Finance UAE and Qatar keep rates steady in line with US Fed By Pramod Kumar December 14, 2023, 5:15 AM Wam The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.4% The central banks of the UAE and Qatar have followed the US Federal Reserve’s decision to keep interest rates unchanged. The Central Bank of the UAE maintained its base rate on overnight deposit facility at 5.4 percent, the UAE state-run Wam news agency reported. The central bank also decided to maintain the interest rate on borrowing short-term liquidity at 50 basis points over the base rate for all standing credit facilities. Oil’s inverse correlation to the dollar could return Fed interest rate pause will help GCC non-oil sector A looming US fiscal crisis could hit the Gulf hard Qatar Central Bank decided to keep its repo rate unchanged at 5.75 percent, lending rate at 6.25 percent and deposit rate at 6 percent. The US Federal Reserve left interest rates unchanged on Wednesday in the 5.25-5.50 percent range over easing inflation. All the GCC central banks, except Kuwait, move in tandem with the Fed as their currencies are pegged to the US dollar. Kuwait dinar is linked to a basket of global currencies.
Mining Ma’aden signs $1bn contracts to develop industrial cities Saudi mineral giant Ma’aden has signed three contracts worth a combined $922 million with foreign companies to develop a third phosphate fertiliser project. The majority state-owned Saudi mining company announced the agreements in a note to the Saudi bourse on Thursday, coinciding with the final day of the Future Minerals Forum in Riyadh. Ma’aden is […] 10 hours ago
Transport Tenders issued for high speed Abu Dhabi-Dubai rail link Tenders have been issued for the design and construction of central components in a high-speed rail link between Abu Dhabi and Dubai. Etihad Rail, the national rail company of the UAE, has sent out tenders for designing and constructing civil works and station packages for the line connecting the two cities as part of the […] 11 hours ago
EXCLUSIVE Aviation Wizz Air increases flights from UAE to Israel after ceasefire The budget carrier Wizz Air is increasing the number of flights between Abu Dhabi and Tel Aviv after the ceasefire agreement between Israel and Hamas. The airline had previously scaled back its Tel Aviv-Abu Dhabi service to four flights a week because of the conflict, down from its pre-crisis schedule of two flights a day. […] 12 hours ago
Construction Dubai Multi Commodities Centre announces “Crypto Tower” Dubai Multi Commodities Centre (DMCC) and software company Reit Development have announced plans to build a 17-storey “Crypto Tower” that they say will demonstrate the use of blockchain technology. Blockchain will be used for tenant interactions and transactions through the use of on-chain voting mechanisms, shared resources, smart contracts and other automated services. The 150,000 sq […] 12 hours ago
