COP28 talks which kick off next month in Dubai.

The Emirati president-designate of the upcoming United Nations COP28 climate talks has called on oil and gas companies to be “central to the solution” to fighting climate change as the industry boosts its production to enjoy rising energy prices

Dubai International Airport has spiraled into a harrowing four-month ordeal, resulting from an altercation that led to an American student's placement on the UAE's no-fly list.

Fuel prices consumers pay at the pump will be driven by a willingness to keep investing in fossil fuels, the UAE's energy minister said on Monday, as oil industry leaders reiterated the need for ongoing investment to smooth the energy transition. Speaking at the ADIPEC energy industry event in Abu Dhabi, Minister Suhail al-Mazrouei said the OPEC+ producer group cares «that the price is right for consumers, but right for the consumers for a very limited time only is short-sighted». More investment is needed in oil and gas for prices to be «right at the pump», he added. When asked whether high crude prices could threaten the health of the global economy, al-Mazrouei said OPEC+ never targets a certain oil price. The group, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, in June agreed to extend their oil output cuts until the end of 2024. Saudi Arabia and Russia have also extended 1.3 million barrels per day (bpd) of additional voluntary cuts until the end of the year. That helped push Brent crude prices to above $90 a barrel in early September, with the futures contract last week approaching the psychological threshold of $100 a barrel. OPEC Secretary General Haitham Al Ghais said at the same event that he is optimistic about oil demand growth, and that he saw under-investment as a risk to energy security. «We are… running quite low on spare capacity, we have said this repeatedly, and this requires a concerted effort by all of the stakeholders to see the importance of investing in this industry,» he said. Mazrouei said investment by both international and national oil companies was needed, and that «these investments need the financial world to be willing to

Leading Swiss bank UBS has launched a live pilot of a tokenized version of its variable capital company (VCC) fund as part of Project Guardian, an initiative led by Singapore’s central bank. 

United Nations COP28 climate talks called on oil and gas companies on Monday to be «central to the solution» to fighting climate change, even as the industry boosts its production to enjoy rising global energy prices. The call by Sultan al-Jaber highlights the gap between climate activists suspicious of his industry ties and his calls to drastically slash the world's emissions by nearly half in seven years to limit global warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) compared with pre-industrial times. «That is our North Star.