Uae Financial News

Saudi Arabia and Russia have agreed to extend their voluntary oil production cuts through the end of the year

Saudi Arabia says it will extend its voluntary production cut of 1 million barrels of oil a day through end of year

Stablecoin issuer Tether has become one of the top buyers of United States Treasury bills in the world, according to a post by Tether CTO Paolo Ardoino. 

Orora will pay $2.16 billion to acquire French glass bottles maker Saverglass from US private equity giant The Carlyle Group as it tilts its business further towards the premium spirits and wine segment.

Israel’s prime minister is floating the idea of building infrastructure projects such as a fiber optic cable linking countries in Asia and the Arabian Peninsula with Europe through Israel and Cyprus

The United Arab Emirates has created a federal authority to potentially run a national lottery and what it describes as “commercial gaming.”

Jim O'Neill came up with the term ‘BRIC’ (Brazil, Russia, India and China) in 2001, little did he know that the acronym would become the groundwork for an ambitious alliance of the world’s highest-potential large economies. That potential is, in a way, now spreading, even as more nations dare to dream beyond the West’s hegemony. The BRICS bloc was born in 2009 as a response to the changing global economic landscape, aiming to promote cooperation on common challenges.

By Duncan Miriri

The National Payments Corporation Of India (NPCI) — an initiative led by the Reserve Bank of India (RBI) and 247 Indian banking companies — is on the lookout for a seasoned blockchain technologist to head and investigate opportunities for blockchain in current-day payment systems.

UAE astronaut Sultan AlNeyadi has marked a triumphant return to Earth after a remarkable six-month sojourn aboard the International Space Station (ISS). Notably, AlNeyadi holds the distinction of being the first person from the Arab world to journey into the cosmos and the first Arab astronaut to accomplish a 7-hour spacewalk. In a heartfelt message to the cosmos, AlNeyadi conveyed, «Space, this is not a goodbye.

₹40,545 to ₹58,565, beginning from September 14. These reduced fares are expected to remain in the range of ₹17,885 to ₹21,444 and stable until November 1. Afterwards, fares are anticipated to rise again, coinciding with the festival season and the New Year rush.

G20 Summit 2023: At the venue of the G20 Summit, heritages of 29 countries will be showcased, including the Mona Lisa and a copy of the 13th-century Magna Carta. According to the Ministry of Culture, the second level of Bharat Mandapam, G20 Summit's main room, will host an exhibition comprising showpiece artwork from all 29-nation participants in both digital and physical form. Also read: G-20 Summit 2023: THESE metro stations to be completely shut between Sep 8-10 As part of the 'Culture Corridor – G20 Digital Museum', artifacts in physical and digital formats sourced from all G20 members and invited countries, will be exhibited on the same floor where the leaders' meetings will take place, and they will walk through this "cultural corridor" while moving into and out of the summit room.

economic development at Dubai’s Department of Economy and Tourism, said in an interview. Under the Comprehensive Economic Partnership Agreement (CEPA), the UAE, of which Dubai is a part, and India plan to expand non-oil trade to $100 billion by 2030, from just $50.5 billion in April, he said. Dubai is in talks with Indian manufacturers who are looking at the emirate as a distribution hub, he added.

Russia's share in India's crude oil imports fell to 34% in August from 42% in July as state-run refiners sharply reduced imports from Russia. Supplies from Russia fell 23% month-on-month to 1.47 million barrels per day (mbd) in August, even as India's overall crude imports fell 5% to 4.35 mbd, according to energy cargo tracker Vortexa. Russia's seaborne crude exports to China, however, increased to 1.4 mbd in August from 1.3 mbd in July. Indian state refiners took 852,000 barrels per day of Russian oil in August, 30% less than in July while private sector refiners' intake of 617,000 barrels per day was 13% lower than in July. Imports from Russia fell due to the planned maintenance work at some refineries in India as well as a reduction in the availability of Russian supplies, analysts said.

GDP share of the six new members, being added to the five-member BRICS grouping of emerging economies from January, will be just 11 per cent, with Saudi Arabia's contribution the highest at 4 per cent, an analysis shows. The proposed addition of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to the five-member BRICS, or Brazil, Russia, India, China and South Africa, will also see the grouping's share in the global GDP rising to 30 per cent from 26 per cent now and that of the population to 46 per cent, according to an analysis by the SBI Research. The expansion decision, effective January 1, 2024, was announced at the recent BRICS summit held in Johannesburg. Currently China contributes 70 per cent of the BRICS' GDP, which will decline to 62 per cent, while India chips in with 13 per cent now that will inch down to 12 per cent.

Financial Express. The head of communications at IATA said that an airline needs to be operational for the basic eligibility for an IATA two-letter designator.

G20 Summit, Northern Railways has decided to cancel and divert over 200 passenger trains temporarily from September 8 to 11 here, a notification stated on Saturday. According to the schedule, over 90 trains have been cancelled on September 9. More than 100 passenger trains will be cancelled on September 10 as well.

Shah Rukh Khan showcased the trailer of Jawan at the iconic Burj Khalifa building in Dubai where he spoke about the universal appeal of cinema and how his fans will see him in a bald avatar for the first and the last time. The actor, who has a massive fan following in the UAE, has been on a promotional spree ahead of the film's release on September 7 in Hindi, Tamil and Telugu.Shah Rukh performed with a dance troupe on the song 'Zinda Banda' from the film at the event, also attended by director Atlee and music composer Anirudh Ravichander. The actor said the film will offer something unique to all the people and he will be seen in «6 to 7 getups» «I'm even bald in the film, so that's something I'm never ever going to be in my life.

Adani stocks are indeed linked to the Indian conglomerate, reported Indian Express citing inputs from the records accessed under its Pandora Papers investigation. Adani news LIVE Updates In its report, Financial Times mentioned two offshore shell companies registered in British Virgin Islands (BVI) as the main tool to invest in Adani stocks. According to IE report, the two shell firms are linked with Adani group.

OCCRP, a global collective of investigative journalists backed by billionaire George Soros and others, on Thursday said it has uncovered a trail of financial transactions to show that Adani Group promoters indulged in share price manipulation of at least four group company stocks via undisclosed related entities. In its report, the Organized Crime and Corruption Reporting Project (OCCRP) alleged that two overseas funds, or foreign portfolio investors (FPIs), that invested extensively in Adani stocks during 2013-18 acted as «fronts» for the group's promoters.Recycled Allegations: Adani OCCRP also said they were managed by individuals who are former associates of Adani Group. «Nasser Ali Shaban Ahli from Taiwan and Chang Chung-Ling from the United Arab Emirates, both with longstanding business ties to the Adani family, who have also served as directors and shareholders in Adani Group companies and related Vinod Adani-associated firms, used the funds to trade large amounts of shares in four Adani companies between 2013 and 2018,» the collective's report said. «In March 2017, the value of these investments in Adani Group stock was $430 million.

NEW DELHI : The Adani Group faced fresh allegations of opaque financial dealings after a global network of investigative journalists published a report alleging that the company invested millions of dollars in its own companies through secret offshore structures. The Organized Crime and Corruption Reporting Project’s (OCCRP’s) investigations, published by The Guardian and Financial Times, dragged down the market value of the 10 Adani group stocks by ₹35,210 crore.