Uae Financial News

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Ripple CEO Brad Garlinghouse has described the United States as a bad destination for crypto startups due to the country’s uncertain policies around digital assets.

The United States is one of — if not the worst — place to launch a cryptocurrency startup in the world right now, according to Ripple CEO Brad Garlinghouse, whose firm is in a legal battle with the U.S. securities regulator.

Narendra Modi's promotion of the "Make in India" programme. He highlighted the importance of using domestically made product and commended India's policies under PM Modi's leadership as a positive example. In an address at the 8th Eastern Economic Forum (EEF), Putin said, "You know, we did not have domestically made cars then, but we do now.

Vedanta Ltd acquire Konkola Copper Mines from parent Vedanta Resources Ltd, which has regained control of one of the world’s largest copper mines from the Zambian government. After Agarwal, the Vedanta Group chair, in an uncharacteristic move, shared his views, many proxy advisory firms and investors raised questions on the group’s intention to potentially use the proposed transaction to repay its rising debt.

Mining baron Anil Agarwal on Tuesday said the Konkola Copper Mines, which returned to his London-based firm Vedanta Resources last week, can be moved to the group's India-listed firm Vedanta Ltd «at the right valuation». Last week, Zambia agreed to return control of Konkola Copper Mines (KCM) to Vedanta Resources, which is the parent firm of Mumbai-listed Vedanta Ltd. The Zambian government, which owns a 20 per cent stake in KCM, will allow Vedanta to resume control and operate KCM's mines and smelter after the company renewed a pledge to invest more than USD 1.2 billion to increase output and repay outstanding debts. «Going forward, my thought is that we must maximize synergies between KCM and Vedanta Ltd's refining/smelter businesses in UAE & India,» Agarwal said in a post on X.

Executives from prominent mining and manufacturing firms believe market forces resulting from the fourth Bitcoin halving scheduled in 2024 could force the price of Bitcoin (BTC) past $100,000.

Dubai apartment values surged by the most in nearly a decade in August, broadening a property rally that’s transformed the city into one of the world’s hottest housing markets. The city’s housing boom, so far largely driven by larger single-family homes, is now pushing up prices for apartments that make up about 85% of the housing supply in the Middle East’s business and tourism hub. Prices for apartments rose 20% on average in the year through August, marking the best performance since November 2014, according to real estate adviser CBRE Group Inc. The gains outpaced price increases of 17.3% for single family homes, known locally as villas, according to CBRE. Dubai’s real estate rebound comes after a seven year slump, fueled by an influx of newcomers — from crypto millionaires and bankers relocating from Asia to wealthy Russians seeking to shield assets. The government has also brought in a slew of reforms, relaxing visa laws and introducing visas for job seekers and freelancers. While prices for single-family homes soared from pandemic lows, the recovery for apartments had so far been slower. Average prices for apartments are still 9.6% below their peak in 2014, while those for larger houses are 8.7% higher, according to CBRE.

Hindenburg matter told the Supreme Court of India. In 2014, DRI investigated a case of overvaluation of the import of equipment and machinery by various entities of the Adani Group from a UAE-based subsidiary, according to a report published by the news agency ANI. “It is shocking that the SEBI has suppressed and concealed this important information from the top court and never conducted any investigation based on the DRI alert," said petitioner Anamika Jaiswal.

International aid groups have mobilized in Morocco where a 6.8 magnitude earthquake Friday night has killed 2,681 and injured more than 2,500

NEW DELHI : India and Saudi Arabia agreed to link their power grids, underscoring a deepening energy alliance that could significantly boost the reliability of power grids in both countries and foster economic development. The agreement on linking power grids follows another more expansive infrastructure connectivity project plan to develop an India-Middle East-Europe economic corridor. The project, announced on 9 September during the G20 summit, envisages a rail and shipping corridor connecting India, the United Arab Emirates (UAE), Saudi Arabia, the European Union, France, Italy, Germany and the US.

NEW DELHI : India and Saudi Arabia have begun discussions on trading in national currencies, officials from the ministry of external affairs said after a visit by Saudi Crown Prince Mohammed Bin Salman. The idea was currently in the “discussion stage", said Ausaf Sayeed, secretary in the ministry. “The Saudi side is aware that we have worked out similar arrangements with other countries in the region.

China said on Monday that it welcomes the India-Middle East-Europe Economic Corridor announced on the sidelines of the G20 summit so long it doesn't become a «geopolitical tool», even as it downplayed Italy's plan to pull out of its Belt and Road Initiative (BRI). China welcomes all initiatives that truly help developing countries build infrastructure and sincere efforts to promote connectivity and common development, the Chinese Foreign Ministry said. «At the same time, we advocate that various connectivity initiatives should be open, inclusive, and form synergy, and should not become geopolitical tools,» the ministry said in a written response to PTI to a question on China's reaction to the new corridor. On Saturday, Prime Minister Narendra Modi announced plans to launch the India-Middle East-Europe Economic Corridor which includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US. «Today we all have reached an important and historic partnership. In the coming times, it will be a major medium of economic integration between India, West Asia and Europe,» Modi said.

LuLu Group International Yusuff Ali on Monday said his group is going to set up two large shopping malls in India — Ahmedabad and Chennai. Speaking to ANI, Ali said, «We are going to construct one of the largest shopping malls in Ahmedabad and Chennai and we are opening our shopping mall in Hyderabad end of this month. Also we are going to different states for shopping malls and food processing.» Hyderabad will be the sixth city after Kochi, Thiruvananthapuram, Bengaluru, Lucknow, and Coimbatore where the group has its shopping mall presence. Lulu Group, headquartered in Abu Dhabi, UAE, has been known as a trendsetter in the retail industry in the Middle East and North Africa region.

G20 Summit in Delhi was the committment to build a rail-and-port network that will connect India to the Middle-East and the Middle-East to Europe and the US. It has been named the India-Middle East-Europe Economic Corridor (IMEC).

India-Middle East-Europe Economic Corridor announced on the sidelines of the G20 Leaders' Summit is expected to be a game-changer project and provide a huge boost to global trade, said EEPC. India expects this corridor to be economically more viable than China's flagship Belt and Road Initiative (BRI). TheUS, UAE, Saudi Arabia, European Union (EU), Italy, France and Germany were brought together on the economic corridor agreement on the sidelines of the G20 Summit. The US-backed corridor seeks to connect India with Europe via the Middle East by sea and port.

Brian Armstong, CEO of the Coinbase crypto exchange, stressed the power of crypto voting blocks in the upcoming 2024 United States elections. He believes that the politicians don’t fully realize its importance.

Indian Railway Finance Corporation’s market capitalization cross the Rs 1 lakh crore-mark for the first time ever since the company went public in 2021. Shares of the company were locked in the 10% upper circuit on Monday at Rs 84.80 on the National Stock Exchange. At the lifetime high of Rs 84.80, the stock more than trebled in value from its issue price of Rs 26. Year-to-date, the stock has risen a whopping 158%. The government’s increasing focus on boosting infrastructure spending in the country has played a major role in lifting railway and rail-related stocks on Dalal Street. In the Union Budget for 2023-24 (April-March), the government announced an outlay of Rs 2.40 lakh crore for Indian Railways, which is the highest capital outlay for railways and is 9x over FY14 allocation. The ongoing G20 Summit was nothing less than a shot in the arm as the government announced a shipping and rail transportation corridor linking countries across the Middle East, South Asia and Europe on the sidelines of the Summit in New Delhi over the weekend. The announcement of a new corridor will lead to a comprehensive rail and shipping connectivity network linking US, India, Saudi Arabia and Gulf and Arab states, and European Union. The plan aims to integrate railway routes and port linkages, spanning from India to Europe, traversing through the United Arab Emirates, Saudi Arabia, Jordan, and Israel. Not only IRFC, but all other rail-related stocks danced on Dalal Street on the back of this news. Shares of Rail Vikas Nigam rallied more than 9% while Titagarh Wagons rose 5%.

Ircon International share price surged 19.3% to touch a 52-week high of ₹159.25 apiece, Rail Vikas Nigam share price jumped 17.6% to hit a 52-week high of ₹191.40 apiece, and Indian Railway Finance Corporation (IRFC)share price rose 10% to touch a 52-week high of ₹84.76 apiece on BSE. According to to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, these railways stocks have seen strong traction in the September month as Ircon International stock is up by 38% , Rail Vikas Nigam is up by 41% and IRFC stock is up by 68%, respectively. The momentum is strongly in favours of bulls but post a strong move in just 10 day, the indicators are in overbought.

Narendra Modi, and other ministers during the event. “I am very glad to be here in India. I want to congratulate India for the G20 Summit...A lot of announcements have been made that will benefit G20 countries and the world.

Narendra Modi as an agreement signed with the US, the UAE, Saudi Arabia, France, Germany, Italy and the EU Commission, we have hope that such a modern “Silk Route" can get the better of China’s Belt and Road Initiative. For one, the logic here is trade connectivity, not loan entrapment or power projection by anyone.