Category: Economy

UAE banks' investments surpassed AED 580 billion, hitting a record high in August 2023, according to the Central Bank of the UAE. The investment grew by 19.5 percent year-over-year to reach AED 585.4 billion by the end of August 2023, up AED 95.6 billion from AED 489.8 billion in August 2022.

Multiply Group (ADX: MULTIPLY) today announced a net profit excluding fair value changes of AED331 million for Q3 2023. This marks a significant 337% increase from AED 76 million reported in the same quarter of 2022. In Q3, 2023, the Group’s net profit, including fair value changes in investments , stands at AED 145.77 million.

First Abu Dhabi Bank, the largest lender in the UAE, has reported a significant increase in its net profit for the third quarter. The bank's core business growth has contributed to a 46% rise in net profit, reaching Dh4.3 billion ($1.17 billion) for the three-month period ending in September.

Ahmet Burak Daglioglu, Head of the Investment Office of the Turkish Presidency, said that the cumulative foreign direct investment from the United Arab Emirates to Turkiye has surged to $5.6 billion (AED 20.6 billion) from 2002 through August 2023.

Virtuzone, a Dubai-based company, has announced its investment of Dh50 million ($13.6 million) in a three-month programme aimed at providing free corporate tax registration and accounting services to small and medium sized businesses. The initiative is designed to assist these businesses in becoming compliant with the new tax regulations that came into effect in the UAE this year.

The rates for purchasing and selling currencies may vary when engaging in currency exchange within the open market. Presently, the exchange rate for the UAE Dirham (AED) in Pakistan is recorded at Rs75.29, indicating a decrease of Rs1.08 in comparison to the previous rate of Rs76.37

At the beginning of the week, the rates of precious metals experienced a significant increase due to the ongoing conflict between Israel and Palestine.

His Highness Sheikh Mansoor bin Mohammed bin Rashid Al Maktoum, Chairman of the Dubai Border Security Council, has today unveiled a platform that allows the public to report economic crimes. The objective of this initiative is to encourage community involvement in identifying and reporting such crimes, as they have detrimental effects on the wider community, the business sector, and the national economy as a whole.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Irakli Garibashvili, Prime Minister of Georgia, today witnessed the signing of a Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Georgia. The CEPA aims to double non-oil trade from $481 million to $1.5 billion in five years.

In the first seven months of the year, hotel establishments in the UAE generated revenues of AED 26 billion, witnessing a growth of up to 24 percent compared to the corresponding period last year, revealed Abdullah bin Touq Al Marri, Minister of Economy and Head of the Emirates Tourism Council, during a meeting of the council.