Latest news with #FirstAbuDhabiBank
Zawya
10 hours ago
- Business
- Zawya
Mideast Stocks: UAE stocks bounce back amid hopes of regional de-escalation
Stock exchanges in the United Arab Emirates rebounded on Friday, buoyed by hopes of a potential de-escalation in regional tensions. Investor sentiment improved following European efforts to bring Tehran back to the negotiating table and a pause in U.S. involvement in the Middle East conflict. The White House said on Thursday that President Donald Trump would decide on "whether or not to go" with U.S. involvement in the conflict in the next two weeks, citing the possibility of negotiations involving Iran in the near future. Dubai's main index snapped a three-day losing streak, rising 1.6%, driven by gains in real estate and materials sector stocks. Among the top performers, Dubai's developer Emaar Properties jumped 1.2%, while state-owned Parkin Company advanced 4.8%. Separately, UAE created a new ministry of foreign trade, and appointed Thani al Zeyoudi as its minister, the United Arab Emirates prime minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said in a post on X on Friday. Abu Dhabi's benchmark index (.FTFADGI) also rebounded, gaining 1% after three consecutive sessions of losses. First Abu Dhabi Bank rose 2.7%, while Adnoc Gas advanced 2.5%. Real estate developer Aldar Properties gained 4.5% after reporting over AED 3.5 billion in sales at its Fahid Beach Residences and The Beach House projects. Despite Friday's gains, Dubai's index posted a second consecutive weekly loss, down 0.2% after nine straight weeks of gains. Abu Dhabi mirrored the trend with a 0.5% weekly decline, according to LSEG data. Meanwhile, oil prices — a key driver of Gulf financial markets — fell 2.3% to $77.04 per barrel as of 11:40 GMT. (Reporting by Mohd Edrees in Bengaluru; Editing by Shailesh Kuber)
Reuters
10 hours ago
- Business
- Reuters
UAE stocks bounce back amid hopes of regional de-escalation
June 20 (Reuters) - Stock exchanges in the United Arab Emirates rebounded on Friday, buoyed by hopes of a potential de-escalation in regional tensions. Investor sentiment improved following European efforts to bring Tehran back to the negotiating table and a pause in U.S. involvement in the Middle East conflict. The White House said on Thursday that President Donald Trump would decide on "whether or not to go" with U.S. involvement in the conflict in the next two weeks, citing the possibility of negotiations involving Iran in the near future. Dubai's main index (.DFMGI), opens new tab snapped a three-day losing streak, rising 1.6%, driven by gains in real estate and materials sector stocks. Among the top performers, Dubai's developer Emaar Properties ( opens new tab jumped 1.2%, while state-owned Parkin Company ( opens new tab advanced 4.8%. Separately, UAE created a new ministry of foreign trade, and appointed Thani al Zeyoudi as its minister, the United Arab Emirates prime minister and Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum said in a post on X on Friday. Abu Dhabi's benchmark index (.FTFADGI) also rebounded, gaining 1% after three consecutive sessions of losses. First Abu Dhabi Bank ( opens new tab rose 2.7%, while Adnoc Gas ( opens new tab advanced 2.5%. Real estate developer Aldar Properties ( opens new tab gained 4.5% after reporting over AED 3.5 billion in sales at its Fahid Beach Residences and The Beach House projects. Despite Friday's gains, Dubai's index posted a second consecutive weekly loss, down 0.2% after nine straight weeks of gains. Abu Dhabi mirrored the trend with a 0.5% weekly decline, according to LSEG data. Meanwhile, oil prices — a key driver of Gulf financial markets — fell 2.3% to $77.04 per barrel as of 11:40 GMT.
South China Morning Post
a day ago
- Business
- South China Morning Post
China's payment system spreads across Africa and Asia amid US trade war
China's cross-border yuan payment system has signed up more financial entities from Africa, Central Asia and the Middle East, as Beijing accelerates efforts to promote the global use of its currency amid rising tensions with the United States. A group of six financial institutions officially joined the yuan-based Cross-border Interbank Payment System (CIPS) as direct participants during a ceremony in Shanghai on Wednesday, becoming the latest entities to sign up to China's alternative to the Society for Worldwide Interbank Financial Telecommunication (Swift) system. The newcomers include the African Export-Import Bank, First Abu Dhabi Bank, South Africa's Standard Bank, Singapore's United Overseas Bank, the Kyrgyzstan-based Eldik Bank, and Chongwa (Macau) Financial Asset Exchange, a state-owned asset trading platform from the special administrative region, according to state broadcaster CCTV. Beijing has been promoting the CIPS – which was first launched in 2015 – as it strives to expand the use of the yuan in global trade and hedge against any potential moves by the United States to impose financial sanctions on Chinese entities. The system had 174 direct participants as of the end of May, though most of them were made up of domestic and overseas branches of Chinese banks, as well as Chinese branches of global financial giants such as HSBC, JP Morgan and Citibank. A direct participant refers to an entity that owns a CIPS account and can directly remit through the system, while indirect participants have to rely on others to complete transactions on their behalf.
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Business Standard
2 days ago
- Business
- Business Standard
China talks up digital yuan in push for multi-polar currency system
The head of China's central bank pledged to expand the international use of the digital yuan and called for the development of a multi-polar global currency system, where several currencies dominate the world economy. China will establish an international operation centre for e-CNY in Shanghai, People's Bank of China Governor Pan Gongsheng said on Wednesday at the Lujiazui Forum, a high-profile gathering of local and foreign financial industry executives and regulators. The remarks come in the wake of renewed appetite for a global yuan, as international trade tensions sparked by US tariff policies prompt investors to seek alternatives to dollar-based investments. At the same time, China is accelerating efforts to develop financial systems independent of Western institutions, moves that have gained fresh impetus as shifting trade patterns and geopolitical realignments reshape the global economic landscape. "Developing a multi-polar international monetary system will help strengthen policy constraints on sovereign currency countries, enhance the resilience of the system, and better safeguard global financial stability," Pan said. Such a system would pave the way for some currencies to hold sway in their respective regions, lessening reliance on the dollar. Pan expects several key global currencies to coexist in mutual competition with checks and balances in place. Washington's aggressive and chaotic rollout of tariffs has shaken faith in the US currency and other US assets, prompting a broader shift by investors away from the US dollar and towards Asian currencies and the euro. The eroding US dollar appeal also comes amid rising global interest in cryptocurrencies, including stablecoins - a type of virtual currency that is backed by an asset and holds a stable price. GLOBAL YUAN AMBITIONS China has long harboured ambitions for the yuan to be a global currency, similar to the euro or dollar and reflective of the importance of the world's second-biggest economy. But that goal has been hampered by unwillingness to open the capital account, and while there's no sign of that changing, progress on other fronts, where it has gained in places such as Russia and other trading partners, stands to accelerate. On Wednesday, six foreign banks including Standard Bank and First Abu Dhabi Bank agreed to use China's Cross-Border Interbank Payment System (CIPS), the yuan-based international settlement system in future, state broadcaster CCTV reported, a step that further expands the use of yuan in global trade. Pan said that digital technologies have exposed weakness in traditional cross-border payment systems, which are less efficient, and vulnerable to geopolitical risks. "Traditional cross-border payment infrastructures can be easily politicised and weaponised, and used as a tool for unilateral sanctions, damaging global economic and financial order," Pan said. Speaking at the forum, China's foreign exchange regulator vowed to keep the yuan exchange rate basically stable and fend off external shocks and risks. China's ability to counter forex market volatility has improved, said Zhu Hexin, head of the State Administration of Foreign Exchange. Beijing will also further open up its financial market to foreign players, Li Yunze, director of the National Financial Regulatory Administration, told the forum. "Foreign institutions are important bridges and links for attracting investment, talent, and are important participants and active contributors to the construction of China's modern financial system," said Li. China will create a transparent, stable and predictable environment for foreign players and will explore options to open up a wider range of financial areas, said Li. Li added that China's rapidly growing consumer market would also bring more opportunities for foreign institutions.
Mid East Info
2 days ago
- Health
- Mid East Info
Nasser Ahmad Khalifa Al Suwaidi contributes AED 5 million to Life Endowment campaign in support of people with chronic diseases
United Arab Emirates, Abu Dhabi, June 2025: Nasser Ahmed Khalifa Al Suwaidi, an Emirati bussinesman has contributed AED 5 million to the Life Endowment campaign in support of individuals living with chronic diseases. The campaign is organized by the Endowments and Minors Funds Authority (Awqaf Abu Dhabi) under the slogan 'With you for Life.' This generous contribution reflects support of the campaign's goal to provide sustainable and continuous funding to help treat the most in need patients with chronic diseases. The campaign seeks to raise contributions to establish a dedicated endowment with proceeds that fund treatment costs for those in need. The endowment proceeds will also be invested in the development of healthcare services, the provision of medicines, and mental health support for patients. Nasser Ahmad Khalifa Al Suwaidi praised the Life Endowment campaign and its objectives, emphasizing the vital importance of the healthcare sector and the sustainability of its services as a cornerstone for enhancing the quality of life across all segments of society. Under the guidance of its wise leadership, the UAE gives top priority to sectors that directly affect people's needs and continuously works to develop and improve them according to the highest international standards. Nasser Ahmed Khalifa Al Suwaidi stated: 'Sustainability has become a defining approach in charitable and humanitarian efforts in the UAE. By expanding the use of the endowment and investing its returns, the country is maximizing the positive impact of charitable work to reach more beneficiaries and drive the development of social sectors both locally and globally. This represents a model for embedding new concepts in sustainable charitable and humanitarian work.' He added: 'The solidarity and cohesion we witness in UAE society are exceptional examples of a unified community bound by values of generosity. During this Year of the Community, the widespread response to social initiatives like the Life Endowment campaign highlights the strength of unity in our society and offers greater optimism for a better future for the nation and its people.' The Life Endowment campaign, which aims to support individuals living with chronic diseases, has received strong interest since its launch from individuals, institutions, private sector companies, and the broader business community, all seeking to contribute to the sustainability of healthcare services. Contribution Channels: The Life Endowment campaign in support of chronic disease patients has dedicated several channels to receive the contributions from individuals and institutions: Digital donation platform by Awqaf Abu Dhabi: Bank transfers to the Campaign's account (IBAN Number: AE930353417000004600004) at First Abu Dhabi Bank SMS to dedicated e& UAE numbers, as follows: SMS 'Life' to 3557 to donate AED 10, to 3556 to donate AED 50, to 3225 to donate AED 100 and to 3223 to donate AED 500 SMS to dedicated du numbers, as follows: SMS 'Life' to 3583 to donate AED 10, to 3585 to donate AED 50, to 3586 to donate AED 100 and to 3587 to donate AED 500
