Latest news with #AED3.4
Hi Dubai
09-05-2025
- Business
- Hi Dubai
UAE Banking Sector Sees AED3.4 Trillion in Fund Transfers as Activity Surges
The UAE's banking sector recorded a sharp rise in domestic fund transfers in the first two months of 2025, with total transaction values reaching AED3.4 trillion, marking a 15.5 percent increase compared to the same period last year, according to data released by the Central Bank of the UAE (CBUAE). Bank-driven transfers led the surge, amounting to AED2.093 trillion in January and February combined. January accounted for AED1.1 trillion, while February saw AED983.99 billion in transactions. Transfers by customers and institutions also showed strong momentum, totaling AED1.327 trillion over the two-month period. Cheque usage remained robust, with 3.875 million cheques processed via the Image Cheque Clearing System (ICCS) at a combined value of AED234.64 billion—up from AED216.218 billion during the same period in 2024. In February alone, 1.828 million cheques worth AED116.165 billion were circulated. Cash activity through the Central Bank also reflected ongoing liquidity movement. Withdrawals hit AED41.131 billion, while deposits stood at AED31.115 billion over the two-month span. Bank investments continued to grow, increasing 2.1 percent in February alone and 3.1 percent since the start of the year. Total investments climbed to AED758.5 billion by the end of February, compared to AED742.9 billion in January and AED735.6 billion at the close of 2024. The latest figures underscore the UAE's strong financial momentum in early 2025, reflecting active institutional and consumer participation in the banking ecosystem and steady investment growth across the sector. News Source: Emirates News Agency
Hi Dubai
28-04-2025
- Business
- Hi Dubai
Dubai Chamber of Commerce Launches Slovak Business Council to Boost Economic Ties
The Dubai Chamber of Commerce has announced the launch of the Slovak Business Council, aiming to strengthen trade and investment ties between Dubai and Slovakia. The move highlights Dubai's growing appeal as a hub for Slovakian businesses and investors. The council was officially inaugurated during its first annual general meeting held at Dubai Chambers' headquarters. Business leaders from both sides discussed strategies to deepen cooperation, explore new opportunities, and organise bilateral events to drive economic collaboration. The establishment of the Slovak Business Council comes as trade between Dubai and Slovakia continues to grow. Non-oil trade reached AED3.4 billion in 2024, a 38% jump compared to the previous year. Membership growth also reflects the rising momentum, with 10 new Slovakian companies joining the chamber in the first quarter of 2025, pushing the total to 134—a 41% increase year-on-year. Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers, described the council as a key platform for unlocking new partnerships and boosting bilateral trade and investments. Business Councils under the Dubai Chamber of Commerce play a vital role in representing the interests of foreign companies operating in Dubai, working to build stronger economic ties between Dubai and various international markets. News Source: Emirates News Agency
Zawya
25-04-2025
- Business
- Zawya
Dubai Chamber of Commerce launches Slovak Business Council
Dubai Chamber of Commerce, one of the three chambers operating under the umbrella of Dubai Chambers, has announced the establishment of the Slovak Business Council. The initiative aims to enhance economic ties between the business communities in Dubai and Slovakia and foster stronger trade and investment relations across diverse sectors. The council was officially launched during its inaugural annual general meeting, which took place today at Dubai Chambers' headquarters. Participants discussed avenues to expand cooperation, identify promising business opportunities, share expertise and data, and organise bilateral business events. This strategic step reflects Dubai's growing importance as a business destination of choice among Slovakian investors. By the end of 2024, the number of Slovakian companies registered as active members of Dubai Chamber of Commerce had reached 134, representing annual growth of 41%. During the first quarter of this year alone, 10 new Slovakian companies joined the chamber's membership. Non-oil trade between Dubai and Slovakia reached a value of AED3.4 billion in 2024, marking a 38% increase compared to 2023. Maha Al Gargawi, Vice President of Business Advocacy at Dubai Chambers, commented, 'The establishment of the Slovak Business Council represents a significant step in strengthening economic relations between Dubai and Slovakia. The council will serve as a vital platform to unlock new partnership opportunities and contribute to the growth of bilateral trade and investments.' The Business Councils operating under the umbrella of Dubai Chamber of Commerce represent the interests of companies and investors from specific markets operating in Dubai. They work in close cooperation with the chamber to enhance bilateral trade and investments between Dubai and the markets represented, with the goal of developing robust long-term economic partnerships.
Zawya
23-04-2025
- Business
- Zawya
Green spaces, public transport bolster Abu Dhabi's 2025 IMD Smart City Index ranking
Abu Dhabi's abundant green spaces, free public Wi-Fi, excellent public transportation and effective traffic management propelled it from tenth to fifth place in the 2025 IMD Smart City Index, surpassing several major world capitals. Mohamed Ali Al Shorafa, Chairman of DMT, said, 'Over the past five years, Abu Dhabi has steadily climbed the world's smart city rankings, moving from 14th place in 2020 to 5th place this year. This is a major achievement for the whole of Abu Dhabi and further cements our position as one of best places in the world to live, work, and visit." He added that this international recognition provides further evidence of the success of the whole-of-government approach as the Capital continues to expand. The IMD survey ranks 146 cities based on residents' perceptions of their city's structures and technology. More than half of those questioned stated that traffic congestion was not a prevalent issue in Abu Dhabi, with a further 82 percent expressing their satisfaction with the public transport network. This is reflected in the over 90 million rides on public buses recorded last year, along with the more than 168,000 passengers using Abu Dhabi's water transportation network. In 2024, DMT invested AED3.4 billion in crucial mobility and road network projects, including a double-bridge project that reduced average morning peak-hour delays by up to 80 percent on Abu Dhabi's Al Khaleej Al Arabi Street. Green spaces and public parks were highlighted in contributing to Abu Dhabi's Smart City Index score, with about 84 percent of those surveyed expressing satisfaction at their availability and upkeep, which coincided with the department announcing it has opened over 200 parks and beaches in 2024 alone. In line with its commitment to innovation and community welfare, the department has upgraded seven parks with interconnected sensors as part of a wider 'smart parks' initiative. The facilities have up to 1,400 sensors that measure different variables, such as soil humidity, electricity consumption and air quality to improve visitor experience, sustainability standards and park management operations. DMT also launched the Abu Dhabi Canvas initiative last year to enhance the aesthetic of public areas while celebrating the country's rich culture and heritage, using UAE-based talent. Moreover, Abu Dhabi's connectivity and accessibility contributed significantly to its top-five ranking. According to the global index, nearly 75 percent of respondents cited free public Wi-Fi, which the DMT provides on buses, at beaches, and in public parks through Hala Wi-Fi, as a key factor in improving access to public services. The department remains committed to further enhancing Abu Dhabi's smart city status, with the capital now being home to the World Smart Sustainable Cities Organisation's (WeGO) MENA regional office. This positions the Emirate as a hub for collaboration, knowledge-sharing, and capacity-building to empower cities across the region to leverage cutting-edge technologies for sustainable urban development.
Zawya
14-04-2025
- Business
- Zawya
$19bln foreign trades on ADX in Q1; net investments surge 151%
ABU DHABI: Abu Dhabi Securities Exchange (ADX) posted strong performance in the first quarter of 2025 compared to the same period in 2024, driven by significant increases in liquidity and investment activity, particularly from foreign and institutional investors. According to ADX data, the value of foreign investor trades (buy and sell) rose by approximately 62.2 percent to around AED69.79 billion in Q1 2025, up from AED43.03 billion in Q1 2024. Foreign net investment recorded a substantial growth of 151 percent, increasing from about AED3.4 billion to over AED8.5 billion, reflecting growing confidence of international investors in the UAE market. The contribution of foreign investors to total trading value grew to 42 percent in Q1 2025, up from 31 percent in the same period of 2024, marking an 11-percentage-point increase. The market capitalisation rose by approximately 3.2 percent to exceed AED2.93 trillion at the end of Q1 2025, compared to AED2.84 trillion at the end of Q1 2024. Exchange-Traded Funds (ETFs) witnessed a notable increase, with market value rising by 109 percent to approximately AED1.64 billion, compared to AED784.4 million, highlighting growing investor interest in this asset class. In terms of liquidity, the total trading value grew by nearly 21 percent to AED83.3 billion in Q1 2025, compared to AED68.95 billion in Q1 2024. The traded volume rose by 39 percent to over 22.45 billion shares from 16.11 billion shares, while the number of executed trades increased by around 41 percent to reach 1.35 million, up from 961,800 trades in the same comparison period. Institutional investors also recorded a 22 percent increase in trading value (buy and sell), reaching over AED134.9 billion in Q1 2025, compared to around AED110.6 billion in the same period last year.
