Category: Economy

Gold prices in Dubai, United Arab Emirates (UAE), commenced at AED 7,337.80 per ounce today, Monday, October 30, 10:02 a.m., taking into account the 5% value-added tax (VAT) applicable to gold in the UAE.

Liquidity Group has facilitated late-stage funding ranging from $20 million to $50 million across various industries in the Emirates and the Middle East through its Mars Growth Capital fund, contributing to over $300 million in funding for UAE start-ups in recent years.

The Sharjah Islamic Bank (SIB) announced the completion of the integration process for its financial and banking operations in the field of payments with the Arab Regional Payments Clearing and Settlement Organization (Buna), a centralised cross-border payment system owned by the Arab Monetary Fund.

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.