Emirates Gold: UAE Suspends Gold Refinery Over Owners’ Alleged Laundering Links - Bloomberg
The United Arab Emirates suspended the accreditation of one of its biggest gold refineries over concerns that its owners had ties to alleged money launderers.
Emirates Gold DMCC — which has operated in Dubai for more than 30 years — was last week suspended from the UAE’s Good Delivery List, according to a government website.
The Emirates Gold Bullion Committee, which is chaired by the Economy Ministry, removed the refinery due to concerns its owners were connected to alleged money launderers, according to people familiar with the thinking behind the decision. An official from the committee said in a statement it could not comment on specific cases but expected accredited members to apply the highest international standards.
The London Bullion Market Association, which regulates the UK capital’s precious metals market, followed suit on Friday and suspended the refinery’s affiliate membership after a due diligence review. It said it “takes very seriously any breaches of the rules,” without giving details.
A spokesperson for Emirates Gold said earlier this week the company operates to the highest industry standards for responsible sourcing and anti-money laundering, and has a long history of compliance audits to show that. Any matters relating to the authorities remain private, the spokesperson said.
Friday 14 July 2023
Rupee-#UAE dirham trade mechanism may launch during Modi visit Saturday -sources | Reuters
Rupee-UAE dirham trade mechanism may launch during Modi visit Saturday -sources | Reuters
India and the United Arab Emirates may announce the start of a rupee-dirham payment mechanism to settle bilateral trade during Prime Minister Narendra Modi's visit to Abu Dhabi on Saturday, industry and government sources said.
Sources said on Friday that India would use the mechanism to pay for oil as well as other imports from the UAE, its fourth largest oil supplier in the year to March.
At present India, the world's third-biggest oil importer and consumer and whose central bank last year announced a framework for settling global trade in rupees, pays for UAE oil in dollars.
Apart from creating an alternate payment mechanism, settlement in rupees would also cut India's transaction costs by eliminating dollar conversions.
Bilateral trade between India and UAE was $84.5 billion in 2022/23.
India is keen to push similar local currency arrangements with other countries, as it looks to boost exports amid slowing global trade.
An official aware of the details said India could make its first rupee payment for UAE oil to Abu Dhabi National Oil Co (ADNOC).
India and the United Arab Emirates may announce the start of a rupee-dirham payment mechanism to settle bilateral trade during Prime Minister Narendra Modi's visit to Abu Dhabi on Saturday, industry and government sources said.
Sources said on Friday that India would use the mechanism to pay for oil as well as other imports from the UAE, its fourth largest oil supplier in the year to March.
At present India, the world's third-biggest oil importer and consumer and whose central bank last year announced a framework for settling global trade in rupees, pays for UAE oil in dollars.
Apart from creating an alternate payment mechanism, settlement in rupees would also cut India's transaction costs by eliminating dollar conversions.
Bilateral trade between India and UAE was $84.5 billion in 2022/23.
India is keen to push similar local currency arrangements with other countries, as it looks to boost exports amid slowing global trade.
An official aware of the details said India could make its first rupee payment for UAE oil to Abu Dhabi National Oil Co (ADNOC).
OMV to enter talks with ADNOC to create $20 billion chemicals giant | Reuters
OMV to enter talks with ADNOC to create $20 billion chemicals giant | Reuters
Austria's OMV (OMVV.VI) said on Friday it will enter negotiations with Abu Dhabi National Oil Co (ADNOC) (ADNOC.UL) with a view to creating a chemicals giant from the combination of two entities in which both companies own stakes.
The deal, if realised, would include a merger of petrochemicals group Borealis (BESGR.UL) - which is owned by OMV and ADNOC in a 75:25 split - and Borouge (BOROUGE.AD), which is 54:36 owned by ADNOC and Borealis.
Under the plan, OMV said both Borealis and Borouge would become "equal partners under a jointly controlled, listed platform for potential growth acquisitions to create a global polyolefin company".
The potential tie-up, first reported last week, would create a global heavyweight with combined annual sales of more than $20 billion.
OMV Chief Executive Alfred Stern said the transaction had "strong and compelling industrial logic".
Austria's OMV (OMVV.VI) said on Friday it will enter negotiations with Abu Dhabi National Oil Co (ADNOC) (ADNOC.UL) with a view to creating a chemicals giant from the combination of two entities in which both companies own stakes.
The deal, if realised, would include a merger of petrochemicals group Borealis (BESGR.UL) - which is owned by OMV and ADNOC in a 75:25 split - and Borouge (BOROUGE.AD), which is 54:36 owned by ADNOC and Borealis.
Under the plan, OMV said both Borealis and Borouge would become "equal partners under a jointly controlled, listed platform for potential growth acquisitions to create a global polyolefin company".
The potential tie-up, first reported last week, would create a global heavyweight with combined annual sales of more than $20 billion.
OMV Chief Executive Alfred Stern said the transaction had "strong and compelling industrial logic".
Lower oil output to slow down #UAE real GDP growth to 3.9% in 2023
Lower oil output to slow down UAE real GDP growth to 3.9% in 2023
The UAE’s real gross domestic product (GDP) growth is forecast to decelerate to 3.9% in 2023, primarily due to lower oil production and more moderate growth in the non-oil sector, the Central Bank of UAE (CBUAE) said in its Financial Stability Report 2022.
The oil and non-oil GDP will rise by 3.0% and 4.2%, respectively, this year, the central bank said in the report released on Thursday.
The real GDP increased by 7.9% in 2022, compared to 4.4% in 2021, driven by a 7.2% increase in non-oil sector GDP and a 9.5% expansion in oil-sector GDP.
The UAE was one of the fastest-growing economies last year, boosted by the removal of most COVID-19-related restrictions and a recovery in global travel and tourism, real estate and construction and manufacturing sectors.
In addition, the growth was supported by improved activity associated with global events such as the Dubai EXPO and FIFA World Cup in Qatar.
“The UAE financial system continues to be strong and resilient in its ability to serve the local economy,” the report stated.
The macro-financial cycles remained stable, with no clear evidence of credit overheating and a trend towards a neutral position last year, CBUAE added.
Funding structure and private credit growth in the UAE banking system remained healthy, with resident deposit growth outpacing credit growth.
The UAE’s real gross domestic product (GDP) growth is forecast to decelerate to 3.9% in 2023, primarily due to lower oil production and more moderate growth in the non-oil sector, the Central Bank of UAE (CBUAE) said in its Financial Stability Report 2022.
The oil and non-oil GDP will rise by 3.0% and 4.2%, respectively, this year, the central bank said in the report released on Thursday.
The real GDP increased by 7.9% in 2022, compared to 4.4% in 2021, driven by a 7.2% increase in non-oil sector GDP and a 9.5% expansion in oil-sector GDP.
The UAE was one of the fastest-growing economies last year, boosted by the removal of most COVID-19-related restrictions and a recovery in global travel and tourism, real estate and construction and manufacturing sectors.
In addition, the growth was supported by improved activity associated with global events such as the Dubai EXPO and FIFA World Cup in Qatar.
“The UAE financial system continues to be strong and resilient in its ability to serve the local economy,” the report stated.
The macro-financial cycles remained stable, with no clear evidence of credit overheating and a trend towards a neutral position last year, CBUAE added.
Funding structure and private credit growth in the UAE banking system remained healthy, with resident deposit growth outpacing credit growth.
#UAE shares buoyed by Fed pause bets, oil boost | Reuters
UAE shares buoyed by Fed pause bets, oil boost | Reuters
Stock markets in the United Arab Emirates (UAE) rose on Friday, as investors bet that the U.S. Federal Reserve was nearing the end of its rate-hiking cycle, while oil climbed above $81 following supply disruptions in Libya and Nigeria.
On Thursday some oilfields in Libya were shut down because of a local tribe's protest against the kidnapping of a former minister, while Shell suspended loadings of Nigeria's Forcados crude oil owing to a potential leak at a terminal.
Brent Crude was up $81.40 a barrel at 1148 GMT.
Most Gulf Cooperation Council countries, including the UAE, Saudi Arabia and Qatar, have their currencies pegged to the U.S. dollar and generally follow the Fed's policy moves, exposing the region to a direct impact from any monetary policy move there.
Abu Dhabi's benchmark index (.FTFADGI) rose 0.5%, extending gains to a third consecutive session, bolstered by a 0.9% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 1.8% hike in Emirates Telecommunications Group (EAND.AD).
In Dubai, the main share index (.DFMGI) also edged up 0.1%, supported mostly by its financial and industrial stocks, with Emirates NBD Bank (ENBD.DU), Dubai's largest lender, gaining 0.6% and business park operator TECOM Group (TECOM.DU) climbing more than 1%.
Both the benchmarks in Abu Dhabi and Dubai were up 0.7% and 1.2% respectively on weekly basis.
Stock markets in the United Arab Emirates (UAE) rose on Friday, as investors bet that the U.S. Federal Reserve was nearing the end of its rate-hiking cycle, while oil climbed above $81 following supply disruptions in Libya and Nigeria.
On Thursday some oilfields in Libya were shut down because of a local tribe's protest against the kidnapping of a former minister, while Shell suspended loadings of Nigeria's Forcados crude oil owing to a potential leak at a terminal.
Brent Crude was up $81.40 a barrel at 1148 GMT.
Most Gulf Cooperation Council countries, including the UAE, Saudi Arabia and Qatar, have their currencies pegged to the U.S. dollar and generally follow the Fed's policy moves, exposing the region to a direct impact from any monetary policy move there.
Abu Dhabi's benchmark index (.FTFADGI) rose 0.5%, extending gains to a third consecutive session, bolstered by a 0.9% increase in the country's largest lender First Abu Dhabi Bank (FAB.AD) and a 1.8% hike in Emirates Telecommunications Group (EAND.AD).
In Dubai, the main share index (.DFMGI) also edged up 0.1%, supported mostly by its financial and industrial stocks, with Emirates NBD Bank (ENBD.DU), Dubai's largest lender, gaining 0.6% and business park operator TECOM Group (TECOM.DU) climbing more than 1%.
Both the benchmarks in Abu Dhabi and Dubai were up 0.7% and 1.2% respectively on weekly basis.
#UAE jobs: #Dubai billionaire asks all group entities to recruit citizens as Emiratisation picks up
UAE jobs: Dubai billionaire asks all group entities to recruit citizens as Emiratisation picks up
Dubai’s billionaire Khalaf Al Habtoor, founder and chairman of Al Habtoor Group, on Thursday said he had instructed to employ UAE nationals across all the units of the well-diversified conglomerate as the government strongly pushes Emiratisation in the private sector.
He further revealed that a decision has been taken to employ UAE nationals as and when there is a vacant position due to the resignation of existing employees.
The group employs thousands of workers with interests in hospitality, automotive, vehicle leasing, real estate, education and publishing.
As of July 7, 2023, the number of Emiratis employed in the private sector reached around 79,000, an increase of approximately 28,770 as compared to last year. The Emiratistion drive dramatically picked up since the Nafis initiative was launched by the government in September 2021.
Nafis was aimed at increasing the competitiveness of Emirati human resources and empowering them to occupy jobs in the private sector over the next five years.
Earlier this week, the Ministry of Human Resources and Emiratisation (MoHRE) expanded the Emiratisation target to include private sector companies with 20 to 49 employees to hire at least one Emirati in 2024.
Dubai’s billionaire Khalaf Al Habtoor, founder and chairman of Al Habtoor Group, on Thursday said he had instructed to employ UAE nationals across all the units of the well-diversified conglomerate as the government strongly pushes Emiratisation in the private sector.
He further revealed that a decision has been taken to employ UAE nationals as and when there is a vacant position due to the resignation of existing employees.
The group employs thousands of workers with interests in hospitality, automotive, vehicle leasing, real estate, education and publishing.
As of July 7, 2023, the number of Emiratis employed in the private sector reached around 79,000, an increase of approximately 28,770 as compared to last year. The Emiratistion drive dramatically picked up since the Nafis initiative was launched by the government in September 2021.
Nafis was aimed at increasing the competitiveness of Emirati human resources and empowering them to occupy jobs in the private sector over the next five years.
Earlier this week, the Ministry of Human Resources and Emiratisation (MoHRE) expanded the Emiratisation target to include private sector companies with 20 to 49 employees to hire at least one Emirati in 2024.
Syngenta Seeks to Lure Mideast Funds to $9 Billion IPO - Bloomberg
Syngenta Seeks to Lure Mideast Funds to $9 Billion IPO - Bloomberg
Syngenta Group has approached a number of Middle Eastern sovereign funds as it seeks cornerstone investors for its 65 billion yuan ($9 billion) initial public offering, people with knowledge of the matter said.
Advisers for the Chinese-owned seed giant have held preliminary talks with funds including the Abu Dhabi Investment Authority and Saudi Arabia’s Public Investment Fund about committing to buy stock in the Shanghai IPO, the people said.
Sovereign funds from oil-rich Persian Gulf countries have been ramping up their global deal activity at a time when rising interest rates and risk aversion are keeping some other major investors on the sidelines.
Closer political ties between China and the Middle East are also encouraging the flow of capital into Asia’s biggest economy. TikTok owner ByteDance Ltd. was valued at around $220 billion in a recent investment by Abu Dhabi AI firm G42, controlled by United Arab Emirates royal Sheikh Tahnoon bin Zayed Al Nahyan, Bloomberg News reported in March. The private equity owners of McDonald’s Corp.’s operations in China are approaching firms including Abu Dhabi sovereign wealth fund Mubadala Investment Co. for a $4 billion stake sale, people familiar with the matter have said.
Deliberations are still at an early stage, and it’s unclear which funds will ultimately decide to participate in the Syngenta offering, the people said. Representatives for ADIA, PIF and Syngenta declined to comment.
Syngenta Group has approached a number of Middle Eastern sovereign funds as it seeks cornerstone investors for its 65 billion yuan ($9 billion) initial public offering, people with knowledge of the matter said.
Advisers for the Chinese-owned seed giant have held preliminary talks with funds including the Abu Dhabi Investment Authority and Saudi Arabia’s Public Investment Fund about committing to buy stock in the Shanghai IPO, the people said.
Sovereign funds from oil-rich Persian Gulf countries have been ramping up their global deal activity at a time when rising interest rates and risk aversion are keeping some other major investors on the sidelines.
Closer political ties between China and the Middle East are also encouraging the flow of capital into Asia’s biggest economy. TikTok owner ByteDance Ltd. was valued at around $220 billion in a recent investment by Abu Dhabi AI firm G42, controlled by United Arab Emirates royal Sheikh Tahnoon bin Zayed Al Nahyan, Bloomberg News reported in March. The private equity owners of McDonald’s Corp.’s operations in China are approaching firms including Abu Dhabi sovereign wealth fund Mubadala Investment Co. for a $4 billion stake sale, people familiar with the matter have said.
Deliberations are still at an early stage, and it’s unclear which funds will ultimately decide to participate in the Syngenta offering, the people said. Representatives for ADIA, PIF and Syngenta declined to comment.
First #AbuDhabi (FAB) Veteran Set to Become CEO of #UAE's Ajman Bank - Bloomberg
First Abu Dhabi (FAB) Veteran Set to Become CEO of UAE's Ajman Bank - Bloomberg
Mustafa Al Khalfawi is poised to become chief executive officer of Ajman Bank after resigning from First Abu Dhabi Bank PJSC, the United Arab Emirates’ largest lender.
Al Khalfawi’s new role is still subject to final approvals, according to people with knowledge of the matter, who asked not to be identified because the matter is private. He was FAB’s global head of government, sovereigns and public sector, as well as head of global banking for the UAE.
He will replace Mohammed Abdulrahman Amiri, whose resignation was announced by Ajman Bank earlier this week.
A representative for FAB declined to comment. Al Khalfawi didn’t respond to an email sent to his FAB address and a LinkedIn message.
Mustafa Al Khalfawi is poised to become chief executive officer of Ajman Bank after resigning from First Abu Dhabi Bank PJSC, the United Arab Emirates’ largest lender.
Al Khalfawi’s new role is still subject to final approvals, according to people with knowledge of the matter, who asked not to be identified because the matter is private. He was FAB’s global head of government, sovereigns and public sector, as well as head of global banking for the UAE.
He will replace Mohammed Abdulrahman Amiri, whose resignation was announced by Ajman Bank earlier this week.
A representative for FAB declined to comment. Al Khalfawi didn’t respond to an email sent to his FAB address and a LinkedIn message.