Author: Steven Sahiounie

The programme launch builds on the increasingly central role of foreign trade for the UAE leadership as it seeks to diversify the economy ABU DHABI — The Ministry of Economy, in partnership with the Abu Dhabi Department of Economic Development (ADDED), has launched the Global Future Trade Leaders Programme. The programme is a national initiative aimed at boosting the productive engagement of young government officials in various sectors of the nation’s foreign trade agenda, including supporting its preparations for hosting the WTO’s 13th Ministerial Conference (MC13) in Abu Dhabi in February 2024 and multilateral trade engagement thereafter. The programme launch builds…

The digital pound can be used in transactions, trade, and money exchange between individuals and institutions via mobile phones The Central Bank of Egypt (CBE) is studying issuing the digital pound, in cooperation with the International Monetary Fund (IMF) and the World Bank, with the aim of boosting the country’s digital transformation, a government official told Asharq Business. The digital pound can be used in transactions, trade, and money exchange between individuals and institutions via mobile phones, in addition to reducing the issuance of banknotes, the official noted. He added that the studies would take some time, yet they are…

Sheikh Hamdan expressed his gratitude to ‘all that contributed to this achievement – to all team and its community’ Dubai is the most powerful city in the Middle East region and eighth globally in attracting people, capital and companies from around the world, said a new report. According to the latest report released by Mori Memorial Foundation’s Institute for Urban Strategies in Japan, Dubai’s ranking jumped three positions to 8th in the Global Power City Index 2023. “We express our gratitude to all that contributed to this achievement. To all Dubai’s team and its community: We are fortunate to have…

Workers protesting the EU’s trade regulations with Kiev have created a roadblock at one of Poland’s busiest border crossings Farmers from Poland’s Deceived Village Association have joined a round-the-clock roadblock at Medyka – one of the country’s busiest border crossings with Ukraine – as part of a major protest against the EU’s soft trade policy towards Kiev. Farmers and truckers have been blocking the Medyka crossing since Thursday, from 9am to 8pm local time. On Monday morning, they began a 24/7 blockade of the entry point, which is expected to last until January 3. “Only two lorries are to be…

The St. Petersburg bourse insists its financial condition is stable The St. Petersburg Exchange (SPB Exchange), Russia’s second-largest bourse – which specializes in trading foreign shares – denied reports on Monday that it had filed for bankruptcy, asserting that its financial condition is stable. Earlier in the day, media outlets reported on arbitration court filings dated November 24, that appeared to show the exchange had filed for bankruptcy. No other details were apparently provided in the documents. The insolvency reports briefly sent the SPB Exchange’s Moscow-listed stocks crashing more than 30% on Monday. The shares later recovered to trade around…

Bullion prices have been bolstered by a weaker dollar Gold prices hit their highest level since May on Monday, hovering above $2,000 per ounce, thanks to a weaker US dollar and speculation that the Federal Reserve’s interest rate hike cycle is over. Spot gold was up 0.6% at $2,012.92 per ounce by 10:19am GMT after hitting its highest level since May 16 at $2,017.82, according to Reuters. US gold futures also rose 0.5% to $2,013.80. Bullion first breached the key psychological threshold of $2,000 per ounce last week. The greenback fell 0.1% against a basket of currencies on Monday, moving…

Imports into the bloc from the sanctioned country have fallen nearly fivefold, Eurostat data shows Imports from Russia into the European Union have fallen nearly fivefold since the imposition of Ukraine-related restrictions on Moscow last year, the bloc’s statistics agency has revealed. According to Eurostat’s latest figures, seasonally adjusted values show that Russia’s share in EU imports from outside of the bloc fell from 9.5% in February 2022 to 2% in September 2023. The share of exports from the bloc to Russia also fell in the same period, from 3.8% to 1.4%. The highest trade deficit with Russia was recorded…

SINGAPORE: Oil prices slipped on Monday, with Brent falling toward $80 a barrel, as investors awaited meeting later this week of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, which will focus on an agreement to curb supplies into 2024, according to Reuters. Brent crude futures fell 39 cents, or 0.5 percent, to $80.19 a barrel by 10:28 a.m. Saudi time, while US West Texas Intermediate crude futures were at $75.10 a barrel, down 44 cents, or 0.6 percent. Both contracts rose slightly last week, their first weekly gain in five, underpinned by expectations that OPEC+ might…

RIYADH: Small and medium enterprises in the UAE are on course to have improved access to financial services thanks to a new program launched by the Abu Dhabi Department of Economic Development. The SME Finance Facilitator program is initiated in partnership with the Emirates Classification Society, also known as TASNEEF, and with the support of the Abu Dhabi Chamber of Commerce and Industry and leading banks, the Emirates News Agency reported. The program is designed to facilitate the process of opening bank accounts and accessing credit facilities to support working capital needs and long-term growth. The new…

RIYADH: Investments worth $12 billion through mutually beneficial projects between Uzbekistan and Saudi Arabia will give a new impetus to the growth of the Central Asian country’s energy, IT and agriculture sectors. Saudi Investment Minister Khalid Al-Falih led a high-profile delegation to Uzbekistan on Monday, according to Uzbekistan’s news agency known as Uza. Uzbekistan President Shavkat Mirziyoyev welcomed the visit of the Saudi delegation, which culminated in the signing of agreements for mutually beneficial projects in energy, and agriculture, as well as pharmaceuticals, IT, and infrastructure development. The president emphasized the dynamic progress between nations, citing the increasing trade turnover,…