Uae Financial News

DTR), a 10-month-old decentralised finance startup founded by former SoftBank top executive Akshay Naheta, on Monday announced the launch of its UAE dirham-backed stablecoin, DRAM. In an interaction with ET, Naheta said that the aim of issuing a dirham-backed stablecoin was to establish a foothold in the $130 billion market, which is currently dominated by US dollar-backed stablecoins.

The Emirati president-designate for the upcoming United Nations COP28 climate conference has offered a full-throated defense of his nation hosting the talks

migration market was largely geared towards the US EB-5. Now, residence-by-investment migration programmes in the UAE, Singapore, Greece and other European countries are gaining traction to enhance wealth and global mobility. The recently introduced Indian ODI (outward direct investment) regulations — which permit direct investments in international entities, subject to certain conditions — have acted as a catalyst for many wealthy Indian families to explore international investment opportunities, says Sunita Singh-Dalal, partner, private wealth & family offices at Hourani & Partners in the UAE.

MANILA (Reuters) — The Philippines plans to issue its maiden sukuk bonds by the end of November, its finance secretary said, as it seeks to develop alternative funding sources for its budget.

Afghanistan in the Russian city of Kazan that saw participation from India and representatives of the Taliban called for an inclusive government in Kabul, ensuring rights of women and preventing the Afghan territory from being used for spreading terror. India was represented at Friday’s meeting by its Moscow-based envoy Pawan Kapoor. ET was the first to report that India will participate in the Moscow format meet in Kazan on September 29. The fifth meeting of the Moscow format on Afghanistan also witnessed the participation of special representatives and senior officials from Russia, China, Pakistan, Iran, Kazakhstan, Kyrgyzstan, Turkmenistan and Uzbekistan. Representatives of Qatar, the UAE, Saudi Arabia and Turkiye also attended the meeting as invited parties.

Textile Industry (CITI) on Friday has elected Rakesh Mehra as Chairman, Ashwin Chandran as Deputy Chairman and Dinesh Nolkha as Vice Chairman for two years- 2023-2025. The decision was made during the organisation’s 65th Annual General Meeting (AGM), held virtually. In a statement, the apex body of textile industry said that Dinesh Nolkha has been elected as the vice-chairman at the 65th annual general meeting. Mehra is the chairman of Banswara Syntex, an integrated textile manufacturer and exporter of yarns, fabrics and garments, having a turnover of Rs 1,400 crore, CITI said. He expressed his commitment to fostering collaborative and inclusive initiatives for the overall growth of the textile sector. Reflecting on the industry’s recent challenges, outgoing Chairman T Rajkumar acknowledged the sector’s resilience, citing a 4.33% growth in the country’s cumulative exports of textiles and apparel in August compared to the previous year. India aims to clock $350 billion in apparel and textiles market size including $100 billion exports by 2030.

The National Bank of Georgia (NBG) has announced that it will advance its research on a digital lari central bank digital currency (CBDC) in a limited-access live pilot environment. Nine companies, including Ripple Labs, will take part in the project, and one of them will be selected to move forward to the next stage of testing.

SBI Holding and TradeFinex will look to drive trade finance adoption of EVM-compatible enterprise blockchain XDC Network through a new joint venture in Japan.

Jet Airways said in a statement. «The consortium's strategy to revive the airline remains unaltered. The new promoters are determined to re-establish the operations of the airline up and running in 2024.

exports received a much-need boost on account of free trade agreements (FTAs) with UAE and Australia with shipments to both nations surging 9% in April-August period of the financial year 2023-24 even as overall engineering exports slipped during the period under review. Engineering exports to UAE in April-August period of FY24 increased 9% year-on-year to $2.24 billion. In the same period, engineering exports to Australia also jumped 9% year-on-year and stood at $596.14 million as compared to $548.62 in April-August period of FY23. Overall engineering exports in April-August period of 2023-24 dropped 4.55% to $44.62 billion as against $46.74 billion in April-August period of 2022-23. Notably, engineering exports to Russia surged 178% year-on-year to $568.41 million in April-August period of FY24.

The range is home to one of the world’s largest deposits of olivine, a green mineral that a startup wants to extract, grind up and scatter along shorelines to absorb carbon dioxide from the atmosphere. The world will need to remove billions of tons of CO2 directly from the air each year by the middle of the century to avert the worst impacts of climate change.

Exciting news! Mint is now on WhatsApp Channels: Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! The Pakistani senator has emphasized the need to export skilled labor in order to increase the country's foreign remittances. "Only professionals going abroad would increase the country's foreign remittances," the senator said, according to Dawn.

beggars arrested in foreign countries belong to Pakistan, reported Pakistani English-language newspaper The Dawn. " The Senate Standing Committee on Overseas Pakistanis was informed on Wednesday that a growing number of beggars from Pakistan were moving abroad, which has spurred ‘human trafficking’," the report said. Overseas Ministry Secretary Zulfikar Haider disclosed this during a discussion in the Senate panel on the issue of skilled and unskilled labour leaving the country. Haider told the committee that a staggering “90 per cent of beggars” arrested in foreign countries were of Pakistani origin, Dawn reported. Furthermore, it was revealed that many beggars exploit pilgrim visas to gain entry into countries such as Saudi Arabia, Iran, and Iraq. Shockingly, a significant number of pickpockets arrested at holy sites were also identified as Pakistani nationals. Meanwhile, Haider said that Japan has now emerged as a new destination of such visitors, according to Dawn. Moreover, he emphasized Pakistan's historical role in exporting skilled labour and expressed optimism that the country's foreign remittances would increase when professionals went abroad. He further said that Saudi Arabia now preferred skilled labour over untrained individuals, according to Dawn. Hasan also noted that as many as 50,000 engineers in Pakistan were unemployed. «India has reached the moon, while we stumble every day,” the senator added. He also informed that that approximately three million people were in Saudi Arabia, 1.5 million Pakistanis were in the UAE, while 0.2 million were in Qatar.

China’s Tencent, the operator of the WeChat and WeChat Pay platforms, will join central bank-led digital yuan and CBDC interoperability pilots.

NEW DELHI : India may allow exports of another 50,000 tonnes of non-basmati white rice to Singapore under humanitarian operations, making an exception for one of its key diplomatic partners, two government officials said. India recently permitted limited exports of the rice variety, which is currently under the prohibited category, to the UAE and last month to Bhutan, Mauritius and Singapore. These countries appealed to New Delhi to resume rice exports following India’s decision to suspend non-basmati shipments on 20 July to keep prices in check.

The Integrated Transport Centre (ITC) of the Department of Municipalities and Transport in Abu Dhabi has said that surface parkings will be free during the Prophet Muhammad’s Birthday Holiday, which will be on Friday, September 29, 2023, until 7:59 AM on Saturday, September 30, 2023. In addition, parking spaces at the Musaffah M-18 truck parking lot will also be free of charge during the official holiday. According to the this year's official holiday calendar, the the September 29 to October 1 would be the last long weekend in the UAE. The Abu Dhabi authority has urged drivers to avoid parking in prohibited areas. It also urged drivers to park properly in the designated areas and to avoid parking in residential parking spaces from 9:00 PM until 8:00 AM. The Integrated Transport Centre of Abu Dhabi has also announced timings of timings and operation of its Customer Centres. The authorities said that Customers' Happiness Centres across the Emirate of Abu Dhabi will be closed during the holiday, on Friday, September 29, 2023. Customers however can use ITC’s services on its digital platforms through its website www.itc.gov.ae, TAMM platform, the Darb and Darbi smart apps. In addition, customers may contact the unified Service Support Centre of the Department of Municipalities and Transport on its toll-free number 800850 and TransAD 600535353, which are available 24/7. Abu Dhabi's transport authorities said that public bus services in the Emirate of Abu Dhabi will operate based on the usual unified schedule throughout weekends and official holidays.

Click here) Iraqi News Agency quoted a civil defence official who said that the wedding hall's exterior was decorated with highly flammable cladding that was illegal in the country. “The fire led to the collapse of parts of the hall as a result of the use of highly flammable, low-cost building materials that collapse within minutes when the fire breaks out," civil defense said.

The Abu Dhabi Global Market (ADGM) has granted Laser Digital, the digital assets arm of Japan’s Nomura Bank, in-principal approval to provide broker-dealer services and asset/fund management services with both digital and traditional assets, according to an ADGM communication on Sept. 26. 

The United Kingdom is “a home for financial and technological innovation,” according to Chris Larsen, co-founder and executive chairman of US fintech and blockchain firm Ripple.

India has allowed the export of non-basmati white rice to the tune of 75,000 tonnes to the UAE. Notably, the export of non-basmati white rice was prohibited from July 20 to check the domestic prices and ensure domestic food security. The exports to UAE are permitted through National Cooperative Exports Limited, the Directorate General of Foreign Trade said in its notification on late Monday evening. While amending the export policy, DGFT maintained that the export will be allowed on the basis of permission granted by the government to other countries to meet their food security needs and based on the request of their government. Last month, India had decided to allow the export of rice to «meet the food security requirements» of Singapore. West African country Benin is one of the major importers of non-basmati rice from India.

Project mBridge may soon see significant expansion, according to Hong Kong Monetary Authority (HKMA) CEO Eddie Yue. He outlined the plans for the central bank digital currency (CBDC) project in a speech in Shanghai.